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WorksheetsFundamentals of Accountancy, Business and Management Exam
Total questions: 46
Worksheet time: 34mins
Which of the following can be considered as an intangible asset of the company?
Buildings and Equipment
Intellectual Property
Cash on Account
Investment
When assets can be realized in 10 months this asset is classified as _________.
Current
Non Current
Pending Asset
Classified Asset
Mang Kanor owes P 15,000,000.00 to ABM Bank payable within 36 months. This is classified under _________.
Asset: Current
Asset: Non Current
Liabilities: Current
Liabilities: Non current
This refers to the company's total revenue from selling the products or offering services to clients.
Expenses
Sales
Income
Profit
ABC company purchased 350,000 units of mobile phones and sold 70% of it for 6
months, determine the number of units available for sale?
100,000 units
105,000 units
150,000 units
245,000 units
Advertising expense falls under _________.
Company's expense
Selling Expense
Product Expense
General and Administrative Expense
It shows the movement in the capital account of the owner.
Statement of Comprehensive Income
Statement of Changes in Equity
Statement of Financial Position
Cash Flow Statement
In preparing the statement of changes in equity, which of the following
elements are not included?
beginning capital
additional investments
net loss
total assets
In 2018, Maria’s Repair shop had a beginning capital of Php 300,000.00, additional investments amounted to Php100,000.00, drawing of Php50,000.00. Unfortunately, due to the high cost of operations, it had a net loss of 25,000. How much is Maria’s ending capital in 2018?
Php 300,000.00
Php 315,000.00
Php 310,000.00
Php 325,000.00
Which increases in owner’s equity without additional investment?
Net income
Net loss
drawing
None of the given option
The beginning owner’s equity/capital amounted to P 300,000. Net loss for the year totaled PHP 45,000. No additional investments and withdrawals for the period. How much is the increase from the owners’ equity?
Php 45,000.00
Php 10,000.00
deficit of Php 45,000.00
None of these
The amount of expenses accumulated from the purchase of inventories from the
supplier is best known as _________.
Freight in
Transportation Cost
Expenses due for the transport
Cost of transport
Assume that a company’s total Liabilities and Equity is Php 285,000. The total
noncurrent assets ended at Php 85,000. Cash reached Php50,000. Inventory amounted to Php100,000. Assuming the company had no other assets, how much are the Accounts Receivable?
Php 50,000.00
Php 60,000.00
Php 70,000.00
Php 80,000.00
Balances from JOLLITREE company for the year ended December 2020. Cash = P500,000.00, Supplies = P600,000.00, Accounts Receivable = P300,000.00, Macheries = P520,000.00, Building = 900,000.00, Accounts Payable = P600,000.00, Notes Payable (18 months) = P700,000.00, Loans Receivable (2 years) = P590,000.00, Land = P250,000.00, Capital = P 2,210,000.00.
Compute the total Current asset of the company.
Php 1,600,000.00
Php 1,500,000.00
Php 1,400,000.00
Php 1,300,000.00
Balances from JOLLITREE company for the year ended December 2020. Cash = P500,000.00, Supplies = P600,000.00, Accounts Receivable = P300,000.00, Macheries = P520,000.00, Building = 900,000.00, Accounts Payable = P600,000.00, Notes Payable (18 months) = P700,000.00, Loans Receivable (2 years) = P590,000.00, Land = P250,000.00, Capital = P 2,210,000.00.
The owners’ equity is_______.
Php 1,290,000.00
Php 2,600,000.00
Php 2,210,000.00
Php 2,560,000.00
This is an account used by companies that sell goods instead of services.
Net Sales
Cost of Good Sold
Net Profit
Gross Profit
It is the Financial Statement that explains the net change in cash for the year.
Statement of Financial Position
Statement of Comprehensive Income
Statement of Changes in Equity
Statement of Cash Flows
Balances from JOLLITREE company for the year ended December 2020. Cash = P500,000.00, Supplies = P600,000.00, Accounts Receivable = P300,000.00, Macheries = P520,000.00, Building = 900,000.00, Accounts Payable = P600,000.00, Notes Payable (18 months) = P700,000.00, Loans Receivable (2 years) = P590,000.00, Land = P250,000.00, Capital = P 2,210,000.00.
The total liabilities of the company are ______.
Php 1,300,000.00
Php 600,000.00
Php 700,000.00
Php 1,860,000.00
Balances from JOLLITREE company for the year ended December 2020. Cash = P500,000.00, Supplies = P600,000.00, Accounts Receivable = P300,000.00, Machineries = P520,000.00, Building = 900,000.00, Accounts Payable = P600,000.00, Notes Payable (18 months) = P700,000.00, Loans Receivable (2 years) = P590,000.00, Land = P250,000.00, Capital = P 2,210,000.00.
