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FABM 1 2nd Monthly Test

Quiz by Fiel Martinez

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25 questions
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  • Q1
    These are assets which are expected to be realized within the ordinary course of business, or a span of 12 months, whichever is longer.
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    20s
  • Q2
    These assets includes money in the form of bank deposits in checking accounts and savings accounts.
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    20s
  • Q3
    These are assets usually arises from the normal course of business, such as selling goods or delivering services, but can also come from non-trade events, such as you lending.
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    20s
  • Q4
    These assets includes raw materials, work in process items, finished goods and supplies.
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    20s
  • Q5
    An amount simply paid in advance for goods or services anticipated to be received by the entity in the future.
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    20s
  • Q6
    These are tangible assets that are expected to not be converted into cash immediately, and are regularly placed as means of production. It has more than one year use in the company.
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    20s
  • Q7
    These are assets that lacks physical substance, and yet are similarly realizable over long periods of time.
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    20s
  • Q8
    These account represent the accumulated net income from operations over several periods.
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    20s
  • Q9
    These refers to the amounts received by a business earned as a result of selling something or rendering a service.
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    20s
  • Q10
    The residual interest of the owners in the assets of the business after considering all liabilities.
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    20s
  • Q11
    Mr. Bautista invested the following assets to start his own business, cash P 27,000.00 and equipment P 48.000.00 Debit: Cash 27,000.00 Debit: Equipment 48,000.00 What is the credit part of the entry?
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    20s
  • Q12
    Paid current month's rent of building, P 3,300.00 Debit: ? Credit Cash 3,300.00 What is the debit part of the entry?
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    20s
  • Q13
    Purchased additional equipment on account, P 5,400.00 Debit: Equipment 4,500.00 Credit ? What is the credit part of the entry?
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    20s
  • Q14
    Cash withdrawal by the owner, P 8,000.00 Debit: ? Credit Cash 8,000.00 What is the debit part of the entry?
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    20s
  • Q15
    Paid creditors on account, 4,500.00 Debit: Account Payable 4,500.00 Credit ? What is the credit part of the entry?
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    20s

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