WorksheetsFABM2
Total questions: 15
Worksheet time: 11mins
It pertains to resources which are controlled and owned by the business.
Assets
Liabilities
Equity
Resources
Which of the following pertains to the obligations that the business owed to other entities arising from past events which are to be settled in the future?
Assets
Liabilities
Equity
Resources
Which of the following is the correct Accounting Equation?
Assets + Liabilities = Equity
Assets = Liabilities + Equity
Assets = Liabilities - Equity
Assets + Equity = Liabilities
Which of the following is classified as Current Asset?
Prepaid Expenses
Land
Delivery Vehicle
Copyright
In which part of Statement of Financial Position does the Salaries Payable be listed?
Assets
Liabilities
Owner’s Equity
Expenses
Which of the following is classified as a non-current liability?
Accounts Payable
Unearned Revenue
Mortgage Payable
Utilities Payable
Wash and Wear Laundry has current assets amounting to Php 300,000. Noncurrent assets for the year totaled Php 89,000. How much is the laundry’s total assets?
398,000.00
389,000.00
211,000.00
122,000
Read Me Book Shop has assets of Php 2,000,000.00 and owner’s equity of Php 600,000.00. How much is the book shop’s total liabilities?
1,400,000.00
191,000.00
129,000.00
919,000.00
What is the first step to prepare the Statement of Changes in Equity/Owner’s
Equity?
Prepare the heading
Report Capital at the beginning of the period
Gather the needed information
Add additional investment
What do you call the very first investment of the owner to the company?
Initial investment
Additional investment
Initial deposit
Additional deposit
All are example of operating activity EXCEPT:
Receipts from sales of goods
Payments to acquire debt securities
Payments for taxes
Receipts from customers
Which of the following is an example of an investing activity?
Obtaining bank loan
Paying taxes to the government
Producing goods and services
Purchasing a building
This activity includes cash transactions related to obtaining and selling of property and equipment and other non - current assets.
Operating activity
Investing activity
Financing activity
Cash flow activity
All of the following are classified as Assets, EXCEPT
Building
Inventory
Accounts Payable
Accounts Receivable
No Melt Ice Cream parlor has liabilities of Php 395,000.00 and assets of Php 524,000.00. How much is the ice cream parlor owner’s equity?
919,000.00
219,000.00
129,000.00
191,000.00
