Accounting Final

Accounting Final

University

40 Qs

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Accounting Final

Accounting Final

Assessment

Quiz

Other

University

Hard

Created by

Ria Dela Cruz

Used 3+ times

FREE Resource

40 questions

Show all answers

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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