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ACCTG 26 PRELIM EXAM

Total questions: 70

Worksheet time: 40mins

Name
Class
Date
1.

Which of the following series of CHED Memorandum order does the BSMA program belong to?

a)

CMO No. 27 series of 2017

b)

CMO No. 28 series of 2017

c)

CMO No. 29 series of 2017

d)

CMO No. 30 series of 2017

2.

In the Financial Statement presentation, PFRS for SMEs and PFRS for SEs, a departure from the standard is allowed from PFRSs for SMEs with special disclosures are required.

a)

The statement is true

b)

The statement is False

c)

The statement is neither true nor false

d)

None of the above

3.

In comparing PFRS for SEs and PFRS for SMEs of financial statement presentation, which of the following item differs from each other?

a)

Statement of Financial Position

b)

Statement of Changes in Equity

c)

Statement of Income

d)

Notes to Financial Statements

4.

The transition to the new standard is effective for annual financial statements for periods on or after __________________ with retrospective application. In which the standards provide also an earlier application that must be disclosed.

a)

January 1, 2019

b)

January 1, 2018

c)

January 1, 2020

d)

Either of the date mentioned

5.

The following are first entry-level jobs for BSMA under commerce and industry except,

a)

Junior Analysts

b)

Cost Analyst

c)

Budget Analyst

d)

Cost Consultant

6.

The following are middle entry-level jobs for BSMA under government except

a)

State Accountant

b)

Senior Auditor

c)

Audit Services Manager

d)

Senior Partner

7.

The following are advanced position jobs for BSMA under government except

a)

National Treasurer

b)

COA Commissioner

c)

BIR Commissioner

d)

Chief Information Officer

8.

The following are allied fields in business and economics except

a)

Tourism and Travel Management

b)

Social Sciences

c)

Business Administration and Management

d)

Real Estate Management

9.

The following is the criteria for Medium-sized entities

a)

Total assets of more than P 100 Million to P 350 million

b)

Total assets of P 3 Million to P 100 million

c)

Total Liabilities of more than P 250 million

d)

Total Assets of more than P 350 million

10.

Medium Entities(MEs) and Small entities(SEs) are those entities that

a)

Are not required to file financial statements under Part II of SRC Rule 68(issues of securities to the public)

b)

Are in the process of filing their financial statements for the purpose of issuing any class of instruments in a public market

c)

Are holders of secondary licenses issued by regulatory agencies

d)

None of the above

11.

A bank service charge of P 50.

a)

Deduct it from the bank statement balance

b)

Add it to the bank statement balance

c)

Exclude it from the reconciliation

d)

Add it to the checkbook balance

e)

Deduct from the checkbook value.

12.

The credit of P 275 on the bank statement for semiannual interest collected by the bank for the company on pledged bonds.

a)

Deduct it from the bank statement balance

b)

Add it to the bank statement balance

c)

Exclude it from the reconciliation

d)

Add it to the checkbook balance

e)

Deduct from the checkbook value.

13.

The charge of P 102 for “NSF” check

a)

Deduct it from the bank statement balance

b)

Add it to the bank statement balance

c)

Exclude it from the reconciliation

d)

Add it to the checkbook balance

e)

Deduct from the checkbook value.

14.

The checks outstanding as of June 31, totaling P 4,020

a)

Deduct it from the bank statement balance

b)

Add it to the bank statement balance

c)

Exclude it from the reconciliation

d)

Add it to the checkbook balance

e)

Deduct from the checkbook value.

15.

The P 625 deposit not shown in the bank statement.

a)

Deduct it from the bank statement balance

b)

Add it to the bank statement balance

c)

Exclude it from the reconciliation

d)

Add it to the checkbook balance

e)

Deduct from the checkbook value.

16.

The P 4,500 proceeds of a bank loan(reflected on both the books and the bank statement

a)

Deduct it from the bank statement balance

b)

Add it to the bank statement balance

c)

Exclude it from the reconciliation

d)

Add it to the checkbook balance

e)

Deduct from the checkbook value.

17.

Customer’s check returned by bank marked NSF.

a)

Addition to cash balance per cash account

b)

Addition to cash balance per bank statement

c)

Deduction from cash balance per cash account

d)

Deduction from cash balance per bank statement

e)

Does not affect the reconciliation of cash balances

18.

