FABM LT#1 REVIEWER

Front

Who is the "Father of Modern Accounting"?

Back

Luca Pacioli

Front

Which principle states that financial statements should reflect only business transactions and exclude the owner’s personal transactions?

Back

Entity Concept

Front

Which principle requires expenses to be recorded in the same period as the revenues they help generate?

Back

Matching Concept

Front

What is the journal entry for purchasing equipment worth P50,000 in cash?

Back

Debit: Equipment; Credit: Cash

Front

What account is debited when paying wages in cash?

Back

Wages Expense

Front

What is the journal entry when a customer pays P10,000 on their account?

Back

Debit: Cash; Credit: Accounts Receivable

Front

What is credited when services worth P5,000 are rendered and billed to a client? Options: Service Revenue, Accounts Receivable, Cash

Back

Service Revenue

Front

What is the journal entry for withdrawing P2,000 for personal use?

Back

Debit: Drawings; Credit: Cash

Front

What is debited when utility bills of P3,500 are paid?

Back

Utilities Expense

Front

Which financial statement reflects the company’s financial position at a specific point in time?

Back

Balance Sheet