FDNACCT Finals Review

FDNACCT Finals Review

University

15 Qs

quiz-placeholder

Similar activities

PAS 7 SCF

PAS 7 SCF

University

17 Qs

Chap 10 Business Model and Start-up Quiz

Chap 10 Business Model and Start-up Quiz

University

10 Qs

Short Recap

Short Recap

University

15 Qs

REVISION 4 : TOPIC 9 [ACCOUNTING FOR NON-CURRENT ASSETS]

REVISION 4 : TOPIC 9 [ACCOUNTING FOR NON-CURRENT ASSETS]

1st Grade - University

20 Qs

SM_1

SM_1

University

18 Qs

Business plan

Business plan

University

10 Qs

FDNACCT Finals Review

FDNACCT Finals Review

Assessment

Quiz

Business

University

Practice Problem

Hard

Created by

Dianne Tang-See

Used 1+ times

FREE Resource

AI

Enhance your content in a minute

Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1.       A common business transaction that would NOT affect the amount of owners’ equity is

A.      Signing a note payable to purchase equipment


B.       Payment of property taxes

C.       Billing of customers for services rendered

D.      Owners’ withdrawal of cash

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2.       The owner brought in his old personal van to be used as the delivery equipment of the business as an additional investment. The old van was originally bought for P 800,000, with a carrying value of P 320,000. The van is now valued at P 200,000 by a third-party car re-seller. What would be part of the journal entry for this transaction?

A.      Debit Equipment P 800,000


B.      Debit Equipment P 200,000

C.       Credit Owner’s Capital P 800,000

D.      Debit Equipment P350,000

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4.       The normal balances of Doubtful Accounts Expense and its related Allowance for Doubtful Accounts are ___.

A.      credit and debit respectively


B.      debit and credit respectively

C.       both debit

        

   D.   both credit

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5.       Purchasing supplies for cash _____.

A.      decreases both assets and liabilities


B.       increases both assets and liabilities

C.       does not affect total assets

D.      increases assets and decrease liabilities

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

6.       At the beginning of the year, the liabilities of Caltex Service station amounted to P120,000, but it decreased by P50,000 during the year. The assets increased by P160,000 during the year and at the end of the year amounted to P360,000. The owner’s equity at the start of the year is _____.

A.      P160,000


B.      P80,000

C.       P240,000

D.      P260,000

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following will you expect to find in a statement of owner’s equity?

A.      Cash balance, end of year

B.       Revenues and expenses

C.       Owner’s contributions and withdrawals

D.      Liabilities due to creditors

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which statement does NOT correctly describe net income?

A.      It appears in the income statement.


B.     It appears in the statement of owner’s equity.

C.       It affects the balance sheet.

D.      It is the excess of expenses over revenues.

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?