FABM Chapter 5 Review Liability, income or equity infusion Flashcards
1
Q
Receipt of rentals for the next twelve months
A
Liability
2
Q
Receipt of interest on loans receivable for the last six months
A
Liability
3
Q
Collection of receivables previously billed to clients
A
N/A
4
Q
Receipt of cash from owner as additional capital
A
Equity
5
Q
Contribution of land and building from the owner to be used as the new business office.
A
Equity
6
Q
Receipt of goods from a supplier with a billing invoice
A
Income
7
Q
Temporary borrowing of a certain machinery from the friend of the business owner
A
Liability
8
Q
Sale of the building costing 1,000,000 PHP for 1,400,000 PHP
A
Income
9
Q
Billed a client for services already done
A
Income
10
Q
Receipt of cash from clients for services to be provided in the future.
A
Income
