
Accounting Final
Authored by Ria Dela Cruz
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40 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Statement I – In general or single-step income statement, all expenses are deducted straight from income to ascertain net profit (loss). Here the expenses are not shown in the classified forum.
Statement II – The income statement is prepared with data of debit and credit columns from the balance sheet of the worksheet.
Only Statement I is correct
Only Statement II is correct
Both Statements are correct
Both Statements are incorrect
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Statement I – Service companies have the most basic income statement of all the types of companies because they do not sell a product, thus their income statement will not contain cost of goods sold.
Statement II – In multiple-step income statement, the cost of goods sold is deducted from sales revenue to ascertain gross profit.
Only Statement I is correct
Only Statement II is correct
Both Statements are correct
Both Statements are incorrect
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Statement I – Opening balance represents the balance of shareholders' equity reserves at the end of the reporting period as reflected in the statement of financial position.
Statement II – If the net capital of J. Dela Cruz is Php 90,000.00 and he made a withdrawal of Php 25,000 during the period, his ending capital then is Php 60,000.
Only Statement I is correct
Only Statement II is correct
Both Statements are correct
Both Statements are incorrect
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Statement I – Statement of changes in equity helps users of financial statement to identify the factors that cause a change in the owners' equity over the accounting periods.
Statement II – Dividends represent the profit or loss attributable to shareholders during the period as reported in the income statement.
Only Statement I is correct
Only Statement II is correct
Both Statements are correct
Both Statements are incorrect
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Statement I – Statement of financial position is also known as Income Statement
Statement II – Financial statements are incomplete information to assess the financial health of an entity.
Only Statement I is correct
Only Statement II is correct
Both Statements are correct
Both Statements are incorrect
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Below are the transactions of Kristina Moran Trading for December 2020:
Dec 1 – K. Moran, owner of Kristina Moran Trading, invested Php 100,000 cash, merchandise Php 200,000 and store equipment worth Php 86,000.
2 – Purchased merchandise on account from Pam Parampam Supply, Php 13,000.
4 – Sold Php 12,000 goods to Maja Rocha Store on account.
9 – Sold merchandise for cash Php 25,000 goods.
11 – Purchased additional Php 18,000 merchandise.
15 – Purchased additional supplies Php 5,000.
20 – Received money from Security Bank Php 10,000 for borrowed money with promissory notes.
23 – Paid the salary of the helper, Php 1,500.
27 – Paid the rent of the store for the month Php 6,000.
29 – Kristina Moran received cash from the business Php 2,000.
30 – Paid the following expenses; Advertising Php 1,500, Php Utilities 2,500.
What should be the TOTAL CASH amount in the Ledger?
Dr: 98,500.00
Dr: 108,500.00
Cr: 98,500.00
Cr: 108,500.00
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Below are the transactions of Kristina Moran Trading for December 2020:
Dec 1 – K. Moran, owner of Kristina Moran Trading, invested Php 100,000 cash, merchandise Php 200,000 and store equipment worth Php 86,000.
2 – Purchased merchandise on account from Pam Parampam Supply, Php 13,000.
4 – Sold Php 12,000 goods to Maja Rocha Store on account.
9 – Sold merchandise for cash Php 25,000 goods.
11 – Purchased additional Php 18,000 merchandise.
15 – Purchased additional supplies Php 5,000.
20 – Received money from Security Bank Php 10,000 for borrowed money with promissory notes.
23 – Paid the salary of the helper, Php 1,500.
27 – Paid the rent of the store for the month Php 6,000.
29 – Kristina Moran received cash from the business Php 2,000.
30 – Paid the following expenses; Advertising Php 1,500, Php Utilities 2,500.
. For the above transactions, the TOTAL merchandise inventory amount in the Ledger is:
Dr: 200,000.00
Dr: 231,000.00
Cr: 200,000.00
Cr: 231,000.00
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