WorksheetsLong Test in Fundamentals of Accounting 2
Total questions: 25
Worksheet time: 14mins
Properties and rights owned by the company.
Liabilities
Income
Assets
Expenses
A current asset that normally consists of coins and currencies on hand, money orders and deposits in bank account.
Inventories
Cash
Receivables
Prepaid Expenses
Plant and equipment are what type of accounts?
Current Assets
Non-current Liabilities
Current Liabilities
Non-current Assets
A present obligation of the enterprise arising from past events.
Liabilities
Assets
Expenses
Income
All are current liabilities, EXCEPT
Taxes Payable
Accrued Liabilities
Short Term Loans
Bonds Payable
What is a financial statement that shows the financial position of an enterprise at a particular point in time?
Balance Sheet
Cash Flow Statement
Income Statement
Statement of Changes in Equity
Which of the following transactions would increase cash as well as non-current liabilities?
Payment from customer
Payment to suppliers
Long-term bank loan
Purchasing equipment on credit
ABC Company has a non-current assets of Php 60000, current assets of Php 70000, current liabilities of Php 40000, and a long-term loan of Php 50000. How much is the owner's equity?
(a)
Which is NOT true about permanent accounts?
Will have a zero balances at the end of the accounting period.
Balances remain intact from one accounting period to another.
Accounts are retained permanently in the SFP until their balances become zero.
Cash, Accounts receivable and capital are examples of this.
Accumulated Depreciation is the contra-asset of
Accounts Receivable
Plant and Equipment
Accounts Payable
Investment
What id the form of Statement of Financial Position is used in the figure?
(a)
The part of the Balance Sheet that contains the name of the company, type of statement and the date covered.
(a)
If assets are Php 17000 and owner's equity is Php 1000, liabilities are (a)
If during the year assets increased by Php 75000 and the total liabilities decreased by Php 16000, by how much did owner's equity increased?
(a)
This is a financial statement that informs the reader about the performance and activities of the company for a certain period.
Statement of Financial Position
Statement of Changes in Equity
Statement of Comprehensive Income
Statement of Cash Flow
Which of the following is an element of a Statement of Comprehensive Income?
Sales
Accounts Payable
Notes Receivable
Capital
Which of the following is classified as selling expenses?
Salaries of the president
Salaries of sales executives
Depreciation of administration building
Depreciation of office equipment
All are examples of temporary accounts, EXCEPT
revenues
salaries expense
accounts receivable
sales
What approach in making Statement of Comprehensive Income is used in the figure?
(a)
True or False: Gain is the amount earned by a business in its main operating activities.
(a)
Martineli's beginning inventory amounted to Php 250000. Net purchases amounted to Php 70000. Freight In totaled Php 15000. Compute for the company's cost of goods available for sale.
(a)
Martineli's Company generated revenues amounting to Php 100000. Expenses for the year totaled Php 76000. How much is the company's net income for the year?
(a)
Company's cost of goods sold amounted to Php 285000. Net cost of purchases totaled Php 85000. Beginning inventory amounted to Php 250000. Sales amounted to Php 500000. Compute for the company's ending Inventory.
(a)
Amount of goods bought during the current accounting period.
Purchase Discount
Purchase Returns
Contra Purchases
Purchases
Gross profit of Martineli's Company amounted to Php 175000. Beginning inventory totaled Php 250000. Ending inventory amounted to Php 50000 while net cost of purchases totaled Php 85000. Compute for Martineli's net sales.
(a)
