Accounting Performance Task 1
Quiz
•
Mathematics
•
1st Grade
•
Practice Problem
•
Medium
Argie Navarro
Used 13+ times
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8 questions
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1.
FILL IN THE BLANK QUESTION
10 sec • 1 pt
Outflow of assets that are needed to operate the business?
2.
FILL IN THE BLANK QUESTION
10 sec • 1 pt
Also known as Balance Sheet, is one of the
financial reports that a business should prepare at the end of a specific period in which lists
the balances of assets, liabilities, and owner’s equity?
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Assets that are expected to be converted to cash within a year, for
instance, cash, accounts/notes receivable, inventory, and prepaid expenses?
revenue
current asset
bad debt
multi step
4.
OPEN ENDED QUESTION
3 mins • Ungraded
Solve the problem below and prepare the SCI of the name of the company
and period of your choice.
A business generated the total revenue amounting to ₱126,000 where rent income has
its 34%, 15% commission income and the rest is coming from service rendered. On the same
period, expenses incurred are salaries expense - ₱25,800, utilities expense - ₱10,450,
advertisement expense - ₱10,500, and Depreciation expense of equipment - ₱5,500.
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5.
OPEN ENDED QUESTION
3 mins • Ungraded
Prepare a multi-step Statement of Comprehensive Income of company
and period of your choice using the following:
Freight in-5,000
Depreciation Expense-1,200
Sales – 120,000
Cost of Goods Sold – 110,000
General and administrative expenses – 4,000
Selling expenses – 2,000
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6.
OPEN ENDED QUESTION
3 mins • Ungraded
1.It contains the name of the company, name of
the statement and the period.
2. This account is used to record returns of customers or allowances for such returns.
3. Refers to amount of goods bought during the current accounting period.
4. This account is used to record early payments by the company to the suppliers of
merchandise
5. Account used to record transportation costs of merchandise purchased by the
company.
6. Refers to total cost of inventory unsold at the end of the accounting cycle.
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7.
OPEN ENDED QUESTION
3 mins • Ungraded
The following balances were retrieved from the records of Juan’s Janitorial Services for the
year ended December 31, 2016:
a. Capital, January 1, 2016 P500,000
b. Withdrawals P100,000
c. Additional Investments P50,000
d. Net Loss P45,000
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