ACCTG 1101 - Final Examination (1st Sem. 2021-2022) - THEORY

1/4/22, 8:52 PM ACCTG 1101 – Final Examination (1st Sem.
t Sem. 2021-2022) - THEORY: Financial Accounting and Reporting I (Service, Merchandising…
ACCTG 1101 – Final Examination (1st Sem. 2021-

2022) - THEORY
Due
Jan 4 at 9pm
Points
95
Questions
57
Available
Jan 4 at 5pm - Jan 4 at 9pm
about 4 hours
Time Limit
50 Minutes
Instructions
IMPORTANT NOTICE - YOUR TIMER WILL START UPON CLICKING "TAKE QUIZ". MAKE SURE
THAT YOU HAVE NO ONGOING QUIZ BEFORE STARTING.
INSTRUCTIONS:
You are given 50 minutes to finish the following:
TEST 1 - Multiple Choice - 30 points
TEST 2 - True or False - 25 points
TEST 3 - Identification - 25 points
TEST 4 - Classification - 15 points
NOTE: Question will be shown one at a time and it will be locked after answering. Be careful
about accidentally submitting the quiz earlier than intended. Submitted quiz will be considered
final.
GOD BLESS YOU ALL
Attempt History
Attempt Time Score
LATEST Attempt 1
28 minutes 83 out of 95

Correct answers are hidden.
Score for this quiz:

83 out of 95
https://cpu.instructure.com/courses/7544/quizzes/49450?module_item_id=227327 1/27
1/4/22, 8:52 PM ACCTG 1101 – Final Examination (1st Sem. 2021-2022) - THEORY: Financial Accounting and Reporting I (Service, Merchandising…
Submitted Jan 4 at 5:28pm

This attempt took 28 minutes.
Question 1 1
/ 1 pts
Is a special form used in recording data pertaining liability and the

purpose of its payment.

Check Register

Voucher Register

Voucher

Check
Question 2 1
/ 1 pts
The basic purpose of accounting is

To determine the total assets of the company

To provide information needed by the management to control its
employees

To provide quantitative information about a business enterprise that is
useful in making rational economic decision

To provide information that the creditors of an economic entity can use in
deciding whether to grant loans to the entity
Question 3 1
/ 1 pts
A special journal wherein cash collections are recorded

Purchase Journal

General Journal

Cash Receipts Journal

Sales Journal
Question 4 1
/ 1 pts
The type of transaction that would appear in the sales journal would be a
sale of

merchandise for cash

supplies for cash

merchandise on account

equipment in exchange for a note
Question 5 1
/ 1 pts
If a P1,000 adjustment for depreciation is omitted, which of the following

financial statement error will occur?

Owner’s equity will be understated

Expenses will be overstated

Net income will be understated

Assets will be overstated.
Question 6 1
/ 1 pts
What is classification of an entity that produces its own goods for sale?

merchandising firm

manufacturing firm

service firm

all of the choices
Question 7 1
/ 1 pts
It is defined as decrease in assets or increase in liabilities that results in

decreases in equity, other than those relating to distributions to equity
holders.

Expense

Income

capital

assets
Question 8 1
/ 1 pts
The basic financial statement, which is generally prepared first, is the

income statement

balance sheet

statement of cash flow

statement of owner’s equity
Question 9 1
/ 1 pts
The date when the note was made and signed by the maker

Discount Date

Term of the Note

Maturity Date

Date of the Note
Incorrect
Question 10 0
/ 1 pts
A financial statement which shows the sources and uses of funds of the
business firm.

statement of financial position

cash flow

capital investment

income statement
Question 11 1
/ 1 pts
It is a special journal containing chronological and serial record of all

checks issued.