Proceeds from a customer’s note, principal amount P 900 collected by bank collection fee of P 6 charged by bank

a)

Addition to cash balance per cash account

b)

Addition to cash balance per bank statement

c)

Deduction from cash balance per cash account

d)

Deduction from cash balance per bank statement

e)

Does not affect the reconciliation of cash balances

19.

Check No. 121 had been entered in the accounts as P 2,230 but was deducted on the bank statement in the correct amount of P 2,320.

a)

Addition to cash balance per cash account

b)

Addition to cash balance per bank statement

c)

Deduction from cash balance per cash account

d)

Deduction from cash balance per bank statement

e)

Does not affect the reconciliation of cash balances

20.

The current bank statement shows a deduction of P 8.00 for a new checkbook

a)

Addition to cash balance per cash account

b)

Addition to cash balance per bank statement

c)

Deduction from cash balance per cash account

d)

Deduction from cash balance per bank statement

e)

Does not affect the reconciliation of cash balances

21.

A check book of an unauthorized person had been deducted from the account by the bank in error.

a)

Addition to cash balance per cash account

b)

Addition to cash balance per bank statement

c)

Deduction from cash balance per cash account

d)

Deduction from cash balance per bank statement

e)

Does not affect the reconciliation of cash balances

22.

Deposit of May 29 not recorded by the bank until June 2

a)

Addition to cash balance per cash account

b)

Addition to cash balance per bank statement

c)

Deduction from cash balance per cash account

d)

Deduction from cash balance per bank statement

e)

Does not affect the reconciliation of cash balances

23.

Outstanding checks totaled P 8,600

a)

Addition to cash balance per cash account

b)

Addition to cash balance per bank statement

c)

Deduction from cash balance per cash account

d)

Deduction from cash balance per bank statement

e)

Does not affect the reconciliation of cash balances

24.

A check for P 171 written by AC Corporation had been deducted on the bank statement of ABC Corporation

a)

Addition to cash balance per cash account

b)

Addition to cash balance per bank statement

c)

Deduction from cash balance per cash account

d)

Deduction from cash balance per bank statement

e)

Does not affect the reconciliation of cash balances

25.

Which of the following items should not be recorded in the cash account?

a)

Money Orders

b)

Certificates of Deposits

c)

Postage Stamps

d)

Ordinary checks

26.

A company is preparing the bank reconciliation for the month of May. The cash records indicate that checks amounting to P 15,000 were written during May and deposits were P 21, 000. The bank reconciliation of April showed outstanding checks of P 1,000 and deposits in transit of P 2,000. The bank statement for May showed that the total checks cleared amounted to P 14,500. Therefore, outstanding checks at the end of May amounted to_____

a)

P 1,500

b)

P 500

c)

P 15,000

d)

P 14,500

27.

In order to be classified as cash equivalents, an investment must have a maturity date of;

a)

less than six months

b)

three to six months

c)

six to twelve months

d)

three months or less

28.

Cash control systems are the methods and procedures used to;

a)

ensure that current obligations are met

b)

ensure that excess cash does not exist

c)

ensure the safeguarding of cash

d)

ensure that unsued cash is invested

29.

Which of the following is classified as current liability on the Statement of Financial Position?

a)

bank overdrafts

b)

post-dated checks

c)

customer non-sufficient fund checks

d)

travel advances

30.

Which of the following is a key element of internal control over cash payments?

a)

periodically reconciling the cash account balance on the company's books to the bank statement balance

b)

making daily bank deposits

c)

requiring that all petty cash fund vouchers be approved by two signatures

d)

authorizing and verifying the petty cash fund for P 1,000 of various minor expenditures would include a;

31.

The entry to replenish the petty cash fund for P 1,000 of various minor expenditures would include a;

a)

debit to petty cash

b)

debit to cash

c)

credit to petty cash

d)

credit to cash

32.

Compensating balance agreements that do not legally restrict the amount of funds shown on the Statement of Financial Position should:

a)

be reported in the current asset section

b)

be reported in the L-T investment section

c)

be reported in the other asset section

d)

be reported in the footnotes

33.

Which of the following reconciling items would require an adjusting journal entry on the company's books?

a)

outstanding checks

b)

non-sufficient fund checks

c)

deposit in transit

d)

cash on hand

34.

