3 Financial Accounting and Reporting

3 Financial Accounting and Reporting

University

12 Qs

quiz-placeholder

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3 Financial Accounting and Reporting

3 Financial Accounting and Reporting

Assessment

Quiz

Mathematics, Business, Other

University

Medium

Created by

SHIENE MABAHIN

Used 36+ times

FREE Resource

12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Arrange the following items in the order of the accounting cycle:


1. record transactions into the book of original entry

2. prepare financial statements

3. make period-end adjustments

4. post transactions to ledger

1432

4132

1423

4123

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The receipt of cash from customers in payment of their accounts would be recorded by a:

debit to Cash and a credit to Accounts Payable

debit to Cash and a credit to Accounts Receivable

debit to Accounts Receivable and a credit to Retained Earnings

debit to Accounts Payable and a credit to Cash

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Carson offered for sale at ₱75,000 land that had been purchased for ₱45,000. If Zimmer paid Carson ₱70,000 for the land, the amount that Zimmer would record for the purchase of the land in the accounting records is

₱75,000

₱45,000

₱70,000

₱0

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

An economic transaction or event that affects an entity’s assets, liability, equity, income or expense is

recorded in the books of accounts.

posted in the ledger.

an accountable event.

all of these

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In the first month of operations, the total of the debit entries to the Cash account amounted to ₱3,000 and the total of the credit entries to the Cash account amounted to ₱1,800. The Cash account has a

₱1,800 credit balance.

₱3,000 debit balance.

₱1,200 debit balance.

₱1,800 credit balance.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

At November 1, 20xx, Johnson Inc. had an Accounts Receivable balance of ₱200,000. During the month, the company made sales on account of ₱300,000. In addition, Johnson Inc. collected ₱400,000 from customers that owed them money. At November 30, 2018, the Accounts Receivable balance is

₱100,000 debit

₱100,000 credit

₱500,000 debit

₱300,000 credit

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following statements is correct?

The process of recording a transaction in a journal is called posting.

A group of accounts for a business entity is called a Journal.

A listing of all the accounts in a ledger is called a chart of accounts.

All the statements above are correct.

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