POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

College of Accountancy and Finance

ACCO 30033 Accounting for Government and Not for Profit Organizations
Midterm Departmental Examination
1st Semester AY 2023-2024

Name: ________________________________________________ Branch/Campus and Section: ________________

Instruction. Choose the letter of the best answer.

Test I. MULTIPLE CHOICE THEORY (1 pt. each)

1. Arrange the following steps according to the sequence that they appear in the budget cycle.
I. Allotment
II. Appropriation
III. Incurrence of obligation
IV. Disbursement
a. I, II, III and IV c. II, I, IV and III
b. II, I, III and IV d. I, II, IV and III

2. The 4th and 5th digits in the Unified Accounts Code Structure (UACS) represent the
a. Account group c. Major account group
b. Sub-major account group d. General ledger account

3. Entity A enters into a long-term contract to provide services. The outcome of the transaction can be estimated
reliably and the progress on the contract can be measured with sufficient reliability. According to the IPSAS, how
should Entity A recognize revenue from the contract?
a. By reference to the stage of completion of the contract at the reporting date
b. On a straight-line basis over the contract term
c. Only to the extent of recoverable costs
d. No revenue must be recognized

4. Statement 1: Payments to government entities in the form of checks are not allowed.
Statement 2: Imposition and collection of tax revenue is considered a non-exchange transaction.
a. Only statement 1 is true c. Both statements are true
b. Only statement 2 is true d. Both statements are false

5. Which of the following expenditures are considered unconscionable?

a. Loyalty service award granted to employees that have not yet rendered the minimum service of ten years
in the government
b. Replacement of serviceable structure/equipment
c. Procurement of materials/items in excess of the requirements which eventually expires such as vaccines,
medicines, seeds, fertilizer, pesticides, among others.
d. Extension of loans in significant and unreasonable amount to unqualified borrowers whereby recovery of
the loans granted is remote.

6. Inventories for consumption in the production process of goods to be distributed at no charge or for a nominal
charge shall be measured at
a. the lower of cost and net realizable value
b. the lower of cost and current replacement cost
c. at their fair value less costs to sell at the point of harvest
d. at the lower of carrying amount and value in use

7. A journal entry with a credit to the “Cash-Modified Disbursement System (MDS), Regular” account will most likely
be recorded in the
a. Special Journal c. Cash Disbursements Journal
b. General Journal d. Check Disbursements Journal

8. When a National Government Agency remits its collections to the Bureau of the Treasury, which of the following
most likely be debited in the books of accounts of NG?
a. Cash – MDS, Regular c. Cash-Collecting Officers
b. Cash – Treasury/Agency Deposit, Regular d. Cash-TRA

9. Statement 1: Interest expense and bank charges are included in Maintenance and Other Operating Expenses
Statement 2: Capital Outlay includes the purchase of semi-expendable property, plant and equipment.
a. Only 1st statement is true c. Both statements are true
b. Only 2nd statement is true d. Both statements are false

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10. On November 09, 2023, a national government agency acquires 40 units of Communication Equipment at an invoice
amount of P3,500,000. The entity would most likely record the purchase as
a. Inventory Held for Consumption c. Property, Plant and Equipment
b. Semi-Expendable Property d. Investment Property

11. Which of the following transactions by a national government agency will require journal entry to its accounting
books?
a. Receipt of appropriation from the department of budget and management
b. Receipt of allotment from the department of budget and management
c. Receipt of notice of cash allocation from the department of budget and management
d. Entering into a contract with a supplier for the acquisition of office supplies

12. A national government agency whose function is to develop and administer a national accounting system essential
to fiscal management and control.
a. Department of Budget and Management c. Commission on Audit
b. Bureau of the Treasury d. Department of Finance

13. Under the L o c a l G o v e r n m e n t C o d e , w hat is the basis of the approved budget of LGUs?
a. Agency Budget Matrix (ABM) c. General Appropriation Act (GAA)
b. Appropriation Ordinance d. General Allotment Release Order (GARO)

14. This account is debited to recognize deposit with AGDBs of income received for which the agency has authority to
use; trust receipts authorized under specific contracts and agreements; Revolving Fund under specific laws; and
credit advices/memos received from the AGDBs.
a. Petty Cash c. Cash-Collecting Officer
b. Cash in Bank-Local Currency, Current Account d. Cash-MDS, Regular

