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WorksheetsFirst Quarter Finals - Accounting
Total questions: 30
Worksheet time: 6mins
Classify this account.
Jane Nitre’s Capital
Current Asset
Current Liability
Capital
Noncurrent Asset
Noncurrent Liability
Classify this account.
Five-year Lease
Current Asset
Current Liability
Capital
Noncurrent Asset
Noncurrent Liability
Classify this account.
Equipment
Current Asset
Noncurrent Asset
Current Liability
Noncurrent Liability
Capital
What account is a Current Asset?
MERCHANDISE INVENTORY
LAND
AUTOMOBILE
EQUIPMENT
Accounts Receivable is a noncurrent asset.
TRUE
FALSE
True or False: Cash is a current asset.
TRUE
FALSE
These are the controlled resources resulted from past transactions and events in which are expected to have economic benefits that flow in the business.
Assets
Liabilities
Capital
Revenue
Expenses
These are obligations of the business to creditors (creditor’s equity) that occurred from the past transactions or events which are expected to be settled and will result in the outflow of the business’ resources.
Assets
Liabilities
Capital
Revenue
Expenses
What accounts are involved in this business transaction?
Purchased supplies on account.
Cash and supplies
Accounts receivable and supplies
Accounts payable and supplies
Notes payable and supplies
Heading in any financial statement should contain the following:
name of the company
accounting period
name of the statement
date of creation
beginning statement
A type of business that provides services in order to generate revenue.
Service business
Merchandise business
General business
Sole proprietor business
It refers to the negative result in the SCI.
Revenue exceeds expenses
Net income
Profit
Loss
It refers to the opposite side of the sales account.
contra sales
sales return
sales discount
sales allowance
It refers to the sum of Purchases and Freight In.
Net Purchases
Net Cost of Purchases
Purchase Discount
Purchase Return and Allowances
It refers to the total cost of inventory unsold at the end of the accounting cycle.
Beginning Inventory
Ending Inventory
Inventory
Unsold Inventory
Salaries of office employees in a merchandising business are _______________________ expenses.
Selling
Merchandising
General and Administrative
Servicing
It is the difference between Sales and Cost of Goods Sold.
Ending Inventory
Gross Profit
Net Purchase
Cost of Goods available for Sale
It decreases the owner's equity and affects the Statement of Changes in Equity
Expenses
Revenue
Drawing
Liabilities
It refers to cash flow resulted from transactions that affect income and expenses.
Operating Activities
Financing Activities
Investing Activities
It refers to cash flow activity that primarily resulted from the acquisition and disposal of long-term assets and other investments.
Operating
Financing
Investing
In the indirect method of SCF, the decrease in operating current assets will ________ from accrual basis profit.
added
deducted
This financial statement provides information on the source and utilization of cash during the period.
Statement of Financial Position
Statement of Comprehensive Income
Statement of Changes in Equity
Statement of Cash Flow
This financial statement lists the balances of assets, liabilities, and capital.
Statement of Financial Position
Statement of Comprehensive Income
Statement of Changes in Equity
Statement of Cash Flow
A financial statement that contains the results of the company’s operations for a specific accounting period in which positive result means net income and negative result means net loss
Statement of Financial Position
Statement of Comprehensive Income
Statement of Changes in Equity
Statement of Cash Flow
This financial statement provides information on the changes or movements in owner’s equity during the period.
Statement of Financial Position
Statement of Comprehensive Income
Statement of Changes in Equity
Statement of Cash Flows
Choose all noncurrent liabilities.
Accounts payable
5-year lease
Stocks
Loan payable for 3 years
Advertising expense is a ___________ expense.
Administrative expense
Selling expense
General expense
General and Administrative expense
Solve the problem:
Beginning Investment: P95,000
Net income: P50,000
Additional Investment: P20,000
Withdrawal: P50,000
What is the ending capital?
P110,000
P115,000
P165,000
P160,000
Solve the problem:
Sales: P70,000
Sales Return: P2,000
Sales Discount: P5,000
Purchase: P10,000
How much are the Net Sales?
P53,000
P63,000
P73,000
P83,000
Service Revenue: P50,000
Salaries expense: P10,000
Utility expense: P5,000
Advertising expense: P25,000
Office supplies expense: P5,000
Rent expense: P5,500
Result is?
Net Income
Net Loss
Break-even
