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15 questions
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- Q1The following are other names of Income Statement, except ____________-Statement of Cash FlowStatement of PerformanceStatement of Comprehensive IncomeStatement of Profit and Loss30sABM_FABM12- Ic-d-5
- Q2It provides information about entity's past performance.Statement of Owner's EquityStatement of Cash FlowBalance SheetIncome Statemen20s
- Q3These are the elemets of SCI-Single Step.Revenue and ExpenseLiability and Owner's EquityAsset and LiabilityRevenue and Asset30s
- Q4Expense is the outflow of arising in used of an asset in the buisness ot generate Sales.FALSETRUE10s
- Q5We can say that the company performed well on a specific period if the EXPENSE is greater than the REVENUE.TRUEFALSE10s
- Q6If Revenue is greater than Expense then we have ____________Net Profit/IncomeNet Loss/Loss10s
- Q7Which of the following is an expense account?Salaries ExpenseAccrued ExpensePrepaid Expense30s
- Q8Which of the followwing is not a revenue account?SalesProfessional FeeUnearned IncomeService Income30s
- Q9The total revenue is 300,000.00 and the total expense is 75,000.00. How much is the business earnings?Net Loss of 375,000.00Net Profit of 225,000.00Net Loss of 225,000.00Net Profit of 375,000.0030s
- Q10If the business incurred losses, what does it mean?The revenue is greater than its expenses.The expense is greater than revenue.The revenue is equal to its expenses.30s
- Q11It means one deduction of all expenses from total revenues to arrive at the net income.Single-Step Presentation30s
- Q12In preparing SCI, there must be a heading which includes the following, except ________name of the financial reportdate of the reporting periodaddress of the businessname of the business30s
- Q13Amount and elements used in SCI can be found in the trial balance.FALSETRUE10s
- Q14ABC company has the folowing account and amount from the trial balance: Unearned Income- 25,000.00, Professional Fee-150,000.00, Interest Income 20,000.00. Compute for the total revenue.170,000.00150,000.00175,000.00195,000.0030s
- Q15ABC company has the folowing account and amount from the trial balance: Salaries Expense- 35,000.00, Rent Expense-15,000.00, Accrued Expense 20,000.00 andd Prepaid Expense - 10,000.00. Compute for the total expense.70,000.0080,000.0050,000.0035,000.0030s