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FABM 2

Total questions: 38

Worksheet time: 19mins

Name
Class
Date
1.
How would an accountant record an increase in cash?
a)
Debit
b)
Credit
2.
An increase in owner's equity resulting from the operation of a business
a)
asset
b)
expense
c)
withdrawl
d)
revenue
3.
The basic accounting equation is Assets=Liabilities + _______________________.
a)
Income
b)
Owner's Equity
c)
Expenses
d)
Profit
4.
An increase in owner's equity resulting from the operation of a business
a)
asset
b)
expense
c)
withdrawl
d)
revenue
5.
A decrease in owner's equity resulting from the operation of a business
a)
account
b)
capital
c)
asset
d)
expense
6.
Accounting entries involve a minimum of how many accounts?
a)
0
b)
1
c)
2
d)
3
7.

Recording transactions in a journal is known as

a)

actualizing

b)

journalizing

c)

accounting

d)

entering

8.

Received cash for delivery of services rendered Php22,000.

a)

Increase in an Asset; Decrease in another Asset

b)

Increase in an Asset; Increase in a Liability

c)

Increase in an Asset; Increase in Equity

d)

Decrease in an Asset; Decrease in a Liability

e)

Decrease in an Asset; Decrease in Equity

9.

Paid advertising expenses, Php10,000

a)

Increase in an Asset; Decrease in another Asset

b)

Increase in an Asset; Increase in a Liability

c)

Increase in an Asset; Increase in Equity

d)

Decrease in an Asset; Decrease in a Liability

e)

Decrease in an Asset; Decrease in Equity

10.

Billed customers for delivery services on account, P32,000.

a)

Increase in an Asset; Decrease in another Asset

b)

Increase in an Asset; Increase in Liability

c)

Increase in an Asset; Increase in Equity

d)

Decrease in an Asset; Decrease in Liability

e)

Decrease in an Asset; Decrease in Equity

11.

Received cash from the customers on account, PhP22,500.

a)

Increase in an Asset; Decrease in another Asset

b)

Increase in an Asset; Increase in Liability

c)

Increase in an Asset; Increase in Equity

d)

Decrease in an Asset; Decrease in Liability

e)

Decrease in an Asset; Decrease in Equity

12.

Received from the owner as additional investment, Php320,000.

a)

Increase in an Asset; Decrease in another Asset

b)

Increase in an Asset; Increase in Liability

c)

Increase in an Asset; Increase in Equity

d)

Decrease in an Asset; Decrease in Liability

e)

Decrease in an Asset; Decrease in Equity

13.

Paid cash to Gemma, owner, for personal use, Php15,600.

a)

Increase in an Asset; Decrease in another Asset

b)

Increase in an Asset; Increase in Liability

c)

Increase in an Asset; Increase in Equity

d)

Decrease in an Asset; Decrease in Liability

e)

Decrease in an Asset; Decrease in Equity

14.

Purchased office equipment on account, Php77,700.

a)

Increase in an Asset; Decrease in another Asset

b)

Increase in an Asset; Increase in Liability

c)

Increase in an Asset; Increase in Equity

d)

Decrease in an Asset; Decrease in Liability

e)

Decrease in an Asset; Decrease in Equity

15.

Received cash from customers on account, Php6,500.

a)

Increase in an Asset; Decrease in another Asset

b)

Increase in an Asset; Increase in Liability

c)

Increase in an Asset; Increase in Equity

d)

Decrease in an Asset; Decrease in Liability

e)

Decrease in an Asset; Decrease in Equity

16.
Accounting entries involve a minimum of how many accounts?
a)
0
b)
1
c)
2
d)
3
17.
An increase in owner's equity resulting from the operation of a business
a)
asset
b)
expense
c)
withdrawl
d)
revenue
18.
Any amounts owed by a business and reported on the balance sheet are referred to as ________________.
a)
assets
b)
liabilities
c)
profit
d)
expenses
19.
How would an accountant record an increase in sales?
a)
debit
b)
credit
20.
Accounting is referred to as the "language of ___________________."
a)
profit
b)
life
c)
accounting
d)
business
21.
A list of accounts used by a business.
a)
accounting equation
b)
chart of accounts
c)
temporary accounts
d)
permanent accounts
22.
An accounting device used to analyze transactions.
a)
T account
b)
temporary account
c)
personal account
d)
permanent account
23.
The left side of a T-Account is called
a)
Debit
b)
Credit
c)
Left Side
d)
Right Side
24.
Recording transactions is a journal in a chronological order on a daily basis is known as______________________.
a)
Recording
b)
Updating
c)
Interpreting
d)
Journalizing
25.
The name given to an account
a)
account title
b)
capital
c)
expense
d)
revenue
26.
A business that performs an activity for a fee
a)
proprietorship
b)
service business 
c)
capital
d)
asset
27.
Liabilities often have the word __________ in their account title.
a)
Assets
b)
Payable
c)
Paid
d)
Equity
28.
This is an example of an asset
a)
cash
b)
accounts payable
c)
power bill
29.

The second accounting cycle.

a)

Income

b)

Expenses

c)

Journalizing

d)

Ledger

e)

Posting to the ledger

30.

Are what the company owns.

a)

Journal

b)

Accounting equation

c)

Financial Statement

d)

Assets

e)

Liabilities

31.

Assets are equal to liabilities and owner's equity.

a)

Journal

b)

Accounting equation

c)

Financial Statement

d)

Assets

e)

Liabilities

32.

Recording transactions in a journal.

a)

journalizing

b)

entry

c)

double-entry accounting

d)

invoice

33.

Information for each transaction recorded in a journal.

a)

entry

b)

transaction

c)

check

d)

double-entry accounting

34.

A form for recording transactions in chronological order.

a)

journal

b)

check

c)

invoice

d)

receipt

35.

The recording of debit and credit parts of a transaction.

a)

double-entry accounting

b)

entry

c)

journalizing

d)

journal

36.

Accounting entries involve a minimum of _____ accounts.

a)

One

b)

Two

c)

Three

d)

Four

37.

Anything of value that is owned by the company (such as cash, accounts receivables, vehicles, etc.) are reported on the balance sheet and are referred to as _____.

a)

profit

b)

liabilities

c)

assets

d)

income

38.

Which one is the correct basic accounting equation?

a)

Assets = Liabilities + Income

b)

Assets - Liabilities = Equity

c)

Profit - Liabilities= Assets

d)

Assets - Expenses = Liabilities

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