Blank Quiz Poin total 61/100

Alamat email *

gonzales.gloreejoyabsa1993@gmail.com

1. On Jan. 1, 2020, the capital of C Co. was P1,700,000 and on Dec. 31, 3/3
P2,400,000. During the year C withdrew merchandise costing
P100,000 and with sales value of P180,000, and paid a P1,000,000 note
payable of the business with interest of 12% for six months. with a
check drawn on a personal checking account. Whatr was the net
income or loss for the year? *

a. 260,000 income

b. 260,000 loss

c. 180,000 income

d. 180,000 loss

2. The following increases in the account balandes of M Co. during 3/3

2020 are presented as follows: Assets, P3,560,000; Liabilities,
P1,080,000, Ordinary Shares, P2,400,000 and Paid in Capital, P240,000.
Assuming there were not changes to retained earnings other than for
a dividend payment of P520,000, what is the net income for 2020? *

a. 2,480,000

b. 360,000

c. 2,960,000

d. 920,000

3. L Co. provides the following information for the year 2020: Jan. 1 3/3
balances: Total Assets, P5,000,000; Total liabilities, P2,000,000;
Ordinary Shares, P1,500,000, Paid-in Capital, P500,000 and Retained
Earnings ? December 31 balances: Total Assets, P7,500,000; Total
Liabilities, P3,500,000. During 2020, the company issued ordinary
shares of P1,000,0-00 at a premium of P200,000. Dividends of
P800,000 were paid on December 31, 2020. What was the net income
or loss for the year ended December 31, 2020? *

a. 600,000 income

b. 600,000 loss

c. 1,800,000 income

d. 1,800,000 loss
 4. M co. was incorporated on Jan. 1, 2020, with proceeds frrom the 3/3
issuance of P7,500,000 in ordinary shares and borrowed funds of
P1,100,000. During the first year of operations, revenues from sales
and consulting amounted to P4,000,000, and operating costs and
expenses totaled P3,000,000. On Dec. 15, M declared a P300,000 cash
dividend, payable to stockholders on January 15, 2021. No additional
activities affected owners' equity in 2020. The liabilities increased to
P1,200,000 by Dec. 31, 2020. On Dec. 31, 2020, statement of financial
position, total assets should be reported at *

a. 7,000,000

b. 8,200,000

c . 8,700,000

d. 9,400,000

5. E Co provides the following data for the year 2020: Cash sales, 3/3
500,000; Collections from customers, 3,950,000; Increase in accounts
receivable, 250,000; decrease in notes receivable, 50,000; Accounts
receivable written off, 100,000; Sales discounts, 200,000; Sales returns
and allowances (20,000 refunded to customers), 70,000. What is the
amount of gross sales for 2020? *

a. 4,500,000

b. 4,900,000

c. 5,000,000

d. 5,020,000

6. Cash purchases of G Co for 2020 were P900,000. during the year 0/3
purchase returns of P150,000 were made and discount on purchases
of P200,000 were granted. The income statement for the year
reported gross purchases of P5,000,000. The statement of financial
position reported a decrease in accounts payable of P250,000. How
much cash was paid on accounts payable? *

a. 3,500,000

b. 4,000,000

c. 4,400,000

d. 4,900,000

Jawaban yang benar

d. 4,900,000
 7. Under E Co.'s accounting system, all insurance premiums paid are 0/3
debited to prepaid insurance. Information for the year ended Dec. 31,
2020 is as follows: Prepaid Insurance, at Jan. 1 - P100,000; Charges to
insurance e4xpense, P440,000; Prepaid insurance at Dec. 31, -
P120,000. What was the amount of insurance premium paid in 2020? *

a. 460,000

b. 440,000

c. 420,000

d. 340,000

Jawaban yang benar

a. 460,000

8. B Co. provides the following information for the year 2020: As at 0/3
Jan. 1: Employee advances, P12,000; Accrued salaries payable,
P65,000. As at Dec. 31, Employees advances, P18,000; Accrued salaries
payable ?; Salaries expense, P815,000 and Saqlaqries paid P780,000. At
Dec. 31, 2020, what amount should B reprot for accrued salaries
payable? *

