WorksheetsFRESHMAN GOING CONCERN KA PA BA? (PRELIM) Part 2
Total questions: 15
Worksheet time: 37mins
Statement 1: Going concern concept of accounting implies that the business entity will continue its operations in the future and will not liquidate or be forced to discontinue operations due to any reason.
Statement 2: Matching principle is an important concept of accrual accounting which states that the revenues and related expenses must be matched in the same period to which they relate.
Only statement 1 is correct
Both statements are correct
Only statement 2 is correct
None of the statements are correct
Statement 1: Notes to financial statements contains list of account names that a company uses in its general ledger for recording various business transactions.
Statement 2: Depreciation is a systematic allocation of depreciable amount of the asset over its useful life.
Only statement 1 is correct
Both statement are correct
Only statement 2 is correct
None of the statements are correct
Statement 1: The two approaches for the Unused Supplies are Asset and Liabilities approach.
Statement 2: The approaches for Revenue already received or collected but not yet earned are Liability and Revenue approach.
Only statement 1 is correct
Both statements are correct
Only statement 2 is correct
None of the statements are correct
Statement 1: Unadjusted Trial balance, A list of ledger accounts and their balances that is prepared after posting to the general ledger but before the formulation of adjusting entries.
Statement 2: R.A. No. 9298 also known as, Philippine Accountant Act of 2004
Only Statement 1 is Correct
Both statement are correct
Only statement 2 is correct
None of the statement are correct
Statement 1: The Accountants gives his opinion about the fairness of all accounting information examined by him. An important element of "fairness" is the compliance of financial statements with the generally accepted accounting principles (GAAP).
Statement 2: Accounting Research deals with the creation of new knowledge such as deciding and implementing new accounting and auditing standards, learning how new tax laws impact clients and employers, discerning how the accounting profession affects the capital markets, among others.
Only statement 1 is correct
Both statement are correct
Only statement 2 is correct
None of the statements are correct
Maria Sold 20 pieces of umbrella @ P300 each on March 31, 2023 to Zoe; 2/10 n/30.
If Zoe paid on April 05, 2023 what would the amount to be debited as Cash at the inception date at the vendor's point of view.
Maria Sold 20 pieces of umbrella @ P300 each on March 31, 2023 to Zoe; 2/10 n/30.
If Zoe paid on April 05, 2023 what would the amount to be debited as Accounts Receivable at the inception date on the vendor's point of view.
Maria Sold 20 pieces of umbrella @ P300 each on March 31, 2023 to Zoe; 2/10 n/30.
If Zoe paid on April 05, 2023 what would the amount to be debited as Cash at the date of payment on the Vendor's point of view.
On Aug. 10, Lia bought from Mark 300 pcs of Tires worth P70 a piece, 2/10 n/30. Lia decided to Sell the tires @P100 per piece.
On Aug. 12 Lia Return 20 pcs. of Tires to Mark due to Product Damage. How much is the balance of ACCOUNTS PAYABLE after the return.
On Aug. 10, Lia bought from Mark 300 pcs of Tires worth P70 a piece, 2/10 n/30. Lia decided to Sell the tires @P100 per piece.
On Aug. 12 Lia sold 50 pcs. of Tires to John, 3/10 n/30. How much is the Cash to be received if John Decided to pay on Aug. 30.
On Aug. 10, Lia bought from Mark 300 pcs of Tires worth P70 a piece, 2/10 n/30. Lia decided to Sell the tires @P100 per piece.
On Aug. 12 Lia sold 50pcs. of Tires to John, 3/10 n/30. On Aug. 13 Lia sold 100 pcs. of Tire to Mia, 2/10 n/30.
On Aug. 15 John Return 15 pcs of Tires due to product damage. Aug. 15 Lia Sold another 50 Tires to John, 3/10 n/30.
On Aug. 17 Lia returns 20 pcs of Tires dure to product damage On September 15 Lia sold 10 pcs. of Tires to Zoe. Considering all the scenarios how much is the Net Sales on August, using the Gross Method.
What should be the amount of the Cost of gods sold if the following information is present;
Inventory beginning P50,000; Net Purchases P610,000; ending Inventory is P90,000.
Analyze the following transactions for 2023:
1. On July 02 Kian Lim invested cash of P230,000 and furniture of P80,500.
2. On July 03 Signed a contract of lease with Robinson’s Realty and made a rent deposit of P60,000.
3. On July 04, Bought Machinery for P80,000, on account.
4. On July 05 Paid P30,000 for posters, brochure and calling cards as advertisement of the business.
5. On July 06 Bought office equipment on account, P50,500.
6. On July 08 Bought Supplies and paid cash of P1,500.
What is the balance of Kian's Current Assets?
Analyze the following transactions for 2023:
1. On July 02 Kian Lim invested cash of P230,000 and furniture of P80,500.
2. On July 03 Signed a contract of lease with Robinson’s Realty and made a rent deposit of P60,000.
3. On July 04, Bought Machinery for P80,000, on account.
4. On July 05 Paid P30,000 for posters, brochure and calling cards as advertisement of the business.
5. On July 06 Bought office equipment on account, P50,500.
6. On July 08 Bought Supplies and paid cash of P1,500.
What is the balance of Kian's Total Liabilities?
On July 01 2023, George Bought Machinery for P100,000 with useful life of 10 years.
On July 31, 2023, George has P70,000 Furniture & Fixtures with useful life of 5 years.
On August 01, 2023, George bought an Equipment for P200,000 with a useful life of 10 years and a salvage value of P20,000.
On December 02, 2025 What is the balance of the Machinery?
