D AnimoSpace Support ? Question 11 I PIS Worksheet preparation and the recording of reversing entries are required steps in the accounting cycle. True False D Question 12 1 pts A company records its various business transactions in the book of original entries using various business documents such as official receipts, check vouchers, sales invoices, etc. True False D Question 13 1 pts If a business receives P 10,000 on account from a client who owed money for services previously billed, this will result a decrease in total assets and increase in total liabilities. True FalseD Question 16 1 pts The accounting principle that considered the business to have a separate and distinct personality from that of the owner/s - generating its own revenue, incurring its own expenses, owning its own assets, and owing its own liabilities. Adequate disclosure Entity Objectivity Verifiability D Question 17 1 pts The past year's income statement of a business showed a bottom line of P100,000 net profit. What does P100,000 net profit mean? Revenues amounted to P100,000 Expenses were more than revenues by P100,000 Revenues recorded is greater by P100,000 compared to expenses Revenue were equal to expensesQuestion 20 1 pts Which of the following transactions decreases liabilities? O Payment of notes payable Acquisition of property on credit Cash purchases of merchandise Collection of account with customer D Question 21 1 pts This functions as a financial diary of a business and ensures that the double entry bookkeeping system is followed. Ledger Trial Balance Journal Financial statementsD Question 18 1 pts Which of the following equations is the standard basic accounting equation? O Assets minus liabilities equals owner's equity Assets minus owner's equity equals liabilities Owner's equity plus liabilities equal assets Assets equal to liabilities plus owner's equity D Question 19 1 pts Which of the following is included under the financing activities in the statement of cash flows? Payment of salaries to employees Purchase of new office computers Proceeds from sale of equipment Withdrawal of cash made by the owner