ACCTNG. QUIZ BEE 2024 (DIFFICULT ROUND)

BONUS QUESTION: What is the full name of your FABM 2 Teacher?

• Ms. Ana Marie S. Divina Gracia

• Ms. Ma. Anna Marie S. Divinagracia

• Ms. Anna Marie S. Divinagracia

• Ms. Ann Marie S. Divina Garcia

Bella's Fashion sold merchandise for P38,000 cash during the month of April. Returns that month totaled P800. If the company's gross profit rate is 40%, Bella will report a monthly net sales revenue and cost of goods of?

• P38,000 and P22,800

• P37,200 and P14,880

• P37,200 and 22,320

• P38,000 and 22,320

East company has the following account balances:
Purchases - P48,000
Sales Returns and Allowances - P6,400
Purchase Discounts - P4,000
Freight In - P3,000
Delivery Expense - P4,000

The cost of goods purchased for the period is?

• P52,000

• P47,000

• P51,000

• P44,600

In April 1, Bill Company received a P3,500 check from Charles for services to be performed in the future. The bookkeeper of Bill incorrectly debited Cash for P3,500 and credit Accounts Receivable for P3,500. The amounts have been posted to the ledger. To correct this entry, the bookkeeper should

• debit Cash P3,500 and Credit Uneared Service Revenue P3,500

• debit Accounts Receivable P3,500 and credit Unearned Service Revenue P3,500

• debit Accounts Receivable P3,500 and credit Cash P3,500

• debit Accounts Receivable P3,500 and credit Service Revenue P3,500

• P1,950,000

• P1,650,000

• P2,400,000

• P1,425,000

Jake's Sweet Shop recorded the following events involving a recent purchase of Merchandise
1. Received goods for P20,000 terms 2/10, n/30
2. Returned P400 of the shipment for credit
3. Paid P100 freight on the shipment
4. Paid the invoice within the discount period

As a result of theses events, the merchandise inventory will?

• increase by P19,208

• increase by P19,700

• increase by P19,306

• increase by P19,308

Yamaha Company borrowed P12,000 from the bank signing a 9%, 3-month note on September 1. The Principal and interest are payable to the bank on December 1. If the company prepares monthly financial statemetns, the adjusting entry that the company should make for interest on September 30, would be

• debit Interest Expense, P1,080; credit Interest Payable, P1,080

• debit Interest Expense, P90; credit Interest Payable, P90

• debit Note Paable, P1,080; credit Cash, P1,080

• debit Cash, P270; credit Interest Payable, P270

Fila Company purchased a truck from Wellford Co. by issue a 6-month, 8% note payable for P60,000 on November 1. On December 31, the accrued expense adjusting entry is

• No entry

• Dr. Interest Expense, 4,800; Cr. Interest Payable, 4,800

• Dr. Interest Expense, 9,600; Cr. Interest Payable, 9,600

• Dr. Interest Expense, 800; Cr. Interest Payable, 800

If prepaid expenses are initially recorded in expense accounts and have not all been used at the end of the accounting period, then failure to make an adjusting entry will cause

• assets to be understated

• assets to be overstated

• expenses to be understated

• contra-expenses to be overstated

If a company fails to adjust a Prepaid Rent account for rent that has expired, what effect will this have on that month's financial statements?

• Failure to make an adjustment does not affect the financial statements.

• Expenses will be overstated and net income and owner's equity will be understated

• Assets will be overstated and net income and owner's equity will be understated.

• Assets will be overstated and net income and owner's equity will be overstated