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WorksheetsABM 2 QUIZ 1
Total questions: 15
Worksheet time: 15mins
It refers to art of recording, summarizing, and reporting financial transactions and events, and analyzing the results thereof.
Accounting
Management
Marketing
Organizing
Balance sheet is also referred to ________.
Statement of Comprehensive Income
Statement of Financial Position
Statement of Changes in Owner’s Equity
Statement of Cash Flows
These are the two elements that can be seen on the face of income statement.
Revenues and Assets
Liabilities and Expenses
Revenue and Expenses
Assets and Liabilities
If the company’s assets amounted to P150,000 and liabilities for P50,000, how much is the owner’s equity?
P200,000
P100,000
P150,000
P50,000
If liabilities amounted to P275,000 and owner’s equity of P75,000, how much is the total assets?
P350,000
P200,000
P275,000
P75,000
What is the basic accounting equation?
Assets + Liabilities = Owner’s Equity
Assets = Liabilities + Owner’s Equity
Liabilities = Assets + Owner’s Equity
Liabilities = Owner’s Equity – Assets
If the revenue of the company is P500,000 and expenses totaled to P350,000, how much is the company’s net income?
P150,000
P500,000
P350,000
P850,000
Statement of economic performance also refers to _______.
Income statement
Balance sheet
Both income statement and balance sheet.
Neither income statement nor balance.
If net income is computed to be P100,000 and expenses totaled to P250,000, how much is the revenue generated by the company?
P350,000
P100,000
P250,000
P150,000
If revenue is reported at P2,000,000 showing a net income a net income P700,000, how much was the total expense incurred?
P2,000,000
P1,300,000
P2,700,000
P700,000
Which among the choices is not an element of balance sheet?
Assets
Owner’s Equity
Revenue
Liabilities
If the owner invested his cash to the business, will the assets of the business increase?
Yes.
No.
Maybe.
Can’t be determined.
If the owner withdraws money from the business for his personal use, it will decrease the value of the assets.
True
False
If the liability is paid, there is also a corresponding increase in the asset.
True
False
If the owner invested a machinery to the business, the effect will be an increase to both assets and equity.
True
False
