Fundamentals of Accountancy, Business and Management Exam

Which of the following can be considered as an intangible asset of the company?

• Buildings and Equipment

• Intellectual Property

• Cash on Account

• Investment

When assets can be realized in 10 months this asset is classified as _________.

• Current

• Non Current

• Pending Asset

• Classified Asset

Mang Kanor owes P 15,000,000.00 to ABM Bank payable within 36 months. This is classified under _________.

• Asset: Current

• Asset: Non Current

• Liabilities: Current

• Liabilities: Non current

This refers to the company's total revenue from selling the products or offering services to clients.

• Expenses

• Sales

• Income

• Profit

ABC company purchased 350,000 units of mobile phones and sold 70% of it for 6

months, determine the number of units available for sale?

• 100,000 units

• 105,000 units

• 150,000 units

• 245,000 units

Advertising expense falls under _________.

• Company's expense

• Selling Expense

• Product Expense

• General and Administrative Expense

It shows the movement in the capital account of the owner.

• Statement of Comprehensive Income

• Statement of Changes in Equity

• Statement of Financial Position

• Cash Flow Statement

In preparing the statement of changes in equity, which of the following

elements are not included?

• beginning capital

• additional investments

• net loss

• total assets

In 2018, Maria’s Repair shop had a beginning capital of Php 300,000.00, additional investments amounted to Php100,000.00, drawing of Php50,000.00. Unfortunately, due to the high cost of operations, it had a net loss of 25,000. How much is Maria’s ending capital in 2018?

• Php 300,000.00

• Php 315,000.00

• Php 310,000.00

• Php 325,000.00

Which increases in owner’s equity without additional investment?

• Net income

• Net loss

• drawing

• None of the given option