11/11/21, 10:47 PM PRACTICE QUIZ - ADJUSTING ENTRY (Theories and Problems): BSA_1101 : Fundamentals of Accounting 1 & 2

PRACTICE QUIZ - ADJUSTING ENTRY (Theories and

Problems)
Due
Oct 21 at 11:59pm
Points
47
Questions
47
Available
Oct 20 at 12am - Oct 21 at 11:59pm
2 days
Time Limit
None
Allowed Attempts
3

This quiz was locked Oct 21 at 11:59pm.

Attempt History
Attempt Time Score
LATEST Attempt 1
51 minutes 33 out of 47

Score for this attempt:

33 out of 47
Submitted Oct 21 at 9:50pm
This attempt took 51 minutes.

Question 1 1
/ 1 pts

Office equipment costing P4,750 was acquired on January 1 of the

current year. It has an estimated useful life of 7 years and a scrap value of
550. assuming the asset was sold on December 31 for P4,000, how much
is the gain or loss on sale?

 
P400 gain

 
P400 loss

 
P150 gain

Correct!  
P150 loss

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Question 2 1
/ 1 pts

Equipment, with a useful life of 10 years, was purchased on January 1,

1999 at a cost of P100,000. if the equipment was sold for P68,000 on
December 31, 2002, the gain (loss) on sale is

 
P(8,000)

Correct!  
P8,000

 
P(18,000 )

 
P18,000

Question 3 1
/ 1 pts

The firm borrowed P20,000 from the bank on December 1, 2002 by

signing a 90-day 12% note.  the firm should recognize a liability for
interest on December 31, 2002 for

Correct!  
P200

 
P600

 
P400

 
P2,400

Three months taxes in the amount of P685 have accrued at the

end of the accounting period.

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Question 4 1
/ 1 pts

Of the balance of the unearned interest revenue account of P10,200,

P9,200 is earned. What is the interest income as of December 31?

 
P19,400

 
P10,200

 
P1,000

Correct!  
P9,200

Question 5 1
/ 1 pts

The firm has used P170 of the supplies and P430 remains on hand. the
asset portion is

 
P600

 
P260

Correct!  
P430

 
P170

Question 6 0
/ 1 pts

The accounts receivable balance is P25,000 and the balance of the

allowance for bad debts is P2,000. it is estimated that the bad debts

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should be increased to 10% of the accounts receivable.  the amount to be

charged to bad debts expense is

 
P2,000

ou Answered  
P4,500

 
P2,500

orrect Answer  
P500

Question 7 1
/ 1 pts

The unearned portion of a deferred income is reported in the balance

sheet.

     The unearned portion of a deferred income is reported in the income

statement.

 
Only the second statement is true

Correct!  
Only the first statement is true

 
Both statements are true

 
Both statements are false

Question 8 0
/ 1 pts

The accounts receivable balance is P25,000 and the balance of the

allowance for bad debts is P2,000. it is estimated that the bad debts
should be increased to 10% of the accounts receivable.  the allowance for
bad debts should be

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P500

orrect Answer  
P2,500

ou Answered  
P4,500

 
P2,000

Question 9 1
/ 1 pts

Three months taxes in the amount of P685 have accrued at the end of the
accounting period. the amount of liabilities for taxes is

 
P2,055

 
P228.33

 
P 0

Correct!  
P685

Question 10 1
/ 1 pts

A tenant who is using a part of the store gave an advance payment of

P30,000 for 5 months on November 1, 2002. The amount of rent income
on December 31, 2002 should be

 
P6,000

 
P18,000

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Correct!  
P12,000

 
P30,000

Question 11 1
/ 1 pts

Interest collected, credited to interest revenue account for a period of 45

days from December 16 is P1,200. How much is the unearned interest as
of December 31?

 
P18,000

Correct!  
P400

 
P1,200

 
P800

Question 12 1
/ 1 pts

Equipment, with a useful life of 10 years, was purchased on January 1,

1999 at a cost of P100,000. the net book value of the equipment as of
January 1, 2001 is

 
P90,000

 
P70,000

Correct!  
P80,000

 
P60,000

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Question 13 1
/ 1 pts

Of the balance of the unexpired insurance account of P2,400, P600 has

expired as of December 31. How much is the adjusted balance of the
unexpired insurance as of December 31?

