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Q1 FABM2 SUMMATIVE

Quiz by Michelle Miles D. Torregosa

Grade 12
Fundamentals of Accountancy, Business and Management 2
Philippines Curriculum: SHS Specialized Subjects (MELC)

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50 questions
Show answers
  • Q1
    The following are other names of Income Statement, except ____________-
    Statement of Performance
    Statement of Comprehensive Income
    Statement of Profit and Loss
    Statement of Cash Flow
    40s
  • Q2
    It provides information about entity's past performance. Also known as Income Statement.
    Statement of Comprehensive Income
    40s
  • Q3
    These are the elemets of SCI-Single Step.
    Asset and Liability
    Revenue and Asset
    Revenue and Expense
    Liability and Owner's Equity
    40s
  • Q4
    Expense is the inflow of arising in used of an asset in the buisness ot generate Sales.
    FALSE
    TRUE
    30s
  • Q5
    We can say that the company performed well on a specific period if the REVENUE is greater than the EXPENSE.
    FALSE
    TRUE
    30s
  • Q6
    If Revenue is greater than Expense then we have ____________
    Net Loss/Loss
    Net Profit/Income
    30s
  • Q7
    Which of the following is an expense account?
    Accrued Expense
    Accumulated Depreciation
    Prepaid Expense
    Salaries Expense
    40s
  • Q8
    Which of the followwing is not a revenue account?
    Service Income
    Professional Fee
    Sales
    Unearned Income
    40s
  • Q9
    The total revenue is 75,000.00 and the total expense is 300,000.00. How much is the business earnings?
    Net Profit of 225,000.00
    Net Loss of 375,000.00
    Net Profit of 375,000.00
    Net Loss of 225,000.00
    40s
  • Q10
    If the business incurred losses, what does it mean?
    The expense is greater than revenue.
    The revenue is equal to its expenses.
    The expense is equal to revenue.
    The revenue is greater than its expenses.
    40s
  • Q11
    Single-Step Presentation in SCI means one deduction of all expenses from total revenues to arrive at the net income.
    TRUE
    FALSE
    30s
  • Q12
    In preparing SCI, there must be a heading which includes the following, except ________
    date of the reporting period
    address of the business
    name of the financial report
    name of the business
    40s
  • Q13
    Amount and elements used in SCI can be found in the trial balance.
    FALSE
    TRUE
    30s
  • Q14
    ABC company has the folowing account and amount from the trial balance: Sales Return and Allowances- 25,000.00, Sales-150,000.00, Sales Discount 20,000.00. Compute for the Net Sales.
    145,000.00
    125,000.00
    120,000.00
    105,000.00
    60s
  • Q15
    ABC company has the folowing account and amount from the trial balance: Salaries Expense- 35,000.00, Rent Expense-15,000.00, Accrued Expense 20,000.00 andd Prepaid Expense - 10,000.00. Compute for the total expense.
    50,000.00
    60s

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