Voucher Register

Voucher System

Check Register

Check Drawer
Question 12 1
/ 1 pts
Journal entries prepared at the end of the accounting period to bring the
account balances to correct amount in order to portray realistic financial
statements are called

closing entries

elimination entries

correcting entries

adjusting entries
Question 13 1
/ 1 pts
An accountant is expressing his opinion as to the fairness of the

presentation of the financial statements of the enterprise. This accountant
is said to be engaged in

public accounting

private accounting

government accounting

financial accounting
Question 14 1
/ 1 pts
Which of the following is an example of an adjusting entries

recording estimated uncollectible accounts for the period

recording the payment of wages to employees

recording the billing of customers for services rendered

recording the sale of merchandise on account
Question 15 1
/ 1 pts
When a loss has occurred, the income summary account is

Debited and the owner’s equity is credited

Debited and the owner’s equity is debited

Credited and the owner’s equity is debited

Credited and the owner’s equity is credited
Question 16 1
/ 1 pts
Each time an entry is recorded in the purchases journal, the credit would
be entered in the

accounts payable column

purchases column

accounts receivable column

supplies column
Incorrect
Question 17 0
/ 1 pts
Which of the following is not to be extended to the balance sheet columns

of the worksheet?

Prepaid Insurance

Unearned Rent

an Accumulated Depreciation

Used Supplies
Question 18 1
/ 1 pts
When the seller advances the transportation costs and the terms of sales
are FOB shipping point, the seller records the payment of the
transportation costs by debiting-

Transportation In

Sale

Accounts Payable

Accounts Receivable
Question 19 1
/ 1 pts
Payment of P20,000 current liability is:

Increase in asset, increase in liability

Increase in expense, increase in asset

Decrease in asset, increase in expense

Decrease in liability, decrease in asset
Question 20 1
/ 1 pts
Purchase of equipment on account will

Decrease in liability, decrease in asset

Increase in expense, increase in asset

Increase in asset, increase in liability

Decrease in asset, increase in expense
Question 21 1
/ 1 pts
Which of the following is to be extended to the income statement columns

of the worksheet?

Expired insurance premium

Accumulated depreciation

Unearned income

Unused supplies
Question 22 1
/ 1 pts
A term wherein the buyer shoulders the freight on the purchased

merchandise from the point where the merchandise is loaded on car or
truck to the place of the buyer.

F.O.B. destination

F.O.B. shipping point, prepaid

F.O.B shipping point

F.O.B. shipping point, collect
Incorrect
Question 23 0
/ 1 pts
All are false, except

The public is task to regulates the activities of the business enterprises

Primary users include lenders and government.

The customers may use information in the preparation of certain policies.

Employees are interested on information about the stability and profitability
of their employers.
Question 24 1
/ 1 pts
Which of the following accounts will appear on the post-closing trial

balance?

sales

Accumulated depreciation

bad debts

medical fee
Question 25 1
/ 1 pts
It is the portion of the cost of a fixed asset that is charged or allocated as

expense for the period.

supplies expense

rent expense

electricity expense

depreciation expense
Question 26 1
/ 1 pts
The amount received by the payee after discounting of the note.

Discount

Carrying Value

Proceeds

Maturity Value
Question 27 1
/ 1 pts
The post-closing trial balance is prepared after

Journalizing and posting the closing entries

combining the trial balance and adjustment figures

Preparing the trial balance

Completing the worksheet
Question 28 1
/ 1 pts
Closing entries reduce the following type of accounts to a zero balance at

the end of the period

withdrawals

all of the preceding

income and expenses

income summary
Question 29 1
/ 1 pts
Which of the following comes first in the accounting process?

preparation of an adjusted trial balance

preparation of an unadjusted trial balance

posting of journal entries to the ledger

financial statement preparation
Question 30 1
/ 1 pts
Which of the following is first completed in the worksheet?

Balance Sheet

Trial Balance

Adjustments

Income Statement
Incorrect Question 31 0
/ 1 pts
Deductions made from the list price are called sales discount.

True

False
Question 32 1
/ 1 pts
Purchase returns and allowances and purchase discounts are contra

purchase accounts and have debit balances.

True

False
/ 1 pts
Inventory in the manufacturing business' Statement of Financial Position

is the sum of ending balances of raw materials, work in process, and
finished goods.

True

False
Question 34 1
/ 1 pts
An increase in Liabilities may cause an increase in Equity.

True

False
Question 35 1
/ 1 pts
A claim against customer for sales made on credit is Accounts

Receivable.

True

False
Question 36 1
/ 1 pts
F.O.B. Destination and F.O.B. Shipping Point will dictate who paid the
transportation cost.

True

False
Question 37 1
/ 1 pts
The allowance for doubtful account is contra asset account to be

deducted from accounts receivable.

