The total equity of the business is P500, 000. Owners equity is P400, 000. Plant and Equipment is 45% of total Assets, the total current assets is

Select one:

a. P225, 000

b. P220, 000

c. P275, 000

d. P100,000

Mr. A has the following revenue transactions during April of the current year: Rendered services: Cash, P5, 000 & on credit, P3, 500; received P5000 advance payment for services to be rendered in May. The amount of income to be recognized in April is

Select one:

a. P5,000

b. P13,500

c. P10,000

d. P8,500

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

Select one:

a. Balance Sheet

b. Statement of Cash Flow

c. Worksheet

d. Income Statement

The company's performance for a given accounting period is measured and evaluated through the income statement.

Select one:

True

False

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

Select one:

a. Factory Insurance

b. Depreciation of Delivery Equipment

c. Salaries of factory supervisor

d. Factory Supplies