REVIEWER (FABM 1)
1. What are these goods that are held for sale to
customers in the normal course of business?
2. What inventory system that records revenue only
when the item is sold?
3. What accounting for freight cost that the buyer
pays for the freight cost?
4. Normally based on the invoice cost less return and
allowances?
5. If the buyer will pay for the freight, what will be
the journal entry?
6. At the end of the accounting period of periodic
inventory system, what is necessary to establish the
ending balance of the inventory?
7. Revenues are reported when in accordance with
what accounting concept and principles?
8. What document issued by a buyer to inform a
seller that the seller's account has debited
9. What inventory system that provides better
control over inventories than a periodic inventory,
since the records always show the quantity that
should be on hand?
10. Special Journal that is used to record all sales on
credit.
11. Sales revenues less cost of goods sold
12. Show the finance records, journals, or ledger
compose the company accounts
13. How the General Journal (GJ) record all financial
transactions?
14. Issue to you client if they pay in cash
15. Called of book of final entry
16. Only one debit and one credit account?
17. What journal records a compound journal entry
that contains-either one debit and two or more
credits, or two or more debits and one credit: or two
or more debits and two or more credits
18. Fact contains the Posting Reference or the ledger
page in which the accounts are transferred?
19. Conclusion on the use of Posting Reference in the
transaction journals
20. How would you show your understanding when
recording transactions, such as cash investment,
loans, cash sales, collections of customers' accounts,
and cash refund?
21. What is the conclusion when recording
transactions, such as cash purchases of Merchandise
and other Assets, payments of accounts and other
liabilities, payments of expenses, cash withdrawals of
the owner, and cash refunds to customers?
22. What information would you use to record sales
of Merchandise, cash sales of retailers like in the
Department Stores which rang on Cash Register
Tapes (CRTs), and summarized in a Cash Summary
Report?
23. Not true about Trial Balance
24. Trial Balance is used to check the accuracy of
what?
25. Used in a preparation of a Trial Balance?
26. When do you prepare a Trial Balance
27. Why does a business prepare a trial balance?
28. Which account in the Trial Balance represents a
credit balance?
29. Normally appears in DEBIT in a trial balance?
30. What is the use of trial balance?

31. The effect of adjusting entries is also known as?

32. The trial balance means?

33. What are the total for the trial balance?

34. What accounting term is used for the cost of

goods unsold at the end of the accounting period?

35. Cost of goods sold (COGS) includes the following

except?

36. The following formula to find in the cost of goods

sold during an accounting period, which one is it?

37. Which of the following statement are true?

38. How do you calculate cost of goods sold on an

income statement?

39. Cost of goods sold is classified as?

40. Mrs. Huazz sari-sari story?