
FABM 2 Preliminary Exam

Quiz
•
Fun, Business, Mathematics, Architecture
•
12th Grade - University
•
Medium
rina belauro
Used 2+ times
FREE Resource
50 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
planning, recording, analyzing, and interpreting financial information
accounting equation
asset
accounting
balance sheet
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
an equation showing the relationship among assets, liabilities, and owner's equity.
accounting
asset
accounting equation
balance sheet
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
anything of value that is owned
asset
capital
expense
liability
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
a business that performs an activity for a fee
source document
service business
t account
income statment
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accounting Equation
Liabilities - Equity = Assets
Assets + Equity = Liabilities
Liabilities + Equity = Assets
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a current asset?
Land
Equipment
Accounts receivable
Accounts payable
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula for Costs of Good Sold?
Beginning Inventory + Purchases in Current Period - Ending Inventory
Direct Labor+ Direct Costs + Manufacturing Overhead
Predetermined
overhead rate x Amount of the allocation base incurred on the job
Total Cost of Production - Variable Cost per Unit No x No of Units Produced
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