Fabm week 11- 19 fundamentals ahh okay ahh okay ahh okay ahh okay ahh okay ahh okay PDF

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Formula for changes in the company's financial amounts would be:Select one:a. The Amount in the base year plus the Amount in the New Yearb. The Amount in the New Year minus the Amount in the base year.c. The Amount in the New Year plus the Amount in the base year.d. The Amount in the base year minus...

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Formula for changes in the company's financial amounts would be: Select one: a. The Amount in the base year plus the Amount in the New Year

b. The Amount in the New Year minus the Amount in the base year.

c. The Amount in the New Year plus the Amount in the base year.

d. The Amount in the base year minus the Amount in the New Year

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Question text These are used to asses' financial information. Select one: a. Financial statement

b. All of the choices

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c. Financial information

d. Analytical techniques

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Question text All transactions are initially recorded in the _____________. Select one: a. General Ledger.

b. Balance Sheet

c. General Journal

d. Financial Statements

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Question text It shows the fair measure of assets, liabilities and owner's equity. Select one: a. Unadjusted Trial Balance

b. None of the choices

c. Posting

d. Adjusting Entries

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Question text ________________ is done after analyzing the business transaction. Select one:

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a. Preparing financial statements

b. Preparing an Income statement

c. Writing in the General Ledger

d. Journalizing

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Question text ______________refers to how easily can an individual convert an asset into cash. Select one: a. Liquidity

b. Sustainability

c. Profitability

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d. Stability

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Question text The ____________ column is written to indicate the page number of the ledger in which the entry is transferred. Select one: a. Amount to be credited

b. Folio

c. Amount to be debited

d. Date

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Question text The accounting equation is followed in arranging accounts according to _______________. Select one: a. All of the choices

b. Profitability

c. Stability

d. Liquidity

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Question text To apply the concepts of Vertical and Horizontal analysis on the given financial data. Changes in the company's financial amounts = ?

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Select one: a. (Amount of base year) + (Amount in the New Year)

b. (Amount in the New Year) + (Amount in the base year)

c. (Amount of base year) - (Amount in the New Year)

d. (Amount in the New Year) - (Amount in the base year)

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Question text How many main categories does a financial information have? Select one: a. 5

b. 8

c. 3

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d. 7

To total is to ___________. Select one: a. Summarize b. Gross c. Net d. Foot

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Question text 23. The page number of the journal in which the information was taken from is placed in the folio or reference column of the ledger. Select one: True False

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Question text An analysis which compares the components of the base item for a particular period of time. Select one: a. Ratio b. none of the choices c. horizontal d. Vertical

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Question text Another term for foot is : Select one: a. Sum b. Gross

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c. Total d. Net

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Question text Analysis based on the changes on the amounts from one period to another. Select one: a. none of the choices b. Ratio analysis c. vertical analysis d. Horizontal analysis

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Question text

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It makes use of common size financial statements to convert each financial statement item to its base year. Select one: a. none of the choices b. Ratio analysis c. vertical analysis d. Horizontal analysis

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Question text Vertical analysis is also known as static analysis as it only looks at financial statement information one period at a time. Select one: True False

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Question text The dates of the transactions could be Select one: a. Written in a chronological order b. Written in any manner. c. Written in an ordinal manner d. Both B and C

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Question text The heading of the trial consists of the following except: Select one: a. Date b. The title or list of the trial balance c. Business name d. Period covered by the statement

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Question text Aside from equity, what other account also has a normal credit balance? Select one: a. Repair tools b. machineries c. Unearned revenue

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Question text This column of the general ledger is a very important part because it is where the page number of the journal in which the information was taken from is place~ Select one: a. Date b. Folio c. Credit

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d. Debit

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Question text What is true about savings account? Select one: a. You earn interest out of it b. Supported by check c. All of the choices d. Least type of deposit account

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Question text ________________ makes use of common size financial statements to convert each financial statement item to its base year.

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Select one: a. Horizontal Analysis b. Both of the given choices correct c. Ratio Analysis d. Vertical Analysis

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Question text Internal and external users depend on the _________________ in order to make sound decisions for the business. Select one: a. Financial statements b. Investments c. Net Loss d. Net Profit

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Question text Increase in asset is considered as: Select one: a. Account Debited b. Equities c. Account Credited d. None of the choices

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Question text The normal balance of the following accounts are debit except: Select one: a. Delivery van b. depreciation expense c. office equipment

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d. Accrued salaries

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Question text Posting is the _______ step in the accounting process. Select one: a. 2nd b. 1st c. 3rd d. 4th

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Question text Vertical analysis makes use of common size financial statements to convert each financial statement item to its base year.

