Test Yourself!

Which of the following accounts has a normal balance of CREDIT?

• Cash

• Prepaid Insurance

• Advertising Expense

• Service Revenue

Who among the finance managers should be accountable for preparing financial statements?

• Cash Manager

• Controller

• Risk manager

• Treasurer

Which of the following is not part of complete set of financial statements?

• Income Statement

• Lapsing Schedule

• Balance Sheet

• Statement of Changes in Equity

What financial institution operates by pooling the money of its members to create mutual funds?

• Pag-IBIG

• Employee Union

• Banco Filipino

• Social Security System

Which of accounting books is used for posting transactions?

• Journal

• Trial Balance

• Pass Book

• Ledger