Midterm Exam Accounting 2024/2025

The accounting equation is written as follows:

• Assets - Equity = Liabilities

• Assets - Liabilities = Equity

• Assets = Liabilities + Equity

• All answers are correct

Which is the most appropriate order of the accounting cycle?

• Transaction journal, closing journal, adjusting journal, reversing journal

• Transaction journal, closing journal, reverse journal, adjustment journal.

• Transaction journal, adjustment journal, closing journal, reverse journal.

• Transaction journal, adjustment journal, reversal journal, closing journal.

The following are transactions that will increase revenue except :

• Completion of audit activities by the Public Accounting Firm

• Garuda flight ticket sales for next month's flight

• Oil sales by Pertamina to gas station owners

• Sales of furniture by PT. ABC to customers on credit

The company's financial transactions are......

• All events that occur within the company

• Events that are directly related to other parties

• Events that directly affect the company's assets and liabilities

• Events and circumstances that result in changes in a company's assets, liabilities and capital measured in specific currency units.

The purpose of financial statements is...

• Provide useful information for investors, creditors, funders and other users to make decisions.

• Assessing the appropriateness of internal controls

• Evaluate management performance results compared to budget

• Provides information on compliance with existing procedures

Retained earnings in the statement of financial position are determined by the following components:

• Assets, liabilities and capital

• Income, expenses and capital

• Share capital, dividends and equity

• Income, expenses and dividends

Which of the following accounts are in the trial balance after closing?

• Salary expense

• Interest income

• Prepaid rent

• Completed service revenue

The following is a statement about the statement of changes in capital, except.......

• The preparation of the statement of changes in capital is done after the income statement has been prepared.

• The composition of the statement of changes in capital consists of assets, liabilities and capital

• The results of the income statement will be included in the statement of changes in capital.

• A capital statement is an overview of the changes in owners' capital that occur during a particular accounting period.

Which of the following accounts should be closed by transferring the balance to the Profit and Loss account at the end of the period:

• Repair income

• Salary cost

• Repair income and salary expenses

• Income received in advance

If debt decreased by 70,000 in one period and equity increased by 20,000 in the same period. What is the increase of assets in the same period?

• 90,000 up

• 50,000 down

• 50,000 up

• 70,000 down