Quiz ASC 1 IUP

The basic accounting equation formula is…

• Assets = Liabilities - Equity

• Liabilities = Equity + Assets

• Assets = Liabilities + Equity

• Assets = Liabilities + Accounts Payable

List the sequence of the main steps in the accounting cycle.

• transaction data collection > general journal > adjustment journal > general ledger > financial statements > general ledger to start a new period

• transaction data collection > general journal > adjustment journal > general ledger > general ledger to start a new period > financial statements

• transaction data collection > general journal > general ledger > adjusting journal > financial statements > general ledger to start a new period

• transaction data collection > general journal > ledger > adjustment journal > financial statements

Financial reports present several elements that cause an increase or decrease in initial capital to become final capital, namely

• Retained Earnings Statement

• Income statement

• Statement of Changes in Equity

• Financial Position Statement

Purchase of equipment on credit. Effect of the transaction and its effect on the account

• Assets (Equipment) increase and Assets (Cash) decrease

• Assets (Equipment) decreases and Assets (Cash) increases

• Assets (Equipment) increase and liabilities decrease

• Assets (Equipment) increase and liabilities increase

Mr. Amir on behalf of the company handed over the company's cash of Rp. 1,300,000 to pay off the bank debt. This transaction affects the account

• Assets (cash) increased by Rp. 1,300,000 and Account Receivable increased by Rp. 1,300,000

• Assets (Cash) decreased by Rp. 1,000,000 and Account Payable decreased by Rp. 1,000,000

• Assets (cash) increased by Rp 1,000,000 and Accounts receivable decreased by Rp 1,000,000

• Assets (Cash) decreased by Rp. 1,300,000 and Account Payable decreased by Rp. 1,300,000

What is the function of the general journal?

• Collecting account balances at the end of the accounting period, usually at the end of a month or year. This includes the balances of asset, liability, capital, revenue, and expense accounts.

• Record every financial transaction that occurs in the company. This includes transactions such as sales, purchases, salary payments, cash receipts, and more.

• Calculate total revenue during the accounting period. All revenue accounts that may have been recorded during the period (such as sales, interest income, or other income) will be added together.

• Initial recording of the company's financial transactions, which is then used to create ledgers and financial reports.

Purchased Office Equipment for Rp. 30,000,000,- paid in cash Rp. 10,000,000,- the rest was paid with a promissory note. The transaction journal above is

• Office Equipment Rp30,000,000(D) Accounts payable Rp10,000,000(K) Cash Rp20,000,000(K)

• Office Equipment Rp30,000,000(D) Capital Rp30,000,000(K)

• Office Equipment Rp30,000,000(D) Cash Rp10,000,000(K) Accounts payable Rp20,000,000(K)

• Office Equipment Rp30,000,000(D) Cash Rp30,000,000(K)

Paid to Toko Lancar part of its debt for the purchase of equipment on July 13th amounting to Rp. 4,800,000.- The journal for the above transaction is

• Cash Rp. 4,800,000(D) Accounts payable Rp. 4,800,000(K)

• Cash Rp. 4,800,000(D) Business capital Rp. 4,800,000(K)

• Accounts payable Rp4,800,000(D) Cash Rp4,800,000(K)

• Business capital Rp. 4,800,000(D) Cash Rp. 4,800,000(K)

Why is the general ledger important in corporate financial accounting?

• serves to record all financial transactions that occur in the company. This includes all activities such as sales, purchases, payments, receipts, and other changes in the company's financial position.

• functions as a record after the general journal which is further categorized for each account so that it can be monitored clearly.

• functions if the company has provided services or products to customers but payment has not been received (unrecognized income), an adjustment journal is used to record this income to reflect the income that has actually been received.

• Functions to organize accounts into various categories, such as asset accounts, liability accounts, capital accounts, income accounts, and expense accounts. This helps companies to clearly see how accounts relate to each other in the accounting structure.

The trial balance is used to check the accuracy of

• Balance sheet

• General ledger account balance

• Cash flow statement balance

• Balance sheet income statement