A business transaction should always affect at least two accounting elements or values.

Select one:

True

False

Marilag Beauty Shop has total assets of P250, 000, liabilities of P20, 000, capital of P130, 000, revenues of P150, 000 and expenses of P30, 000.If the non-current assets is three times the current assets, the current assets is

Select one:

a. P187, 500

b. P62, 500

c. Answer not given

d. P57,500

Excess of sales over cost of goods sold.

Select one:

a. Prime Costs

b. T-account

c. Gross profit

d. Conversion Costs

On January 1, 2016, the building was recorded at cost of P450, 000. The building was bought on July 1, 2015 with a useful life of 20 years and salvage value of P50, 000.The book value of the building on December 31, 2016 is

Select one:

a. P420,000

b. P470,000

c. P370,000

d. P 400,00

Statement listing assets, liabilities and owner's equity.

Select one:

a. Capital

b. Revenue

c. Expenses

d. Statement of Financial Position

The worksheet is a financial statement that helps ease the preparation of income statement and balance sheet.

Select one:

True

False

Expenses paid in advance.

Select one:

a. Closing entries

b. Accrued Income

c. Insurance Expenses

d. Prepaid Expenses

The proof of equality of debits and credits.

Select one:

a. Accounting Equation

b. Posting

c. Trial Balance

d. Product costs

Assets equals Equities is a valid accounting equation.

Select one:

True

False

Software refers to all relevant financial information of the business and practices.

Select one:

True

False