It is the most liquid and always comes first in the list among assets.

Long-term debt of a business with collateral in the form of real properties.

The debt comes from the purchase of goods or services.

It is a structure, an office, a store, or a factory used by the business to conduct its operations.

It is an account bearing the name of the owner and shows the amount of original and additional investments made by the owner.

Which of the following is the best description of the Statement of Financial Position?

Which among the following accounts is a non-current liability?

Which of the following format is used when writing a Statement of Financial Position in report form?

The following are all parts of the asset section of the Statement of Financial Position except for

Which of the following is the proper arrangement of current and non-current liabilities in the SFP?

Which is the financial statement that reports the results of the operations of the business for one accounting period?

What is the net income if the total expenses is P20,000 and the revenue is P50,000

Which element of the Statement of comprehensive income is the same as the following accounts: cost of sales, wages, and depreciation?

What is the result if a Purchase discount & purchase returns and allowances were deducted from the gross purchases and then freight-in was added?

What is the result of the operation of the business if the total revenue is greater than the total expenses?

These are expenses that are directly related to the main purpose of a merchandising business which is the sale and delivery of merchandise.

To compute the cost of Sales you have to

Which among the following is an appropriate date for a statement of comprehensive income?

The following businesses commonly used single-step SCI except for

It is the amount earned by a business in its main operating business.

A merchandising company sells goods to customers and the main cost associated with the activity is the cost of the merchandise that is presented under which part in the Statement of Comprehensive Income using the Multi-step approach

Which among the following equations is correct to compute net purchases?

The following are general and administrative expenses except for

It is computed as the difference between the Gross Profit and Selling Expenses and General and Administrative Expenses

Which of the following is not included in the statement of comprehensive income for merchandising business?

It reported all changes, whether increases or decreases to the owner's interest in the company during the period.