identify the elements of the SFP and describe each of them
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Q 1/5
Score 0
1. It is the form of SFP that follows the accounting equation where assets are listed on the left-hand column of the report with the liabilities and owner’s equity listed on the right-hand columns.
30
Functional Form
Report Form
Natural Form
Account Form
Q 2/5
Score 0
2. _____________ represent obligations of the business arising from advance payments received before goods or services are provided to the customer.
30
Unearned Revenues
Prepaid Expenses
Accrued Income
Accrued Liabilities
5 questions
Q.
1. It is the form of SFP that follows the accounting equation where assets are listed on the left-hand column of the report with the liabilities and owner’s equity listed on the right-hand columns.
1
30 sec
ABM_FABM12- Ic-d-5
Q.
2. _____________ represent obligations of the business arising from advance payments received before goods or services are provided to the customer.
2
30 sec
ABM_FABM12- Ia-b-1
Q.
3. _____________ include the amounts owed to others for expenses already incurred but not yet paid.
3
30 sec
ABM_FABM12- Ia-b-1
Q.
4. It is an income already earned but not yet received.
4
30 sec
ABM_FABM12- Ia-b-1
Q.
5. _____________ represent the unsold goods at the end of the accounting period. This is applicable only to a merchandising business.
