WorksheetsFABM 1 - Diagnostic Test
Total questions: 15
Worksheet time: 11mins
Debits in accounting always mean adding/increasing in value.
True
False
The following are forms of business organization except:
Sole Proprietorship
Partnership
Corporation
Cooperative
Passive
The following are forms of businesses according to activity except:
Service
Manufacturing
Merchandising
Franchising
(a) is an accounting term used for things the business owns.
(a) is an accounting term used for things the business owes.
These are the customer's payables to the business.
Accounts Receivables
Accounts Payable
Trade Discount
Sales Revenue
These are the business's payables to the suppliers, service providers and etc.
Accounts Receivables
Accounts Payable
Trade Discount
Sales Revenue
This is the term used in recording sales in a merchandising business.
(a)
This is the term used in recording sales in a service business.
(a)
This describes the total cost of producing a tangible good or intangible service that has been sold by the business at a certain point of time.
Business Expense
Production Cost
Fixed Cost
Cost of Goods Sold
What does CPA in accounting mean?
(a)
Cash is a good measure of profitability. Therefore, cash, not profit, is king.
True
False
The total sales in December is P500,000.00 and the cost of producing the sold goods were at P250,000.00. Given this, how much is the gross profit?
(a)
The following must be considered in getting the net income of the business.
Utilities Expense
Inventory Expense
Salary Expense
Rent Expense
For a business transaction to be recorded in their accounting books, it must have the following characteristics except:
It must have a financial value of more than Php 1,000.00
There must be two parties involved in the transaction.
The transaction is on behalf of the business entity, and it is not for an individual purpose.
It must be supported by business documents.
