WorksheetsFAR QUIZ BEE (easy round)
Total questions: 10
Worksheet time: 5mins
On September 1, 2021, Shogun Company purchased a machine for P300,000 that was placed in service on October 31, 2021. Shogun incurred additional costs for this machine, as follows:
Transportation cost 14,000
Installation cost 16,000
In Shogun’s December 31, 2021 balance sheet, the machine’s cost should be reported at
314,000
330,000
316,000
270,000
Contains all the assets, liability and stockholder’s equity accounts
General Ledger
Income Statement
Special Ledger
Statement of Cash Flows
Ayaka Company incurred the following costs:
Materials 850,000
Storage costs of finished goods 200,000
Delivery to customers 50,000
Irrecoverable purchase taxes 30,000
At what amount should the inventory be measured?
880,000
630,000
800,000
900,000
This information is useful in assessing an entity’s investing, financing, and operating activities
Cash Flows
Income Statement
Economic Resources
Balance Sheet
In the petty cash fund of Ningguang Company as of July 4, 2021, Keqing found the following composition of the petty cash fund:
Bills & coins counted 204,500
Approved and signed petty cash vouchers:
Dated June 2021 30,300
Dated July 1-4, 2021 80,500
IOU from Zhongli, an employee 150,000
The company’s reporting period ends on June 30.
What is the correct balance of the petty cash fund?
0
285,000
234,800
150,000
Under the accrual basis of accounting, revenues are reported in the accounting period when
Cash is received
Revenue matches the expenses
Service or goods have been delivered or rendered
None of the above
The bonus agreement of Qiqi Company provides that the general manager shall receive an annual bonus of 10% of the net income after bonus and tax. The income tax rate is 30%.
The general manager received P280,000 for the current year as bonus.
What is the income before bonus and tax?
4,000,000
4,280,000
2,800,000
3,720,000
Owner’s Equity is equal to
Assets + Capital
Asset – Capital
Assets – Liabilities
Capital – Liabilities
Jade Chamber Company reported the following liabilities on December 31, 2020:
Accounts payable and accrued interest 100,000
12% note payable issued Nov. 1, 2019
(maturing July 1, 2021) 200,000
10% debentures payable, next annual principal
installment of 50,000 due February 1, 2021 700,000
On Dec. 31, 2020, the entity consummated a noncancelable agreement with the lender to refinance the 12% note payable on long-term basis.
What total amount should be reported as current liabilities on Dec. 31, 2020?
150,000
750,000
300,000
200,000
When bank receives cash from a depositor, the cash should be credited to
Accounts Receivable
Cash in Bank
Deposit Liability
Accounts Payable
