1) Company's resoirces that results from past events that are expected future economic value a) ASSET b) LIABILITY c) EQUITY 2) Inventories are initially recognized at? a) net realizable value b) Cost c) Both 3) Cash are measured at. a) Fair value b) Book value c) Face Value 4) Obligation (under civil code) is defined under: a) Art. 1167 b) Art. 1156 c) Art.1176 5) A meeting of the minds, whereby one bind himself with respect to the other, to give something or to render some service a) Contract b) Partnership c) Mutual Funds 6) What is the basic Accounting Equation a) Asset = Liability +Income b) Asset - Liability = income +Equity c) Asset =Liability + Equity 7) The following are examples of cash, except a) Petty Cash fund b) Treasury Bills c) Cash in Banks 8) The following are examples of tax, except a) Withholding tax b) Income Tax c) Other percentage Tax

Accounting Quiz

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