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Pre-Test 1: Instructions: True or False. Write True if the statement is correct and write False and write the word that incorrect the statement.

Quiz by Mary Mildred De Jesus

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10 questions
Show answers
  • Q1
    The Statement of Comprehensive Income shows profits or loss only
    FALSE
    TRUE
    30s
  • Q2
    The residual category of expenses under the function of expense method is “Distribution Expenses”
    TRUE
    FALSE
    30s
  • Q3
    If total income is P100 while total expenses is P80, loss is P20.
    TRUE
    FALSE
    30s
  • Q4
    The revenue earned by merchandising business from its sales of goods is commonly referred to as sales.
    FALSE
    TRUE
    30s
  • Q5
    Expenses decrease equity
    TRUE
    FALSE
    30s
  • Q6
    The elements of the statement of comprehensive income are income and expenses.
    TRUE
    FALSE
    30s
  • Q7
    Revenue includes both income and gains.
    TRUE
    FALSE
    30s
  • Q8
    Losses incurred on sales of noncurrent assets are presented under “Administrative expenses.”
    FALSE
    TRUE
    30s
  • Q9
    The Statement of comprehensive income shows information on an entity’s financial position during the period.
    FALSE
    TRUE
    30s
  • Q10
    Income increases equity.
    TRUE
    FALSE
    30s

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