Module #14

Course Code: ACC 102
Module #14
Name: _____________________________________ Class number: _________________

Section: _________ Schedule: _________________ Date: ________________________
Lesson title: QUIZ 3 Materials:

Lesson Objectives: Module #14
1. Assess the understanding in the previous topics.
2. Provide feedback that can then use to improve your References:
understanding. Fundamentals of Financial
3. Identify weaknesses and correct them. Accounting and Reporting by
Win Ballada
Productivity Tip:
Be prepared. No replacement for planning exists unless you've been researching during the
semester. If you haven't checked before the day of study and if you don't know the test stuff, you're
not going to be saved by the entire test taking techniques in the world. Preparation is important.
A. LESSON PREVIEW/REVIEW
1) Introduction (2 mins)
Welcome to Day 14 of our module! Today, we’ll have your 1st Quiz for the second period. Before we
start, make sure you do the following:
1. Keep an eye on the clock.

2. Write down your answers to prepare in times of technical difficulties.
3. Don’t leave the test page unanswered.
4. Technical problems? Don’t panic. But do contact your instructor immediately, detailing the exact
problem that occurred and any error messages you might have received. If you can take a
screen shot, that is helpful as well.
5. Check your work before you submit it. Ensure that every answer is complete and appears as
you intended. Review the accuracy of your answers, as well as your spelling and grammar.
6. Click submit. You should only need to do so once, but if you have a problem, try once more. If
you still have a problem submitting the test, let your instructor know immediately, and send your
intended answers in an attached document.
1
FLM 1.0
Module #14

B. MAIN LESSON
Directions: Read and understand each question carefully, and encircle in ink the letter that corresponds to
your answer. Erasures will be marked as wrong.
Multiple Choices:
1. The proper sequence for the steps in the accounting cycle is as follows
a. analyze and record transactions, post transaction to the ledger, prepare a trial balance, prepare
financial statements, journalize closing entries, analyze adjustment data and prepare adjusting entries
b. prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial
statements, journalize closing entries and post to the ledger, analyze and record transactions, post
transactions to the ledger
c. analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze
adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and
post to the ledger
d. prepare financial statements, journalize closing entries and post to the ledger, analyze and record
transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare
adjusting entries
2. The following are steps to the accounting cycle. Of the following, which step should be done first.
a. Closing entries are journalized and posted to the ledger.
b. Transactions are posted to the ledger.
c. Adjusting entries are journalized and posted to the ledger.
d. Financial statements are prepared.
3. The following are steps in the accounting cycle. Of the following, which would be prepared last?
a. An adjusted trial balance is prepared.
b. Transactions are posted to the ledger.
c. An unadjusted trial balance is prepared.
d. Adjusting entries are journalized and posted to the ledger.
4. The accounting cycle requires three trial balances be done. In what order should they be prepared?
a. Post-closing, unadjusted, adjusted c. Unadjusted, adjusted, post-closing
b. Unadjusted, post-closing, adjusted d. Post-closing, adjusted, unadjuste
5. The fiscal year selected by companies

a. is the same as the calendar year
b. begins with the first day of the month and ends on the last day of the twelfth month
c. must always begin on January 1.
d. will change each year
2
FLM 1.0
Module #14

6. A fiscal year
a. ordinarily begins on the first day of a month and ends on the last day of the following twelfth month
b. for a business is determined by the federal government
c. always begins on January 1 and ends on December 31 of the same year
d. should end at the height of the business's annual operating cycle
7. The natural business year

a. is a fiscal year that ends when business activities are at its lowest point.
b. is a calendar year that ends when business activities are at its lowest point.
c. is a fiscal year that ends when business activities are at its highest point.
d. is a calendar year that ends when business activities are at its highest point.
8. The worksheet
a. is an integral part of the accounting cycle
b. eliminates the need to rewrite the financial statements
c. is a working paper that is required
d. is used to summarize account balances and adjustments for the financial statements
9. Which one of the steps below is not aided by the preparation of the work sheet?
a. preparing the adjusted trial balance
b. posting to the general ledger
c. preparing the financial statements
d. preparing the closing entries
10. A work sheet includes columns for

a. adjusting entries c. reversing entries
b. closing entries d. adjusting and closing entries
11. When a work sheet is complete, the adjustment columns should have
a. total credits greater than total debits if a net income was earned
b. total debits grater than total credits if a net loss was incurred
c. total debits greater than total credits if a net income was earned
d. total debits equal total credits
12. The difference between the totals of the debit and credit columns of the Adjusted Trial Balance columns
on a work sheet
a. is the amount of net income or loss
b. indicates there is an error on the work sheet
c. is not unusual when preparing the work sheet
d. is the net difference between revenue, expenses, and dividends
3
FLM 1.0
Module #14