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Select one: True False

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Question text To differentiate the different techniques of financial analysis. Analysis based on the changes on the amounts from one period to another are usually expressed _______________________. Select one: a. Neither absolute nor percentages b. Either absolute numbers or percentages c. Only in absolute numbers but not in percentages d. Both absolute numbers and percentages

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Question text The reference column is also known as: Select one: a. Debit b. Account number c. Folio d. Date

Freight in is included as part of the total cost of inventory purchased. Select one: True False

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Question text The balances between the Cash in Bank and the Current Account-Depositor accounts are always _____________ Select one: a. Either A or C b. Equal

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c. Undetermined d. Unequal

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Question text The depositor will keep _____________. Select one: a. Both A and B b. Liability c. None of the choices d. An asset

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Question text Purchases are assets that shall produce income for the benefit of the seller.

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Select one: True False

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Question text These are usually representing fees for handling small accounts. Select one: a. NSF checks b. Service Charges c. Outstanding checks d. Debit and Credit memoranda

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These are issued and recorded by the depositor but not yet presented to the bank for encashment. Select one: a. Outstanding checks b. Credit memorandum c. Deposits in transit d. Debit memorandum

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Question text This account shows the balance at the beginning of the month, the deposits and other additions (credits), the checks paid and other deductions (debits) during the month, and the ending balance. Select one: a. Current Account b. Cash in a Bank c. Deposit Account d. Savings Account

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Question text These are receipts by the depositor that reached the bank too late to appear in the bank statement for the current month. Select one: a. Service Charges b. None of the Above c. Deposits in transit d. Outstanding Checks

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Question text A merchandising business needs to alter completely the materials they purchased before selling it to the public. Select one: True False

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Question text Other miscellaneous bank charges like fees for printing checks, handling collections of notes receivable, and processing NSF checks falls under __________________. Select one: a. Outstanding checks b. Deposits in transit c. Service chargers d. Charges for NSF check

These are usually representing fees for handling small accounts. Select one: a. Debit and Credit memoranda b. NSF checks c. Outstanding checks d. Service Charges

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Question text It is the most common business tax in the country. Select one: a. Percentage Tax b. Value-Added Tax c. Excise Tax d. Donor's Tax

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Question text The most common tax rate system is _________________ Select one: a. Proportionate b. Progressive c. All of the choices d. Regressive

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Question text VAT in the Philippines is set to how many percent? Select one: a. 12 b. 15 c. 10 d. 7

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Question text Credit is the normal balance of purchases. Select one: True False

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Question text When should depositors prepare a bank reconciliation? Select one: a. Anytime b. Everyday c. Every month d. Every year

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Question text Income from a merchandising business is entered in the journal entries as sales. Select one: True False

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Question text This type of tax is also a common transaction in accounting. Select one: a. Value Added-Tax b. Business Tax c. Excise Tax d. Percentage Tax

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Question text The balances shown in the bank statement and in the accounting records are: Select one: a. Adjusted and corrected b. Adjusted and uncorrected

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c. Unadjusted and uncorrected d. Unadjusted and corrected

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Question text In accounting, this type of tax is also a common transaction. Select one: a. Excise Tax b. Percentage Tax c. Value-Added Tax d. Business Tax

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Question text These are receipts by the depositor that reached the bank too late to appear in the bank statement for the current month.

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Select one: a. Service Charges b. None of the Above c. Deposits in transit d. Outstanding Checks

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Question text It is the tax shouldered by the buyer when purchasing the goods. Select one: a. Excise Tax b. Output Tax c. Input Tax d. Value-Added Tax

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Question text It is an internal control tool that helps the company identify and check for irregularities in their cash in bank. Select one: a. Bank reconciliation b. Balance Inquiry c. Bank statement d. Statement of account

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Question text The bank on the other hand keeps record of the depositor's transactions in a _____________. Select one: a. Cash in a Bank Account b. Current Account c. Deposit Account d. Savings Account

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Question text How much is the tax due if the taxable income is not over P 10,000? Select one: a. 7% b. Non-taxable c. 6% d. 5%

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Question text It is an internal control tool that helps the company identify and check for irregularities in their cash in bank. Select one: a. None of the choices b. Bank reconciliation c. Income Statement

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d. Bank statement

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Question text If taxable income is not over than P10, 000, the tax due is _____. Select one: a. 7% b. 5% c. 3% d. 9%

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Question text A type of tax system wherein the government imposes higher taxes on higher earnings. Select one:

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a. Regressive b. Proportionate c. None of the choices d. Progressive

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Question text This means VAT is already included in the selling price. Select one: a. VAT-exclusive b. None of the choices c. VAT-inclusive d. Both A and B

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Question text A service business relies on time, effort, and skill. Select one: True False...