Free Printable FINAL EXAMINATION : TOURISM (TRIMEX COLLEGES INC)

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FINAL EXAMINATION : TOURISM (TRIMEX COLLEGES INC)

Total questions: 30

Worksheet time: 30mins

Name

Class

Date

If Cash has debit postings of P85,000, credit postings of P55,000, and a normal ending balance of P100,000, which of the following was its beginning balance?

P70,000 debit

P130,000 credit

P70,000 credit

P130,000 debit

The kind of debts which are needed to be repaid in a long term is known as?

Fixed Liabilities

Non - Current Liabilities

Current Liabilities

Intangible Assets

These are present obligations arising from past events which are to be settled in the future.

Liability

Assets

Equity

Cash

A P20,000 credit item is accidentally posted as a debit. The trial balance column totals will therefore differ by

P15,000

P20,000

P25,000

A collection of services rendered on account should be recorded as

a debit to Cash and credit to Accounts Receivable

a debit to Accounts Receivable and credit to Cash

a debit to Cash and credit to Service Revenue

a debit to Service Revenue and credit to Cash

a debit to Service Revenue and credit to Accounts Receivable

When does the capital of a company increases?

Drawings Decrease

Liabilities Decrease

Revenue Increases

Interest on capital increases

Purchases are Debited when?

Goods are purchased on cash

Goods are sold at a discount

Goods are purchased on credit

Goods are lost

First Statement: Journal entries are used to check whether ledger accounts are balanced and adjusted.

Second Statement: After transactions are recorded in the general journal, the next step is to prepare the trial balance.

Both statements are true

Both statements are false

The first statement is true while the second statement is false

The first statement is false while the second statement is true

It is used to record transaction involving receipt or collection of cash.

Sales journal

Purchase journal

Cash disbursements journal

Cash receipts journal

10.

An accrued expense can best be described as an amount:

Paid and not currently matched with earnings.

Not paid and currently matched with earnings.

Not paid and not currently matched with earnings.

Paid and currently matched with earnings.

11.

The following items were found in the statement of financial position of

B Company:

Cash - P175,000 ; Supplies - P16,500 ; Bank Loan - P240,000 ; Equipment - P560,000 ; Accounts Receivable - P125,000 ; Accounts Payable - P80,000 ; Car - P1,200,000 ; Office Furniture - P165,000. How much will be the Owner's Equity?

1,921,500

1,912,500

2,241,500

320,000

1,830,000

12.

The following items were found in the statement of financial position of

B Company:

2,241,500

1,921,500

1,912,500

320,000

1,830,000

13.

C Company has an outstanding balance of P65,000 due to A Company which C Company paid 40% during May. What will be the entry for this transaction?

Debit Cash P5,000 ; Credit accounts receivable P5,000

Debit accounts receivable P5,000 ; Credit Cash P5,000

Debit accounts payable P5,000 ; Credit Cash P5,000

Debit Cash P5,000 ; Credit accounts payable P5,000

Option 4

14.

Purchased Equipment from JG Company on credit for P15,000

Debit Equipment P15,000, Credit Accounts Payable P15,000

Debit Accounts Payable P15,000, Credit Equipment P15,000

Debit Accounts Payable P15,000, Credit Purchases P15,000

Debit Purchases P15,000, Credit Accounts Payable P15,000

15.

In a journal entry, a debit decreases which of the following accounts?

Cash

Accounts Payable

Supplies Expense

Accounts Receivable

16.

Among all of the statements, which is true about accrual accounting?

Revenue is recorded only when payments are received, while expenses are recognized when they're incurred.

All revenue from prepayments should be recognized when the payment is received, while expenses accrue over the life of the obligation.

If the business has provided the goods or services and can reasonably expect to receive cash, it can recognize the revenue in that period

The matching principle dictates that expenses should be recognized when they are incurred, regardless of when revenue is recognized.

17.

What is the minimum number of accounts that accounting entries can have?

two

one

four

three

as many as you like

18.

First Statement: Increasing an asset involves crediting the account.

Second Statement: A company that uses the cash basis of accounting will record revenue when it is collected.

Both statements are true

Both statements are false

The first statement is true while the second statement is false

The first statement is false while the second statement is true

19.

Which of the following is true?

Accounts receivable are found in the current asset section of a balance sheet.

Accounts receivable increase by credits.

Accounts receivable are generated when a customer makes payments.

Accounts receivable become more valuable over time.

20.

If a company has assets amounting to P85,000, no liabilities, and equity amounting to P85,000 then buys office equipment amounting to P10,000 on credit, what effect will this transaction have?

both assets and equity increase by P10,000

both assets and equity decrease by P10,000

assets remain the same and equity increases by P10,000

assets and liabilities increase by P10,000

assets and liabilities decrease by P10,000

21.

The recording phase of accounting covers the following steps, except:

business documents are received and prepared

transactions are journalized

transactions are posted to the ledger

financial statements are prepared

22.

What are the entries prepared in order to bring the books and accounts up-to-date?

Journal entries

Adjusting Entries

Closing Entries

Reversing Entries

23.

When a business lacks capital, it incurs a loan from a bank. What will be the overall effect of this transaction on the business?

Increase in assets

Decrease in assets

Receives cash and incurs a liability

None of the above

All of the above

24.

Which of the following is not considered as a revenue account?

interest income

accrued rent income

service account

dividend account

25.

A drawing account is debited when:

The owner invests cash/property

A liability is paid

An expense is paid

The owner withdraws cash from the business

26.

When collections are made in accounts receivable:

Total assets will remain the same

Total assets increase

Total assets decrease

Owner's equity increase

Liabilities increase

27.

A journal entry composed of two or more debits or two or more credits is called:

Multiple journal entry

Compound journal entry

Complex journal entry

Double journal entry

28.

If a business owns a piece of real estate worth P300,000, and they owe a loan amounting to P150,000 for that estate, what will be the equity in the property?

P150,000

P450,000

P300,000

29.

Accounts payable is a

current liability

non-current liability

current asset

non-current asset

30.

The following refers to ABC Company's transaction:

Sales: P350,000; Cost of Goods Sold: 125,000, Salaries and Wages: P30,000; Rent Expense: P15,000; Advertising Expense: P16,500; Cost of repairs resulting from fire: P55,000 What will be ABC Company's Net Income?

P108,500

P233,500

P350,000

P225,000

P288,500

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FINAL EXAMINATION : TOURISM (TRIMEX COLLEGES INC)

Total questions: 30

Worksheet time: 30mins

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