FABM 2 REVIEW QUIZ

What is the other term for Statement of comprehensive income?

• Balance Sheet

• Cash Flow Statement

• Income Statement

• Statement of Changes in Equity

What are the elements of SCI that arises from ordinary activities of the business?

• Assets and Liabilities

• Liability and Equity

• Losses and Gains

• Revenue and Expenses

What is the classification of losses and gains?

• Permanent Account

• Temporary Account

• Real Accounts

• Personal Account

What is the type of business activity that has an intangible product?

• Manufacturing business

• Merchandising Business

• Servicing Business

• Trading Business

Which of the following equation provides the gross profit?

• Gross Sales – Contra Sales

• Gross Sales – Net Sales

• Net Sales – Cost of Sales

• Net Sales + Cost of Sales

What is the residual interest of Assets after deducting the company’s liabilities?

• Equity

• Expenses

• Revenue

• Profit

In which financial statement shows the increase and decrease in Bella’s capital?

• Balance Sheet

• Cash Flow Statement

• Income Statement

• Statement of Changes in Equity

What is the financial statements that shows how much is the company’s assets, liabilities, and Owner’s Equity as of the specific date?

• Balance Sheet

• Cash Flow Statement

• Income Statement

• Statement of Changes in Equity

What are the elements of Financial Position?

• Nominal Accounts

• Permanent Accounts

• Personal Account

• Temporary Account

What is a classification of assets that can be realized, used, or sell within 12 months after the reporting period?

• Current

• Non-current

• tangible

• intangible