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
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- Q1The Statement of Comprehensive Income shows profits or loss onlyFALSETRUE30s
- Q2The residual category of expenses under the function of expense method is “Distribution Expenses”TRUEFALSE30s
- Q3If total income is P100 while total expenses is P80, loss is P20.TRUEFALSE30s
- Q4The revenue earned by merchandising business from its sales of goods is commonly referred to as sales.FALSETRUE30s
- Q5Expenses decrease equityTRUEFALSE30s
- Q6The elements of the statement of comprehensive income are income and expenses.TRUEFALSE30s
- Q7Revenue includes both income and gains.TRUEFALSE30s
- Q8Losses incurred on sales of noncurrent assets are presented under “Administrative expenses.”FALSETRUE30s
- Q9The Statement of comprehensive income shows information on an entity’s financial position during the period.FALSETRUE30s
- Q10Income increases equity.TRUEFALSE30s