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    4 views6 pages

    Fundacc1 PDF

    Uploaded by

    Maketh.Man

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
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    of 6
    6 Mich is flse concerning & The left side of an se side 1° Of any acco The word “debie" mana 0 increase unt appears on ‘and the word “rede ment 10 decrease felger. Cheriton ‘What function do general ledgers serve inthe accounting process? Jeunes! fe ._ Billing of customers for services rendered ‘d Payment of dividends 9 Recording income only when services are performed is a case of & Entity © Accra Accounting b. Cost principle Materiality 10. Which ofthe following entries increase total assets? 2. Dr. Cash; Cr. Loans Payable «Dr. Land; Cr. Cash ». Dr. Building; Cr. Mortgage Payable (4) Choices aand b 11 What is the effet upon the total assets ofa business when an account receivable has been collected? 2 Ines oa sets Octane ©: Dose tte ¢ Neate stove 12. Ifa transaction sauses total lailities to decrease but doesnot affect the owner's equity, what change, if may will occur inthe total assets? ~ Asses will bs nreased No “Assets will be decreased None of the above "3. Revenue une the present PERS is rived fm te flowing general actives, exept 2. Selling products -& Disposing of resourees oer tha products 6 Rendering services @ Proceeds fom borrowing ein oe One 14. ‘Which of the following is not a temporary a yunt? 4. Withdrawal account S Asset account . Expense account ~ Revenue account 15. Which ofthe following transactions increase capital Bought land for cash J}. Bought equipment on account and issued a promissory note Q Rendered services on account ‘Received cash proceeds from a bank for amount borrowed 16. Purchase of land on account with a down payment requires a debit to Cash © Accounts Payable 4. Mortgage payable a. Reporting 8 FS S Summarizing #2 ithe © Chssifjing ‘@. Recording “e-t-) #18. Iftevenuel are greater than expenses, the income summary account will be closed by / Crediting Income summary and debiting retained earnings Gdvating income summary and crediting retained earnings ©. Debiting cash and crediting income sum: 44. Debiting income summary and crediting eash 19. ‘The total assets is P500,000 anc the total liabilities is P200,000. Which of the following is oo 2 Toc ques RRSBSRE Met Wort 7300.00 8 capita 300,000 @ Allott above 20. Which one of the following is an adjunct account that should not be close at the end of every ‘accounting period? © Allowance for doubtful accounts Bo Freight in © Discount on bonds payable 44. Share premium 21. Which is false concerning use of special journals? ‘® Only sales of merchandise on account are recorded inthe sales journal. Cash sales are recorded in the eash receipts journal, > Parshases of any items on account are recorded inthe purchases joursal, Acquisitions of any items for cash are recorded inthe cash disbursement journal © Transactions that canaot be appropriately recorded ina special joumal are recorded ina special journal are recorded inthe general journal @ Only cash purchases are recorded in the eash disbursements journal 22. The overriding qualitative characteristic of accounting information is a Relevance b. Understandability & Reliab @ Decision usetutness 23. Adjusting enties involve & Only real accounts . Only nominal accounts $< Only capital accounts One real and one nominal account 24. A prepaid expense can best be described as an amount Paid and currently matched with earnings @® Paid and not Gireditly matched With earnings © Not paid and currently matched with earnings 4 ‘Notpaid and not curently matched with earnings 25. An accrued revenue can best be described as an amount & Collected and currently matched with expenses Collected and not currently matched with expenses (ete cen aan i ©" Not collected and not currently matched with expenses 26. [Which of the folowing concep is violated when azole propricior ues the same bank acount for his business and personal affairs? Going eoncem Entity concept b. Matching principle Accounting period 27. Adiusting entries are based primarily onthe accounting principles of gs Revenue realization and materiality

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