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15 questions
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  • Q1
    The following are other names of Income Statement, except ____________-
    Statement of Cash Flow
    Statement of Performance
    Statement of Comprehensive Income
    Statement of Profit and Loss
    30s
    ABM_FABM12- Ic-d-5
  • Q2
    It provides information about entity's past performance.
    Statement of Owner's Equity
    Statement of Cash Flow
    Balance Sheet
    Income Statemen
    20s
  • Q3
    These are the elemets of SCI-Single Step.
    Revenue and Expense
    Liability and Owner's Equity
    Asset and Liability
    Revenue and Asset
    30s
  • Q4
    Expense is the outflow of arising in used of an asset in the buisness ot generate Sales.
    FALSE
    TRUE
    10s
  • Q5
    We can say that the company performed well on a specific period if the EXPENSE is greater than the REVENUE.
    TRUE
    FALSE
    10s
  • Q6
    If Revenue is greater than Expense then we have ____________
    Net Profit/Income
    Net Loss/Loss
    10s
  • Q7
    Which of the following is an expense account?
    Salaries Expense
    Accrued Expense
    Prepaid Expense
    30s
  • Q8
    Which of the followwing is not a revenue account?
    Sales
    Professional Fee
    Unearned Income
    Service Income
    30s
  • Q9
    The total revenue is 300,000.00 and the total expense is 75,000.00. How much is the business earnings?
    Net Loss of 375,000.00
    Net Profit of 225,000.00
    Net Loss of 225,000.00
    Net Profit of 375,000.00
    30s
  • Q10
    If 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
  • Q11
    It means one deduction of all expenses from total revenues to arrive at the net income.
    Single-Step Presentation
    30s
  • Q12
    In preparing SCI, there must be a heading which includes the following, except ________
    name of the financial report
    date of the reporting period
    address of the business
    name of the business
    30s
  • Q13
    Amount and elements used in SCI can be found in the trial balance.
    FALSE
    TRUE
    10s
  • Q14
    ABC 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.
    170,000.00
    150,000.00
    175,000.00
    195,000.00
    30s
  • Q15
    ABC 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.
    70,000.00
    80,000.00
    50,000.00
    35,000.00
    30s

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