SFP

1. It is known to be simply asset minus liabilities. Other terms are “capital”, “net assets”, and “net worth”.

• a. Liabilities

• b. Assets

• c. Equity

• d. all of the above

2. This refers to the payables that are due for a long time.

• a. Accounts Payable

• b. Notes Payable

• c. Short term payable

• d. Long term payable

3. Happy Selling’s Accounts Receivable amounted to Php 500,000. Prepaid Expense and Unearned Income totaled Php 30,000 and Php 10,000 respectively. Cash balance amounted to Php 100,000 while Accounts Payable and Inventory totaled to Php 20,000 and Php 10,000 respectively. How much are the company’s current assets?

• a. P630,000

• a. P640,000

• c. P650,000

• d. P660,000

4. Happy Selling’s Accounts Receivable amounted to Php 500,000. Prepaid Expense and Unearned Income totaled Php 30,000 and Php 10,000 respectively. Cash balance amounted to Php 100,000 while Accounts Payable and Inventory totaled to Php 20,000 and Php 10,000 respectively. How much is the company’s Current liabilities?

• a.P20,000

• b.P30,000

• c.P40,000

• d.P50,000

5. Learning is Fun Company had current assets amounting to Php 100,000. Noncurrent assets for the year totaled Php 76,000. How much are the company’s total assets?

• a.P186,000

• b.P176,000

• c.P186,000

• d.P196,000