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WorksheetsBRP 1 - Fundamentals of Acctg
Total questions: 34
Worksheet time: 26mins
This is what the business owns.
Assets
Liablities
Loans
Owner's Equity
This is what the business owes.
Assets
Liabilities
Loans
Owner's Equity
Also known as the "Long-term Assets"
Non-current Assets
Current Assets
Non-current liabilities
Current Liabilities
A liability expected to be settled in the entity’s normal operating cycle (1 year).
Non-current Assets
Current Assets
Non-current Liabilities
Current Liabilities
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
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
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)
If assets are Php 17000 and owner's equity is Php 1000, liabilities are (a)
Which of the following is an element of a Statement of Comprehensive Income?
Sales
Accounts Payable
Notes Receivable
Capital
What do you call the economic events of an organization?
Business
Transactions
Records
Journals
It is when a certain process follows certain standards and professional ethics.
Art
Nature
Philosophy
Discipline
Which of the following nature of accounting tells us that accounting is considered as a storehouse of information.
Accounting as an art and discipline.
Accounting as an service activity.
Accounting as an information system
Accounting as a process
What civilization used clay tablets to record commercial transactions?
China
India
Mesopotamia
Phoenician
Who is the father of accounting?
Luca Pacioli
Luca Paciolo
Luca Paciola
Luca Paciole
What does GAAP mean?
Generally Accepted Accounting Principles
Generally Authoritative Accounting Principles
Generally Administrative Accounting Principles
Generally Amendable Accounting Principles
What accounting is considered as the subset of management accounting?
Auditing
Cost Accounting
Financial Accounting
Accounting Research
If DPWH will liquidate their expenses in the farm road project in a certain barangay in General Santos City, what branch of accounting will process the liquidation?
Tax Accounting
Accounting Education
Financial Accounting
Government Accounting
Which of the following is an internal user?
BIR
OWNER
SEC
LGU
What is the simplest form of business organization?
Sole Proprietorship
Partnership
Corporation
Cooperative
Which is a service type of business?
Car manufacturing
Laundry business
Grocery Store
Book stores
Which is a manufacturing type of business?
Alex's Barber Shop
Toyota Corporation
National Book Store
Pick n' Save Mini Mart
The company declares their financial statements in Pesos even though they are situated in South Korea. What accounting principle is violated by the company?
Time period
Monetary unit
Objectivity
Going concern
A company overstates the rent expense by Php 5,500.00. What accounting principle is violated?
Conservatism
Disclosure
Going Concern
Materiality
A company declares that the equipment that they purchased at one million pesos is written at 750,000 pesos, the fair market value of the equipment, in their financial statements. This is a clear violation of what accounting principle?
Cost
Matching
Accrual accounting
Business entity
Which of the following equations is the fundamental accounting equation?
Assets-Liabilities=Owner's Equity
Assets=Liabilities + Owner's Equity
Assets-Owner's Equity=Liabilities
Assets-Owner's Equity=Liabilities
Financial Accounting is concerned only with information that is significant enough to affect evaluation or decision
Materiality
Timeliness
Comparability
Cost and Benefit
Using the accounting equation, if assets is P 50,000, capital is P30,000, how much is the value of liability?
P10,000
P20,000
P80,000
P25,000
Which of the following pertains to business entity concept?
Transactions of the business (as a separate entity) must be distinguished from the transactions of the owners.
Transactions of the business (as a separate entity) must be merged with the transactions of the owners.
Revenues are recorded when it is earned.
Revenues are recorded when the corresponding cash has been received.
Other term for Statement of Comprehensive Income
Income Statement
Balance Sheet
Cash Flow Statement
Statement of Liquidation
Are assets that cannot be realized (collected, sold, used up) one year after year-end date. Examples include Property, Plant and Equipment (equipment, furniture, building, land), long term investments, etc.
Intangible Assets
Current Assets
Non-current Assets
Liabilities
Liability = Asset + Equity
True
False
is the process of IDENTIFYING, MEASURING , RECORDING and COMMUNICATING economic events of the organization to interested users.
(a)