13. Net income appears on the work sheet in the

a. debit column of the Balance Sheet columns
b. debit column of the Adjustments columns
c. debit column of the Income Statement columns
d. credit column of the Income Statement columns
14. A net loss appears on the work sheet in the

a. debit column of the Balance Sheet columns
b. credit column of the Balance Sheet columns
c. debit column of the Income Statement columns
d. credit column of the Adjustments columns
15. After net income is entered on the work sheet, the Balance Sheet debit and credit columns must
a. be the same amount as the total amount of the Income Statement debit and credit columns
b. equal each other
c. be the same amount as the total amount in the Adjusted Trial Balance debit and credit columns
d. not be equal to each other and need not be the same total amounts as any other pair of
columns on the work sheet
16. Which of the statements below indicates that a company earned a net income for the period?
a. The sum of the debits exceeds the sum of the credits in the Balance Sheet columns on the work
sheet.
b. The sum of the credits exceeds the sum of the debits in the Income Statement columns on the
work sheet.
c. The sum of the debits exceeds the sum of the credits in the Income Statement columns on the
work sheet.
d. Cash inflows exceeded cash outflows.
17. Which of the items below would appear in the Income Statement columns of the work sheet?
a. Equipment c. Prepaid Expense
b. Unearned Fees d. Net Loss
18. Which of the accounts below would appear in the balance sheet columns of the worksheet?
a. Rent Earned c. Unearned Revenue
b. Dividends d. Dividends and Unearned Revenue
19. Which of the accounts below would appear in the Balance Sheet columns of the work sheet?
a. Service Revenue
b. Prepaid Rent
c. Supplies Expense
d. None are correct
4
FLM 1.0
Module #14

20. The work sheet at the end of September has 4,000 in the Balance Sheet credit column for Accumulated
Depreciation. The work sheet at the end of October has 4,750 in the Balance Sheet credit column for
Accumulated Depreciation. What was the amount of the depreciation expense adjustment for the month of
October?
a. amount cannot be determined
b. 4,750
c. 4,000
d. 750
21. Which of the items below does not appear on the work sheet?
a. adjusting entries c. closing entries
b. the unadjusted trial balance d. dividends
22. Using a perpetual inventory system, the entry to record the return from a customer of merchandise sold
on account includes a
a. credit to Sales Returns and Allowances c. credit to Merchandise Inventory
b. debit to Merchandise Inventory d. debit to Cost of Merchandise Sold
23. If merchandise sold on account is returned to the seller, the seller may inform the customer of the
details by issuing a
a. sales invoice c. credit memorandum
b. purchase invoice d. debit memorandum
24. The arrangements between buyer and seller as to when payments for merchandise are to be made are
called
a. credit terms c. cash on demand
b. net cash d. gross cash
25. In credit terms of 1/10, n/30, the "1" represents the

a. number of days in the discount period
b. full amount of the invoice
c. number of days when the entire amount is due
d. percent of the cash discount
Problem: Prepare the Journal entries under the PERIODIC INVENTORY SYSTEM, post the entries to their
corresponding ledgers with proper post referencing, prepare the trial balance, prepare the complete set of
financial statements, and prepare a post-closing trial balance.
April 01 The business PINEAPPLE DISTRIBUTOR was registered as single proprietorship with the
Department of Trade and Industry, Juan Lo invested P39, 000
02 Bought computer equipment for P10,000 cash
5
FLM 1.0
Module #14

02 Bought merchandise on account from UPTOWN Supply Co. P15, 900, Term, 2/10, n/30
03 Bought office supplies on cash basis for P700
04 Sold merchandize on account P15,200 FOB Destination, terms 2/10, n/30
05 Paid P200 freight on April 4 sale
06 Received credit memo UPTOWN Supply Co. for merchandise return P300
11 Paid UPTOWN
13 Collected from April 4 customers
14 Bought merchandise on cash basis for P14,400
15 Salaries paid P1,500
16 Borrowed money from RCBC Bank, signed a promissory note for P12,000
17 Received refund from a supplier on cash purchase of April 14, P500
18 Bought merchandise from MESDA, P14,200 FOB Shipping, term, 2/10, n/30
20 Paid freight on April 18 purchase P700
23 Sold merchandise for P16, 400
26 Bought merchandise for cash P12,300
27 Paid MESDA on April 18 purchase, P9,000. No discount allowed on partial payment
28 J. Lo got cash from the business, P2,008
29 Made refund to cash customer for defective merchandise, P900
30 Sold merchandise on account, P13,700 2/30
30 Paid the following: Advertising P1,000, Utilities P400, Rent P3,500, Salaries P1,500
30 Inventory April 30, P25,000
6
FLM 1.0
Module #14

General Journal 1
Date Accounts Title and Explanation PR Debit Credit
7
FLM 1.0
Module #14

