Preboard

1. Which of the following financial reports reflects the net income sales?

• Statement of Cash Flow

• Income Report

• Balance Sheet

• Income Statement

1. In a business firm, there are assets that are used in the operation of the business, this financial statement is found in which of the following statements?

• Income Statement

• Balance Sheet

• Statement of Cash Flow

• Statement of Owners Capital

1. When recording the increases of the income of a business firm, it is being reflected in which of the following column?

• Income

• Debit

• Asset

• Credit

In entering the owner’s withdrawal, the statement must be written on the;

• Debit Column

• Credit Column

• Capital Column

• Expenses Column

Mrs. Tuazon had been tutoring the son of Mr. and Mrs. Lopez for a month, when she receives her payment what appear in the statement is; Debit, cash; Credit______.

• Payment

• Asset

• Fee

• Cash

Mr. Lim wants to invest on a Coffee Vending Machine so he bought and purchased one worth P50,000.00, what will appear in the statement is; Debit, Coffee Vending Machine; Credit ;

• Mr. Lim Capital, P 50,000.00

• Expenses, P50,000.00

• Cash, P 50,000.00

• Asset, P 50,000.00

Supposed a business firm purchased new equipment worth P 100,000.00 for the upgrading of the firms services; therefore debit equipment, P 100,000.00 and Credit;

• Capital, P 100,000.00

• Cash, P 100,000.00

• Accounts Payable, P 100,000.00

• Equipment Expenses, P 100,000.00

To know the current liability of the firm, we must look at the ______.

• Mortgage Payable

• Salaries Payable

• Bonds Payable

• Accounts Payable

Mr. Amsid acquired all resources in his firm from crediting agencies, these resources are considered as;

• Capital

• Liability

• Income

• Asset

Of the following business obligation, which refers to a term 15 years of payment?

• Current Liability

• Long Term Asset

• Long-term Liability

• Current Asset