FABM
In the income statement, revenues are
Always presented above net income and expenses
Which of the following entries is a proper adjusting entry?
Debit Expense and Credit Payable
Ivan, the accountant of Bench Company, recorded sales P2,000,000 for the month of August. Related to this sale are the salaries of factory employees worth P250,000 and bonuses amounting to 3% of the total sales. What amount of expense should Ivan record?
P310,000
In which of the following cases can the accounting equation be rewritten?
Assets - Liabilities = Equity
When an entity buys goods through credit, how will the accounting equation be affected?
Increased assets and increased liabilities
When an entity buys an equipment for cash, how will the accounting equation be affected?
Increased and decreased in assets
It represents the accumulation of all information about changes in an asset, liability, equity, revenue, or expense item in one place.
Ledger
What is the primary source of revenues of service companies?
Performance of service
It is also called as financial position of a business entity at a given period or a specified date. Its purpose is to help the financial statement users in the assessment of the financial health and soundness of a business entity in determining its liquidity, financial, credit and business risks.
Balance Sheet Statement
It shows the result of operations for given period. It consists of the revenue, cost, and expenses.
Income Statement
Statement I - Liabilities (resources owned and controlled by the business)
Statement II - Assets (obligations owed to someone by the business)
Both Statements are false
It is considered the most liquid asset because it is readily available for use. It is used as a medium of exchange in business transactions and may be held on hand or put in banks for safekeeping.
Cash
Are accounts due from customers as a result of sale of goods or for services rendered that are collectible within one year.
Accounts receivable
Amount due to suppliers for the purchase of goods or services received on account to be paid within a year.
Accounts payable
The investment made by the owner to start- up a business in the form of cash or other assets.
Capital
Cash collected or given in advance from customers for future delivery of goods or services to be performed.
Unearned Revenue
Are costs or charges incurred in the process of generating or earning revenue.
Expenses
Owner invest cash in the business.
Increase in assets and increase in capital.
Owner withdraws cash for personal use.
Decrease in assets and decrease in capital.
Owner purchases furniture using cash.
Increase and decreases in assets.
Borrows cash issuing note.
Increase assets and increase in liabilities.
Pays the supplies bought on account.
Decrease in assets and decreases in liabilities.
Ms. Go invested cash P800,000.
Debit cash P800,000 and credit capital P800,000.
Renders P9,000 services on credit.
Debit accounts receivable P9,000 and credit service revenue P9,000.
Returns P120 defective supplies
Debit accounts payable P120 and credit supplies P120.
Pays utilities expense for the month P800.
Debit utilities expense P800 and credit cash P800.
Go invests equipment P50,000.
Debit equipment P50,000 and credit capital P50,000.
Service rendered to client on account, P5,000.
Debit accounts receivable P5,000 and credit revenue P5,000.
Loaned P80,000 from bank. ,
Debit cash P80,000 and credit accounts payable P80,000.
Hired secretary with P10,000 monthly salary.
No entey
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"𝘕𝘦𝘷𝘦𝘳 𝘣𝘦𝘧𝘰𝘳𝘦 𝘴𝘦𝘦𝘯 𝘲𝘶𝘦𝘴𝘵𝘪𝘰𝘯𝘴. 𝘛𝘩𝘦𝘺 𝘢𝘳𝘦 𝘵𝘩𝘦𝘳𝘦 𝘵𝘰 𝘣𝘰𝘰𝘴𝘵 𝘵𝘩𝘦 𝘧𝘦𝘦𝘭𝘪𝘯𝘨 𝘰𝘧 𝘩𝘢𝘱𝘱𝘪𝘯𝘦𝘴𝘴, 𝘨𝘶𝘢𝘳𝘢𝘯𝘵𝘦𝘦𝘥." |
| Level 3Level 3: Getting Deep
"𝘎𝘦𝘵 𝘥𝘦𝘦𝘱. 𝘛𝘩𝘦𝘴𝘦 𝘢𝘳𝘦 𝘵𝘩𝘦 𝘲𝘶𝘦𝘴𝘵𝘪𝘰𝘯𝘴 𝘵𝘩𝘢𝘵 𝘱𝘳𝘰𝘷𝘰𝘬𝘦 𝘵𝘩𝘦 𝘪𝘯𝘯𝘦𝘳 𝘺𝘰𝘶, 𝘢𝘯𝘥 𝘺𝘰𝘶𝘳 𝘳𝘦𝘢𝘭, 𝘥𝘦𝘦𝘱 𝘵𝘩𝘰𝘶𝘨𝘩𝘵𝘴."
FINAL QUES... |
| Level 2Level 2: Confessions
"𝘌𝘹𝘱𝘰𝘴𝘦 𝘺𝘰𝘶𝘳 𝘳𝘦𝘢𝘭 𝘵𝘩𝘰𝘶𝘨𝘩𝘵𝘴, 𝘨𝘦𝘵𝘵𝘪𝘯𝘨 𝘵𝘩𝘪𝘯𝘨𝘴 𝘰𝘧𝘧 𝘺𝘰𝘶𝘳 𝘤𝘩𝘦𝘴𝘵, 𝘢𝘯𝘥/𝘰𝘳 𝘭𝘦𝘵𝘵𝘪𝘯𝘨 𝘨𝘰 𝘰𝘧 𝘵𝘩𝘦 𝘵𝘩𝘪𝘯𝘨𝘴 𝘺𝘰𝘶 𝘬𝘦𝘦𝘱 ... |
| Level 1Level 1: Icebreakers
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Draw a card, answ... |
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