Business Transactions and Their Analysis (III)

Equity is shown in which financial statement?

• Income statement

• Cash flow

• Balance sheet

Which of the following is a current asset?

• Land that is acquired for future expansion of the business

• Unused supplies

• Cash deposit for the machinery that is to be delivered in the following period

• Cash paid upon signing the franchise contract

The income statement shows which of the following?

• Income and expenses

• Assets and liabilities

• Receipts and payments

Which of these is not a Financial Statement?

• Income statement

• Balance sheet

• Cash book

The term operating, financing and investing as used to categorized what type of item?

• Cash flow

• Assets

• Revenue

The purchase of a new delivery truck to be used in the business?

• Financing

• Operating

• Supplemental

• Investing

Inventory and accounts receivable are classified in the balance sheet as?

• Current liabilities

• Current assets

• Long-term assets

Which of the following account titles will not appear in the balance sheet of a single proprietorship?

• Accumulated depreciation- building

• Share capital

• Investment in shares of stock of PLDT

• Franchise

Which of the following is an asset account?

• Prepaid insurance

• Unearned insurance

• Accounts payable

• Notes payable

An increase in the balance in Accounts payable.

• Financing

• Operating

• Supplemental

• Investing