Applicant Name: ZEULE GIssInG Time started: JO. 2% Please complete the folowing! Multiple choice (ease Cele / Mah cortect answer) ‘Question 1 Which partof the financial statements reports revenue and expenses 0 8 Balance shoot @®) income statement © Statement ofCahilows ‘question 2 The inanca statement that eports Assets, Uabillies and Owners Equlty at aspectic date the o @ — eacesnee > ncome statement © Statement of Cehows Question’. The acu basso accountng recognize revenues 0) @ _whenearned-Apraduatis solar a seer has been delvred %Gachtrecened For Expenses under the accrual basis of accounting, it should be recognized : (a) 2 cashlspald forthe expen nce @—Aatncedo produce revenues ocuetup Cuestion _Uneaned Revenues Amounts eee acne what ype of count? ® _ Awe @ tasty Sty Question Asn Accounting envy nee inn of Row many econ? « 2 reeormore One © wo Question? When pymontsreceved bak the GL aecountbank be o @ _ betites Credited Questions When an Asset Ineeass ibe: o GQ! vetites fas Credited Question 9 ‘What will usually cause Accounts Payable (Liability) to increase ? wm ett JL @ Grote Cues 41 expenses Re Rent and Salone ae usa? © @ oases Crates Page 1013(question at ‘Question 2 uestion 13 Question 6 @ me Entries to revenue accounts suchas Service Revenues are usually? 0 a Debited @ estes Iki acceptable that some journal entries contain estimated amounts. o Frise se te fllowing information toanswer questions 12 A ‘Acompany borrowed $100,000 on the 1st of December by signing sixmonth loan agreement. This agreement species interest et an anna rate of 1236, Interest and the Capital amount is payable on 31 Hay when the loan ‘The Company prepares financial statements at the end ofeach calendar month, The following questions relates tothe entries that should he entered inthe company’s records, A How would the entries for December ook ike? Please include dates. « bate Description ett creat Hom WS ee tas —_ — ee | Loch Ay Totmrest on loo ee aes 8 What woud the efect nth annua fanc statermnts be the company as tomate esting entries on sibe? @ © ——_Howwould teen for May okie? o ate Descrnon \\o8 | Tobeest: om Loc al Poyment Receiver! 0 Revere mnuzall expenses ar caled Dee Phi 9 Page 20f3Question 15 Reconcile the following eracitos statement: statement reelved from Supper: acted statement date 3o age 2081 Teme: 30deys-25% dicount [cstomer tame bal Bross (re) 8 a ne Ren) ReroP waano 17 Jan xt Invoice INVI4587 1,100.00) 93100 Ri as reox Imvice — NIAEIB 73000074 PRABE= 2-5, JEWS oreo ioice —RV24588 00.0, feasis ores mt Payment bocated Tank You 197250 oreo Discount Settlement Discount aca 7750 S mex Imeice | INVIES80, 00.06 fiers invoice INVIE621 ro0000eouso\aer 2 rate iice —INVIEESS 1500.00 ba went Imvoce —INVIE7AB s000_. : ba nrex Pmt Payment alleeated- ThankYou Gora] Me ape invoice IER uma \\ is apoet Invoice INVIERS? Sono. sonora mt Payment afocated Tank You [30 Apr x1. Discount Settlement Discount allocated Gaia) 1208 days 90diys days 3Ddays—_Crrent Tota 7750 2.00.00 20750} Diocant Hoe Modal VF SOS Notes: 1. Jubal ways payee supperson time 2. tubal always takes advantage of Settlement dscount offered when paying invoices 2. tnvolce INVIABE? is under dispute and not authorize to pay Complete Reonation for Apri, ue 31 ay bow ® bal bios Gor Fecon cure tome: Ac tne onth on Amount sop statement banc: esconing item: Qscant tah lax s ; oiscounttobetaten (y2-SQ) rayent Ove aufspoxt S Cauesion 16 There mas an omat x0 someuiere on this nie tet shes ci you envi during outst ans, plese siatorae o Go Qurstic ve ik sides answer qpcstione (2.2 if Shorld Say | : Time Completed ios Page 3013