FABM 2 Preliminary Exam

FABM 2 Preliminary Exam

12th Grade - University

50 Qs

quiz-placeholder

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FABM 2 Preliminary Exam

FABM 2 Preliminary Exam

Assessment

Quiz

Fun, Business, Mathematics, Architecture

12th Grade - University

Medium

Created by

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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