15. The following accounts will appear in the statement of financial position of LGUs with respect to its general fund,
except:
a. Special Education Tax Receivable c. Cash in Bank- LCCA
b. Real Property Tax Receivable d. Cash Local Treasury

16. LGUS maintain the following general types of funds, except

a. Special Education Fund b. Fiduciary Fund c. General Fund d. Trust Fund

17. Additional appropriation authorized by law to augment the original appropriations which proved to be inadequate
or insufficient for the particular purpose intended due to economic, political or social conditions.
a. Continuing Appropriations c. Supplemental Appropriations
b. Automatic Appropriations d. General Appropriations

18. Installation of highly sophisticated outdoor signs, billboards and neon signs advertising a government
agency/office is an example of
a. Irregular Expenditure c. Unnecessary Expenditure
b. Excessive Expenditure d. Extravagant Expenditure
19. Which of the following is NOT considered an exchange transaction?
a. Sales of goods c. Rendering of Services
b. Extinguishment of liabilities d. Payment of penalty

20. Which of the following statements relating with local government units is (are) true?
Statement 1: The local sanggunian approves the annual budget thru the issuance of appropriation ordinance.
Statement 2: Allotment is the authorization issued by the local chief executive to a department/office of the local
government unit, which allows it to incur obligations, for specified amounts, within the appropriation ordinance.
a. 1 only b. 2 only c. both 1 and 2 d. none of the statements

21. Which of the following is/are TRUE regarding petty cash fund?
I. The Petty Cash Fund (PCF) to be set up shall be sufficient for the recurring petty operating expenses of
the agency for one month.
II. The fund shall not be used for payment of regular expenses such as rentals, subscriptions, light and water
bills, purchase of supplies and materials for stock purposes, and the like.
III. It shall be maintained using the imprest System.
a. I only c. I, and III only
b. II only d. I, II, and III

22. Which of following is/are FALSE regarding liquidation of cash advances?

I. For local travel, liquidation shall be done within a period of 30 days upon return to the personnel’s
workstation.
II. Cash advance for foreign travel shall be liquidated within 60 days upon return to the Philippines.
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 III. Cash advance for special purpose/time-bound undertaking shall be liquidated by the accountable
officer within a specified period.
IV. Liquidation of the advances for payroll shall be made within fifteen (15) days after the end of the pay
period.
a. I, II and IV only c. III only
b. I and II only d. IV only

23. The accounting entry to record unused NCA would include

a. In case of Special Account in the General Fund, a debit to Subsidy from National Government.
b. In case of Regular Fund, a debit to Cash in Bank-Local Currency, Current Account
c. In case of Regular Fund, a debit to Subsidy from National Government.
d. In case of Trust Fund, a credit to Cash-Treasury/Agency Deposit, Trust

24. Statement 1: The cost formula of First-In, First Out method is used by the government entities.
Statement 2: The Perpetual Inventory system is the required inventory system for government entities.
a. Statement 1 is correct. c. Both statements are correct.
b. Statement 2 is correct. d. Both statements are not correct.

25. The entry to record the deposit of performance bonds received by an NGA from a contractor includes a debit to:
a. Cash-Treasury Agency/Deposit, Regular c. Cash-MDS, Regular
b. Cash-Treasury Agency/Deposit, Trust d. Cash in Bank, LCCA

26. The DBM, Department of Finance, Bureau of Treasury, and Commission on Audit are collectively responsible for
the Unified Accounts Code Structure (UACS). What agency is responsible for validating and assigning new codes
for funding source organization sub-object codes for expenditure items?
a. Department of Budget and Management c. Bureau of Treasury
b. Department of Finance d. Commission on Audit

27. The reimbursement of expenses incurred by the officials/employees who are not authorized to attend conferences,
meetings and other official functions is most likely described as to what type of expenditure?
a. Irregular b. Unnecessary c. Excessive d. Extravagant

28. Which of the following is a unique requirement of government accounting that is not required
in the accounting for business entities?
a. The use of double-entry recording system c. The use of single-entry recording system
b. The presentation of budget information in the FS d. The use of accrual basis of accounting

29. How does government accounting differ from the accounting for business entities?
a. Government accounting places more emphasis on profit-making.
b. Government accounting places greater emphasis on sources and utilization of funds in accordance with the law
and management’s stewardship over government resources entrusted to the entity.
c. Government accounting is very complex that only highly intellectual individuals can understand it.
d. Government accounting is specialized in nature that the principles applicable to business
entities are never applicable to government entities.

