Anteep

Accounting is often called the "language of business" because

• a. accountants in many companies share financial information

• b. it is fundamental to the communication of financial information

• c. all business owners have a good understanding of accounting principles

• d. it is easy to understand

At the start of the period, a business has total assets of ₱500,000 and total liabilities of ₱300,000. During the period, the business earned total income of ₱1,000,000 and incurred total expenses of ₱640,000. No additional investments or withdrawals were made by the owner. How much is the total equity at the end of the period?

• a. 520,000

• b. 640,000

• c. 480,000

• d. 560,000

The ending equity is ₱9,000. If total income for the period is ₱5,000 while total expenses are ₱8,000, how much is the beginning balance of equity?

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OFF

A business has total assets, total liabilities, and total equity of ₱100,000, ₱70,000 and ₱30,000, respectively, at the beginning of the period. During the period, total liabilities decreased to ₱40,000. The business reported profit of ₱50,000 for the period. How much is the ending total assets?

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OFF

The beginning equity is ₱5,000. If total income for the period is ₱8,000 while total expenses are ₱6,000, how much is the ending balance of equity?

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OFF

At the start of the period, a business has total assets of ₱500,000 and total liabilities of ₱300,000. During the period, the business earned total income of ₱1,000,000 and total expenses of ₱640,000. No additional investments or withdrawals were made by the owner. Total assets at the end of the period were ₱830,000. How much is the total liabilities at the end of the period?

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OFF

A graph that uses vertical bars to represent data is called:

• A line graph

• A pie chart

• A bar chart

• A vertical graph

A variable that is presumed to cause a change in another variable is called:

• An intervening variable

• A dependent variable

• An independent variable

• A numerical variable

Plagiarism can be avoided by:

• Copying the work of others accurately

• Paraphrasing the author's text in your own words

• Cut and pasting from the Internet

• Quoting directly without revealing the source

The branch of accounting that deals with providing financial information to external decision-makers is

• Managerial accounting

• Public accounting

• Government accounting

• Financial accounting