 
P600

Correct!  
P1,800

 
P2,400

 
P3,000

Question 14 1
/ 1 pts

When doubtful accounts is estimated as a percentage of accounts

receivable, we have to consider the beginning balance of the allowance
for doubtful accounts to arrive at the doubtful accounts expense

     When doubtful accounts is estimated as a percentage of sales, we

have to consider the beginning balance of the allowance for doubtful
accounts to arrive at the doubtful accounts expense

 
Both statements are false

 
Both statements are true

 
Only the second statement is true

Correct!  
Only the first statement is true

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Question 15 1
/ 1 pts

Three months taxes in the amount of P685 have accrued at the end of the
accounting period.  The amount of accrued taxes is

Correct!  
P685

 
P 0

 
P228.33

 
P2,055

Question 16 1
/ 1 pts

Accrued expenses are expenses incurred but not yet paid and is therefore
a current liability

     Accrued income are income earned but not yet collected and is
therefore a current asset

Correct!  
Both statements are true

 
Only the second statement is true

 
Only the first statement is true

 
Both statements are false

Question 17 0
/ 1 pts

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Furniture costing P2,600  was acquired on April 1, 2000. It has an

estimated useful life of 5 years and a scrap value of P200. How much is
the depreciation expense as of December 31, 2001?

ou Answered  
P360

 
P520

 
P320

orrect Answer  
P480

Question 18 1
/ 1 pts

The firm borrowed P20,000 from the bank on December 1, 2002 by

signing a 90-day 12% note.  the maturity value of the note is

 
20,400

Correct!  
P20,600

 
P20,200

 
P22,400

Question 19 1
/ 1 pts

A 60 day 12% note for P15,000 dated November 21 is outstanding.

Interest payable upon maturity. What is the interest payable as of
December 31?

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P1,800

Correct!  
P200

 
P300

 
P100

Question 20 0
/ 1 pts

Depreciation is the systematic allocation of the life of the property over its
cost.

Doubtful accounts refers to that portion of the receivable that is doubtful

as to collection

 
Only the first statement is true

 
Both statements are false

ou Answered  
Both statements are true

orrect Answer  
Only the second statement is true

Question 21 1
/ 1 pts

The firm has used P170 of the supplies and P430 remains on hand. The
amount of supplies expense is

 
P260

 
P430

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P600

Correct!  
P170

Question 22 1
/ 1 pts

Of the balance of the interest revenue account of P10,200, P9,200 is

earned. What is the unearned portion as of December 31?

 
P10,200

 
P9,200

Correct!  
P1,000

 
P19,400

Question 23 1
/ 1 pts

The unexpired portion of a prepaid expense is reported in the income

statement

     The unexpired portion of a prepaid expense is reported in the balance

sheet

Correct!  
Only the second statement is true

 
Both statements are false

 
Both statements are true

 
Only the first statement is true

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Question 24 1
/ 1 pts

On December 31, 1995, the unadjusted trial balance showed a balance of

P18,000 in the prepaid insurance account. This was purchased on
November 1, 1995 representing a one year insurance policy. Adjusting
entry should show a credit to prepaid insurance of

 
P15,000

Correct!  
P3,000

 
P18,000

 
P1,500

Question 25 1
/ 1 pts

The firm borrowed P20,000 from the bank on December 1, 2002 by

signing a 90-day 12% note.  the accrued interest on December 31 is

 
P600

 
P2,400

Correct!  
P200

 
P400

Question 26 1
/ 1 pts

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The trial balance showed a balance of P1,340 in store supplies account.

As of December 31, it is determined that only P600 is left on hand. the
amount that will appear in the income statement is

Correct!  
P740

 
P600

 
P1,940

 
P1,340

Question 27 1
/ 1 pts

Prepaid Expense refers to expenses paid in advance and is shown in the

income statement as an asset

Prepaid Expense refers to expenses paid in advance and is shown in the

balance sheet as an asset

 
Only the first statement is true

Correct!  
Only the second statement is true

 
Both statements are true

 
Both statements are false

Question 28 0
/ 1 pts

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11/11/21, 10:47 PM PRACTICE QUIZ - ADJUSTING ENTRY (Theories and Problems): BSA_1101 : Fundamentals of Accounting 1 & 2

On December 31, 1995, the unadjusted trial balance showed a balance of

P18,000 in the prepaid insurance account. This was purchased on
November 1, 1995 representing a one year insurance policy.  The
adjusted balance of prepaid insurance account should be

orrect Answer  
P15,000

 
P18,000

 
P1,500

ou Answered  
P3,000

Question 29 1
/ 1 pts

Deferred income is a current liability

     Deferred income is a current asset

Correct!  
Only the first statement is true

 
Only the second statement is true

 
Both statements are true

 
Both statements are false

Question 30 1
/ 1 pts

Interest accrued and not yet paid on note of P10,000 for 60 days at 12%
starting December 1. how much is the interest payable as of December
31
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P200

Correct!  
P100

 
P1,100

 
P1,200

Question 31 1
/ 1 pts

The firm has used P170 of the supplies and P430 remains on hand the
amount to be reflected in the income statement is

 
P600

 
P260

Correct!  
P170

 
P430

Question 32 1
/ 1 pts

Three months taxes in the amount of P685 have accrued at the end of the
accounting period. the amount of taxes expense is

 
P 0

 
P228.33

Correct!  
P685

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P2,055

Question 33 0
/ 1 pts

Bad debts is estimated at 1.5% of the sales balance of P130,000.

