EASY QUESTIONS

 This accounting concept  assumes that the business has an indefinite economic life.

• Accounting entity

• Accounting period

• Going concern

• Objectivity

Which of the following statements best describes the "marketing concept"?

• Businesses should focus on aggressive selling

• Companies should understand and meet customer needs better than competitors

• Marketing is only about advertising

• Lowering product prices guarantees success

Which management approach emphasized the importance of social and psychological factors in the workplace?

• Scientific Management

• Bureaucratic Management

• Human Relations Theory

• Systems Theory

Which of the following is the correct sequence of listing the accounts in the chart of accounts?

• Assets, owner’s equity, liabilities, revenue, expenses

• Assets, liabilities, owner’s equity, revenue, expenses

• Assets, liabilities, owner’s equity, expenses, revenue

• Revenue, expenses, owner’s equity, liabilities

According to the law of demand, what happens when the price of a good increases?

• Quantity demanded increases

• Quantity demanded decreases

• Demand remains unchanged

• Supply decreases

What feature on Philippine banknotes allows visually impaired individuals to identify denominations?

• Holographic thread

• Embossed print

• Tactile marks

• Watermark

In the Product Life Cycle (PLC), which stage is characterized by rapid market acceptance and increasing profits?

• Introduction

• Growth

• Maturity

• Decline

What does it indicate, when an economy is producing at a point inside the production possibilities curve?

• Economic growth

• Efficient production

• Technological Advancement

• Underutilization of resources

Which situation indicates a net loss on the income statement?

• Total debits equal total credits

• Total credits exceed total debits

• Total debits exceed total credits

• No answer

If assets total P700,000, and liabilities total P400,000, how much is the net assets?

• P300,000

• P400,000

• P700,000

• P1,1,000