Fabm2121 Week 11 19
Fabm2121 Week 11 19
Fabm2121 Week 11 19
It highlights computations that allow the reader to understand how the company performs
and positions itself financially.
Select one:
a.
Vertical
Analysis
b.
Horizontal
Analysis
c.
Ratio
Analysis
d.
None of
Posting is the step in the accounting process.
the
choices
Select one:
a.
3rd
b.
2nd
c.
4th
d.
1st
Internal and external users depend on the in order to make sound decisions
for the business.
Select one:
a.
Net Loss
b.
Net Profit
c.
Financial
statemen
ts
d.
Investmen
ts
What should be done first?
Select one:
a.
Foot the
accounts
b.
Prepare
the trial
balance
c.
Prepare
the
unadjuste
d trial is written first?
Which
balance
Select one:
d.
Takea.the
Either A or
difference
B
between
the totals
b.
of the
Account to
debits and
be debited
credits.
c.
Account to
be
credited
d.
Debit is on which side of the ledger?
No order
is followed
Select one:
a.
Bottom
b.
Right
c
.
C
enter
d
.
L
This type of analytical technique is considered "static".
eft
Select one:
a.
All of the
choices
b.
Vertical
Analysis
c.
Ratio
Analysis
d.
Horizontal
1.All transactions are initially recorded in this document. Answer book of orignial en
Analysis
9.Answer Equity comprises the claims of the owners on the assets of the firm after
Select one:
a.
Net
b.
Gross
c
.
S
um
d.
Total
Select one:
a.
Ratio
Analysis
b.
Analytical
techniques
c.
Horizontal
Analysis
The
d. normal balance of accounts receivable is credit.
Vertical
Analysis
Select one:
True
False
General journal is the book where transactions are recorded? What book do we use to post
the transactions?
Select one:
a.
balance
sheet
b.
General
ledger
c.
trial
balance
d.
Worksheet
What do you call the process of getting the difference between the totals of the debits and
credits?
Select one:
a.
summing
b.
Debiting
c.
crediting
d.
Footing
Journalizing is the step in the accounting cycle.
Select one:
a.
2nd
b.
1st
c.
3rd
d.
Last
Select one:
a.
service
income
b.
Land
c.
Accounts
receivable
d.
Building
Vertical analysis is also known as static analysis as it only looks at financial statement
information one period at a time.
Select one:
True
False
Select one:
a.
Financial information
b.
Financial statement
c.
All of the choices
d.
Analytical techniques
Select one:
True
False
To know if
the
company
is capable
to pay its
expenses
when it
becomes
due.
Select one:
a.
stability
b.
profitability
c.
growth
d.
liquidity
Financial statements are used by the investment community, lenders, creditors,
and management to evaluate an entity.
Select one:
True
False
is done
after
analyzing
the
business
transaction
.
Select one:
a.
Ratio analysis is the method of financial evaluation that interprets the relationship among
the different accounts found in the financial statements. is the method of financial
evaluation that interprets the relationship among the different accounts found in the
financial statements.
Select one:
True
False
The balance of Liability, Equity, or Income Account increases when the amount is entered in
the credit or Right Side Column.
Select one:
True
False
Bank
statement
shares the
same
content
with:
Select one:
a.
Passbook
b.
Income
Statement
c.
Financial
Statement
d.
Statement
of
Financial
Position
Debit is on
which side
of the
ledger?
Select one:
a.
Left
b.
Center
Select one:
a.
dr
insurance
expense cr
prepaid
insurance
b.
dr prepaid
insurance
cr cash
c.
dr cash cr
insurance
Check is
also a
form of
cash
because
Select one:
a.
They share
the same
function
b.
It is
mandated
by law
c.
All of the
choices
d.
Can be
deposited
and
encashed
The entry
to record
the
advance
collection
of service
revenue
is?
b.
Accounts debited
c.
Accounts credited
d.
Equities
It is
done
after
analyzi
ng the
busines
s
transact
ion.
Select one:
a.
Preparing
financial
statements
b.
Preparing
an Income
statement
c.
Journalizin
g
d.
Writing in
the
General
Ledger
To effect
increase in
equity we
credit
capital and
post to
what side
of the
ledger?
Select one:
a.
Right
d.
The 1st statement is false. The 2nd statement is true.
To apply the concepts of Vertical and Horizontal analysis on the given financial data.
Horizontal analysis confines itself in a period of time and compares its components with a
base item in the financial statement.
