FABM1 Types of Major Accounts Review

Owner's Equity is also known as

• Assets

• Liabilities

• Capital

• Profit of Loss Accounts

Income is also known as

• Assets

• Revenue

• Capital

• Profit of Loss Accounts

What does ALCIE stands for?

the resources owned and controlled by the firm.

• Assets

• Revenue

• Capital

• Profit of Loss Accounts

Obligations of the firm which are to be settled in the future

• Assets

• Revenue

• Capital

• Liabilities

The residual interest in the assets of the entity after deducting all the liabilities.

• Assets

• Revenue

• Capital

• Owner's Equity

There is an increase in ____ if you get additional investments or loans

• Assets

• Revenue

• Capital

• Liabilities

Fees earned from providing services and the amounts of merchandise sold.

• Assets

• Revenue

• Capital

• Liabilities

Answer explanation

This is another term for income. Revenue increases equity.

the reduction in value of an asset as it is used to generate revenue.

• Assets

• Profit or Loss

• Expenses

• Liabilities

Answer explanation

Costs of doing business. Ito yung ginagastos ng isang firm sa mga kailangan ng business para sa kumita sila. It decreases equity/capital.

What are the classification of assets?

• Nominal Assets

• Current Assets

• Non-current Assets

• Business Assets