Accounting 2- Feb 16, 2023

This is a financial report that informs the reader about the “performance” and activities of the company for a certain period.

• Cash Flow Statement

• Statement of Changes in Equity

• Statement of Comprehensive Income

• Statement of Financial Position

Additional investment is an element of what financial statement?

• Cash Flow Statement

• Statement of Changes in Equity

• Statement of Comprehensive Income

• Statement of Financial Position

What date is used in preparing the Statement of Financial Position?

• December 31, 2022

• as of December 31, 2022

• for the year ended December 31, 2022

• none of the above

Net income increases the business' equity

• YES

• NO

Income sharing increases the business' equity

• YES

• NO

Depreciation expense is an element of what financial statement?

• Cash Flow Statement

• Statement of Changes in Equity

• Statement of Comprehensive Income

• Statement of Financial Position

If business' assets is Php 1,000,000 and liabilities is Php450,000, how much is the business' equity?

• Php 350,000

• Php 450,000

• Php 550,000

• Php 555,000

If business' liabilities amounted to Php112,000 and capital amounted to Php 100,000. How much is the business' assets?

• Php 210,000

• Php 212,000

• Php 220,000

• Php 230,000

Which of the following account titles is an element of Statement of Comprehensive Income?

• Cash

• Dividends

• Interest Expense

• Prepaid Rent

Which of the following account titles is NOT an element of Statement of Financial Position?

• Cash

• Dividends

• Intangible Assets

• Property, Plant and Equipment