FABM 1 Recap Quiz

Question 1

Who is this Italian monk that introduced the system of recording business transactions into debit and credit parts?

Accepted Answer

Luca Pacioli

Question 2

It is a financial statement that shows the company's profit and loss over a period of time.

Accepted Answer

Income Statement

Question 3

An ownership of an asset of value. It's also the difference between the amount of assets and amount of liabilities

Accepted Answer

Owner's Equity

Question 4

Accounts Payable, Loan Payable, and Mortgage Payable can be classified in Chart of Accounts as?

Accepted Answer

Liabilities

Question 5

An accounting entry that record all of the money flowing into an account, positioning at the left side

Accepted Answer

Debit

Question 6

Resources owned by a company that can be used to generate profits for current and future periods in the business.

Accepted Answer

Assets

Question 7

Accrued Expense is an expense that has been incurred before it has been paid.

Accepted Answer

True

Question 8

An accounting entry that record all of the money flowing out of an account, positioning at the right side

Accepted Answer

Credit

Question 9

It is the first place in which all raw business transactions are recorded in-order according to the date events occur.

Accepted Answer

General Journal

Question 10

This is where transactions that first appear in the journals are subsequently posted. Sometimes called as T-account.

Accepted Answer

General Ledger

Questions 10