FABM2(Review)

The following are the elements included in statement of financial position, EXCEPT:

• Assets

• Liabilities

• Equity

• Revenues

These are those accounts that are presented under the assets portion of the SFP but are reductions to the company’s assets.

• Contra assets

• Contra liabilities

• Contra accounts

• Contra elements

A form of the SFP that shows assets on the left side and liabilities and owner’s equity on the right side just like the debit and credit balances of an account.

• Report form

• Account form

• Vertical form

• Horizontal form

Building, Land, Machinery and Equipment are example of __________

• Current Assets

• Noncurrent Assets

• Current Liabilities

• Noncurrent Liabilities

Temporary accounts are also called as _________

• Nominal Accounts

• Nomad Accounts

• Basic Accounts

• Short term Accounts

This contains the results of the company’s operations for a specific period of time which is called net income if it is a net positive result while a net loss if it is a net negative result.

• Balance sheet

• Income sheet

• Cash flow

• Changes in Equity

An entity whose assets, liabilities, income and expenses are centered or owned by only one person

• Sole Proprietorship

• Partnership

• Cooperatives

• Corporation

It is the very first investment of the owner to the company.

• Initial investment

• Last investment

• Primary investment

• Additional investment

This provides an analysis of inflows and/or outflows of cash from/to operating, investing and financing activities .

• Cash flow statement

• Income statement

• Balance sheet

• Changes in equity

Activities that are directly related to the main revenue-producing activities of the company

• Operating activities

• Financing activities

• Investing activities

• Manufacturing activities