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1. The income statement is a statement that shows the result of the operation of the business. In the first quarter of its operation the business has a revenue of Php155,000 and cost and expense amounting to Php80,000. How much is the net income of the business? a. Php155,000 b. Php80,000 C. Php75.00 d. Php235,000

1. The income statement is a statement that shows the result of the operation of the business. In the first quarter of its operation the business has a revenue of Php155,000 and cost and expense amounting to Php80,000. How much is the net income of the business? a. Php155,000 b. Php80,000 C. Php75.00 d. Php235,000

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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ple Choice. Select the letter of your answer. 1. The income statement is a statement that shows the result of the operation of the business. In the first quarter of its operation the business has a revenue of Php155,000 and cost and expense amounting to Php80,000. How much is the net income of the business? a. Php155,000 b. Php80,000 c. Php75.00 d. Php235,000 2. All items appearing in the income statement are nominal or temporary accounts. Which of the following is a nominal account? a. Sales b. Accounts Payable C. Accounts Receivable d. Juan Dela Cruz, Capital 3. The body of the balance sheet includes information about the income earned during the period. Which accounting element in the balance sheet does the net income is added? C. Owner's Equity d. Income Statement a. Asset b. Liability 4. On January 2, 2019, the Mega Car Wash shop rendered services to Heaven's Hotel Shuttle Services on account amounting to Php3,500 and delivered the Charge Slip on January 3, 2019. The hotel paid the shop on January 5, 2019. Under the accrual principle of accounting: When shall the income be recognized on the books of the business? a. January 2, 2019 Forb January 3, 2019 purposes only C. January 5, 2019 d. Any date as long as it is within the month of January, 2019. 5. The fundamental accounting equation is: Assets = Liabilities + Owner's Equity. The balance sheet of Madlang Pipol Enterprise has an asset of Php1,500,000 and a Liability of Php375,000. How much is its Owner's Equity? a. Php1,500,000 b. Php375,000 c. Php1,875,000 d. Php1,125,000
Transcribed Image Text:ple Choice. Select the letter of your answer. 1. The income statement is a statement that shows the result of the operation of the business. In the first quarter of its operation the business has a revenue of Php155,000 and cost and expense amounting to Php80,000. How much is the net income of the business? a. Php155,000 b. Php80,000 c. Php75.00 d. Php235,000 2. All items appearing in the income statement are nominal or temporary accounts. Which of the following is a nominal account? a. Sales b. Accounts Payable C. Accounts Receivable d. Juan Dela Cruz, Capital 3. The body of the balance sheet includes information about the income earned during the period. Which accounting element in the balance sheet does the net income is added? C. Owner's Equity d. Income Statement a. Asset b. Liability 4. On January 2, 2019, the Mega Car Wash shop rendered services to Heaven's Hotel Shuttle Services on account amounting to Php3,500 and delivered the Charge Slip on January 3, 2019. The hotel paid the shop on January 5, 2019. Under the accrual principle of accounting: When shall the income be recognized on the books of the business? a. January 2, 2019 Forb January 3, 2019 purposes only C. January 5, 2019 d. Any date as long as it is within the month of January, 2019. 5. The fundamental accounting equation is: Assets = Liabilities + Owner's Equity. The balance sheet of Madlang Pipol Enterprise has an asset of Php1,500,000 and a Liability of Php375,000. How much is its Owner's Equity? a. Php1,500,000 b. Php375,000 c. Php1,875,000 d. Php1,125,000
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