Recitation- FABM 1 Grade 11

______ resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.

• Assets

• Equity

• Capital

• Liability

___________ present obligation of the entity arising from past events and the settlement of which is expected to result in an outflow of the entity of resources embodying economic benefits.

• Assets

• Equity

• Capital

• Liability

known as the simply defined in the conceptual framework for financial reporting as the residual interest in the assets of the entity after deducting all its liabilities.

• Asset

• Equity

• Capital

• Liability

Which of the choices is PART of the Non-current Assets?

• Land & Building

• Accounts Receivable

• Furnitures and Fixtures

• Merchandise Inventory

Which of the following choices is PART of the Current Liabilities

• Short term payable

• Bonds Payable

• Prepayments covering less than 1 year.

• Deferred Tax liability

________ is also called the Book of Original Entry.

• Special Journal

• General Ledger

• General Journal

• Subsidiary Ledger

A book of account where all transactions are classified based on their account titles.

• General Ledger

• General Journal

• Subsidiary Ledger

• Special Journal

_________ is designed for

transactions that are repetitive

and recurring, in which the use

of a general journal would be

inefficient

• General Journal

• Special Journals

• General Ledger

• Subsidiary Ledger

_________ are ledgers that support the

main general ledger account

• General Journal

• Special Journal

• General Ledger

• Subsidiary Ledgers

is the given equation, True or False?

• TRUE

• FALSE