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FORMATIVE ASSESSMENT IN FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 2 (FABM 2) GRADE 12

Quiz by Melanie Filipina M. Quintero

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20 questions
Show answers
  • Q1
    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:
    Income and losses
    Assets, Revenue and Expenses
    Liabilities, Equity and losses
    Assets, liability and equity
    30s
  • Q2
    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.
    Assets
    Liabilities
    Equity
    Revenue
    30s
  • Q3
    It is the residual interest in the assets of the entity after deducting all of the liabilities.
    Equity
    Income
    Liability
    Expenses
    30s
  • Q4
    The components of the financial statements include all of the following except:
    Statement of financial position
    Statement of comprehensive income
    Statement of retained earnings
    Statement of cash flows
    30s
  • Q5
    An entity shall classify asset as current under all of the following conditions. except:
    The asset is cash or cash equivalent restricted to settle a liability for more than twelve months after the reporting date.
    The entity expects to realize or intends to sell or consume the assets within the normal operating cycle.
    The entity holds the asset primarily for the purpose of trading.
    The entity expects to realize the asset within twelve months after the reporting period.
    30s
  • Q6
    When there is much variability, the operating cycle is measured at
    Twelve months
    The median value
    Six months
    Less than twelve months
    30s
  • Q7
    The income statement presents
    Resources and equity for the period of time
    Net earnings at the point in time
    Net earnings for a period of time
    d. Resources and equity at the point in time.
    30s
  • Q8
    Comprehensive income includes the following except:
    Loss on disposal of asset
    Investment by owners
    Unrealized gain on trading investment
    Dividend revenue
    30s
  • Q9
    Which of the following terms cannot be used to describe a line item in the statement of comprehensive income?
    Gross income
    Revenue
    Extraordinary item
    Income before tax
    30s
  • Q10
    Which of the following is not acceptable option in presenting other comprehensive income?
    In a statement of changes in equity
    In a separate income statement
    In the notes to financial statements
    In a single statement of the comprehensive income
    30s
  • Q11
    A revenue transaction results in all of the following except:
    An increase in entity’s equity.
    A positive cash flow in either the past, present or future
    An increase in liabilities
    An increase in asset
    30s
  • Q12
    The assets Aussies Company amounts to P950,000, and the owner’s equity, is P560,000. What is the amount of liabilities?
    P370,000
    P360,000
    P390,000
    P380,000
    30s
  • Q13
    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?
    P7,500,000
    P5,500,000
    P8,200,000
    P8,500,000
    30s
  • Q14
    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:
    No change
    P67,500 decrease
    P108,000 increase
    P135,000 decrease
    30s
  • Q15
    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?
    P125,000
    P625,000
    P400,000
    P900,000
    30s

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