EMR Co. uses a four-column bank reconciliation. the bank statement reports May payments of P 13,150, including service charges of P 200. At the beginning of May, there were P 900 of checks outstading. At the end of May, there were P 1,200 of checks outstanding. Before recording the bak service charges, EMR must have recorded May payments of

a)

P 13,250

b)

P 12,650

c)

P 13,050

d)

P 13,650

35.

A Company received its monthly bak statement, which showed an ending balance of P 150,000. Adjustements on the bank reconcilliation included a deposit in transit, P 20,000; outstanding checks, P 30,000; "NSF" check for P 5,000; bank service charge of P 300; proceeds of a customer's noted collected by the bank of P 40,000. What was the correct cash balance shown on the Statement of Financial Position?

a)

P 134,700

b)

P 135,000

c)

P 140,000

d)

P 174,700

36.

A bank service charge of P 25.

a)

Deduct it from the bank statement balance

b)

Add it to the bank statement balance

c)

Exclude it from the reconciliation

d)

Add it to the checkbook balance

e)

Deduct from the checkbook value.

37.

The credit of P 275 on the bank statement for semiannual interest collected by the bank for the company on pledged bonds.

a)

Deduct it from the bank statement balance

b)

Add it to the bank statement balance

c)

Exclude it from the reconciliation

d)

Add it to the checkbook balance

e)

Deduct from the checkbook value.

38.

The charge of P 122 for “NSF” check

a)

Deduct it from the bank statement balance

b)

Add it to the bank statement balance

c)

Exclude it from the reconciliation

d)

Add it to the checkbook balance

e)

Deduct from the checkbook value.

39.

The checks outstanding as of June 31, totaling P 3,020

a)

Deduct it from the bank statement balance

b)

Add it to the bank statement balance

c)

Exclude it from the reconciliation

d)

Add it to the checkbook balance

e)

Deduct from the checkbook value.

40.

The P 625 deposit not shown in the bank statement.

a)

Deduct it from the bank statement balance

b)

Add it to the bank statement balance

c)

Exclude it from the reconciliation

d)

Add it to the checkbook balance

e)

Deduct from the checkbook value.

41.

The P 4,500 proceeds of a bank loan(reflected on both the books and the bank statement

a)

Deduct it from the bank statement balance

b)

Add it to the bank statement balance

c)

Exclude it from the reconciliation

d)

Add it to the checkbook balance

e)

Deduct from the checkbook value.

42.

Customer’s check returned by bank marked NSF.

a)

Addition to cash balance per cash account

b)

Addition to cash balance per bank statement

c)

Deduction from cash balance per cash account

d)

Deduction from cash balance per bank statement

e)

Does not affect the reconciliation of cash balances

43.

Proceeds from a customer’s note, principal amount P 900 collected by bank collection fee of P 6 charged by bank

a)

Addition to cash balance per cash account

b)

Addition to cash balance per bank statement

c)

Deduction from cash balance per cash account

d)

Deduction from cash balance per bank statement

e)

Does not affect the reconciliation of cash balances

44.

Check No. 121 had been entered in the accounts as P 2,230 but was deducted on the bank statement in the correct amount of P 2,320.

a)

Addition to cash balance per cash account

b)

Addition to cash balance per bank statement

c)

Deduction from cash balance per cash account

d)

Deduction from cash balance per bank statement

e)

Does not affect the reconciliation of cash balances

45.

The current bank statement shows a deduction of P 8.00 for a new checkbook

a)

Addition to cash balance per cash account

b)

Addition to cash balance per bank statement

c)

Deduction from cash balance per cash account

d)

Deduction from cash balance per bank statement

e)

Does not affect the reconciliation of cash balances

46.

A check book of an unauthorized person had been deducted from the account by the bank in error.

a)

Addition to cash balance per cash account

b)

Addition to cash balance per bank statement

c)

Deduction from cash balance per cash account

d)

Deduction from cash balance per bank statement

e)

Does not affect the reconciliation of cash balances

47.

Deposit of May 29 not recorded by the bank until June 2

a)

Addition to cash balance per cash account

b)

Addition to cash balance per bank statement

c)

Deduction from cash balance per cash account

d)

Deduction from cash balance per bank statement

e)

Does not affect the reconciliation of cash balances

48.

