Accounting Review

Which of the following is NOT a core financial statement?

• The Income Statement

• Statement of Cash Flows

• The Trial Balance

• The Balance Sheet

The income statement, which presents the results of operations, can be prepared in many forms including

• Single Step Income Statement

• Condensed Income Statement

• Common Sized Income Statement

• All of these

The main sections on a balance sheet are Assets, Liabilities and

Which of the following scenarios increases accounts payable?

• A customer fails to pay an invoice

• A supplier delivers materials on credit

• Office supplies are purchased with cash.

• None of these

What is the most used method to amortize intangible assets on a company's financial statements?

• Straight-line method

• Sum of the years' digits method

• Double-declining balance method

• Units of production method

Which is NOT an example of financing cash flow?

• Paying of a debt of P2.5M

• Investing an equipment worth P3M

• Paying P4M worth of dividend to shareholders

• Issuing P4.2 M worth of shares