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1 The elements of an income statement include revenues and prepaid expenses.

Select one:

True

False

2 The normal balance of which are on the debit side except

Select one:

a. Drawing

b. Prepaid Expense

c. Rent Expense

d. Accrued Salaries Expense

3 The amount prescribed by the charter of the corporation to be subscribed and paid in by shareholders is called ____________.

Select one:

a. Shares of stock

b. Shares of stock

c. Par value

d. Capital stock

4 _____are the capsulized reports that show the financial health of a business entity.

Select one:

a. Financial reporting

b. Financial statements

c. Revenues

d. None of the choices

5 Shareholders' equity statement lists share capital, retained earnings, share premium, and treasury shares.

Select one:

True

False

6 The newly created corporation can also use the partnership books as its records.

Select one:

True

False

7 In the Philippines, the no-par value shares cannot be sold for an amount less than _______.

Select one:

a. None of the choices

b. P3

c. P2

d. P5

8 A disclosure on ____ shows the company's recognition policies.

Select one:

a. Revenue recognition

b. Financing

c. None of the choices

d. Deposit in transit

9 Which is not a characteristic of partnership?

Select one:

a. Separate legal personality

b. Mutual agency

c. Unlimited life

d. Unlimited liability

10 Clearing the affairs of the partnership after dissolution is

Select one:

a. Dissolution

b. Liquidation

c. Realization

d. Winding up

11 Cumulative preferred shares are shares who received dividends including dividends in arrears, if any.

Select one:

True

False

12 All are nominal accounts except

Select one:

a. Rent Expense

b. Prepaid Insurance Expense

c. Sales

d. Service Income

13 ____________ is the stated value of shares printed in the stock certificate.

Select one:

a. Par value

b. Shares of stock

c. Share premium

d. Share Capital

14 The following are true about admission of a new partner by purchase except

Select one:

a. The purchase of interest will increase the partnership assets.

b. The interest of the selling partner will be reduced by the amount of interest purchased.

c. The purchase of interest of an old partner is a personal transaction between the old partner and the buying partner.

d. The payment of the new partner goes to the selling partner.

15 Admitting a new partner in an existing partnership will result to these except

Select one:

a. Withdrawal of old partner

b. Dissolving the old partnership

c. None of the choices

d. Formation of a new partnership

16 Which is not true?

Select one:

a. Salaries to partners and interest on capital can be a way of dividing net income of the partnership.

b. A person who is not receiving a share in the profit of a partnership is not a partner.

c. A partnership can have no stated agreement on how to divide losses.

d. The industrial partner should not be sharing in the profits of the partnership if he is receiving a separate salary.

17 After the incorporation of partnerships, the partners will be allowed to acquire shares in proportion to their interest in the partnership.

Select one:

True

False

18 The kind of partnership where the partners agreed to contribute their whole property to the common fund of the partnership is

Select one:

a. Particular partnership

b. Limited partnership

c. General partnership

d. Universal partnership

19 Disclosures can also be presented in the face of a financial statement.

Select one:

True

False

20 When property is contributed and there is no assigned value, it will be carried at the partnership books at

Select one:

a. Assessed value of an independent appraiser

b. Value given by the contributing partner

c. Cost

d. Fair market value

21 The excess of the issue price of shares over its par value is called ______________.

Select one:

a. Share premium

b. Shares of stock

c. Share Capital

d. Preferred Shares

22 Capital is for sole proprietorship and partnership, _____is for corporation.

Select one:

a. Retained earnings

b. Revenues

c. Shareholders' Equity

d. None of the choices

23 NSF checks are those issued by the firm as payment and are not yet presented to the banks for encashment.

Select one:

True

False

24 Payment of the principal amount of loan is a ___ activity.

Select one:

a. None of the choices

b. Financing

c. Net loss

d. Deposit in transit

25 If shares are issued for non-cash assets, the non-cash assets should be debited using the ____________ of the non-cash assets if the shares have no par value or stated price.

Select one:

a. Stated Price

b. Stock certificate

c. Treasury shares

d. Fair market value

26 Any retiring partner may do any of the following except

Select one:

a. Sold his interest to outsider without the consent of the partners.

b. Sold his interest to the partnership.

c. Transfer his interest to any member of his family.

d. Sold his interest to the any of the remaining partners

27 The corporation's owned stock which are issued and later repurchased is called ____________.

Select one:

a. Fair market value

b. Stated Price

c. Stock certificate

d. Treasury shares

28 Earnings per share is calculated by

Select one:

a. Dividing net income by the total number of ordinary and preferred shares issued.

b. None of the choices

c. Dividing net income less preferred dividends by number of ordinary shares outstanding.

d. Dividing net income by the authorized ordinary shares.

29 ____are records and documents that are consolidated to determine and review the financial status of a firm.

Select one:

a. None of the choices

b. Financial reporting

c. Shareholders' Equity

d. Financial statements

30 Batas Pambansa Blg. 68 is the law that governs the creation of Corporations in the Philippines.

Select one:

True

False