FABM 1 Long Quiz
Quiz by Daisy Beltran
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- Q1
1. It is a working tool for the accountant.
Excel
spreadsheet
worksheet
30s - Q2
A worksheet is a permanent accounting record.
false
true
30s - Q3
Which of the following characteristic is true about a worksheet?
Apart of a general ledger
Apart of a journal
Optional device used by the accountant
30s - Q4
Accounts that are closed.
permanent
Temporary
liabilities
30s - Q5
Which of the following is not a permanent account?
liabilities
withdrawals
Assets
30s - Q6
The closing process applies to both temporary and permanent accounts
True
False
30s - Q7
Owner’s drawing does not move to the income summary account.
False
True
30s - Q8
All temporary accounts will have a zero after posting the closing entries.
True
False
30s - Q9
The owner’s capital is the total equity of the owner at the beginning of theaccounting period.
True
False
30s - Q10
What is the first step in the accounting cycle.
Analyze business transactions
Post to ledger accounts
Journalizetransactions
Preparetrial balance
30s - Q11
When to correct entries?
If balance sheet is balanced
If errors are discovered as soon as possible
If records are free of errors
If records are not yet posted
30s - Q12
The closing entry process consists of closing
all temporary accounts
Out the owner’s capital account
All permanent accounts
all assets and liabilities accounts
30s - Q13
These are the gross increases in owner’s equity as a result of selling of goods, rendering of service to customers and so on.
equity
Revenues
assets
30s - Q14
The amounts of debits and credits in the journal are then transferred ledger through a process called
recording
posting
journalizing
30s - Q15
Unearned income is shown in the balance sheet as a
revenue
asset
liability
30s