FABM quiz

It is the systematic process of measuring and reporting relevant financial information about the activities of an economic organization or unit.

• business math

• accounting

• journal entries

• recording

Choose all accounts that can be seen in Statement of Financial Position.

• Assets

• Liabilities

• Drawings

• Income

• Capital

Most liquid asset

• inventories

• land

• cash

• building

Choose all non current assets below:

• land

• furniture and fixtures

• inventories

• marketable securities

• equipment

Choose all current liabilities below:

• mortgage payable

• accrued liabilities

• accounts payable

• bonds payable

• unearned revenues

It represents the withdrawals made by the owner of the business in cash or other assets.

• drawings

• cash

• atm

• cash withheld

These are economic resources owned by the business expected for future gain.

• liabilities

• income

• assets

• capital

The following are all expenses, except:

• depreciation expense

• salaries expense

• utilities expense

• prepaid expense

Choose all accounts that can be seen in the Statement of Comprehensive Income.

• service income

• insurance expense

• prepaid expense

• supplies expense

• unearned income

It is a temporary account used at the end of the accounting period to close income and expense accounts.

• Income Statement

• Income Summary

• Net Income / Net Loss

• Cash Flows