30. Statement 1 When inventories are sold, exchanged, or distributed, their carrying amount shall be recognized
as an expense in the period in which the related revenue is recognized.
Statement 2 An inventory held for sale is said to be impaired if the cost of the inventories is higher than its
current replacement cost.
a. Only statement 1 is correct. c. Both statements are correct.
b. Only statement 2 is correct. d. Both statements are incorrect.

31. Statement 1: GAM is prescribed by both the Commission on Audit and the Department of Budget and
Management.
Statement 2: The COA, DBM and Bureau of the Treasury are collectively responsible for Unified Account Code
Structure (UACS).
a. Only 1st statement is true c. Both statements are true
b. Only 2nd statement is true d. Both statements are false

32. Statement 1: Interest expense and bank charges are included in Maintenance and Other Operating Expenses
Statement 2: Capital Outlay includes the purchase of semi-expendable property, plant and equipment.
a. Only 1st statement is true c. Both statements are true
b. Only 2nd statement is true d. Both statements are false

33. The following procedures that will fall under Budget Accountability phase, except
a. Performance Review of Financial and Physical Targets
b. Submission of Agencies’ Accountability Reports
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 c. Audit Report
d. Submission of Budget Execution Documents

34. Inventories held for sale shall be measured at

a. the lower of cost and net realizable value
b. the lower of cost and current replacement cost
c. at their fair value less costs to sell at the point of harvest
d. at the lower of carrying amount and value in use

35. This committee prepares the harmonized General Appropriation Bill.

a. House of Representatives Ways and Means Committee
b. Senate Budget Committee
c. Bicameral Conference Committee
d. Philippine House Committee on Ways and Means

36. What is the minimum cost of an asset to be recognized as PPE?

a. P15,000 b. P20,000 c. P25,000 d. P50,000

37. The following are considered inventory held for manufacturing except
a. Raw Materials Inventory c. Work-in-Process Inventory
b. Finished Goods Inventory d. Office Supplies Inventories

38. The entry to record the remittance of taxes withheld by a local government unit includes a credit to
a. Due to BIR c. Cash in Bank, LCCA
b. Cash-MDS, Regular d. Cash-TRA

39. The entry to record the receipt of ADA from the Bureau of Treasury for the share of local government units from
national taxes includes a
a. debit to Accounts Receivable c. debit to Due from NGAs
b. credit to Subsidy from NG d. debit to Cash-in Bank, LCCA

40. The entry to record the purchase of an office equipment costing P40,000 includes a debit to
a. Office Equipment
b. Semi-Expendable Office Equipment
c. Semi-Expendable Machinery and Equipment
d. Semi-Expendable Machinery and Equipment Expenses

Test II. MULTIPLE CHOICE-PROBLEMS (2 pts. Each)

41. Agency AA’s allotment and Notice of Cash Allocation (NCA) for the year were P5,000,000 and P3,000,000,
respectively. Checks issued amounted to P2,500,000. What closing entry should be made for unused NCA as of
year-end?
a. Subsidy from National Government P2,500,000
Cash – MDS, Regular P2,500,000
b. Subsidy from National Government P1,500,000
Cash – MDS, Regular P1,500,000
c. Subsidy from National Government P3,000,000
Cash – MDS, Regular P3,000,000
d. Subsidy from National Government P500,000
Cash-MDS, Regular P500,000

42. LTO collected motor vehicle registration fees amounting to P250. These were remitted to the Bureau of Treasury.
To record the remittance by LTO in the national government books, the entry would be
a. Cash – MDS, Regular P250
Registration Fees P250
b. Registration Fees P250
Cash – MDS, Regular P250
c. Cash – Treasury/Agency Deposit P250
Cash – Collecting Officers P250
d. Cash – MDS, Regular P250
Cash – Collecting Officers P250

43. Polytechnic University of the Philippines had the following transactions during the year:
• Notice of Cash Allocation (NCA) amounting to P600,000 was received.
• Various expenses totaling P240,000 were incurred.
• Earned P100,000 revenue through billings and collections of unbilled income.
• Remittance of taxes withheld of P50,000 to the Bureau of Internal Revenue through a Tax Remittance
Advice.
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 • The unused NCA at the end of the period is P40,000.
How much is the balance of Subsidy from National Government to be reported at year-end?
a. P470,000 b. P610,000 c. P370,000 d. P710,000

A national government agency (NGA) ordered office supplies worth P1,800,000 through DBM-Procurement Service on
September 14, 2023 for the 4th Quarter requirement of Fiscal Year 2023. The office supplies were available & delivered by
the DBM worth P1,500,000 as indicated on the Purchase Request on August 15, 2023.

