SCE

SCE

12th Grade

10 Qs

quiz-placeholder

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TOPIC 8 (i) ACCOUNTING FOR INVENTORIES

TOPIC 8 (i) ACCOUNTING FOR INVENTORIES

12th Grade

10 Qs

SCE

SCE

Assessment

Quiz

Other

12th Grade

Practice Problem

Hard

Created by

Florinda G. Vigonte

Used 25+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which form of business organization puts the least risk on its owners?

Single proprietorship

Sole proprietorship

Partnership

Corporation

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which form of business organization is owned by only one person?

Single proprietorship

Cooperative

Partnership

Corporation

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Increases in owner’s equity without additional investment

Withdrawal

Revenue

Net Loss

Net Income

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Beginning owner’s equity amounted to P 300,000. Net loss for the year totaled P 45,000. No

additional investments and withdrawals for the period. Compute for total increase in equity for the

year.

0

45,000.00

255,000.00

345,000.00

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Ending owner’s equity amounted to P70,000. Additional investments during the year amounted to

P30,000. Withdrawals totaled P50,000. Compute for the company’s net income for the year

assuming beginning equity is P10,000.

80,000.00

160,000.00

100,000.00

40,000.00

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A type of business that is owned by at least 2 persons.

Single proprietorship

Sole proprietorship

Partnership

Corporation

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Owner, Juan invested an initial capital amounting P50,000 in order to put up his janitorial services

company. During the first year of operations (2016), the company had a loss of P25,000. Because of

this, Juan invested additional capital amounting to P50,000 in 2017. In the second year (2017), the

company had a net income of P100,000 and Juan withdrew P10,000 for personal use. Compute for

the ending capital balance of Juan for the year 2017.


ANSWER SHOULD FOLLOW THIS FORMAT: 235,000.00

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