a. P100,000

b. P94,000

c. P82,000

d. P35,000

Jawaban yang benar

a. P100,000

9. S Co. provides the following information for 2020. Interest paid, 0/3
P800,000; Decrease in Prepaid Int4erest, P100,000 and Increase in
accrued interest payable, P30,000. What is the amount of interest
expense? *

a. 600,000

b. 730,000

c. 870,000

d. 930,000

Jawaban yang benar

b. 730,000
 10. M Co. reported rental revenue of P2,210,000 in its cash basis 0/3
income tax return for trhe year ended December 31, 2020. Additional
information is as follows: Recent Receivable - Dec. 31, P1,060,000; Jan.
1, P800,000; Uncollectible rent written off during the year, P30,000.
Under the accrual basis, M should report rental revenue of *

a. P1,920,000

b. P1,980,000

c. P2,440,000

d. P2,500,000

Jawaban yang benar

c. P2,440,000

11. D Co. provides the following information with respect to its ···/3
equipment for the year 2020. Equipment-net, Jan. 1 = P700,000;
Equipment acquired, P600,000; Equipment sold at cost (accumulated
depreciation, 150,000), P250,000 and Equipment net - December 31,
P900,000. what is the depreciation for 2020? *

a. 700,000

b. 400,000

c. 300,000

d. 50,000

Tidak ada jawaban yang benar

12, The audited income statement of U Co. shows a net income of 0/3
P175,000 for the year ended Dec. 31, 2020. Adjustments were made for
the following errors: (1) December 31, 2019, inventory overstated by
P22,500 (2) December 31, 2020, inventory understated by P37,500 (3) A
P10,000 customer's deposit received in Dec. 2020, was credited to
sales in 2020. The goods were actually shipped in Jan. 2021.,What is the
unadjusted net income of U Co. for the year ended Dec. 31, 2020 *

a. P125,000

b. P170,000

c. P200,000

d. P234,000

Jawaban yang benar

a. P125,000
 For Nos. 13 - 15: The Dec. 31 year-end financial statements of X Co. 0/3
contained the following errors: Dec. 31, 2019: Ending inventory, P48,000
understated and Depreciation expense, P11,500 understated. Dec. 31,
2020: Ending inventory, P40,500 overstated. An insurance premium of
P330,000 was prepaid in 2019 covering the years 2019, 2020, and 2021.
The entire amount was charged to expense in 2019. In addition, on Dec.
3, 2020, a fully depreciated machinery was sold for P75,000 cash, but
the sale was not recorded until 2015. There were no other errors during
2019 and 2020, and no corrections have been made for any of the
errors. Ignore income tax effects. 13. What is the total effect of the
errors on the balance of X Co.]s retained earnings at Dec. 31, 2020? *

