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WorksheetsROUND 5 ACCOUNTANT YARN?
Total questions: 10
Worksheet time: 9mins
1. Mr. A, a sole-proprietor has the following: Premises P55,000 Cash in Bank 6,500 Inventory 12,500 Creditors 5,000 What is the amount of capital?
31,000
10,500
35,000
69,000
1. Which is not considered a book of original entry?
General Journal
General Ledger
Sales Journal
Purchases Journal
1. On September 1, 2015, Pine Company issued a note payable to National Bank in the amount of P1,800,000, bearing interest at 12% and payable in three equal annual principal payments of P600,000. On this date, the bank prime rate was 11%. The first interest and principal payment was made on September 1, 2016. On December 31, 2016, what should be reported as accrued interest payable?
44,000
48,000
66,000
72,000
1. : Which is false concerning the rules of debit and credit?
The left side of an account is always the debit side and the right side is always the credit side.
The word debit means to increase and the word credit means to decrease.
Increases in assets and expense are debit entries and increases in liabilities, equity and revenue are credit entries.
The normal balance of any account appears on the side for recording increases.
1. The closing entries
Must debit or credit one income statement account and one statement of balanced sheet account
Are posted to the appropriate general ledger accounts
Include closing the dividends account to income summary
All of the above
1. Mr. CJ Yting, the proprietor of the business, has a total assets of ₱345,400 and owner’s equity of ₱144,500. How much is the total liabilities?
₱345,400
₱489,900
₱200,900
₱144,500
1. The following information is available from Dell Company’s accounting records for the current year:
Purchases
₱5,300,000
Purchase discounts
100,000
Purchase returns and allowances
75,000
Beginning inventory
1,600,000
Ending inventory
2,225,000
Freight in
150,000
Freight out
400,000
Dell’s cost of goods sold for the current year is
₱4,650,000
₱5,050,000
₱4,750,000
₱5,850,000
1. The following account balances were taken from Panramona Bakeshop for the quarter ending December 31, 2019:
Inventories
October 1
December 31
Raw materials
₱120,000
₱105,000
Work in process
250,000
275,000
Finished goods
170,000
290,000
Purchases – raw materials
₱110,000
Freight-in
5,000
Direct labor
308,000
Indirect labor
45,000
Indirect materials
65,000
Amortization of trademark
50,000
Rent expense – factory
25,000
Depreciation – factory
40,000
Depreciation – office
48,000
How much is cost of goods sold?
₱518,000
₱525,000
₱540,000
₱550,000
1. Which statement is not true concerning the Conceptual Framework?
The Conceptual Framework should be a basis for standard setting.
The Conceptual Framework should allow practical problems to be solved more quickly.
The Conceptual Framework should be based on fundamental truth derived from the law of nature.
The Conceptual Framework should increase users’ understanding and confidence in financial reporting.
1. Which of the following has a normal credit balance?
Loans to partners
Partner’s Capital
Partner’s Drawing
Due from partner
