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Module 2

Total questions: 30

Worksheet time: 19mins

Name
Class
Date
1.
Refer to the expenses that are already incurred, used, utilized or consumed but have not yeen been paid.
a)
Prepaid Expenses
b)
Unearned Expenses
c)
Accrued Expenses
d)
Accounts Expense
2.
Refer to income or revenue already earned but has not yet been collected. 
a)
Unearned Revenue
b)
Accrued Income
c)
Prepaid Income
d)
Service Revenue
3.
Represent revenue or income already collected but not yet earned; also referred to as advances from customers.
a)
Accrued Income
b)
Service Revenue
c)
Unearned Revenue
d)
Sales Revenue
4.
Represent advance payments made for expenses which have not yet been incurred, used, utilized or consumed.
a)
Accrued Expenses
b)
Unearned Expenses
c)
Prepaid Expenses
d)
Accounts Expense
5.
Refers to the allocation of the cost of the asset over its estimated useful life.
a)
Consumption
b)
Deterioration
c)
Contra Asset
d)
Depreciation
6.
It is prepared after adjusting entries are made and posted in the ledger.
a)
Income Statement
b)
Balance Sheet
c)
Adjusted Trial Balance
d)
Unadjusted Trial Balance
7.
The adjusting entry to record an accrued expense results in which of the following types of accounts being debited and credited?
a)
Asset/Revenue
b)
Asset/Liability
c)
Expense/Asset
d)
Expense/Liability
8.
The adjusting entry to record an accrued revenue results in which of the following types of accounts being debited and credited?
a)
Asset/Revenue
b)
Asset/Liability
c)
Expense/Asset
d)
Expense/Liability
9.
Office Equipment was purchased on May 1, 2017 at a cost of P 140,000 with a salvage value of P 20,000. The equipment’s useful life is five years. How much is the depreciation expense on December 31, 2017.
a)
Php 24,000
b)
Php 10,000
c)
Php 16,000
d)
Php 28,000
10.
On September 1, 2017, the company collected  P72,000 rent in advance. A debit to Cash and a credit to Unearned Revenue was made. The tenant was paying for one year's rent. How much is the Rental Revenue to be recorded in the adjusting entry on Dec. 31, 2017?
a)
Php 6,000
b)
Php 24,000
c)
Php 30,000
d)
Php 36,000
11.
On October 1, 2017 the company paid P 18,000 for a one-year insurance policy. Insurance Expense was debited and Cash was credited. The account to be debited and its amount to be recorded on Dec. 31, 2017 is
a)
Insurance Expense/ Php 13,500
b)
Prepaid Insurance/ Php 13,500
c)
Insurance Expense/  Php 4,500
d)
Prepaid Insurance/  Php 4,500
12.
On Nov. 1, 2017, Ms. Cruz, owner of Labada Express, received  P 60,000 as advance payment from Hotel Dolores for laundry of assorted garments. Assuming, 60% of the unearned revenue has been rended on Dec. 31, 2017, what is the account to be credited and its amount? 
a)
Unearned Revenue/ Php 36,000
b)
Laundry Revenue/ Php 36,000
c)
Unearned Revenue/ Php 24,000
d)
Laundry Revenue/ Php 24,000
13.

What is the source of information for completing the closing entries?

a)

Unadjusted trial balance

b)

Income Statement

c)

Adjusted trial balance

d)

Work sheet

14.

Temporary accounts include assets, expenses, and dividends.

a)

True

b)

False

15.
When the total revenues are greater than the total expenses,
a)
the Income Summary account has a credit balance
b)
The Income Summary account has a debit balance
c)
debits equal credits
d)
none of these
16.
When the total expenses are greater than the total revenues,
a)
the Income Summary account has a credit balance
b)
the Income Summary account has a debit balance
c)
debits equal credits
d)
none of these
17.
Which of the following is a "real" account?
a)
cash
b)
expenses
c)
revenue
d)
income summary
18.

What is the journal entry required to close expenses?

a)

Debit Expenses, Credit Income Summary

b)

Debit Income Summary, Credit Expenses

c)

Debit Expenses, Credit Capital

d)

Debit Capital, Credit Expenses

19.

What is the journal entry required to close revenues?

a)

Debit Revenues, Credit Income Summary

b)

Debit Revenues, Credit Capital

c)

Debit Capital, Credit Revenues

d)

Debit Income Summary, Credit Revenues

20.

What is the journal entry required to close Capital?

a)

Debit Capital, Credit Income Summary

b)

Debit Income Summary, Credit Capital

c)

Debit Assets, Credit Capital

d)

You do not close the Capital Account

21.

If an entity utilizes reversing entries, they will

a)

be made at the beginning of the next accounting period

b)

not actually be posted to the general ledger accounts

c)

be made before the post-closing trial balance is prepared

d)

leffect only statement of financial position accounts

22.

It is a type of business that involves buying and selling of goods

a)

Merchandising Business

b)

Service Business

c)

Manufacturing

23.

It is the product or good that you are selling

a)

Supplies

b)

Cash

c)

Inventory

d)

Prepaid Expense

24.

Under periodic system, purchase of goods is recorded under the account title of

a)

Merchandise Inventory

b)

Sales

c)

Purchases

d)

Purchase Discount

25.

It is the cost of transporting the goods shouldered by the buyer

a)

Freight out

b)

Delivery Expense

c)

Purchases

d)

Freight In

26.

A company has sales of $763,000 and cost of goods sold of $306,000. Its gross profit equals:

a)

$(457,000).

b)

$763,000.

c)

$306,000.

d)

$457,000.

e)

$1,069,000.

27.

Zessa Company had sales of $150,200, sales discounts of $2,250, and sales returns of $3,605. Zessa Company's net sales equals:

a)

$5,855.

b)

$144,345.

c)

$147,950.

d)

$150,200.

28.

1. Records show the ending owner’s equity amounting to P 100,000. Additional investments during the year totaled Ph 55,000 and withdrawals amounted to Ph 20,000. Compute for the company’s net income for the year assuming beginning equity is P30,000.

a)

15,000

b)

25,000

c)

35,000

29.

Which topic is the hardest for you

a)

Adjusting Entries

b)

Worksheet Preparation

c)

Closing Entries & Post Closing Trial Balance

d)

Reversing Entries

e)

Financial Statements (Merchandising & Service Concern)

30.

Revenue = 1000

Cost of Goods Sold = 200

Expenses = 300

Gross Profit = ?

a)

800

b)

500

c)

700

d)

300

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