Choose all accounts that can be seen in Statement of Financial Position.

Most liquid asset

Choose all non current assets below:

Choose all current liabilities below:

It represents the withdrawals made by the owner of the business in cash or other assets.

These are economic resources owned by the business expected for future gain.

The following are all expenses, except:

Choose all accounts that can be seen in the Statement of Comprehensive Income.

It is a temporary account used at the end of the accounting period to close income and expense accounts.

It is an account bearing the name of the owner representing the original and additional investment of the owner of the business increased by the amount of net income earned during the year.

Choose all nominal accounts below

Choose all accounts that has normal credit balance

The following are all needed in computing for depreciation expense, except

It is a listing of all account titles with their respective debit or credit balances taken from the ledger.

The journal should be chronologically arranged by date.

When the owner invests cash in the business, the asset and capital both increase.

When the owner withdraws cash from the business for personal use, there is no effect in the company's asset because it is for personal use.

It represents the expired cost of property, plant and equipment as a result of usage and passage of time.

It includes debts arising from the purchase of an asset or the acquisition of services on account.

It includes typewriter, air-conditioner, calculator, filing cabinet, computer, electric fan, trucks, and cars used by the business in its office, store, or factory.

It includes coins, currencies, checks, bank deposits, and other items readily available for use in the operations of the business.

When an item of expense is paid and recorded in advance, it is normally called a(n)

Which of the following is a nominal account?

On May 1, 2020, a company borrowed P3,000 cash and signed a 13% note payable due April 30, 2023. Interest is paid each April 30. The accounting period ends December 31. The adjusting period at December 31 would include:

On May 1, a company purchased a six-month subscription to an investment analysis service publication. The P300 cash payment was debited to subscription expense at the time. (Expense Method) The adjusting entry made at June 30, the end of the company's fiscal year, was:

A corporation received a cash of P24,000 on August 1, for one year's rent in advance and recorded the transaction on that day as a credit to an unearned rent revenue for the full amount. The December 31 adjusting entry is:

On July 1, a company paid a P600 premium for a three-year property insurance policy; prepaid insurance was debited in full for the P600. The adjusting entry made at the end of the year was:

The last payday for a firm was December 27 on which it paid P40,000 to its employees, the amount earned by employees through the pay period ending December 16. For the period December 17 through December 31, the employees earned P12,000. The adjusting entry required at December 31 would include: