Accounting Quiz 2024

The account used to close income and expense accounts is the income summary account.

• True

• False

On December 5, 2024, PT. Jaya sold 2 units of LCD TVs for Rp.8,000,000 each, excluding VAT of 11%. Based on this transaction, the cash recorded by PT. Jaya is Rp.8,880,000 on the credit side.

• True

• False

Adjustment of fixed assets on Accurate Online does not need to be done because it has been processed through the end-of-month process.

• True

• False

The tax used when a transaction occurs for buying and selling goods and services is VAT, with a rate of 12%.

• True

• False

The company pays weekly wages to its employees. Wages are paid every Saturday amounting to Rp. 1,500,000. If December 31 falls on a Wednesday, the adjusting journal entry is ...

• Wages & Salaries Expense (D) Rp. 1,500,000, Accrued Expense (K) Rp. 1,500,000

• Wages & Salaries Expense (D) Rp. 500,000, Accrued Expense (K) Rp. 500,000

• Accrued Expense (D) Rp. 1,500,000, Wages & Salaries Expense (K) Rp. 1,500,000

• Accrued Expense (D) Rp. 500,000, Wages & Salaries Expense (K) Rp. 500,000

• Wages & Salaries Expense (D) Rp. 750,000, Accrued Expense (K) Rp. 750,000

At the beginning of April 2024, the company received an order to make 225 sheets of fabric with a wage of 30,000, recorded as Revenue. By the end of April, only 125 sheets were completed. The correct adjusting journal entry at the end of April 2024 is ...

• Accounts Receivable (D) Rp. 3,750,000, Revenue (K) Rp. 3,750,000

• Accounts Receivable (D) Rp. 6,750,000, Revenue (K) Rp. 6,750,000

• Accounts Receivable (D) Rp. 3,000,000, Revenue (K) Rp. 3,000,000

• Revenue (D) Rp. 3,000,000, Accounts Receivable (K) Rp. 3,000,000

• Revenue (D) Rp. 3,750,000, Accounts Receivable (K) Rp. 3,750,000

On September 1, 2024, an insurance premium of Rp 2,400,000 was paid for one year and recorded in the insurance expense account. The adjusting journal entry on December 31, 2022, is ...

• Insurance Expense Rp 1,600,000, Prepaid Insurance Rp 1,600,000

• Prepaid Insurance Rp 1,600,000, Insurance Expense Rp 1,600,000

• Insurance Expense Rp 800,000, Prepaid Insurance Rp 800,000

• Prepaid Insurance Rp 800,000, Insurance Expense Rp 800,000

• Insurance Expense Rp 2,400,000, Prepaid Insurance Rp 2,400,000

In the trial balance/work sheet, if the debit column total is greater than the credit column total, then the company is experiencing ... and the effect on capital is ...

• Loss, reducing capital

• Profit, increasing capital

• Loss, increasing capital

• Profit, reducing capital

If the total debit column is greater than the total credit column, then the company experiences ... and its effect on capital ...

• Loss, reducing capital

• Loss, increasing capital

• Profit, reducing capital

• Profit, increasing capital

• Loss, not reducing capital

PD. JEMPOL sells 100 units of goods at Rp 1,000,000 each to Toko Juara with sales terms 2/10, n/30, the cost of goods sold at Rp 700,000 each. What accounting entry should be made by PD JEMPOL if using a physical system?

• Debit 'Purchase' account and credit 'Account Payable' account

• Debit 'Account Payable' account and credit 'Cash in Bank' account

• Debit 'Account Receivable' account and credit 'Sales' account

• Debit 'Account Payable' account and credit 'Sales' account

• Debit 'Cash in Bank' account and credit 'Sales' account