True

False
Question 38 1
/ 1 pts
Cost accounting emphasized the determination of costs of finished goods.

True

False
Question 39 1
/ 1 pts
Supporting documents should be verified before the preparation of

vouchers.

True

False
Question 40 1
/ 1 pts
Failure to prepare an adjusting entry for Accrued Expenses will result to

an understated profit.

True

False
Question 41 1
/ 1 pts
The normal balance of Unearned Revenue account is credit.

True

False
Question 42 1
/ 1 pts
A discount given to induce prompt payment is called trade discount.

True

False
Question 43 1
/ 1 pts
The general principles of accounting applicable to a merchandising firm of

business firm also apply to a manufacturing firm.

True

False
Question 44 1
/ 1 pts
Closing entries are prepared at the end of the accounting period to zero
out all the accounts with balances.

True

False
/ 1 pts
The difference between revenues from sales of goods and cost of sales is
net profit.

True

False
Question 46 1
/ 1 pts
Beginning merchandise inventory plus net purchases is equal to total cost

of goods sold.

True

False
/ 1 pts
The merchandise inventory in the trial balance represents the beginning

merchandise inventory if periodic inventory system is used by the
company.

True

False
Question 48 1
/ 1 pts
Freight In is considered to be part of Net Purchases.

True

False
Question 49 1
/ 1 pts
A corporation is formed by mere agreement.

True

False
/ 1 pts
A statement of changes in equity is a formal report which shows the

financial condition of the business firm.

True

False
Question 51 1
/ 1 pts
The term 2/10, n/30 means that there is 2% discount if paid within 30 days
from the invoice date.

True

False
Question 52 1
/ 1 pts
Freight out is added to the cost of merchandise purchased to compute for

the cost of goods sold.

True

False
Question 53 1
/ 1 pts
Bookkeeping is the recording of business transactions and events in a

systematic and chronological manner.

True

False
Question 54 1
/ 1 pts
Amounts entered on the right side of an account, regardless of the

account title, are called credits.

True

False
Question 55 1
/ 1 pts
Purchase of merchandise on cash basis should be credited to vouchers

payable in the Voucher Register.

True

False
Partial Question 56 22
/ 25 pts
Identify each term being described.
An account used to Income Summary

summarize the revenue
and expense accounts
The rental for the use of Interest expense

money or charges for the
borrowed money.
A modified form of cash Net proceeds

payments journal. It
contains a chronological
and serial record of all
checks issued.
Refers to the act of Discounting of Notes

transferring a note with
recourse to a bank.
A reduction in price offered Cash Discount

by terms of sale or
purchase to encourage
payment within a specified
period.
A list of account titles Chart of Accounts

classified or arranged
according to the financial
statements wherein they
appear.
Maturity value less Net proceeds

discount.
Group of related accounts. Ledger
The bank on which the Drawer

check is drawn.
It includes manufacturing Factory Overhead

costs which cannot be
classified as direct
materials or direct labor.
The amount the holder of a Maturity Value

negotiable instrument is
entitled to receive at the

due date.
It buys or acquires things Manufacturing

which it processes and
transforms into another
form.
Estimated value of an Salvage value

asset at the end of its
useful life.
Involves the sorting or Posting

grouping of similar items
into their respective kinds.
A special journal where Voucher Register

vouchers are recorded.
Journal entries at the end Closing entries

of the accounting period to
clear balances of
temporary accounts.
An artificial being created Corporation

by operation of law.
An account which is Purchases

debited for the cost of
goods bought for resale.
Its main function is to Financial Reporting Stan

establish and improve
accounting standards that
will be generally accepted
in the Philippines.
The one to whose order the Payee

note is payable and
receives payment upon

due date.
The one who signs the drawee

check.
Refers to wages paid to Direct labor

workers performing
operations directly on the
product being
manufactured.
A body authorized by law Board of Accountancy

to promulgate rules and
regulations affecting the
practice of the
accountancy profession in
the Philippines.
An accounting method Accrual basis

which recognizes
expenses when incurred
whether paid or not and
revenues are recognized
when sales are made or
services rendered even
though cash is not yet
collected or received.
The excess of net sales Gross Profit

