REVIEW IN ST 1 FABM 2

1. Also known as the balance sheet. This statement includes the amounts of the company's total assets, liabilities, and owner's equity which in totality provides the condition of the company on a specific date.

• Statement of Cash Flow

• Statement of Changes in Equity

• Statement of Financial Position

• Statement of Comprehensive Income

2. __________ are those accounts that are presented under the assets portion of the SFP but are reductions to the company's assets.

• Depreciation

• Contra assets

• Interest

• Cost

3. ___________ are assets that can be realized (collected, sold, used up) one year after year-end date.

• Current assets

• Old properties

• Fixed Assets

•        Receivables

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

• P24,000

• P167,000

• P176,000

• P100,760

5. Happy Selling Company's total liabilities amounted Php 10,000, Total equity had an ending balance of Php 20,000. How much is total assets?

• P30,000

• P10,000

• P20,000

• P40,000

6. Happy Selling's had the following accounts at year end: Cash-250,000, Accounts Payable-70,000, Prepaid Expense-15,000. Compute for the company's current assets.

• P265,000.

• P320,000

• P335,000

• P 85,000

7. Happy Selling's Accounts Receivable amounted to Php 500,000. Prepaid Expense and Unearned Income totaled Php 30,000 and Php10,000 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 assets?

• P640,000

• P600,000

• P650,000

• P620,000

8. (Refer to No. 8) How much is the Current liabilities?

• P20,000

• P30,000

• P10,000

• P60,000

9. If assets are Php17,000 and owner's equity is Php10,000, liabilities are ___________

• P27,000

• P7,000

• P10,000

• P17,000

10. At the end of the first month of operations for Juana's Delivery Service, the business had the following accounts: Accounts Receivable, Php1,200; Prepaid Insurance, Php500; Equipment, Php36,200 and Cash, Php40,650. On the same date, Juana owed the following creditors: Nena's Supply Company, Php12,000 (due in 6 months); Maria's Equipment, Php9,500 (due after 2  years). Current liabilities are

• P12,000

• P21,500

• P9,500

• P500