WorksheetsFirst Periodical TEST FABM2
Total questions: 30
Worksheet time: 21mins
The other name for Balance Sheet is ?
Statement of Comprehensive Income
Statement of Financial Position
Statement of Changes in Owner's Equity
Adjusted Trial Balance
Which is not included in Balance Sheet permanent account ?
Cash
Accounts Payable
Service Income
Notes Receivable
This are account titles in SFP but serves as a reduction to either a current or a non current assets
Asset Ratio
Quick Assets
Expenses
Contra Assets
What is the standard formula for presenting accounts in Balance Sheet?
Assets = Liabilities + Owner's Equity
Net Profit = Service Income - Total Expenses
Assets + Liabilities = Owner's Equity
Assets - Liabilities = Owner's Equity
Which of the following is not an example of Current Asset
Accounts Receivable
Merchandise Inventory
Intangible Assets
Prepaid Expenses
What is the other term use for Capital Statement?
Statement of Comprehensive Income
Statement of Changes in Owner's Equity
Statement of Financial Position
Adjusted Trial Balance
This refers to account titles whose balances are added to capital account?
Account Payable
Permanent Account
Quick Assets
Nominal Accounts
The term use in SCI for a positive results at the end of every period
Net Purchase
Net Income
Net Loss
Net Sales
Compute for the Net Purchase
Mabuhay Advertising purchase 25pcs of Noche Buena Feast Basket to SM Hypermarket. Each one cost 550.00 with Free delivery service.
55.00
13,750.00
11,000.00
All of the above
Compute for the Net Purchase
Hann Resort purchase 50 case Ham to Mekeni Foods Corporation worth 100,000.00. Mekeni provides 5% discount and 5 case were returned due to mishandling.
90,000.00
5000.00
85,000.00
All of the above
This refers to the total cost of good unsold at the end of the accounting cycle
Beginning Inventory
Sales Discount
Freight In
Ending Inventory
This refers to the transportation cost of merchandise purchase by the company.
Beginning Inventory
Sales Discount
Freight In
Ending Inventory
Which type of expenses represents Indirect cost in Income Statement?
Operating Expense
General and Administrative Expenses
Prepaid Expense
Salary Expense
Which type of expenses represents direct cost in Income Statement?
Operating Expense
General and Administrative Expenses
Prepaid Expense
Salary Expense
Manager Salary and Rent Expense are example of ________ cost?
Fixed Cost
Variable Cost
Total Cost
Unit Cost
This refers to a type of business owned by a single person.
Partnership
Sole Proprietorship
Cooperative
Corporation
Based on the existing Corporation Law of the Philippines how many members are needed to established a Corporation?
5-20
5-10
5-15
None of the above
What is the term use to describe the owner of a corporation?
Stockholder
Partners
Investors
Entrepreneur
What is the term used to identify that the business is created by the law and has a unique identity separate to the owner.
Jurisdiction
Judicial
Juridical Personality
None of the above
Which of the following event is not related to dissolution of the business in partnership?
Withdrawal of investment of the partner
Death of the partner
Additional investment from new partners
None of the above
Compute for Depreciation
NDPB Foods Inc. equipment has an actual cost of 100,000 with 5 years useful life and an estimated scrap value of 20,000.
16,000
20,000
15,000
18,000
Compute for Depreciation
Byron Foodstuff Corporation equipment has an actual value of 250,000 with an estimated scrap value of 20,000 after 10 useful years.
20,000
23,000
25,000
30,000
Compute for Depreciation
Tan Food Haven Corporation equipment has an actual value of 300,000 with an estimated scrap value of 50,000 after 5 useful years.
40,000
45,000
50,000
55,000
Analyze the statement and choose the best Answer
Statement 1: Corporation can live up to 50 years
Statement 2: Stockholders of a corporation has a general liability
Statement 1 is TRUE , Statement 2 is False
Statement 1 is FALSE, Statement 2 is TRUE
Both Statement are True
Both Statement are FALSE
Analyze the statement and choose the best Answer
Statement 1: Contract can be oral and written in form
Statement 2: Contract is define as the meeting of minds
Statement 1 is TRUE , Statement 2 is False
Statement 1 is FALSE, Statement 2 is TRUE
Both Statement are True
Both Statement are FALSE
Analyze the statement and choose the best Answer
Statement 1: Accumulated Depreciation is a Quick Assets
Statement 2: Allowance for Bad Debts is a Contra Assets of Accounts receivable
Statement 1 is TRUE , Statement 2 is False
Statement 1 is FALSE, Statement 2 is TRUE
Both Statement are True
Both Statement are FALSE
Analyze the statement and choose the best Answer
Statement 1: Shared Capital is used for Corporation Capital Statement
Statement 2: Prepaid Rent is an advance payment for building or office rental
Statement 1 is TRUE , Statement 2 is False
Statement 1 is FALSE, Statement 2 is TRUE
Both Statement are True
Both Statement are FALSE
Analyze the statement and choose the best Answer
Statement 1: In Partnership capital statement Net income is divided among members
Statement 2: For Corporation net income is represented by a dividend
Statement 1 is TRUE , Statement 2 is False
Statement 1 is FALSE, Statement 2 is TRUE
Both Statement are True
Both Statement are FALSE
In Corporation who issue the Stock Certificate to a stockholder?
President
Vice President
Corporate Secretary
Corporate Treasurer
Compute for Doubtful Account
It is assumed that 20% of the Accounts Receivable and 5% of the notes receivable will not be collected.
Accounts Receivable 100,000
Notes Receivable 50,000
20,000
2,500
22,500
37,500