Select one:
a.
Vertical
Analysis
b.
Ratio
Analysis
c.
All of the
choices
d.
Horizontal
Analysis
A journal is
the book
of final
entry.
Select one:
True
False
To total is
to
Select one:
a.
Gross
b.
Summarize
c.
Foot
d.
Net
To apply
the
concepts
b.
Vertical Analysis
c.
Ratio Analysis
d.
Horizontal Analysis
The following are the common types of transactions that may conduct in the bank except:
Select one:
a.
Deposit
b.
Withdrawal
c.
Both B and
C
d.
Investing
Decrease
in
liabilities
falls
under:
Select one:
a.
Equities
b.
Accounts
debited
c.
None of
the
choices
d.
Accounts
credited
To record the purchase of office equipment for cash, we debit cash and credit office
equipment.
Select one:
True
False
a.
current assets/current liabilities
b.
Working capital/total assets
c.
quick assets/current liabilities
d.
Current assets-current liabilities
Credit is on the side of the T-account.
Select one:
a.
Right
b.
Bottom
c.
Left
d.
Center
Ch
ecking
accou
nt is
also
known
as:
Select one:
a.
Deposit
account
b.
None of
the
choices
c.
Current
account.
d.
Savings
account
The financial analysis is the comparison of a company's financial statements from one
period to another.
vertical analysis
c.
none of the
choices
d.
Horizontal
analysis
What is the
accounting
equation?
Select one:
a.
Asset
b.
Asset
c
.
N
one
of the
choic
es
d.
Asset
e
.
Li
abilit
y+
Equit
y+
Inco
me -
Expen
se
f
.
E
quitie
s
(Liabil
ity -
Equit
y)
g
a.
Cash
b.
Bank Statement
c.
Withdrawal and Deposit Slips
d.
Checks
Asi
de
from
equity,
what
other
accoun
t also
has a
normal
credit
balanc
e?
Select one:
a.
Unearned
revenue
b.
Repair
tools
c.
machineries
What is
true about
Ratio
analysis?
Select one:
a.
It highlights computations that allow the reader to understand how the company performs
and positions itself financially.
b.
It is the method of financial evaluation that interprets the relationship among the different
accounts found in the financial statements.
c.
The most widely used basis of fully understanding a company's financial statements
Select one:
a.
None of
the
choices
b.
Bank
reconciliati
on
c.
Bank
statement
d.
Income
Statement
Income
from a
merchandi
sing
business is
entered in
the journal
entries as
revenues.
Select one:
True
False
The bank
on the
other
hand
keeps
record of
the
depositor'
s
transactio
ns in a
Select one:
a.
Savings
Account
b.
Select one:
True
False
A
merchandi
sing
business
uses
periodic
inventory
system for
their sales
and
purchases.
Select one:
True
False
The
balances
shown in
the bank
statement
and in the
accountin
g records
are
Select one:
a.
Unadjuste
d and
uncorrecte
d
b.
Adjusted
and
uncorrecte
d
c.
Adjusted
and
corrected
d.
Unadjuste
A type of tax system wherein the government imposes higher taxes on higher earnings.
Select one:
a.
Proportion
ate
b.
Progressiv
e
c.
Regressive
d.
None of
the
choices
Service
business
have
tangible
products.
Select one:
True
False
The balances between the Cash in Bank and the Current Account-Depositor accounts are
always
Select one:
a.
Either A or
C
b.
Equal
c
.
U
ndete
rmine
d
d
.
U
nequ
al
T
d.
Percentage Tax
Purchases, unlike sales, does not have discounts.
Select one:
True
False
The most
common
tax rate
system is
Select one:
a.
Proportion
ate
b.
Progressiv
e
c.
All of the
choices
d.
Regressive
These are
adjustmen
ts in the
unadjuste
d bank
balance.
Select one:
a.
Deposits
and
Outstandi
ng checks
b.
Credit
and Debit
Memoran
da
c.
Liability
d.
An asset
FOB shipping point means that if the good is lost or damaged while in transit, such shall be
borne by the buyer.
Select one:
True
False
These are
taxes
imposed
on the
earnings
of
businesses
deriving
income in
the
country.
Select one:
a.
Excise Tax
b.
Business
Tax
c.
Percentag
e Tax
d.
Value-
Added Tax
VAT in the
Philippines
is set to
how many
percent?
Select one:
a.
7
b.
