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PERIODICAL TEST IN ACCOUNTANCY, BUSINESS AND MANAGEMENT 1 Q3

Quiz by Lorena Dungca

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50 questions
Show answers
  • Q1
    `Shows the financial condition of a business in an accounting period.
    Statement of Changes in Equity
    Statement of Comprehensive Income
    Financial Statement
    Balance Sheet
    45s
  • Q2
    It is composed of Asset, Liabilities and Equity It is a Permanent Account.
    Statement of Comprehensive Income
    Statement of Changes in Equity
    Balance Sheet
    Statement of Financial Condition
    45s
  • Q3
    These are expenses paid in advance or before use
    Accrued Expense
    Prepaid Expenses
    Accrued Income
    Unearned Income
    45s
  • Q4
    The sum of money that employees borrowed and payable through salary deductions
    Unearned Income
    Advances to Employees
    Prepaid Expenses
    Accrued Income
    45s
  • Q5
    The amount of interest collectible on promissory notes received from customers and clients.
    Loan Receivable
    Interest Receivable
    Notes Receivable
    Accounts Receivable
    45s
  • Q6
    A promissory note issued by the client for the purchases made on account as evidence of his/her obligation to pay.
    Interest Receivable
    Loan Receivable
    Notes Receivable
    Accounts Receivable
    45s
  • Q7
    Assets held by a business for the growth of wealth through putting assets in different baskets where it can earn
    Long-Term Investments
    Short-Term Investment
    Biological Assets
    Investments Properties
    45s
  • Q8
    Property, Plant and Equipment (PPE)
    Non-Current Asset
    Non-Current Liability
    Current Asset
    Current Liability
    45s
  • Q9
    Cash, Cash Equivalent, Marketable Securities
    Non-Current Asset
    Current Liability
    Non-Current Liability
    Current Asset
    45s
  • Q10
    Notes Receivables and Office Supplies
    Non-Current Liability
    Non-Current Asset
    Current Asset
    Current Liability
    45s
  • Q11
    Mortgage Payable and Bonds Payable
    Non-Current Liability
    Current Asset
    Non-Current Asset
    Current Liability
    45s
  • Q12
    Intangible Assets such as good will, patents, rights, license and franchise
    Current Asset
    Non-Current Liability
    Non-Current Asset
    Current Liability
    45s
  • Q13
    Accrued Expense and Unearned Income
    Non-Current Liability
    Current Liability
    Non-Current Asset
    Current Asset
    45s
  • Q14
    Income that is not from the main business.
    Accrued Income
    Other Income
    Service Income
    Interest Income
    45s
  • Q15
    The amount paid to employees for their services to the business. ex.: salaries/wages, bonuses, cost of living allowances, and other benefits of employees.
    Insurance Expense
    Depreciation Expenses
    Supplies Expense
    Salaries and Wages Expense
    45s

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