Random
(True or False)
If a law firm rendered service on account, the Service Income increases and the Accounts Receivable also increases
True
(Name the Account Title)
What is the revenue realized by providing professional services to clients.
Fees Income
(Give the Account Titles Received and Parted With)
The business purchased office equipment worth P2,000 cash.
Value Received: Office Equipment
Value Parted With: Cash
(Name the Element of Financial Accounting)
Service income received by the company
Revenue
(Name the Type of Business)
Toyota produces wide array of auto mobiles and luxury vehicles.
Manufacturing
(True or False)
Bad Debts is an example of Liability
False
(Name the Account Title)
What is the capital of the sole proprietor in their business
Owner, Capital
(Give the Account Titles Received and Parted With)
The company paid their loan of P30,000 to the bank.
Value Received: Accounts Payable
Value Parted With: Cash
(Name the Element of Financial Accounting)
Loan received from suppliers
Liability
(Name the Type of Business)
A doctor tending to their patients.
Service
(True or False)
The decrease in the value of asset over time is measured by the depreciation
True
(Name the Account Title)
What are the expenses to be incurred yet in the future but are already paid
Prepaid Expenses
(Give the Account Titles Received and Parted With)
The company bought furniture and fixtures covered by a promissory note.
Value Received: Furniture and Fixtures
Value Parted With: Notes Payable
(Name the Element of Financial Accounting)
Patents, trademarks and copyrights of the company
Assets
(Name the Type of Business)
Robinsons carries a wide variety of household products.
Merchandise