FABM 2

How would an accountant record an increase in cash?

• Debit
• Credit

An increase in owner's equity resulting from the operation of a business

• asset
• expense
• withdrawl
• revenue

The basic accounting equation is Assets=Liabilities + _______________________.

• Income
• Owner's Equity
• Expenses
• Profit

An increase in owner's equity resulting from the operation of a business

• asset
• expense
• withdrawl
• revenue

A decrease in owner's equity resulting from the operation of a business

• account
• capital
• asset
• expense

Accounting entries involve a minimum of how many accounts?

• 0
• 1
• 2
• 3

Recording transactions in a journal is known as

• actualizing

• journalizing

• accounting

• entering

Received cash for delivery of services rendered Php22,000.

• Increase in an Asset; Decrease in another Asset

• Increase in an Asset; Increase in a Liability

• Increase in an Asset; Increase in Equity

• Decrease in an Asset; Decrease in a Liability

• Decrease in an Asset; Decrease in Equity

Paid advertising expenses, Php10,000

• Increase in an Asset; Decrease in another Asset

• Increase in an Asset; Increase in a Liability

• Increase in an Asset; Increase in Equity

• Decrease in an Asset; Decrease in a Liability

• Decrease in an Asset; Decrease in Equity

Billed customers for delivery services on account, P32,000.

• Increase in an Asset; Decrease in another Asset

• Increase in an Asset; Increase in Liability

• Increase in an Asset; Increase in Equity

• Decrease in an Asset; Decrease in Liability

• Decrease in an Asset; Decrease in Equity