Review Quiz

It is defined as the process of recording or the act of recording business transactions in the business book.

• Depreciating

•      Interpreting

• Journalizing

• Summarizing 

What do you call the entry that is made in the journal?

• Credit Entry

• Debit Entry

• Journal Entry

• Normal Entry

It refers to Identifying, measuring, and recording financial transactions.

• Analyzing

• Auditing

• Bookkeeping

• Recording

It is a simple and straightforward method in which each transaction is recorded in a one-line entry.

• Double-Entry Bookkeeping

• Dual-Entry Bookkeeping

• Single-Entry Bookkeeping

• Triple-Entry Bookkeeping

Which of the equations below is defined as the accounting equation?

• Assets = Liabilities - Equity

• Assets = Liabilities + Equity

• Assets + Liabilities = Equity

• Assets + Liabilities – Equity

Which statement is true?

• The normal balance of capital is debit.

• Liability accounts are increased by debits.

• Revenue accounts are increased by credits.

• Expense accounts are increased by credits.

When Total Operating Expenses is greater than Gross Profit, the business is most likely experiencing, which situation below?

•    Gross Profit

• Net Loss

• Net Income

• Net Profit

Which of the following is the correct recording of capital investment?

• Debit Accounts Receivable

  Credit Capital

• Debit Capital

  Credit Cash

• Debit Cash

  Credit Capital

• Debit Accounts Payable

  Credit Capital

How do we record payment of salaries to employees?

• debit cash

  credit accounts receivable

• debit accounts payable

  credit cash

• debit cash

  credit salaries expense

• debit salaries expense

  credit cash

The company purchased a delivery vehicle on credit amounting to P100,000. What will be debit and credit entry?

• DR cash 90,000

  CR vehicle 90,000

• DR vehicle 90,000

  CR Accounts Payable P90,00

• DR vehicle 90,000

  CR cash 90,000

• DR Accounts Receivable

  CR Accounts Payable