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- 1. Multiple Choice
It is an artificial being created by the operation of law having the right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence is called ________.
Corporation
Partnership
Sole proprietorship
Cooperative
- 2. Multiple Choice
It is a business organization formed by 2 or more persons bind themselves together to form a business with the intention of dividing the profits among themselves is called ______.
Single Proprietorship
Cooperative
Corporation
Partnership
- 3. Multiple Choice
It is reduced due to the withdrawal of owners and losses of the business is called _______.
Assets
Liabilities
Owners' Equity
Owners' drawing
- 4. Multiple Choice
What do you call the result of operation at a given period of time if the expenses is larger than the total income?
net loss
net profit
retained earnings
equity
- 5. Multiple Choice
What do you call the account to be deducted from the balance after getting the total of equity beginning, additional investment and Net income at a given period of time?
drawing account
net income
equity
liability account
- 6. Multiple Choice
The opening balance of equity's account is called _______.
assets
cash beginning
equity beginning
equity ending
- 7. Multiple Choice
A report that shows the movement in the capital account of the owner is called_____.
Statement of Cash Flow
Statement of Changes in Equity
Statement of Financial Position
Statement of Comprehensive Income
- 8. Multiple Choice
The account that represents the ending balance at the end of the year's operation is ________.
equity beginning
equity ending
net income
net loss
- 9. Multiple Choice
The ending capital which will be carried forward to the succeeding year is classified as_______.
nominal account
real account
asset account
income account
- 10. Multiple Choice
The heading of a Statement of Changes in Equity at the end of the year 2018 comprises the name of the owner/business, requirement or report to be prepared and the date of the statement period should be written as_____________.
for the month ended, Dec. 31, 2018
for the year ended, Dec. 31, 2018
Dec. 31, 2018
as of Dec. 31, 2018
- 11. Multiple Choice
The _____________ will approve and select the best idea contributed by each one of the stockholders to solve the problem of the business.
Partners
stockholders
Board of Directors
Proprietor
- 12. Multiple Choice
The business that agrees on the way their profits and losses are to be divided in an arbitrary ratio is called _____________.
Sole Proprietorship
Partnership
Corporation
Cooperative
- 13. Multiple Choice
In preparing the SCE, this account should be carried forward at the beginning of the next accounting period because it is classified as real account. What do you call this account?
Beginning equity
Ending equity
drawing account
net income
- 14. Multiple Choice
This ____________ account is to be deducted from the total of beginning capital, additional investment and net income to arrive at the ending capital or equity account.
cash
drawing
net loss
beginning equity
- 15. Multiple Choice
The owners of a corporate business are the _____________.
partners
stakeholders
stockholders
managers
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