FABM-2 MIDTERM Examination
Quiz by Nestor Valdoz
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- Q1
It is the most liquid and always comes first in the list among assets.
Land
Supplies
Accounts Receivable
Cash
30s - Q2
Long-term debt of a business with collateral in the form of real properties.
Mortgage payable
Bonds payable
Bad debts
Accumulated depreciation
30s - Q3
The debt comes from the purchase of goods or services.
Mortgage payable
Notes payable
Supplies
Accounts payable
30s - Q4
It is a structure, an office, a store, or a factory used by the business to conduct its operations.
Trademarks
Building
Merchandise inventory
Land
30s - Q5
It is an account bearing the name of the owner and shows the amount of original and additional investments made by the owner.
Cash
Capital
Trademarks
Income summary
30s - Q6
Which of the following is the best description of the Statement of Financial Position?
Summary of all the assets, liabilities and owner's equity
Summary of all the assets received and paid during the current year
Summary of all the business transactions that happened last year
Summary of all the owner's equity
30s - Q7
Which among the following accounts is a non-current liability?
Accrued expenses
Income tax payable
Bonds payable
Trade accounts payable
30s - Q8
Which of the following format is used when writing a Statement of Financial Position in report form?
Assets are written on the left side
Assets and liabilities are written vertically
Liabilities are written on the left side
Assets and liabilities are written on the right side
30s - Q9
The following are all parts of the asset section of the Statement of Financial Position except for
Prepaid expenses
Cash
Accounts receivable
Expenses
30s - Q10
Which of the following is the proper arrangement of current and non-current liabilities in the SFP?
Random
Liquidity
Maturity
None of these
30s - Q11
Which is the financial statement that reports the results of the operations of the business for one accounting period?
Statement of changes in equity
Statement of financial position
Statement of cash flow
Statement of comprehensive income
30s - Q12
What is the net income if the total expenses is P20,000 and the revenue is P50,000
P50,000
P(30,000)
P70,000
P30,000
30s - Q13
Which element of the Statement of comprehensive income is the same as the following accounts: cost of sales, wages, and depreciation?
Losses
Gains
Revenues
Expenses
30s - Q14
What is the result if a Purchase discount & purchase returns and allowances were deducted from the gross purchases and then freight-in was added?
Net purchases
Net income
Cost of sales
Net loss
30s - Q15
What is the result of the operation of the business if the total revenue is greater than the total expenses?
Bankrupt
Break-even
Net income
Net loss
30s