
FABM 1 Review - Lesson 7
Authored by Ann Ballesteros
Mathematics
1st - 5th Grade
Used 3+ times

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15 questions
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1.
FILL IN THE BLANK QUESTION
2 mins • 3 pts
At the beginning of the year, Dref's Calling Station has liabilities of PHP 100,000 and owner's equity of PHP 96,000. If assets increased by PHP 40,000 and liabilities decreased by PHP 30,000, what was the owner's equity at the end of the year?
2.
FILL IN THE BLANK QUESTION
30 sec • 1 pt
These are claims against customers arising from sale of services or goods on credit. This type of receivable offers less security than a promissory note.
3.
DROPDOWN QUESTION
45 sec • 2 pts
The acquisition of an asset on credit (a)
4.
FILL IN THE BLANK QUESTION
2 mins • 3 pts
At the beginning of the year, the assets of Enzo Services were PHP 360,000 and its owner's equity was PHP 200,000. During the year, assets increased by PHP 120,000 and liabilities increased by PHP 20,000. What was the owner's equity at the end of the year?
5.
DROPDOWN QUESTION
30 sec • 1 pt
All of the following affect the owner's equity account except: (a)
6.
FILL IN THE BLANK QUESTION
2 mins • 3 pts
The liabilities of Kaori Stylist equal one-third of the total assets, and the owner's equity is PHP 240,000. What is the amount of the liabilities?
7.
DROPDOWN QUESTION
45 sec • 2 pts
A revenue (a)
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