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FABM 1 - QUIZ: ACCOUNTING ELEMENTS

Quiz by Nailyn Garayan

Grade 11
Fundamentals of Accountancy, Business and Management 1
Philippines Curriculum: SHS Specialized Subjects (MELC)

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5 questions
Show answers
  • Q1

    Asset is the economic resources owned by the business expected for future gain.

    true
    false
    True or False
    30s
    ABM_FABM11-IIIb-c-17
  • Q2

    Liabilities is other known as your obligation to pay

    true
    false
    True or False
    30s
    ABM_FABM11-IIIb-c-17
  • Q3

    Owner's Equity is the interest of the owner to the business

    true
    false
    True or False
    30s
    ABM_FABM11-IIIb-c-17
  • Q4

    The two classification of asset is current asset and noncurrent asset

    true
    false
    True or False
    30s
    ABM_FABM11-IIId-e-19
  • Q5

    A chart of accounts is a list of all the accounts used by the entity

    true
    false
    True or False
    30s
    ABM_FABM11-IIId-e-21

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