FABM2 Quarter 1

Also known as the Income Statement. It contains the results of the company’s operations for a specific period of time

The result in the computation of Income Statement if it is a positive result is called_____________.

These are the elemets of SCI-Single Step.

______________ is the inflow of arising in used of an asset in the buisness ot generate Sales.

It is a contra-asset account used to catch the depreciation & decrease the asset value to be reported.

If Expense is greater than Revenue then we have ____________

It refers to future expenses that the company had paid for in advance.It is an expense that are intially recorded as an asset.

A liability arise from payment received in advance which is payable in goods or services.

The total revenue is 175,000.00 and the total expense is 300,000.00. The result is _______________

If the business incurred losses, What does it mean?

A format in preparing SCI where in revenues are listed down in one section while all expenses are listed in another.

It is also known as Nominal Accounts, at the end of the accounting period, balances under these accounts are transferred to the capital account, thus having only temporary amounts and resulting to zero beginning balances at the beginning of the following year.

This is where the amount and elements used in the preparation of Financial Statement can be found.

ABC company has the folowing account and amount from the trial balance: Sales Return and Allowances- 25,000.00, Gross Sales-250,000.00, Sales Discount 20,000.00. Compute for the Net Sales.

ABC company has the folowing account and amount from the trial balance: Salaries Expense- 55,000.00, Rent Expense-20,000.00, Accrued Expense 20,000.00 andd Prepaid Expense - 15,000.00. Compute for the total expense.