Which of the following is an expense? A. Payment of personal liability of the owner. B. Payment

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Question:

Which of the following is an expense?

A. Payment of personal liability of the owner.
B. Payment of workers' salaries.
C. Cash withdrawal of the owner.
D. None of the above.

2. Which of the following has a positive effect on equity?
A. Revenue
B. Net loss
C. Expense
D. None of the above.

3. The transaction in the general journal are recorded in what order?
A. Chronological Order
B. Account Order
C. Alphabetical Order
D. Financial Statement Order.

4. This is the phase of accounting that makes accounting the language of business.
A. Recording
B. Summarizing
C. Classifying
D. Interpreting

5. A form of record used to show additions and deductions of each individual asset, liability, capital, revenue and expense.
A. Journal Entries
B. Accounts
C. Trial Balance
D. Financial Statement

6. The person to whom liability is owed.
A. Debtor
B. Creditor
C. Owner
B. All of the above

7. This is prepared everytime a transaction is made.
A. Journal entry
B. Financial Statement
C. Trial Balance
D. Account

8. Ocama is an industrial partner. Beside his services, he also contributed to the capit to the partnership. There is no agreement as to distribution of profit and losses. The share of Ocama in the profit is?
A. To be determined by the remaining partners.
B. Such share as may be just equitable under the circumstances.
C. Pro-rata to his contributions
D. Combination of B and C

9. Which of the following is not an expense of the partnership.
A. Interest paid to partners based on their invested capital
B. Depreciation on assets contributed to the business.
C. Supplies used in the business.
D. Salaries of the bookkeeper.

10. The partnership contract of Charm and Sheng Company provided for salaries of P45,000 to Charm and P35,000 to Sheng, with any remaining income or loss divided equally. During 2020 the business earned a profit of P100,000. During 2020, Charm's equity in the partnership: .

• Increase more than Sheng's equity.

• Decreased more than Sheng's equity

• Increase the same amount as sheng's equity

• Decrease the same amount as sheng's equity.