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FABM 2

Total questions: 10

Worksheet time: 2mins

Name
Class
Date
1.

The book of original entry.

a)

Journal

b)

Accounting equation

c)

Financial Statement

d)

Assets

e)

Liabilities

2.

Assets are equal to liabilities and owner's equity.

a)

Journal

b)

Accounting equation

c)

Financial Statement

d)

Assets

e)

Liabilities

3.

Users of accounting information is mostly communicated.

a)

Journal

b)

Accounting equation

c)

Financial Statement

d)

Assets

e)

Liabilities

4.

Are what the company owns.

a)

Journal

b)

Accounting equation

c)

Financial Statement

d)

Assets

e)

Liabilities

5.

Are what the company owned.

a)

Journal

b)

Accounting equation

c)

Financial Statement

d)

Assets

e)

Liabilities

6.

Inflows of cash because of services rendered.

a)

Income

b)

Expenses

c)

Journalizing

d)

Ledger

e)

Posting to the ledger

7.

Assets from cash spent because of sales of goods.

a)

Income

b)

Expenses

c)

Journalizing

d)

Ledger

e)

Posting to the ledger

8.

The second accounting cycle.

a)

Income

b)

Expenses

c)

Journalizing

d)

Ledger

e)

Posting to the ledger

9.

Is called the book of the final entry.

a)

Income

b)

Expenses

c)

Journalizing

d)

Ledger

e)

Posting to the ledger

10.

Is the next cycle after journalizing.

a)

Income

b)

Expenses

c)

Journalizing

d)

Ledger

e)

Posting to the ledger