Compute the company’s total asset ________.
Php 3,660,000.00
Php 3,570,000.00
P 2,970,000.00
Php 2,770,000.00
When an external user of accounting information wants to determine the profit or
looses of a certain company for a specific period, the accounting information that must be presented is the ____________.
Statement of the Financial Position
Statement of the Comprehensive Income
Balance Sheet
Cash Flow Statement
SM Holdings Corp. invested a ballooning amount of Money amounting to PHP 15
billion to the government for the construction of several infrastructures. This loan must be payable within 10 years. In the part of the government, this is classified under ___________.
Asset: Current
Asset: Non current
Liabilities: Current
Liabilities: Non-current
Which of the following is the best description of the Statement of Financial Position?
Summary of all assets, liabilities and owner's equity
Summary of all the assets received during the current year
Summary of all the business transactions that happened last year
Summary of all the owner's equity
It is the most liquid and always comes first in the list among assets.
Land
Supplies
Accounts Receivable
Cash
The following are all parts of the asset section of the Statement of Financial Position except:
Prepaid Expenses
Accounts Receivable
Cash
Expenses
It is an account bearing the name of the owner and shows the amount of original and additional investments made by the owner.
Cash
Capital
Trademarks
Income Summary
It is a financial statement that reports the results of the operations of the business for one accounting period.
Statement of Changes in Equity
Statement of Cash Flow
Statement of Financial Position
Statement of Comprehensive Income
Long-term debt of a business with collateral in the form of real properties.
Mortgage Payable
Bad Debts
Bonds Payable
Accumulated Depreciation
Which of the following is not a characteristic of a tax?
It is enforced contribution.
It is payable in money particularly legal tender.
It is imposed not inside the state's territory.
It is proportionate in character.
Which of the following is a characteristic of tax?
It is an enforced contribution.
Its efficient cause or juridical tie is contract.
It is considered a demand of ownership or proprietorship.
The amount to be collected is limited to the cost of regulation.
Which of the following taxes is a personal tax or a tax imposed on a person?
Real property tax
Community tax
Amusement tax
Income tax
One of the following is not a characteristic or element of tax.
It is an enforced contribution.
It is payable in money or in kind.
It is proportionate in character.
It is levied by the legislature.
Taxpayers should be treated equally both in terms of rights conferred and obligations imposed.
Equal protection of law
Due process of law
Equality
Uniformity
Eminent domain ______________________.
is the power to take public property for public purpose after payment of just compensation.
is the power to take private property for public purpose after payment of just compensation.
is the power to take private property for private purpose after payment of just compensation.
is the power to take public property for private purpose after payment of just compensation.
Without taxes, the government would be paralyzed for lack of the motive power to activate and operate it.
Holmes Doctrine
Necessity Doctrine
Doctrine of Symbiotic Relationship
Lifeblood Doctrine
In this type of tax, non-payment is constitutionally exempted from imprisonment.
Value added tax
income tax
Poll tax
Documentary tax
Which of the following inherent powers of the state is inferior to constitutional right of non-impairment of obligation of contracts?
Power of taxation
police power
power of eminent domain
all of the above
What is the primary purpose of taxation power?
To promote the general welfare through regulations.
To advocate protection of constitutional right.
To facilitate the state's need of property for public use
To raise revenues for the expenses of the state
What is the effect to cash if a debit balance in the general journal is posted as credit to the general ledger?
Zero balance
No effect
Increase cash
Decrease cash
All the accounts below have debit normal balance except:
Miscellaneous Expense
Prepaid Rent
Salaries Payable
Supplies
It means how quickly you can get your hands on your cash.
Growth
Stability
Profitability
Liquidity
The adjusted trial balance is the last report prepared before the _________ is made.
General ledger
Worksheet
Financial statement
general journal
What is the term applied to the excess of net revenue from sales over the cost of merchandise sold?
income from operations
gross sales
net income
gross profit
Which of the following accounts usually has a debit balance?
Purchase discounts
freight in
sales tax payable
allowance for doubtful accounts
Balance sheet accounts
represent amounts accumulated during a specific period of time
are equal to assets and liabilities
are called real accounts
have zero balances after the closing entries have been posted
Owned resources of a business are referred to as
Assets
Equities
Liabilities
Revenues
Debts owed by a business are referred to as
Liabilities
Accounts Receivable
Equities
Stockholders' Equity