General Journal 2
8
FLM 1.0
Module #14

General Journal 3
9
FLM 1.0
Module #14

General Journal 4 (Closing Entries)
10
FLM 1.0
Module #14

101 Cash
Date Explanation PR Debit Credit Balance

Debit Credit
102 Accounts Receivable

Debit Credit
11
FLM 1.0
Module #14

103 Merchandise Inventory

Debit Credit
104 Supplies

Debit Credit
105 Computer Equipment

Debit Credit
201 Accounts Payable

Debit Credit
202 Notes Payable

Debit Credit
12
FLM 1.0
Module #14

301 Lo, Capital

Debit Credit
302 Lo, Drawings

Debit Credit
401 Sales

Debit Credit
402 Sales Discount

Debit Credit
13
FLM 1.0
Module #14

403 Sales Returns and Allowances

Debit Credit
501 Purchases

Debit Credit
502 Purchase Discounts

Debit Credit
503 Purchase Returns and Allowances

Debit Credit
14
FLM 1.0
Module #14

504 Freight In

Debit Credit
601 Freight Out

Debit Credit
602 Advertising Expense

Debit Credit
603 Utilities Expense

Debit Credit
604 Salaries Expense

Debit Credit
15
FLM 1.0
Module #14

700 Income Summary

Debit Credit
PINEAPPLE Distributor
Trial Balance
April 30, 20xx
Acct. No. Accounts Title Debit Credit
16
FLM 1.0
Module #14

Cost of Goods Sold
April 30, 20xx
Statement of Financial Performance
April 30, 20xx
17
FLM 1.0
Module #14

Statement of Changes in Equity
April 30, 20xx
Statement of Financial Position
April 30, 20xx
18
FLM 1.0
Module #14

Statement of Cash Flow
April 30, 20xx
19
FLM 1.0
Module #14

20
FLM 1.0
Module #14

Post-closing Trial Balance
April 30, 20xx
Acct. No. Accounts Title Debit Credit
A. LESSON WRAP-UP
1) Activity 6: Thinking about Learning (5 mins)
Congratulations for finishing this module! Shade the number of this module that you have finished.
b) Think about your learning by filling up your “My Learning Tracker” below. Write your learning targets,
your scores, and learning experience for this session and deliberately plan for our next learning
session.
21
FLM 1.0
Module #14

Date Learning Target/Topic Scores Action Plan

What module# did you do? What What contributed to the quality of your performance today?
What’s the date What were your scores
were the learning targets? What What will you do next session to maintain your performance or
today? in the activities?
activities did you do? improve it?
22
FLM 1.0

Module #14

Uploaded by

Document Information

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

Module #14

Uploaded by

Copyright:

Available Formats

Course Code: ACC 102

Name: _____________________________________ Class number: _________________

Lesson title: QUIZ 3 Materials:

1. Keep an eye on the clock.

Name: _____________________________________ Class number: _________________

5. The fiscal year selected by companies

Name: _____________________________________ Class number: _________________

7. The natural business year

10. A work sheet includes columns for

Name: _____________________________________ Class number: _________________

13. Net income appears on the work sheet in the

14. A net loss appears on the work sheet in the

Name: _____________________________________ Class number: _________________

25. In credit terms of 1/10, n/30, the "1" represents the

Name: _____________________________________ Class number: _________________

03 Bought office supplies on cash basis for P700

04 Sold merchandize on account P15,200 FOB Destination, terms 2/10, n/30

05 Paid P200 freight on April 4 sale

13 Collected from April 4 customers

14 Bought merchandise on cash basis for P14,400

15 Salaries paid P1,500

17 Received refund from a supplier on cash purchase of April 14, P500

20 Paid freight on April 18 purchase P700

23 Sold merchandise for P16, 400

26 Bought merchandise for cash P12,300

27 Paid MESDA on April 18 purchase, P9,000. No discount allowed on partial payment

28 J. Lo got cash from the business, P2,008

29 Made refund to cash customer for defective merchandise, P900

30 Sold merchandise on account, P13,700 2/30

30 Inventory April 30, P25,000

Name: _____________________________________ Class number: _________________

Name: _____________________________________ Class number: _________________

Name: _____________________________________ Class number: _________________

Name: _____________________________________ Class number: _________________

General Journal 4 (Closing Entries)

Name: _____________________________________ Class number: _________________

Date Explanation PR Debit Credit Balance

102 Accounts Receivable

Date Explanation PR Debit Credit Balance

Name: _____________________________________ Class number: _________________

103 Merchandise Inventory

Date Explanation PR Debit Credit Balance

Date Explanation PR Debit Credit Balance

105 Computer Equipment

Date Explanation PR Debit Credit Balance

201 Accounts Payable

Date Explanation PR Debit Credit Balance

202 Notes Payable

Date Explanation PR Debit Credit Balance

Name: _____________________________________ Class number: _________________

301 Lo, Capital

Date Explanation PR Debit Credit Balance

302 Lo, Drawings

Date Explanation PR Debit Credit Balance

Date Explanation PR Debit Credit Balance

402 Sales Discount

Date Explanation PR Debit Credit Balance

Name: _____________________________________ Class number: _________________

403 Sales Returns and Allowances

Date Explanation PR Debit Credit Balance

Date Explanation PR Debit Credit Balance

502 Purchase Discounts

Date Explanation PR Debit Credit Balance

503 Purchase Returns and Allowances

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _

Name: _____________________ Class number: _