15
c.
Other miscellaneous bank charges like fees for printing checks, handling collections of notes
receivable, and processing NSF checks falls under .
Select one:
a.
Outstandin
g checks
b.
Deposits in
transit
c.
Charges
for NSF
check
d.
Service
chargers
These are
imposed
on the
privilege
to sell
products
and
services.
Select one:
a.
Excise Tax
b.
Percentag
e tax
c.
Business
Tax
d.
Value-
Added Tax
Freight out
is included
in the cost
of goods.
Select one:
True
d.
Business Tax
The balances shown in the bank statement and in the accounting records are:
Select one:
a.
Unadjuste
d and
uncorrecte
d
b.
Adjusted
and
uncorrecte
d
c.
Unadjuste
d and
corrected
d.
Adjusted
and
corrected
These are
applied
only on
certain
businesses
and
transaction
s
Select one:
a.
Business
Tax
b.
Value-
Added Tax
c.
Excise Tax
d.
Percentag
e Tax
In a
proportio
Select one:
a.
Percentag
e Tax
b.
Value-
Added
Tax
c.
Business
Tax
d.
Excise Tax
Debit is
on which
side of
the
ledger?
Select one:
a.
Left
b.
Right
c
.
B
otto
m
d.
Center
To enumerate the different categories of financial information. There are main
categories of financial information.
Select one:
a.
3
b.
2
c.
5
d.
7
Liability
b.
Asset
c.
Equity
d
.
Ex
pense
T
he
Gener
al
Ledge
r is
know
n for:
Select one:
a.
Consolidat
ing daily
transactio
ns into
different
individual
account
titles.
b.
Used in
journalizin
g
c.
"Book of
original
entry"
d.
All of the
choices
What
should be
done first?
Select one:
a.
Foot the
None of the choices
d.
Account Debited
What is the
accounting
equation?
Select one:
a.
Liability -
Equity
b.
None of
the
choices
c.
Equities
(Liability -
Equity)
d.
Liability +
Equity +
Income -
Expense
e.
Asset
f.
Asset
g.
Asset
highlights computations that allow the reader to understand how the company
performs and positions itself financially.
Select one:
a.
Vertical
Analysis
b.
Ratio
Analysis
c.
Horizontal
Analysis
d.
All of the choices
b.
Horizontal
Analysis
c.
Vertical Analysis
d.
Ratio Analysis
To differentiate the different techniques of financial analysis. Analysis based on the changes
on the amounts from one period to another are usually expressed .
Select one:
a.
Either
absolute
numbers
or
percentag
es
b.
Neither
absolute
nor
percentag
es
c.
Both
absolute
numbers
and
percentag
es
d.
Only in
absolute
numbers
but not in
percentag
es
The page number of the ledger where the information was posted is placed in what column
of the journal?
Select one:
a.
Date
b.
This is where we write the page number of the journal in which the information is taken
from.
Select one:
a.
Folio
b.
Explanatio
n
c.
Date
d.
Account
No.
What is
true about
the
general
journal?
Select one:
a.
Book of
original
entry
b.
Used in
journalizin
g
c.
Contains 5
columns
d.
All of the
choices
It shows
the fair
measure
of assets,
liabilities
and
owner's
equity.
Select one:
a.
Liability + Equity + Income - Expense
b.
Equities (Liability - Equity)
c.
Asset
d.
Asset
e
.
Li
ability
-
Equit
y
f
.
N
one
of the
choic
es
g.
Asset
It
mean
s how
quickl
y you
can
get
your
hand
s on
your
cash.
Select
o
n
e:
a.
profitability
b.
growth
c.
Liqui
Select one:
a.
Ratio
analysis
b.
none of
the
choices
c.
Horizontal
analysis
d.
vertical
analysis
It is a
booklet
that shows
you the
details of
your bank
transaction
s.
Select one:
a.
Ledger
b.
Check
c.
Passb
ook
d.
Journal
Inc
rease
in
asset is
consid
ered
as:
Select one:
a.
None of
the
choices
dr unearned service revenue cr service revenue
c.
dr cash cr unearned service revenue
What is needed to be able to prepare financial
statements?
Select one:
a.
Trial
Balance
b.
Journal
c.
Ledger
d.
Statement
of Income
Aside from
equity,
what other
account
also has a
normal
credit
balance?
Select one:
a.
machineries
b.
Repair
tools
c.
Unearn
ed revenue
Posting
is the
step in the
accounting
process.
