Font size
Worksheetsfar review
Total questions: 20
Worksheet time: 14mins
Accounting provides which type of information?
Quantitative
Qualitative
Financial Information
All of the above
Under this concept, economic events are recorded in the period in which they occur rather than at the point in time when they affect cash.
Separate Entity Concept
Accrual Basis of Accounting
Going Concern Assumption
Time Period
Which of the following would not give rise to income?
Enhancement in the value of an asset
Decrease in liabilities
Investment by the business owner to the business
All of the above
Financial Accounting focuses on catering to the information needs of external users.
TRUE
FALSE
Which of the ff would result to income of ₱320,000?
Total expense of ₱280,000 and loss of ₱40,000
Total expense of ₱360,000 and loss of ₱40,000
Total expense of ₱220,000 and loss of ₱100,000
The amount of estimated losses from uncollectible accounts receivable during the period.
Allowance for Bad Debts
Losses
Depreciation Expense
Bad Debts Expense
Which of the ff is most likely considered an adjusting entry?
Entry to record the payment of interest payble
Entry to record the collection of accounts receivable
Entry to record the purchase of equipment
Entry to record bad debts expense for the period
On October 1, Natoy Co. paid ₱135,000 for advertising to be provided for the next 9 months. What is the correct adjusting entry?
DR Advertising Expense, CR Prepaid Advertising - ₱45,000
DR Advertising Expense, CR Cash - ₱45,000
DR Prepaid Advertising, CR Advertising Expense - ₱135,000
DR Advertising Expense, CR Prepaid Advertising - ₱135,000
A debit balance in retained earnings.
Treasury shares
Small stock dividends
Deficit
Stock Dividend
In failing to adjust insurance expense of ₱16,000 related to future insurance coverage, which account/s will be understated?
Assets
Liabilities
Expense
Net Income
Shareholder's equity is the residual interest in the assets of a corporation after deducting all its liabilities.
TRUE
FALSE
Entity Z had total assets and total liabilities of ₱120M and ₱85M, respectively, at the beg. of the period. During the period, Entity Z earned a total income of ₱60M and incurred expenses of ₱45M. How much is Entity Z's total equity?
₱60M
₱90M
₱50M
₱120M
It is committed when the number of digits in an amount is incorrectly decreased or increased.
Transposition Error
Transplacement Error
Transformation Errror
Error uyab not found
The main purpose of preparing a trial balance is
to determine whether the debits and credits in the journal are equal
to try if total debits equal total credits in the ledger
to determine whether transposition or transplacement errors have been committed
to annihilate the accounts
The PFRSs consist of all the following except
PFRSs
Interpretations
PASs
Conceptual Framework
The balance sheet is useful for analyzing all of the following except
Liquidity
Profitability
Solvency
Financial Flexibility
Revenues, gains and distribution to owners all increase equity.
TRUE
FALSE
Failed to adjust the Unearned Revenue account to reflect that ₱40,000 was earned by the end of the year. Which account/s will be understated?
Assets
Liabilities
Revenue
Net Income
The idea of consistency does not mean that companies cannot switch from one accounting method to another.
TRUE
FALSE
He is the father of Modern Accounting.
(a)
