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ACC 101_Midterm Review Quiz

Total questions: 25

Worksheet time: 35mins

Name
Class
Date
1.
In the event of conflict between the economic substance of a transaction and its legal form, the economic substance shall prevail. This concept is known as
a)
Form over substance
b)
Substance over form
c)
Faithful representation
d)
Completeness
2.
The ingredients of faithful representation are
a)
Completeness and neutrality
b)
Completeness and free from error
c)
Completeness, neutrality and free from error
d)
Completeness, neutrality, free from error and conservatism
3.
Which of the following is the best description of "faithful representation" in relation to information in financial statements?
a)
Influence on the economic decision of users
b)
Inclusion of a degree of caution
c)
Freedom from material error
d)
Comprehensibility to users
4.
The financial accounting information is directed toward the common needs of users and is independent of presumptions about particular needs and desires of specific users.
a)
Relevance
b)
Verifiability
c)
Neutrality
d)
Completeness
5.
It is the exercise of care and caution in dealing with uncertainties in measurement so as not to overstate assets and income or not to understate liabilities and expenses.
a)
Completeness
b)
Prudence
c)
Faithful representation
d)
Neutrality
6.
The enhancing qualitative characteristics of financial information are
a)
Completeness, understandability, validity and timeliness
b)
Comparability, understandability, validity and timeliness
c)
Understandability, compatibility, verifiability and timeliness
d)
Comparability, understandability, verifiability and timeliness
7.
Which of the following enhances the usefulness of financial information?
a)
Accounting entity
b)
Going concern
c)
Verifiability
d)
Time period
8.
Allowing firms to estimate rather than physically count inventory at interim (quarterly) periods is an example of a trade-off between
a)
verifiability and reliability.
b)
reliability and comparability.
c)
timeliness and verifiability.
d)
neutrality and consistency.
9.
When products (goods or services), merchandise, or other assets are exchanged for cash or claims to cash is a definition of
a)
allocated.
b)
realized.
c)
realizable.
d)
earned.
10.
Which of the following is not an enhancing qualitative characteristic:
a)
Understandability
b)
Profit-oriented
c)
Timeliness
d)
Comparability
11.

How much is the adjusted Cash in Bank Balance?

(a)  

12.

How much is the total Outstanding Checks?

(a)  

13.

How much is the total Deposits in Transit?

(a)  

14.

Net adjustment to cash as of the end of the period is?

(a)  

15.

How much is the Adjusted Cash in Bank Balance?

(a)  

16.

How much is the Adjusted Cash in Bank Balance?

(a)  

17.

How much is the Adjusted Cash in Bank Balance?

(a)  

18.

How much is the cash balance per bank on June 30?

(a)  

19.

How much is the Adjusted Cash in Bank Balance?

(a)  

20.

How much is the Net adjustment to cash?

(a)  

21.

Refer to the image below

(a)  

22.

Refer to the image below

(a)  

23.

Jones Company had checks outstanding totaling P6,400 on its May bank reconciliation. In June, Jones Company issued checks totaling P39,900. The July bank statement shows that P29,700 in checks cleared the bank in July. A check from one of Jones Company's customers in the amount of P300 was also returned marked "NSF." The amount of outstanding checks on Jones Company's July bank reconciliation should be

(a)  

24.

At June 30, Coulsen Company has the following bank information: cash balance per bank P3,600; outstanding checks P280; deposits in transit P550; credit memo for interest P10; bank service charge P20. What is Coulsen’s adjusted cash balance on June 30?

(a)  

25.

1. What is the adjusted cash in bank at month end?

(a)