1. It is the most liquid and always comes first in the list among assets.

2. The debt comes from the purchase of goods or services on account.

3. A long-term debt of a business with collateral in a form of real properties.

4. It is a structure, an office, a store or a factory used by the business to conduct its operations.

5. It is an account bearing the name of the owner and shows the amount of the original and traditional investments made by the owner.

6. It is the revenue of a business derived from rendering service for a customer.

7. The income by a merchandising business derived from selling goods, products or merchandise to customers.

8. An expense account used to record paid utilities for the period.

9. Expenses necessary in the conduct of managerial or administrative activities of the business.

10. Expenses incurred in selling merchandise.

11. Miss Beautiful Salon bought an advertising subscription to promote the salon in social media.

12. Cool- Lab Refreshment Merchandise bought a boxes of different flavored juice to sell in the store.

13. Scratch Bright Junk Shop sold spare parts of the refrigerator to a client.

14. A wedding coordinator organizes a party for a client.

15. The business paid an interest to a bank loan.

16. How much is the increase or decrease in cost of goods sold from 2020-2021?

17. How much is the increase or decrease in net income?

18. Current assets of a company is ? 200,000 and its current liabilities ia at ₱ 150,000. Compute the current ratio.

19. Cash amounts to ₱20,000, inventory is ₱30,000, account receivable ₱10,000 and notes receivable is ₱5,000. It also has accounts payable of ₱5,000 and notes payable of ₱3,000. Compute the quick ratio.

20. The company's total assets amounts to ₱900,000 while total liabilities amounts to ₱700,000. Compute the debt ratio.

21. Total liabilities amounts ₱700,000 while total equity amounts to ₱200,000. Compute the debt equity ratio.

22. Gross Profit amounts ₱300,000 and net sales amounts ₱350,000. Compute the gross profit ratio

23. Additional investment of Ms. Abegail

24. Purchase of furniture

25. Paid loan to Isla Bank

26. Cash received on events service

27. Paid rent

28. Proceeds from sale of stocks

29. Purchase office supplies

30. Paid salaries to employees

31. Cash drawing of Ms. Fab

32. Paid interest

33. September 1

34. September 6

35. September 10

36. September 14

37. September 17

38. September 20

39. September 26

40. September 30

41. Income is the account that bears the name of the owner.

42. Payment of operating expenes will increase assets.

43. Additional invesment will decrease owner's equity.

44. Furniture and Fixture are current assets.

45. Checking account is also called the current asset.

46. Liquidity is the ability of the company to settle current liabilities as they fall due.

47. Liquidity, solvency, and profitability are the categories of financial ratios.

48. Vertical analysis compares the same account of financial statements of two periods.

49. Horizontal analysis shows a relationship among the elements of financial statement where each item is represented in percentage.

50. The statement of financial position shows the financial condition of a business in an accounting period.