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
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- Q1Direction: 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 lossesAssets, Revenue and ExpensesLiabilities, Equity and lossesAssets, liability and equity30s
- Q2Resources 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.AssetsLiabilitiesEquityRevenue30s
- Q3It is the residual interest in the assets of the entity after deducting all of the liabilities.EquityIncomeLiabilityExpenses30s
- Q4The components of the financial statements include all of the following except:Statement of financial positionStatement of comprehensive incomeStatement of retained earningsStatement of cash flows30s
- Q5An 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
- Q6When there is much variability, the operating cycle is measured atTwelve monthsThe median valueSix monthsLess than twelve months30s
- Q7The income statement presentsResources and equity for the period of timeNet earnings at the point in timeNet earnings for a period of timed. Resources and equity at the point in time.30s
- Q8Comprehensive income includes the following except:Loss on disposal of assetInvestment by ownersUnrealized gain on trading investmentDividend revenue30s
- Q9Which of the following terms cannot be used to describe a line item in the statement of comprehensive income?Gross incomeRevenueExtraordinary itemIncome before tax30s
- Q10Which of the following is not acceptable option in presenting other comprehensive income?In a statement of changes in equityIn a separate income statementIn the notes to financial statementsIn a single statement of the comprehensive income30s
- Q11A 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 futureAn increase in liabilitiesAn increase in asset30s
- Q12The assets Aussies Company amounts to P950,000, and the owner’s equity, is P560,000. What is the amount of liabilities?P370,000P360,000P390,000P380,00030s
- Q13At 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?P7,500,000P5,500,000P8,200,000P8,500,00030s
- Q14Sunset 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 changeP67,500 decreaseP108,000 increaseP135,000 decrease30s
- Q15Eighty 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?P125,000P625,000P400,000P900,00030s