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Financial Reporting Accounting Reporting Prelim Exam With 100% Correct Solutions

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2023/2024 Written for academic year
Institution Financial Accounting & Reporting
Course Financial Accounting & Reporting
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Management Accounting is concerned primarily with external reporting. TRUE FALSE Answer: FALSE 2. Income Statement is a financial report prepared to show financial performance of the business. 3. On January 1, 2020 Mr. AB Cruz started his service business. The following are the transactions during the month of January: a. On January 1, 2020, Mr. Cruz contributed his personal savings of PHP 100,000 to the business. b. Bought office supplies for PHP 10,000 on account on January 15, 2020. c. Purchase office equipment for PHP 20,000 on January 16, 2020, Mr. Cruz paid PHP 5,000 and the balance on account. d. On January 31, 2020, Mr. Cruz is in need of cash so he withdraw PHP 2,000 cash of the business. Required: The total equity (Cruz, Capital account) as of January 31, 2020 is: _______. Answer: 98,000

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