over the cost of goods
sold.
Partial Question 57 14
/ 15 pts
Classify each item described that corresponds to the following choices:
- Direct Labor
- Direct Materials
- Factory Overhead
- Selling Expenses
- Administrative Expenses
- Other Classification
Advertising materials to Selling Expenses

promote Piattos Potato
chips
Salaries of employees Selling Expenses

promoting Piattos Potato
chip
Salary of Factory Clerk of Factory Overhead

Universal Robina
Depreciation of welding Other Classification

machine used in Daje
Motors
Welding Machine used in Other Classification

ABC Motors
Wages of mechanics in Direct Labor

ABC Motors
Potatoes used by Universal Direct Materials

Robina Corporation in
making Piattos
Meat used in producing Direct Materials

hotdogs
Salary of Carpenter in Direct Labor

making furniture
Salary of office employees Administrative Expenses
Rental for the use of a Factory Overhead

machine in factory
Glue used in a making Factory Overhead

furniture
Depreciation of office Administrative Expenses

equipment
Sugar used in making Direct Materials

softdrinks
Commission of salesman Selling Expenses

for the sale of jeeps
assembled
Quiz Score:
83 out of 95

ACCTG 1101 - Final Examination (1st Sem. 2021-2022) - THEORY

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

ACCTG 1101 - Final Examination (1st Sem. 2021-2022) - THEORY

Uploaded by

Copyright:

Available Formats

1/4/22, 8:52 PM ACCTG 1101 – Final Examination (1st Sem.

t Sem. 2021-2022) - THEORY: Financial Accounting and Reporting I (Service, Merchandising…

ACCTG 1101 – Final Examination (1st Sem. 2021-

You are given 50 minutes to finish the following:

TEST 1 - Multiple Choice - 30 points

TEST 2 - True or False - 25 points

TEST 3 - Identification - 25 points

TEST 4 - Classification - 15 points

GOD BLESS YOU ALL

Score for this quiz:

Submitted Jan 4 at 5:28pm

Is a special form used in recording data pertaining liability and the

The basic purpose of accounting is

A special journal wherein cash collections are recorded

If a P1,000 adjustment for depreciation is omitted, which of the following

It is defined as decrease in assets or increase in liabilities that results in

The basic financial statement, which is generally prepared first, is the

It is a special journal containing chronological and serial record of all

An accountant is expressing his opinion as to the fairness of the

Which of the following is an example of an adjusting entries

When a loss has occurred, the income summary account is

Which of the following is not to be extended to the balance sheet columns

Payment of P20,000 current liability is:

Purchase of equipment on account will

Which of the following is to be extended to the income statement columns

A term wherein the buyer shoulders the freight on the purchased

All are false, except

Which of the following accounts will appear on the post-closing trial

It is the portion of the cost of a fixed asset that is charged or allocated as

The amount received by the payee after discounting of the note.

The post-closing trial balance is prepared after

Closing entries reduce the following type of accounts to a zero balance at

Which of the following comes first in the accounting process?

Which of the following is first completed in the worksheet?

Purchase returns and allowances and purchase discounts are contra

Inventory in the manufacturing business' Statement of Financial Position

An increase in Liabilities may cause an increase in Equity.

A claim against customer for sales made on credit is Accounts

The allowance for doubtful account is contra asset account to be

Cost accounting emphasized the determination of costs of finished goods.

Supporting documents should be verified before the preparation of

Failure to prepare an adjusting entry for Accrued Expenses will result to

The normal balance of Unearned Revenue account is credit.

A discount given to induce prompt payment is called trade discount.

The general principles of accounting applicable to a merchandising firm of

Beginning merchandise inventory plus net purchases is equal to total cost

The merchandise inventory in the trial balance represents the beginning

Freight In is considered to be part of Net Purchases.

A corporation is formed by mere agreement.

A statement of changes in equity is a formal report which shows the

Freight out is added to the cost of merchandise purchased to compute for

Bookkeeping is the recording of business transactions and events in a

Amounts entered on the right side of an account, regardless of the

Purchase of merchandise on cash basis should be credited to vouchers

Identify each term being described.

An account used to Income Summary

The rental for the use of Interest expense

A modified form of cash Net proceeds

Refers to the act of Discounting of Notes

A reduction in price offered Cash Discount

A list of account titles Chart of Accounts

Maturity value less Net proceeds