44. The entry to recognize the delivery of office supplies from DBM includes a
a. Debit to Due from NGAs, P1,800,000
b. Credit to Cash – Modified Disbursement System, P1,800,000
c. Debit to Office Supplies Inventory, P1,800,000
d. Credit to Due from NGAs, P1,500,000

45. How much taxes is to be withheld for this transaction?

a. P0 b. P80,357.14 c. P93,750 d. P96,428.57

The following are the selected transactions of a national government agency for the first quarter of the year, 2022:
Total Appropriations for MOOE P29,000,000
Total Allotment for MOOE 25,000,000
Total NCA for MOOE 24,500,000
Total Obligation for MOOE 23,000,000
Total Obligations liquidated (disbursement) for MOOE 19,000,000
46. How much is the unfunded allotment for Maintenance and Other Operating Expenses (MOOE)?
a. P500,000 b. P1,500,000 c. P2,000,000 d. P4,000,000

47. How much is the unreleased appropriations for MOOE?

a. P500,000 b. P1,500,000 c. P2,000,000 d. P4,000,000

48. How much is the unobligated allotment for MOOE?

a. P500,000 b. P1,500,000 c. P2,000,000 d. P4,000,000

The following account balances were taken from the books of a government agency:
Salaries and Wages-Regular, P5,000,000; PERA, P3,000,000; Office Supplies Expense, P600,000; Water Expenses,
P900,000; Electricity Expenses, P1,000,000; Telephone Expenses, P450,000; Repairs and Maintenance Expenses,
P800,000; Representation Allowance and Transportation Allowance (RATA), P1,800,000; Honoraria, P1,450,000; Interest
Expenses, P1,500,000; Bank Charges, P750,000, Retirement and Life Insurance Premiums, P1,750,000; Pag-IBIG
Contributions, P1,200,000; Phil-Health Contributions, P1,150,000; Employees Compensation Insurance Premiums,
P80,000; Subsidy from National Government, P5,000,000; Semi-Expendable Machinery and Equipment Expense,
P1,200,000; Representation Expenses, P900,000; Commitment Charges, P400,000; Depreciation Expense, P2,500,000;
Amortization Expense, P2,000,000.
49. How much is the total amount of expenses under Maintenance and Other Operating Expenses (Cash Expenses)?
a. P8,050,000 b. P8,100,000 c. P7,650,000 d. P5,850,000

The following account balances were taken from the books Department of Environment and Natural Resources:
Salaries & Wages – Regular, P7,950,000; PERA, P300,000; Other Supplies & Materials Expense, P412,500; Water
Expenses, P45,000; Electricity Expenses, P75,000; Telephone Expenses, P22,500; Travelling Expenses, P127,500;
Representation Allowance & Transportation Allowance (RATA), P225,000; Representation Expenses, P120,000; Overtime
and Night Pay, P500,500; Depreciation Expenses, P150,000; Subsidy from National Government, P10,750,000; Interest
Income, P7,500; Interest Expense, P12,000; Bank Charges, P2,250; Office Supplies Expenses, P167,500; Retirement &
Life Insurance Premiums, P795,000; PAG-IBIG Contributions, P100,000; PHILHEALTH Contributions, P79,500;
Employees Compensation Insurance Premiums, P50,000.
50. If the allotment received for PS was P12,000,000, how much is the unobligated allotment for PS?
a. P2,000,000 b. P2,225,000 c. P2,500,500 d. P3,000,000

On August 12, 2023, a national government agency purchased 10 units of special type of machinery, estimated life of 5
years, worth ₱750,000. An air-conditioning unit was received as a promotional item with a fair value of P30,000 with
estimated useful life of 3 years. The items received were immediately used after delivery.
51. Compute the amount of depreciation expense for the year 2023.
a. P0 b. P31,250 c. P57,000 d. P59,375

