Practice Game: SFP and SCI

This is another word for income.

• 
• 
• 
• 

Permanent accounts are composed of the following:

• Assets and Revenues

• Assets and Liabilities

• Revenues and Expenses

• Liabilities and Expenses

The balances of _ accounts becomes zero and are transferred to the capital accounts.

This is an example of what format of SCI?

Choose the terms that does not fall under contra purchases.

• purchase discount

• sales return

• sales discount

• purchases

_ is the account that shows the actual value of merchandise that the company was able to sell during the year.

What is the journal entry for sales returns and refunded cash amounting to 10,000Php?

• 
• 
• 
• 

These expenses are not directly related to the merchandising function of the company but are necessary for the business to operate effectively.

• Cost of Goods Sold

• General and Administrative Expenses

• Selling Expenses

• None of the above

What are the missing terms on the heading part?

• Name of the company; Name of the statement; Date prepared

• Recipient; Name of the statement; Date prepared

• Name of the company; Name of recipient; Date prepared

• Date prepared; Name of the company

Account used to record early payments of the company to the suppliers of merchandise.