FABM 2 - "Let's do the Recall !"

These are the resources owned by the company that can provide future economic benefits.

• Assets

• Liabilities

• Owner's Equity

• None of the above

Another name for the Statement of Financial Position

• Income Statement

• Balance Statement

• Balance Sheet

• Cash Flow

A debt or obligation owed to others.

• Assets

• Liabilities

• Owner's Equity

• Revenue

Cash in Bank is classified as

• Current assets

• Current liabilities

• Non-current assets

• Non-current liabilities

Account Receivable is classified as

• Current liabilities

• Non-current assets

• Non-current liabilities

• Current assets

This is what the business owns.

• Assets

• Liabilities

• Loans

• Owner's Equity

This is what the business owes.

• Assets

• Liabilities

• Revenue

• Owner's Equity

It is intended for sale or consumption within the entity’s normal operating cycle.

• Non-current liabilities

• Non-current assets

• Current liabilities

• Current assets

Also known as the "Long-term Assets"

• Non-current Liabilities

• Owner's Equity

• Non-current Assets

• Current assets

Following are accounts under _________________.

Property, Plant and Equipment

Furniture and Fixtures

Machineries and Equipment

Merchandise Inventory

• Owner's Equity

• Expenses

• Assets

• Liabilities