Beginning balance of the allowance for bad debts is P1,000. How much is
the bad debts expense as of December 31?

orrect Answer  
P1,950

 
P1,000

ou Answered  
P950

 
P2,950

Question 34 1
/ 1 pts

Accumulated depreciation is shown in the balance sheet as a reduction to

the cost of the property being depreciated to get the net book value

     Accumulated depreciation is shown in the balance sheet as a

reduction to the cost of the property being depreciated to get the net
realizable value

 
Only the second statement is true

 
Both statements are true

 
Both statements are false

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Correct!  
Only the first statement is true

Question 35 0
/ 1 pts

Bad debts is estimated at 2.5% of net sales of P5,000,000. How much is

the bad debts expense as of December 31 if there is a beginning balance
of P15,000 in the allowance for bad debts?

ou Answered  
P110,000

 
P15,000

orrect Answer  
P125,000

 
P140,000

Question 36 0
/ 1 pts

Rent for six months from October 31 was paid and recorded in the rent
expense account for P18,000. What is the correct rent expense as of
December 31?

orrect Answer  
P6,000

 
P18,000

ou Answered  
P12,000

 
P24,000

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Question 37 0
/ 1 pts

Salary already due but not yet paid as of December 31 is 15 days at P160
per day. How much is the accrued salary as of December 31?

 
P4,960

ou Answered  
P160

orrect Answer  
P2,400

 
P2,560

Question 38 1
/ 1 pts

The trial balance showed a balance of P1,340 in store supplies account.

As of December 31, it is determined that only P600 is left on hand. The
amount of supplies charged to operation is

Correct!  
P740

 
P1,940

 
P600

 
P1,340

Question 39 1
/ 1 pts

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11/11/21, 10:47 PM PRACTICE QUIZ - ADJUSTING ENTRY (Theories and Problems): BSA_1101 : Fundamentals of Accounting 1 & 2

On December 31, 1995, the unadjusted trial balance showed a balance of

P18,000 in the prepaid insurance account. This was purchased on
November 1, 1995 representing a one year insurance policy.  The
insurance expense at December 31 should be

Correct!  
P3,000

 
P1,500

 
P15,000

 
P18,000

Question 40 1
/ 1 pts

A customer paid his account by issuing a P16,000, 60 day 8% promissory

note on December 16, 2002. How much is the accrued interest on
December 31, 2002?

 
P1,280

 
P56.88

 
P213.33

Correct!  
P53.33

Question 41 0
/ 1 pts

Depreciation is computed by dividing the cost, if there is no salvage value

by the estimated useful life

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     Net book value of the property should be equal to the salvage value at
the end of its estimated useful life

 
Only the second statement is true

 
Both statements are false

orrect Answer  
Both statements are true

ou Answered  
Only the first statement is true

Question 42 0
/ 1 pts

The trial balance showed a balance of P1,340 in store supplies account.

As of December 31, it is determined that only P600 is left on hand. the
amount that will appear in the balance sheet is

orrect Answer  
P600

ou Answered  
P740

 
P1,940

 
P1,340

Question 43 1
/ 1 pts

Accrued Income is a liability

Accrued interest expense is the same as interest receivable

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Only the first statement is true

 
Both statements are true

 
Only the second statement is true

Correct!  
Both statements are false

Question 44 0
/ 1 pts

The firm borrowed P20,000 from the bank on December 1, 2002 by

signing a 90-day 12% note. the amount to be charged as interest expense
for 2002 is

 
P400

ou Answered  
P600

orrect Answer  
P200

 
P2,400

Question 45 0
/ 1 pts

The store equipment, depreciated at 10% per annum has a balance of

P50,000, P15,000 of which was purchased on July 1, 2000. The amount
of depreciation expense on December 31, 2000 is

orrect Answer  
P4,250

 
P5,000

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P3,500

ou Answered  
P5,750

Question 46 0
/ 1 pts

Equipment, with a useful life of 10 years, was purchased on January 1,

1999 at a cost of P100,000. the depreciation expense for 2001 is

ou Answered  
P20,000

orrect Answer  
P10,000

 
P30,000

 
P40,000

Question 47 1
/ 1 pts

Equipment, with a useful life of 10 years, was purchased on January 1,

1999 at a cost of P100,000. The accumulated depreciation of the
equipment as of December 31, 2002 is

Correct!  
P40,000

 
P20,000

 
P30,000

 
P10,000

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Quiz Score:
33 out of 47

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