WorksheetsBATTLE OF THE DESCENDANTS (EASY)
Total questions: 10
Worksheet time: 7mins
The overall objectivity of accounting is
To provide the information that the managers of an entity need to control the operations
to provide information that the creditors can use in deciding whether to make additional loans
to measure the periodic income of the entity
to provide quantitative financial information about an entity that is useful in making economic decision
Victoria, a CPA, is employed in MH Company as the company's chief accountant.
In this case, Victoria is practicing her profession under what scope?
Public accountancy
Commerce and industry
Academe
Government
The _____________ concept assumes that the business has an indefinite economic
life.
objectivity
going concern
accounting entity
accounting period
How are assets best described to be listed on the balance sheet?
From least liquid to most liquid
From most liquid to least liquid
From lowest value to highest value
Alphabetical order
The trial balance
can be used to uncover errors in journalizing and posting
has as its primary purpose to prove that will journal entries were made for the period
in a listing of all the accounts and their balances in the order the accounts appear in the
statement of financial position.
is used to prepare the statement of financial position while the general ledger is used
to prepare the income statement
What is the law regulating the practice of accountancy in the Philippines?
R.A. No. 9289
R.A. No. 9198
R.A. No. 9928
R.A. No. 9298
The beginning balance of Marites Co.’s asset is P100, 000. During the year,
the owner invested 20,000 cash, and 30,000 worth of merchandise. How much
is the ending owner’s equity if the ending liability is P 20,000?
P130,000
P150,000
P20,000
P80,000
An accounting firm has an Office Supplies with a beginning balance of P14,000
during the year, additional P43,000 worth of Office supplies were purchased. At the
end of the year, the remaining balance went down to P11,000. The adjusting entry
for the Office Supplies Expense will be:
P16,000
P26,000
P36,000
P46,000
The following data related to an equipment acquired at the beginning of the first
year of Veronica Joyce Dan Company:
Equipment P205,000
Residual Value 15,000
Useful Life 10 years
Compute the depreciation expense every year.
16,000
20,000
41,000
19,000
On January 1, year 1, Fornire Company purchased for P240,000 a machine with a
useful life of ten years and no salvage value. The machine is depreciated by the
double-declining balance method and carrying the amount of the machine was
P153,600 on December 31, year 2. Fornire changed to the straight-line method on
January 1, year 3. Fornire Co. can justify the change. What should be the depreciation
expense on this machine for the year ended December 31, year 3.
P15,360
P19,200
P24,000
P30,720
