FABM2_SFP_Part1
Authored by Jophel Gatmaitan
Other
12th Grade - Professional Development
Used 35+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Financial statements are the end product of the accounting process.
True
False
2.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Financial statements provide information on an entity's financial position and results of its operations. Information on results of operations is shown in the balance sheet.
True
False
3.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Building is a current asset.
True
False
4.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Entity A's statement of financial position shows total assets of 100 php and total current assets of 40 php. Therefore, Entity A's total noncurrent assets is 140 php.
True
False
5.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Entity A's statement of financial position shows total assets of 100 php and total equity of 30 php. Therefore, Entity A's total liabilities is 130 php.
True
False
6.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
The statement of financial position provides information on how cash and cash equivalents were generated and used during the period.
True
False
7.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Cash and cash equivalents are current assets.
True
False
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