WorksheetsREVIEWER MIDTERM (FABM2)
Total questions: 11
Worksheet time: 4mins
These are structured representations of the financial position and financial performance of the business.
Financial Statements
Invoices
Receipts
Notes to Financial Statements
The accounts that can be found in the financial statement that tells you the fiinancial position of the company.
Gains/Losses
Income/Expenses
Capital/Drawing
Assets, Liabilities, Capital
Cash activities which are related to buying and selling of noncurrent assets.
Operating
Investing
Financing
It is the most liquid current asset. It includes coins, currencies, and bank deposits
Cash
Building
Accounts Payable
Loan Payable (2 years)
It is otherwise known as the cost of sales method.
Function
Nature
Report
Account
These are accounts that needed to be deducted from certain kinds of assets.
Expenses
Contra-Accounts
Drawings
Cost of Sales
This is the major expense of a merchandising business..
Gross Profit
Prepaid Expense
Operating Expense
Cost of Sales
The Accounting Equation.
A=L-C
L=A-C
A=L+C
C=A-L
What form of Balance Sheet is in the picture?
Report
Account
Direct
Indirect
What are the two types of operating expenses?
Administrative/Losses
Selling/Administrative
Current/Non-current Expenses
Finance Cost/Selling Expense
Cillian Store reported a net sale of Php 150, 000 and a cost of sales of Php 25, 000. How much is the store’s gross profit? (Sample answer format: Php 10000)
(a)
