Fundamentals of Accountancy and Business Management

Jaycee A. Pernecita Quarter 1-Week 1

G12-ABM BLOOMS October 5-9, 2020
The Elements of the Statement of Financial Position (SFP)

Task 1: What’s New

A.
1. Accounting Equation is the foundation for the double-entry bookkeeping system.
2. Assets is any resource owned by the business like cash.
3. Liabilities are obligations of the company like loans.
4. Equity is evaluated through the difference between the liabilities and the assets
recorded.
5. Single/Sole proprietorship is a business owned by only one person.
B.
1. A
2. A
3. B
4. B
5. A
6. A
7. B
8. B
9. B
10. A
Task 2: What I Know?
1. A
2. D
3. C
4. B
5. D
6. C
7. B
8. D
9. A
10. B
11. C
12. D
13. C
14. C
15. A
Task 3: What’s in?
1. The accounts receivable is easier to be converted in cash than land because those are
open accounts representing owed money by the customers to the business. The
accounts receivable is also current assets which can be realized
2. The difference between current assets and non-current assets is that current assets can
be realized one year after year-end date while non-current assets can’t be realized one
year after year-end date.
3.