Question 2 (1 point)

Identify the violation of accounting concept when the accountant included last year's sales as sales of current year

Question 2 options:

	Objectivity
	Prudence
	Periodicity
	Going Concern

Question 3 (1 point)

Which of the following statements is correct?

Question 3 options:

	The journal represent the T-form of every account
	The general journal is a form of ledger
	The process of recording business transactions in the book of original entry is known as posting
	The ledger is otherwise known as the book of final entry

Question 4 (1 point)

Equities are rights of either the creditors or the owner of the business

Question 4 options:

	True
	False

Question 5 (1 point)

The following are accounting transactions except

Question 5 options:

	Withdrawal of cash for personal use
	Investment of cash in the business
	Approval of vacation leave for an employee
	Borrowing of additional cash from the bank for expansion purposes

Question 6 (1 point)

Acquisition of supplies under asset method for cash does not affect total assets

Question 6 options:

	True
	False

Question 7 (1 point)

Total assets are P100,000 while total liabilities are P40,000. Which of the following is false?

Question 7 options:

	Total equities are P100,000
	Capital is P60,000
	Net worth of the business is 40% of total assets
	Total liabilities and capital are P100,000