Outstanding checks totaled P 8,600

a)

Addition to cash balance per cash account

b)

Addition to cash balance per bank statement

c)

Deduction from cash balance per cash account

d)

Deduction from cash balance per bank statement

e)

Does not affect the reconciliation of cash balances

49.

A check for P 161 written by AC Corporation had been deducted on the bank statement of ABC Corporation

a)

Addition to cash balance per cash account

b)

Addition to cash balance per bank statement

c)

Deduction from cash balance per cash account

d)

Deduction from cash balance per bank statement

e)

Does not affect the reconciliation of cash balances

50.

Which of the following items should not be recorded in the cash account?

a)

Money Orders

b)

Certificates of Deposits

c)

Postage Stamps

d)

Ordinary checks

51.

A cash deposit made by business appears on the bank statement as _______ balance.

a)

Debit

b)

Credit

c)

Expenses

d)

Liabilities

52.

Whenever money is deposited by the business, a credit entry in its records corresponds to a debit entry in the bank's records.

a)

True

b)

False

53.

If the final balance of the bank statement is credit, it indicates that the business owes the bank money.

a)

True

b)

False

54.

On 7 April 2016, you received the bank statement for March and found that a P12,000 cheque, which was drawn on 10 September 2015 and paid to creditor, had not been presented to the bank.

a)

Cash Book, Dr Cash Cr Creditor

b)

Cash Book, Dr Creditor Cr Cash

c)

Bank Rec. item, Add to bank balance

d)

Bank Rec. item, less from cash book bal.

55.

A consumer has a higher credit score if he has _______ assets and _______ liabilities.

a)

more ... more

b)

more ... less

c)

less ... more

d)

less ... less

56.

What occurs when a customer has withdrawn more funds than were actually in the banking account resulting in the customer owing money to the bank?

a)

Credit balance

b)

Overdraft

c)

Levies

d)

Transactions

57.

Why cash book and bank reconciliation doesn't provide the same value?

a)

record different transaction

b)

some transactions are recorded by one side only

58.

Received cheque 150 recorded by the business, what correction need to be made?

a)

cash book +150

b)

cash book -150

c)

bank statement +150

d)

bank statement -150

59.

Paid interest 150 recorded by the bank, what correction need to be made?

a)

cash book +150

b)

cash book -150

c)

bank statement +150

d)

bank statement -150

60.

what to be recorded for updating cash book? (more than 1 answer)

a)

bank charge

b)

bank interest

c)

bank error

d)

uncredited amount

e)

standing order

61.

What is the term for balancing a company's cash account to its bank account?

a)

Account balancing

b)

Bank reconciliation

c)

Adjustment

d)

Cleared balance

62.

In order to perform a bank reconciliation you will need the check register and which of the following?

a)

Bank Statement

b)

Chart of Accounts

c)

Accounts Payable

d)

Accounts Receivable

63.

A bank reconciliation statement is prepared by?

a)

Banker

b)

Accountant of the business

c)

Auditors

d)

Registrars

64.
A businessman generally opens a ………. account with a bank and maintains related cash book .
a)
savings
b)
current
c)
multiple deposit
d)
fixed deposit
e)
premium
65.

The Balance of Petty Cash is :

a)

(a) An Expense

b)

(b) Revenue

c)

(c) An asset

d)

(d) Liability

66.

Cash book is a form of:

a)

(a) Trial Balance

b)

(b) Ledger

c)

(c) Journal

d)

(d) All of the above

67.

Small payments are recorded in a book called

a)

(a) Cash Book

b)

(b) Small payments book

c)

(c) Purchase book

d)

(d) Petty cash book

68.

A Petty Cash Fund is set up

a)

as a backup to the Cash at Bank account

b)

so that when the cash registger is low in funds, the employee can take money from the Petty Cash Fund

c)

in order to make payments that are too small to need an individual cheque to be written

d)

as a form of control over the cash at bank account

69.

The person who is responsible for the Petty Cash is called the

a)

Petty Cash Voucher

b)

Administrative Assistant

c)

Perry Cash Assistant

d)

Petty Cashier

70.

The method for controlling and recording the petty cash is called the

a)

Petty Cash Book

b)

Cash Payments Journal

c)

Cash Book System

d)

Imprest System

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