a. P156,000 understatement

b. P133,000 understatement

c. P87, overstatement

d. P85,000 understatement

Jawaban yang benar

b. P133,000 understatement

14. What is the total effect of the errors on X Co.'s net income? * 3/3

a. P27,500 overstatement

b. P123,500 overstatement

c. P177,500 understatement

d. P192,500 understatement

15. What is the total effect of the errors on the amount of X co.'s 0/3
working capital at Dec. 31, 2020? *

a. P144,500 understatement

b. P75,500 overstatement

c. P40,500 overstatement

d. P225,500 understatement

Jawaban yang benar

a. P144,500 understatement
For Nos. 16-17: D Co. reported pretax incomes of P505,000 and 3/3
P387,000 for the years ended Dec . 2019 and 2020, respectively.
However, the auditor noted that the following errors had been made:
(a) Sales for 2019 included amounts of P191,000 which had been
received in cash during 2019, but for which the related goods were
shipped in 2020. title did not pass to the buyer until 2020. (b) The
inventory on Dec. 31, 2019 was understated by P43,200 (c) The
company's accountant, in recording interest expense for both 2019
and 2020 on bonds payable, made the following entry on an annual
basis: Dr. Interest expense, 75,000 and Cr. Cash, P75,000. The bonds
have a face value of P1,250,000 and pay a nominal interest rate of 6%.
They were issued at a discount of P75,000 on Jan. 1, 2019 to yield an
effective interest rate of 7%. (d) Ordinary repairs to equipment had
been erroneously charged to the Equipment account during 2019 and
2020. Repairs of P42,500 and P47,000 had been incurred in 2019 and
2020, respectively. In determining depreciation charges, D Co. applies
a rate of 10% to the balance in the Equipment account at end of the
year. 16. What is the corrected pretax income for 2020? *

a. P480,042

b. P484,292

c. P488,992

d. P575,392

17. What is the corrected pretax income for 2019? * 3/3

a. P225,300

b. P303,200

c. P307,450

d. P311,700
 Nos. 18 - 22: GO Corp. reported the following amounts of net income 0/3
for the years ended Dec. 31, 2018, 2019 and 2020: 2018 = P127,000; 2019
= P150,000 and 2020= P128,500. You are performing the audit for the
year ended Dec., 31, 2020. During your examination, you discover the
following errors: (a) As a result of errors in the physical count, ending
inventories were misstated as follows: Dec. 31, 2019 = P14,000
understated; Dec. 31, 2020 = P23,000 overstated (b) On Dec. 29, 2020,
GO recorded as a purchase, merchandise in transit which cost
P15,000. The merchandise was shipped FOB destination and had not
arrived by Dec. 31. The merchandise was not included in the ending
inventory. (c) GO records sales on the accrual basis but failed to
record sales on account made near the end of year as follows: 2018,
P4,000; 2019, P5,000 and 2020, P3,500 (d) The company failed to
record accrued office salaries as follows: Dec. 31, 2018, P10,000; Dec.
31, 2019, P14,000. (e) On March 1, 2019, a 10% stock dividend was
declared and distributed. The par value of the shares amounted to
P10,000 and market value was P13,000. The stock dividend was
recorded as follows: Dr. Misc. exp, P13,000 Cr. Ordinary Share capital,
10,000 and Cr. Retained Earnings, P3,000. (f) On July 1, 2019, GO
acquired a three-year insurance policy. The three year premium of
P6,000 was paid on that date, and the entire premium was recorded as
insurance expense. (g) On Jan. 1, 2020, GO retired bonds with a book
value of P120,000 for P106,000. The gain was incorrectly deferred and
is being amortized over 10 years as a reduction of interest expense4
on other outstanding obligations. 18. What is the adjusted net income
for the yeart ended December 31, 2018? *

a. P133,000

b. P117,000

d. P121,000

e. P113,000

Jawaban yang benar

d. P121,000

19. What is the adjusted net income for the year ended Dec. 31, 2019? * 0/3

a. P159,000

b. P187,000

c. P178,000

d. P179,000

Jawaban yang benar

d. P179,000

20. What is the adjusted net income for the year ended Dec. 31, 2020? 3/3
*

a. P129,600

b. P131,000

c. P104,400

d. P139,600
 21. What adjusting entry should be made on Dec. 31, 2014, to correct 3/3
the error described in item B? *

