FABM 1 Quiz 3

What is the 5th step of the accounting cycle?

• Journalizing

• Unadjusted Trial Balance

• Adjusting Entries

• Adjusted Trial Balance

The business bought tables and chairs on account. What is the effect on total assets?

• Increase

• Decrease

• No Effect

• I don't know

Which of the following is also known as the T-Account?

• 10-column Worksheet

• General Ledger

• General Journal

• Trial Balance

Which of the following steps of the accounting cycle has the goal of testing the equality of debits and credit?

• Journalizing

• Posting

• Unadjusted Trial Balance

• Adjusting Entries

The business paid for the electricity bill. What are the effects?

• Increase in Income and Decrease in Cash

• Increase in Expenses and Decrease in Cash

• Increase in Liabilities and Decrease in Cash

• Increase in Capital and Decrease in Cash

The loan on the bank was approved worth P50,000. Record the transactions

• Debit: Accounts Receivable P50,000

  Credit: Loans Payable P50,000

• No Effect

• Debit: Accounts Payable P50,000

  Credit: Loans Payable P50,000

• Debit: Cash P50,000

  Credit: Loans Payable P50,000

Which of the following steps of the accounting cycle has the goal of finding out the final balance of each account titles ?

• Journalizing

• Posting

• Unadjusted Trial Balance

• Adjusting Entries

The business paid the loan on the bank worth P50,000. Record the transactions

• Debit: Loans Payable P50,000

  Credit: Cash P50,000

• No Effect

• Debit: Accounts Payable P50,000

  Credit: Cash P50,000

• Debit: Cash P50,000

  Credit: Loans Payable P50,000

The business received P25,000 from customers for services rendered. Record the transactions.

• Debit: Service Income P25,000

  Credit: Cash P25,000

• Debit: Accounts Receivable P25,000

  Credit: Service Income P25,000

• Debit: Cash P25,000

  Credit: Service Income P25,000

• No effect

Which of the following steps of the accounting cycle has the goal of recording the effects of each of the business transactions ?

• Journalizing

• Posting

• Unadjusted Trial Balance

• Adjusting Entries