DPHW received Notice of Cash Allocation (NCA) amounting to P6,250,000 for the year. Unused NCA at the end of the
period amount to P60,000. DPHW remitted taxes withheld to the BIR amounting to P480,000 through Tax Remittance
Advice (TRA).
52. How much is the balance of Subsidy from National Government?
a. P5,710,000 b. P6,190,000 c. P6,670,000 d. P6,730,000

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On January 1, 2023, DOST purchased a machine with estimated useful life of 10 years. The following information are
available:
Purchase price P5,000,000
Delivery and installation costs 50,000
Dismantling cost at the end of useful life 90,000
The average borrowing rate at the time of acquisition is 10%.
53. The amount of annual depreciation that must be recognized by DOST in relation to the machine should be (round-
off PV factor to 4 decimal places)
a. P473,719.50 b. P483,046 c. P483,719.50 d. P505,000.00

On May 10, 2023, Government Printing Office awarded ABC, Inc. with a project entitled “Procurement of 2,000 pieces of
cartridge ink” in the amount of Php14,560,000.00 for printing of Official Receipts. The term of delivery is 20 days after the
award. ABC, Inc. makes a partial delivery of 1,800 pieces of cartridge ink on May 18, 2023. It was accepted by the agency.
On June 5, 2023 ABC, Inc. notify in writing that they can no longer supply the remaining items because the manufacturer
was bankrupt.
54. Using the data above, how much office supplies inventory must be recognized in the books?
a. P11,700,000 b. P13,000,000 c. P13,104,000 d. P14,560,000

55. Using the same data above, how much is the taxes withheld?
a. P702,000 b. 780,000 c. P786,240 d. P873,600

A national government agency purchased raw materials with a list price of P112,000 (VAT-inclusive), terms 5%, 2/10,
n/30. The raw materials are to be used in the production of goods for resale.
56. What amount would be credited to Cash-MDS, Regular to record payment within the discount period? (Discount
is based on the amount before VAT)
a. P88,112.50 b. 93,100 c. P95,000 d. P98,686

The following are the selected transactions of a national government agency:

• Signed a contract for the construction of multi-purpose hall whose contract price is ₱56 million. The contract
includes provisions for the following:
a. Advance payment of 15% based on contract price.
b. Recoupment of advances based on the percentage of completion.
c. 10% retention fee based on the progress billings.
• Advances to contractors were made.
• Received 1st progress billing from the contractor at 40% completion.
• Paid the amount due to the contractor, net of all deductions including applicable withholding tax.
57. Compute the amount of withholding tax for remittance to the BIR thru Tax Remittance Advice.
a. P1,000,000 b. P1,200,000 c. P1,400,000 d. P2,000,000

58. The journal entry to recognize payment of 1st progress billing includes a
a. Credit Advances to Contractors, P8,400,000
b. Debit Accounts Payable, P21,000,000
c. Credit Cash-Modified Disbursement System, Regular, P17,640,000
d. Credit Guaranty/Security Deposits Payable, P2,240,000

59. What is the net amount paid to the contractor?

a. P15,400,000 b. P17,640,000 c. P18,760,000 d. P22,400,000

A national government agency had the ff. transactions relating to billings and collections for the month of November 2023:
November 03 – The agency prepared the following billings for the month of November 2023: Rent/Lease Income –
P80,000; Permit & Registration Fees – P30,000; and Land & Parking Fees – P20,000.
November 06 – The agency received a performance bond from a contractor for the construction of agency’s building,
P50,000
November 09 – Collected all of the billings made on November 03, 2023 and issued Official Receipts.
November 10 – Remitted all collections made last November 09, 2023 to the Bureau of Treasury (BTr).
60. The journal entry to recognize the remittance to Bureau of Treasury on November 10, 2023 includes a
a. Debit to Cash – Treasury/Agency, Deposit, Regular: P180,000
b. Debit to Cash – Treasury/Agency, Deposit, Regular: P130,000
c. Debit to Cash – Collecting Officer, P180,000
d. Debit to Cash – Treasury/Agency, Deposit, Trust: P180,000

The municipality of Calaca, Batangas is to set up a P7,500,000 total real property tax receivable equivalent to 1.5% of total
assessed value of properties for the year 2023.
61. The entry to set up the receivable on the books of the municipality includes a:
a. debit to Real Property Tax Receivable for P7,500,000
b. credit to Real Property Tax-Basic of P4,500,000
c. debit to Real Property Tax Receivable of P3,000,000
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 d. credit to Special Education Tax of P3,000,000