Select one:
a.
4th
Analytical techniques
b.
All of the choices
c.
Financial statement
d.
Financial information
An analysis which compares the components of the base item for a particular period of
time.
Select one:
a.
Ratio
b.
horizontal
c.
none
of the
choices
d.
Vertical
It
contain
s
accoun
ts
transfe
rred
from
the
general
journal.
Select one:
a.
trial
balance
b.
General
ledger
c.
worksheet
d.
Balan
Asset
c.
Equity
d.
Liability
In
prepari
ng the
trial
balance
, the
accoun
t
should
be
arrange
d
accordi
ng to
Select one:
a.
Liquidity
b.
None of
the
choices
c.
Stability
d.
Profitability
These are receipts by the depositor that reached the bank too late to appear in the bank
statement for the current month.
Select one:
a.
None of
the Above
b.
Service
Charges
c.
Outstandin
g Checks
d.
Deposits in transit
It helps to determine transactions that must be recorded to update or correct the
depositor's accounting records and to determine the actual amount of the cash deposit
balance at the end of the month.
Select one:
a.
Financial
Report
b.
Bank
Statement
c.
Bank
Reconciliat
ion
Statement
d.
Financial
Statement
A manufacturing business does not need to alter completely the materials they purchased
before selling it to the public.
Select one:
True
False
The
balances
between
the Cash
in Bank
and the
Current
Account-
Depositor
accounts
Select one:
a.
Seldom
equal
b.
Equal
False
The bank on the other hand keeps record of the depositor's transactions in a .
Select one:
a.
Deposit
Account
b.
Cash in a
Bank
Account
c.
Savings
Account
d.
Current
Account
When
should
depositors
prepare a
bank
reconciliati
on?
Select one:
a.
Everyday
b.
Every
month
c.
Anytime
d.
Every year
Inventory
is a
tangible
product.
Select one:
True
False
A merchandising business has two different systems in accounting for their sales and
a.
Service Charges
b.
Credit and Debit memoranda
c.
Deposits in transit
d.
Outstanding checks
Freight in refers to costs incurred in transporting inventory that are sold.
Select one:
True
False
FOB shipping point means that if the good is lost or damaged while in transit, such shall be
borne by the buyer.
Select one:
True
False
The
balances
shown in
the bank
statement
and in the
accountin
g records
are
Select one:
a.
Unadjuste
d and
uncorrecte
d
b.
Adjusted
and
corrected
c.
Unadjuste
d and
corrected
Excise Tax
c.
Luxury
Tax
d.
Percentag
e Tax
The
depositor
will
record
bank
transactio
ns in a
Select one:
a.
Current
account
b.
Deposit
account
c.
Cash in a
bank
account
d.
Savings
account
These are receipts by the depositor that reached the bank too late to appear in the bank
statement for the current month.
Select one:
a.
Deposits in
transit
b.
Outstandin
g Checks
c.
None of
the Above
d.
Equal
d.
Seldom equal
These are imposed on properties or rights transferred by one entity to another entity.
Select one:
a.
Sin Tax
b.
Business
Tax
c.
Income
Tax
d.
Transfer
Tax
Tax
imposed
on the
privilege
to sell
products
and
services
are called
Select one:
a.
Luxury Tax
b.
Sin Tax
c.
Value-
Added Tax
d.
Percentag
e Tax
Dealers of
cars, retail
shops, and
sari-sari
stores are
examples
of
c.
Dependin
g on the
situation
d.
Decreases
This kind
of tax
system is
the
easiest to
compute.
Select one:
a.
Income
Tax
b.
Regressiv
e Tax
c.
Progressi
ve Tax
d.
Proportio
nate Tax
This account shows the cash balance at the beginning of the month, cash receipts and
deposits (debits), cash payments and withdrawals (credits), and the new balance at the end
of the month.
Select one:
a.
Savings
Account
b.
Deposit
Account
c.
Cash in a
Bank
d.
Current
Account
The
governme
d.
BIR
Freight refers to costs incurred for transportation.
Select one:
True
False
Who
should
prepare a
bank
reconciliati
on?
Select one:
a.
Neither A
nor B
b.
Bank
c.
Depositor
d.
Both A
and B
It is the
most
common
business
tax in the
country.
Select one:
a.
Percentag
e Tax
b.
Donor's
Tax
c.
Excise Tax
d.
Value-
Added
Tax
True
False