FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT II
Quiz by FEBE L. FERNANDEZ
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- Q1
In the Statement of Comprehensive Income, which of the following is correct?
Freight-out is added to Purchases
Freight-in is added to Purchases
Freight-in deducted from Purchases
Freight-in is added to operating expenses
30s - Q2
In the preparation of Statement in Changes in Equity, which of the following is correct?
provide a link between the SCI and SFP
The total liabilities and owner’s equity must be equal to the total assets.
The total liabilities and owner’s equity must exceed the total assets.
The total owner’s equity must be equal to the total assets.
30s - Q3
The total assets indicated in the Statement of Financial Position is P250,000, which of the following statements describes SFP?
The total liabilities must also be equal to the total assets.
The total liabilities and owner’s equity must be equal to the total assets.
The total liabilities and owner’s equity must exceed the total assets.
The total owner’s equity must be equal to the total assets.
30s - Q4
If you are to prepare the Statement of Financial Position, which of the following is the correct description of the account format?
The assets accounts are listed on the left side and liabilities andowner’s equity accounts are on the right.
The assets, liabilities, and owner’s equity accounts are listed in a horizontal sequence.
The assets, liabilities, and owner’s equity accounts are listed in avertical sequence.
The assets accounts are listed on the right side and liabilities and owner’s equity accounts are on the right.
30s - Q5
Statement of Comprehensive shows the operating results of the business, which of the following is correct?
Sales Returns and Allowances are deducted from the Net Sales
Revenue and expenses are the elements of SCI
Sales is the revenue account for the Service business.
Gross Profit is obtained by deducting the Operating Expenses from Net Sales
30s - Q6
Statement of Changes in Equity will give the readers with information about the movement of equity, which of the following is correct?
Investment is deducted from capital balance beginning.
Withdrawals are deducted from the capital balance end.
Additional capital is added to the capital balance end.
Net income is added to the capital balance beginning.
30s