WorksheetsABM 2 Q#2
Total questions: 10
Worksheet time: 2mins
The income statement is also known as the profit or loss statement.
TRUE
FALSE
The statement of changes in owner’s equity is prepared before the income statement.
TRUE
FALSE
If a business has ₱ 250,000 revenue and ₱ 60,000 expenses, then net income is ₱ 310,000.
TRUE
FALSE
Net loss increases the capital.
TRUE
FALSE
Owner’s withdrawals are deducted from the net income.
TRUE
FALSE
The total accumulated cost of all the expenses used to create a product or service is called cost of sales and expenses.
TRUE
FALSE
The elements of an income statement are revenue and cost of sales and expenses.
TRUE
FALSE
If the beginning capital of a company is ₱ 120,000, with additional investments of ₱ 24,000, and net income of ₱ 10,000, then the ending capital of the company is ₱ 144,000.
TRUE
FALSE
Assets and liabilities of sole proprietorship, partnership, and corporation are the same.
TRUE
FALSE
The owner’s equity is affected by the assets and liabilities of a company.
TRUE
FALSE
