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WorksheetsFABM QUIZ GAS_ABM
Total questions: 20
Worksheet time: 12mins
Which of the following formula does not represent Accounting Standards?
Asset = Liabilities + Owner's Equity
Asset = ( L+ O.E ( Income - Expense)
Asset + Liabilities = Owner's Equity
All of the Above
Copyrights, Trademark and Patents are example of ___________?
Quick Assets
Current Assets
Fixed Assets
Intangible Assets
This Non-Current assets is a type of license given to product of science or inventions.
Goodwill
Patent
Copyrights
Trademarks
Atty. Panelo paid 5,000 in cash for August 2021 rental fee of his stockroom and Office at Ayala Boulevard. What type of expense is shown in this transaction?
Advertising Expense
Miscellaneous Expense
Salary Expense
Rent Expense
Injap Tan paid the following merchandising materials to Adgraphix Philippines worth 30,000.00 This includes Banner, Poster, Tarp and Streamers. What type of expense is shown in this statement?
Taxes
Advertising Expenses
Rent Expenses
Salaries and Wages
If the Expense is greater than the Income at the end of the Accounting Cycle. This will result to _____________?
Net Loss
Net Income
Gross Profit
Drawing or Withdrawal
If the Income is Greater than the Operating Expenses after an Accounting Period. This event will result to _____________?
Net Loss
Net Income
Payroll
Tax Dues
Which of the following account title is not included under Current Asset?
Cash
Accounts Receivable
Supplies
Machinery and Equipment
This is a type of Current Asset intended for the settlement of small expenses.
Cash
Petty Cash
Check
Prepaid Assets
All Except one are example of Quick Assets?
Identify which does not belong to the group.
Petty Cash
Accounts Receivables
Intangible Assets & Goodwill
Supplies
This refers to obligations arises from acquisitions of assets or unpaid service rendered.
Assets
Liabilities
Drawing/Withdrawal
Capital
This type of Non-Current liabilities requires collateral such as land title, OR/CR and other pertinent documents in exchange of loans or additional investments.
Note Payable
Accounts Payable
Mortgage Payable
Interest Payable
This type of Current Liabilities is best describe by the presence of a promissory note.
Accounts Payable
Notes Payable
Interest Payable
Mortgage Payable
At the beginning of the accounting cycle ABC Company purchase 50,000 worth of supplies. After conducting inventory there are only remaining 12,000 worth of supplies remaining? The difference between the beginning and the inventory is called___________?
Prepaid Assets
Accounts Receivable
Supplies Expense
Accrued Expenses
What is the contra -asset for Accounts Receivable?
Depreciation Expense
Allowance for Doubtful account
Accumulated Depreciation
Unearned Income
May Ganun Salon purchase Salon Equipment at La Noire Shop worth 100,000 paid in cash. In this transaction what is to be written on the debit account.
Furniture & Fixtures
Salon Equipment
Cash
None of the above
May Ganun Salon paid 12,000 in advance for the rent of the Salon issued check under RD Policarpio Property. In this transaction what should be written under the credit side?
Cash
Accounts Payable
Notes Payable
None of the Above
All except one is an example of Utilities Expense.
Per Diem ( Meals & Toll Expense)
Electric Bill
Water Bill
Telephone and Internet Bill
Which of the following is not consider a cash equivalent.
Gift Certificate
Bonds
Check
All of the Above
The Taylor Machine was purchase worth 100,000 with 5 years useful life and a residual value of 5,000. Compute for the Depreciation Cost.
21,000
475,000
19,000
95,000
