Direction: Read and understand each item carefully. Choose the letter of the correct answer and write it on a separate sheet of paper. The elements direct associated to the measurement of the financial position are:

Resources of the busines with company’s direct control as a result of past events and from which future economic benefits are expected to flow to the entity.

It is the residual interest in the assets of the entity after deducting all of the liabilities.

The components of the financial statements include all of the following except:

An entity shall classify asset as current under all of the following conditions. except:

When there is much variability, the operating cycle is measured at

The income statement presents

Comprehensive income includes the following except:

Which of the following terms cannot be used to describe a line item in the statement of comprehensive income?

Which of the following is not acceptable option in presenting other comprehensive income?

A revenue transaction results in all of the following except:

The assets Aussies Company amounts to P950,000, and the owner’s equity, is P560,000. What is the amount of liabilities?

At the beginning of the year Sour Company’s assets amount to P11,000,000 and owner’s equity amounting to P5,000,000. During this year, assets increased by P3,000,000, while liabilities decreased by P500,000. How much is the owner’s equity at the end of the year?

Sunset Company has P90,000 in revenues, P198,000 in expenses, P54,000 owner’s investment, P13,500 owner’s withdrawal and P67,500 in liabilities paid off. Owner’s equity changed by:

Eighty percent of the total assets of Brandy Corporation have been financed through borrowing. The total liabilities of the company are P500,000. What is the amount of the owner’s equity?

How much is the ending Assets?

Compute for the investment added to the business.

At the end of the Hilaga Imports’s first year of operations, assets are P540,000 and owner’s equity is P360,000.

The total liabilities of Moira Company on the balance sheet are P840,000, this amount is equal to the three-fourths of the total assets. What is the amount of the equity?