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WorksheetsEASY QUESTIONS
Total questions: 10
Worksheet time: 3mins
This accounting concept assumes that the business has an indefinite economic life.
Accounting entity
Accounting period
Going concern
Objectivity
Which of the following statements best describes the "marketing concept"?
Businesses should focus on aggressive selling
Companies should understand and meet customer needs better than competitors
Marketing is only about advertising
Lowering product prices guarantees success
Which management approach emphasized the importance of social and psychological factors in the workplace?
Scientific Management
Bureaucratic Management
Human Relations Theory
Systems Theory
Which of the following is the correct sequence of listing the accounts in the chart of accounts?
Assets, owner’s equity, liabilities, revenue, expenses
Assets, liabilities, owner’s equity, revenue, expenses
Assets, liabilities, owner’s equity, expenses, revenue
Revenue, expenses, owner’s equity, liabilities
According to the law of demand, what happens when the price of a good increases?
Quantity demanded increases
Quantity demanded decreases
Demand remains unchanged
Supply decreases
What feature on Philippine banknotes allows visually impaired individuals to identify denominations?
Holographic thread
Embossed print
Tactile marks
Watermark
In the Product Life Cycle (PLC), which stage is characterized by rapid market acceptance and increasing profits?
Introduction
Growth
Maturity
Decline
What does it indicate, when an economy is producing at a point inside the production possibilities curve?
Economic growth
Efficient production
Technological Advancement
Underutilization of resources
Which situation indicates a net loss on the income statement?
Total debits equal total credits
Total credits exceed total debits
Total debits exceed total credits
No answer
If assets total P700,000, and liabilities total P400,000, how much is the net assets?
P300,000
P400,000
P700,000
P1,1,000
