PreTest 1

Kinsa ang pinakachuy na blockmate?

Kung muagi unta ka sa hallway pero naay mga gaali, unsa dapat ang isulti?

• "Excuse me."

• "Pwede magpadaplin?"

• "Ali-ali sa hallway mura jug kinsa."

• "Wow dakoa sa hallway uy maagian pa man."

Bookkeeping is the recording phase of accounting.

• True

• False

This refers to the cost of assets consumed, services used in the process of earning, or any economic outflow in earning revenues.

• Liabilities

• Assets

• Equity

• Expenses

• Income

The first financial statement that should be prepared is the Statement of Financial Position.

• True

• False

Which underlying concept serves as the basis for preparing financial statements at regular intervals?

• Going Concern

• Time Period

• Accounting Entity

• Stable Monetary Unit

Reveluv Florals received an electricity bill, but will not be paying it right away. The journal entry should be:

• Debit Utilities Expense, Credit Accounts Receivable

• Debit Accounts Payable, Credit Utilities Expense

• Debit Accounts Payable, Credit Utilities Payable

• Debit Utilities Expense, Credit Accounts Payable

An indication that the worksheet is complete and balanced is:

• The word "TOTAL" is written at the bottom of the columns

• Each pair of columns is double ruled

• Totals for each column are encircled

• Final amounts are written in ink, not in draft/pencil

Jennie Kim Enterprises lent money to Lalisa Mangutang. To Jennie, this should be presented as:

• Operating Cash Flow

• Investing Cash Flow

• Financing Cash Flow

• Amazing Cash Flow

Reversing entries are prepared at the end of the accounting period.

• True

• False