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WorksheetsQUIZ 2 FABM2121
Total questions: 10
Worksheet time: 11mins
Format of Statement of Financial Position that assets, liabilities and equity are written in a downward sequence.
(a)
REPORT FORM
ACCOUNT FORM
REPORT DATA
COUNT FORM
Format of Statement of Financial Position that assets a written on the left side while the liabilities and equity on the right side.
REPORT FORM
ACCOUNT DATA
ACCOUNT FORM
REPORT DATA
What is the basic accounting equation?
ASSETS = LIABILITIES + OWNER'S EQUITY
ASSETS = LIABILITIES - OWNER'S EQUITY
ASSET x LIABILITIES
ASSET + LIABILITIES
What is the 2nd step in creating a Balance Sheet?
Consider all applications
Determine Liabilities
CALCULATE ASSET
Understand the basic equation
This is type of assets that can be converted into cash within a year or less.
LONG TERM ASSETS
FIXED ASSETS
NON CURRENT ASSETS
CURRENT ASSETS
This type of asset has a long-term possessions that can be sold or that retain value down the line, minus depreciation.
none of the above
FIXED ASSETS
CURRENTS ASSETS
SHORT TERM ASSETS
______________ are the negative part of the equation; these include operational costs, debt and material expenses
LIABILITIES
OWNER'S EQUITY
ASSETS
LOSSES
In a sole proprietorship, this is called the “Owner’s Equity”; in a corporation, this is called “_______________,”.
STOCKS EQUITY
STOCKHOLDER'S EQUITY
EQUITY OF THE OWNER
NONE OF THE ABOVE
____________are inflows of resources during the course of ordinary operating activities. It usually arises from the sale of services or goods. This is synonymous to the word income.
PROFIT
REVENUE
LOSSES
GAINS
_____________an outflow of resources but these do not arise from the main activity of the enterprise but from those that are considered incidental activities like selling an investment that the company previously acquired at a price lower than its book value.
INCOME
LOSSES
GAINS
REVENUE