a. Dr. A/c Pay, P15,000 Cr. Purchases, P15,000

b. Dr. Purchases, P15,000 Cr. Accounts Payable, 15,000

c. Dr. Accounts Payable, 15,000 Cr., Cash, 15,000

d. No adjusting journal entry is necessary

22. The adjusting entry on Dec. 31, 2019, to correct the error described 3/3
in item (e) should include a debit to *

a. Ordinary Share Capoital, P10,000

b. Retained earnings of P16,000

c. Share premium of P3,000

d. Miscellaneous expenses of P3,000

For Nos. 23 & 24: The auditor of W Inc. examined the PCF immediately 0/3
after the close of business, July 31, 2020, the end of the company's
fiscal year. The Petty Cash Custodian presented the following during
the count: Currency, P1,650; Petty Cash Vouchers for: Postage, P420;
Office supplies, P900; Transportation expense, P340; Repairs, P800
and Advance to staff, P1,500; A check drawn by W Inc. payable to the
petty cash custodian, P7,200; Postage stamps, P300; an employee's
check returned by bank marked NSF, 1,000. The general ledger shows
an imprest petty cash fund balance of P16,000. 23. What is the
adjusted balance of the Petty Caxsh Fund at July 31, 2020? *

a. P10,740

b. P3,540

c. P7,200

d. P8,850

Jawaban yang benar

d. P8,850

24. How much is the petty cash shortage or overage? * 0/3

a. P2,190 overage

b. P2,190 shortage

c. P1,890 shortage

d. P1,890 overage

Jawaban yang benar

b. P2,190 shortage
For Nos. 25 - 30. E Co. was organized on Jan. 2, 2020. The following 3/3
items are from the company's trial balance on Dec. 31, 2020: Ordinary
Share capital, P1,500,000; Share premium, P150,000; Merchandise
inventory, P69,000; Land, P1,000,000; Building, P1,400,000; furniture
and Fixtures, P367,000; Accounts Receivable, P165,400; Accounts
Payable, P389,650; Notes payable-bank, P500,000; Sales, P6,235,200
and Operating expenses (including depreciation of P400,000),
P1,005,150. ADDITIONAL INFORMATION IS AS FOLLOWS: 1. Deposit in
transit, Dec. 31, P384,660; 2. Service charge for December P2,000; (3)
Outstanding checks, Dec. 31, P475,000; (4) Bank balance, Dec. 31,
P892,000 (5A) E Co.'s mark up on sales is 30%. 25. What is the total
collections from sales? *

s. P6,114,967

b. P4,119,240

c. P6,235,200

d. P6,069,800

d.

26. What is the total payments for merchandise purchases? * 3/3

a. P3,905,990

b. P4,649,140

c. P4,043,990

d. P5,914,550

27. What is the total cash receipts per books? * 3/3

a. P7,819,800

b. P8,169,800

c. P8,219,800

d. P8,069,800

28. What is the total cash disbursements per books? * 3/3

a. P7,816,140

b. P7,416,140

c. P8,021,290

d. P7,278,140

29. What is the cash balance per books on Dec. 31? * 3/3

a. P653,660

b. P803,660

c. P1,203,660

d. P707,060
30. What is the adjusted cash balance on Dec. 31? * 3/3

a. P801,660

b. P651,660

c. P1,201,660

d. P803,660

For Nos. 31-33: In connection with your audit of the cash account of A 3/3
Corp., you gathered the following information: a. Balance per bank
Dec. 1, 2020, P145,000; b. Total bank receipts (credits) in December,
P346,000; c. Balance per bank, Dec. 31, 2020, P114,500; d. Outstanding
checks, Nov. 30, 2020 (including P12,000 paid by bank in December),
P67,000; e. Outstanding checks, Dec. 31, 2020 (including checks issued
in November), P94,162; f. Deposit in transit, Nov. 30, 2020, P39,458; g. a
customer's check received on Dec. 4, 2020, was returned by bank on
Dec. 7 marked NSF. It was redeposited on Dec. 8, 2020. the only entry
made was to take up the collection on Dec. 4, 2020, P11,143. 31. What is
the total book receipts in December? *

a. P295,399

b. P306,542

c. P334,857

d. P346,000

32. What is the total book disburseme4nts in December? * 3/3

a. P447,519

b. P331,519

c. P403,662

d. P392,519

33. What is the total bank disburseme4nts in December? * 4/4

a. P315,500

b. P376,500

c. P231,500

d. P201,000

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