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  • Acctng Reviewer 2009

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    Reviewer for accounting

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    ACCTNG_REVIEWER_2009

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    Reviewer for accounting

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
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    2 views6 pages

    Acctng Reviewer 2009

    Uploaded by

    hannah
    Reviewer for accounting

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 6
    Polytechnic University of the Philippines COLLEGE OF ACCOUNTANCY ‘ACO 2016 MIDTERM DEPARTMENTAL Exam ‘August 23, 2009 needed in your scannable sheet (onswer sheet). cone he regs> 1143ptseoch Numbers 36-65> 1.935 pts each TRUE AND 8 FOR FALSE t one TRreements are structured financial representation ofthe ancial postion of and the A + Cifosctions undertaken by an enterprise, sya ea wan records his revene only Upon collection from patients and expenses when he 7 ape as payment, Dr. Wan uses te accrual bags of accounting. RS means International Financial Reporting Phage system Is composed OT Hardware, Software and Peopleware a Acoma tne oumer i included inthe Cash flows from Investing acts in the 3 Statement of Cash FlOWS, 2 are evidence of transactions that do ' scribes the De General Journals, “ransactions and are hereby called source documents, done during posting. fi cosidne sores Receivable, Mortgage Payable and Uneamed Revenues are real ‘ accounts. ; eriginel er ¥ Ledger is called the book of final entry while the G jurnal is the book of krowledge. to Th cae et et of IE fea prepared contains Assets © 10 Garng the period which corresponds with that ofthe Liabilities and Owner's Equity during the same period. . + a1 ale to recognie the acemalof abilities will overstate the net income and understate she Kabiltes. - 12 Non-current assets include Fumiture and Fixture, Land, Building, Gffice-Suppries, Office Equipment and Notes Receivable due in 5 years. 13 Daring posting the hookiceeper (2}aled to post an enti ently, (2}pasted an entry twice and (3) posted an entry in reverse - meaning what was supposed to be debited was credited and vice versa. For sure the trial balance will not balance after the three errors. ‘The amount of net income would be shown in a worksheet as a debit to Balance Sheet and @ ‘credit to Income Statement ~_™ % 15 Liabilities are deducted from Assets to get the owner's equity, therefore Liabilities are contra- asset account Cost of depreciable assets less its accumulated depreciation is equal to book value of the asset. ‘An equipment purchased at the beginning of the year 10 years ago costing P200,000 with an ‘annual depreciation rate of 5% will be shown on the balance sheet at the end of this year as “Equipment ~ P200,000 and Accumulated Depreciation - P100,000". Bxi8 Reversing entzes are entries made at the end of an accounting period where all adjusting 1 aque se brought o zero in preparation forthe next accountng period. saan rn are one and thd sane as correcting entries, where erroneous entries made A worksheet bei thr of acotngematonanelsataments of company tobe submited othe > 16 pw 20 MULTIPLE CHOICE. CHOOSE THE BEST ANSWER 21 Alar MARE Bg ene eesln unr he unbrea oranztion of PCPA Deo . CPAACO © ARPACL Cea orepd. GACPA SP rain Payments of didende on ans i 22 Proceeds from Issua from other short- oF long-term Imounts distributed to owners are Gfrancng d. lending 2 ” 31 3B (on 65% which is involved in presenting © plan int of the company has 2 credit balance aft name suet? ecco ; after posting the closing Pe nee The company has b, Net Loss © bothAandB done of the above a, Net Income a credit side, Cash has a normal debit the Nil the accounts i ! balance has a normal lle expenses © debit & credit d. neither a nor b ledger have 2 debit side and the CPA licensure examination, a candidate must obtain 2 ade lower than _%in any given subject. c, 75%, 70% 6.75%, 60% re ae %, eral average OF 65%, 75% of financial operations for a period, field of cxoUrens Mperation withthe predetermined pla, of actual oneredting ¢. Cost Accounting (9 Budgeting the Financial Statements of an entity through mance. This characterizes 8 sers time in ordel is at relevant ¢. reliable 4d, comparable sures business activities, The information system decision makers. 3 Toe and communicate Oe ing 7 eeountanty 4: Bookkeeping processes said information into < 3 Database Management from who first published 2 description of the method of keeping ree which is comparable or similar (o ‘double entry bookkeeping: rie i Eugenio Pacelll —d- Lucca Paciolo wit continue to operate in the fsture — concn that ns entity e Proftalty Y d.permanence concept Morse PATS. y examining our document ‘Transactions are exami ‘he adjusting entries and closing entries are: journalized and posted to the ledger ). Financial statements are | » Fransactions are journalized and posted ‘Te steps in the accounting cycle are in what order? a. ABODE bBEADC rence dd. CADE, 1 ature to recogni te consumption of prepaid expense wil understate rope net income and overstate assets Me Failure to recognize earnings of previously unearned revenue will understate net income and overstate labilities Only listrue (o)Oniyllistrue —c.anditaretrue —_d. and iN are false Which of the following does not belong? 2. Famed Commission —b. Sales ¢. Professional Fees _(d)Unearned Rent The following are unearned revenue, exce; , except one's to be colecedby a lye for attencing a clent’s hearing bg lected by a property assessor before the actual appraisal 7 se eae by @ dental clinic contracted for Geaning the students’ teeth pap mancod m ens pace by he bing emiooetor mission In advance based on possible customers in a direct selling business ‘he following are adjusting entres to be reversed Ifthe company opts for such procedure 1 Dr. Cash; Cr. Accounts Recelvable €, Dr. Supplies Expense; Or. Supplies AIDE A 7hel Dr. Accounts recelvable; Cr, Revenue Dr. Uneamed Rent, Cr. Rent Revenue 2 42) /ifyy b. Dr Salaries Expense; Cr. Salaries Payable, , ‘ d/ Dr. Utlties Expense; Cr. Utlties Payable Dr. Dep Exppense; Cr. Accum Depreciation Dr. Interest Receivable Cr. Interest Revenue Enrique & Mario Bullders rendered services totalling P2,320,000 for the year with the following. ‘expenses: Selaries, 223,000; Advertsing, P62,500; Utilities, P252,000; Interest, 20,000; ‘Miscellaneous, P19,500; Depreciation Expense, P136,000; Representation allowance, P1S4,000. ‘Compute for the net income (loss) for the year. a. P867,000

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