The total equity of the business is P500, 000. Owner's equity is P400, 000. Plant and Equipment is 45% of total Assets. The creditor's claim over the assets of the business is

Select one:

a. P400,000

b. Answer not given.

c. P500,000

d. P100,000

Estimated amount of receivables that may not be collected due to customer's default.

Select one:

a. Prepaid Expenses

b. Accrued Income

c. Prepaid Expenses

d. Allowance for Doubtful Accounts

Odd-man out: Select the word that does not belong to the group.

Select one:

a. Purchase Discount

b. Sales Returns

c. Sales Discount

d. Sales

Odd-man out: Select the word that does not belong to the group.

Select one:

a. Adjusted Trial Balance

b. Post-Closing Trial Balance

c. Unadjusted Trial Balance

d. Ledger

The book of original entry.

Select one:

a. Ledger

b. Liabilities

c. Assets

d. Journal

Also called buy and sell business.

Select one:

a. Cost of Goods manufactured

b. Debit Memorandum

c. Income Statement

d. Merchandising

Closing the balance of Revenue and Expense Summary to Capital can also pass through the Drawing account.

Select one:

True

False

Adjusting entries, closing entries, and reversing entries are all done at the end of the accounting period.

Select one:

True

False

The owner's claim over the assets of the business.

Select one:

a. Revenue

b. Capital

c. Statement of Financial Position

d. Expenses

At the end of 2016, the total assets of XYZ Store amounted to P650, 000, 40% of which is current. Total liabilities are P120, 000. During the year, the company registered total revenue of P850, 000, cost of goods sold is 40% and selling and general expenses are 20%.Gross Profit for 2016 is

Select one:

a. P510,000

b. P340,000

c. P320,000

d. P680,000

On the side of an account where the increases are recorded.

Select one:

a. Accrued Income

b. Prepaid Expenses

c. Closing entries

d. None from the given choices