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QUIZ 1 FABM2 2026

Total questions: 45

Worksheet time: 4mins

Name
Class
Date
1.

Cash

a)

Asset

b)

Liability

c)

Capital

2.

Accounts Payable

a)

Asset

b)

Liability

c)

Capital

d)

Expense

3.

Accounts Receivable

a)

Liability

b)

Expense

c)

Asset

d)

Revenue

4.

Utilities Expense

a)

Asset

b)

Expense

c)

Revenue

d)

Liability

5.

Interest Income

a)

Asset

b)

Liability

c)

Expense

d)

Revenue

6.

Notes Receivable

a)

Liability

b)

Expense

c)

Revenue

d)

Asset

7.

Accrued Expenses

a)

Asset

b)

Expense

c)

Liability

d)

Revenue

8.

Building

a)

Liability

b)

Expense

c)

Revenue

d)

Asset

9.

Bonds Payable

a)

Asset-Current

b)

Liability-Current

c)

Asset-Non Current

d)

Liability-Non Current

10.

Notes Payable

a)

Liability-Current

b)

Asset-Current

c)

Asset-Non current

d)

Liability-non current

11.

Equipment

a)

Asset-current

b)

Asset-non current

c)

Expense

d)

Liability-current

12.

Prepaid Expenses

a)

Asset-current

b)

Liability-current

c)

Liability-non current

d)

Expense

13.

Accrued Liabilities

a)

Asset-current

b)

Asset-non current

c)

Expense

d)

Liabilities-current

14.

Leasehold improvements

a)

Expense

b)

Asset-current

c)

Liability-current

d)

Asset-non current

15.

Merchandise Inventory

a)

Expense

b)

Asset-non current

c)

Asset-current

d)

Liability-non current

16.

Property, Plant and Equipment

a)

Expense

b)

Liability-current

c)

Asset-current

d)

Asset-non current

17.

Prepaid Rent

a)

Asset-non current

b)

Expense

c)

Asset-current

d)

Revenue

18.

Unearned Revenue

a)

Asset-current

b)

Liability-non current

c)

Asset-non current

d)

Liability-current

19.

Accumulated Depreciation

a)

Asset

b)

Contra liability

c)

Contra asset

d)

Expense

20.

Depreciation Expense

a)

Asset

b)

Contra asset

c)

Liability

d)

Expense

21.

Which of the following is/are not subject to depreciation?

a)

Land, building

b)

Building, Stocks

c)

Land, Equipment

d)

Arts collection/paintings, land

22.

Patent

a)

Asset-current

b)

Expense

c)

Liability-current

d)

Asset-non current

23.

Furniture and Fixtures

a)

Asset-current

b)

Expense

c)

Asset-non current

d)

Capital

24.

Allowance for Bad Debts

a)

contra expense

b)

contra asset

c)

conta revenue

d)

asset

25.

Supplies

a)

Asset-current

b)

Expense

c)

Asset-non current

d)

Liability

26.

Goodwill

a)

Asset-current

b)

Expense

c)

Revenue

d)

Asset-non current

27.

Asset increases on what side?

a)

Credit

b)

Debit

c)

Both debit and credit

d)

None

28.

Liability increases on what side?

a)

Debit

b)

Credit

c)

Both debit and credit

d)

None

29.

Capital account increases on what side

a)

Debit

b)

Credit

c)

inside

d)

outside

30.

Goodwill

a)

Asset-non current

b)

Expense

c)

Revenue

d)

Liability

31.

What are the types of major accounts?

a)

Assets, Capital, Expenses

b)

Assets, Liabilities, Capital

c)

Liabilities, Revenue

d)

Expenses, Revenue

32.

Freight out

a)

Revenue

b)

Asset

c)

Expense

d)

Liability

33.

Finance cost

a)

Asset-current

b)

Expense

c)

Asset-non current

d)

Revenue

34.

Cost of sales

a)

Asset

b)

Liability

c)

Revenue

d)

Expense

35.

Marketable Securities

a)

Asset-current

b)

Liability-current

c)

Expense

d)

Asset-non current

36.

Cash equivalent

a)

Liability-current

b)

Asset-non current

c)

Expense

d)

Asset-current

37.

Asset decreases on what side?

a)

Debit

b)

Credit

c)

inside

d)

outside

38.

Liability decreases on what side?

a)

Debit

b)

Credit

c)

outside

d)

inner side

39.

Capital account decreases on what side?

a)

Debit

b)

Credit

c)

inner side

d)

outer side

40.

What is the title of your subject with me?

a)

Fundamentals of Accountancy, Business and Management 1

b)

Fundamentals of Accounting, Business and Management 2

c)

Fundamentals of Accountancy Business and Management 3

d)

Fundamentals of Accountancy, Business and Management 2

41.

These are the resources and rights owned and controlled by the company.

a)

Liabilities

b)

Assets

c)

Revenue

d)

Properties

42.

These are the present obligations of the company.

a)

Assets

b)

Expenses

c)

Capital

d)

Liabilities

43.

This is the share/contribution/stake of the owner on his/her business.

a)

Revenue

b)

Profit

c)

Asset

d)

Capital

44.

Expense increases on what side?

a)

Credit

b)

Debit

c)

inside

d)

outside

45.

Who is your subject teacher for FABM2?

a)

GERALD A. ALMUETE

b)

GERALD ALMUETE

c)

GERALD C. ALMUETE

d)

JERALD C. ALMUETE

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