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FABM 2 1st Monthly Exam 20-21

Quiz by Fiel Martinez

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47 questions
Show answers
  • Q1
    Accounting is a service activity. Its function is to provide information primarily financial in nature that is useful in making economic decisions.
    False
    True
    20s
  • Q2
    The SFP provides readers with the information as to the company’s result of operations as of specified date.
    True
    False
    20s
  • Q3
    Assets = Liabilities + Owners Equity is the governing equation of income statement.
    False
    True
    20s
  • Q4
    Asset is an element of the SFP that has a normal credit balance.
    False
    True
    20s
  • Q5
    The major elements of the SCI are income and expenses.
    True
    False
    20s
  • Q6
    Revenues are transactions that decrease assets and/or increase liabilities leading to the decrease in equity.
    False
    True
    20s
  • Q7
    Operating expenses refers to all other expenses related to the operations of the business other than cost of sales.
    False
    True
    20s
  • Q8
    Gains are income derived from other activities of the business.
    False
    True
    20s
  • Q9
    The Statement of Management’s Responsibility states that the company’s management is responsible for the information content on the financial statements.
    False
    True
    20s
  • Q10
    The SCI is a snapshot of the financial position of the company.
    True
    False
    20s
  • Q11
    Assets are resources that are within the control of the company and have future benefits.
    False
    True
    20s
  • Q12
    Receivables are assets that pertain to the company’s right to collect or right to claim payments.
    False
    True
    20s
  • Q13
    Balance Sheet reports the resources available for the company to use, obligations that the company is required to pay and equity that belongs to the owner of the company.
    False
    True
    20s
  • Q14
    Prepaid expense is an asset account that refers to future expenses paid in advance.
    True
    False
    20s
  • Q15
    Liabilities and equity have normal balances of credit.
    False
    True
    20s

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