A taxpayer from the a city in Metro Manila had the following information relating with his real property: FMV of Land,
P1,500,000; FMV of Res. House, P2,500,000. The two( 2%) real property tax and one (1%) special education tax are
both based on the assessed value of the real property. The assessed value is 30% of the fair market value. Garbage fees
amounted to P1,500.
62. The entry to record the collection from the taxpayer includes a:
a. debit to Cash Local Treasury, P37,500 c. credit to Real Property Tax, P24,000
b. debit to Cash-in Bank, LCCA, P37,500 d. debit to Cash Local Treasury, P25,500

The following amounts were paid by a local government unit for its employees:
Salaries and Wages - Regular ₱ 600,000
PERA 80,000
Representation Allowance 20,000
Transportation Allowance 20,000 ₱ 720,000
Less: Withholding Tax 170,000
Retirement and Life Insurance
75,000
Premiums
GSIS Multi-Purpose Loans 50,000
Pag-Ibig premiums 12,000
Philhealth premiums 10,000 317,000
Net Amount ₱ 453,000

Government Share:
Retirement and Life Insurance Premiums ₱110,000
Employee’s Compensation Insurance Premiums 65,000
Pag-ibig Contributions 12,000
Philhealth Contributions 10,000
63. How much is the total amount payable to Government Service Insurance System?
a. P125,000 b. P235,000 c. P300,000 d. P190,000

64. The journal entry to recognize the payment of the payroll includes a credit to
a. Cash in Bank – Local Currency, Current Account, P453,000
b. Cash – Modified Disbursement System, Regular, P453,000
c. Cash Local Treasury, P453,000
d. Cash – Collecting Officers, P453,000

A municipality in the province of Cavite had the following transactions for the month of January 2023:
a. Recorded the estimated receivables on real property tax, P100M and special education tax, P80M.
b. Collected receivables on real property tax, P50M and special education tax, P40M. Garbage fees collected,
P500,000.
c. Deposited total collections from real property taxpayers.
d. Remitted the share due to province and barangays for real property tax collected.
e. Remitted the share due to province for special education tax collected.
f. Received the ADA from the Bureau of Treasury for its share from internal revenue allotment, P120M.

65. The entry to record the collection from the taxpayers includes a
a. debit to Cash Local Treasury, P90.5M c. debit to Cash in Bank, LCCA, P90.5M
b. credit to Deferred Real Property Tax, P100M d. credit to Special Education Tax, P40M

66. The entry to record the remittance to the province and barangays for real property tax includes a:
a. credit to Real Property Tax Receivable, P20,000,000
b. debit to Deferred Real Property Tax Income, P50,000,000
c. debit to Due to LGUs, P30,000,000
d. credit to Real Property Tax, P20,000,000

67. The entry to record the remittance to the province for its share of special education tax on the books of the
municipality includes
a. debit to Due to LGUs, P20,000,000
b. debit to Deferred Special Education Tax Income, P20,000,000
c. credit to Special Education Tax, P20,000,000
d. credit to Due to LGUs, P20,000,000

68. How much is the consolidated income of the local government unit based on the given information?
a. P80,500,000 b. 90,500,000 c. P200,500,000 d. P210,500,000

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On November 13, 2023, Michelle Dy, a local government employee, was granted cash advance worth P50,000 in connection
with her official travel from November 15 – 19, 2023. On December 10, 2023, she submitted liquidation report worth
P48,000 and the amount is reviewed and validated by the Chief Accountant based on the documents submitted.
69. The journal entry to record the liquidation of her cash advance includes a
a. Credit to Cash – MDS, Regular P48,000
b. Credit to Due to Officers and Employees, P50,000
c. Credit to Advances to Officers and Employees, P48,000
d. Debit to Traveling Expenses – Local, P50,000

The Municipality of Santa Maria, Bulacan incurred the following obligations during the month:
I. Paid invoice for machine spare parts, P15,680
II. Paid electricity and water bill of P94,080 and P84,672, respectively
III. Paid invoice for the purchase of office supplies, P26,880
70. How much should be credited to Cash in Bank, LCCA?
a. P206,280 b. P207,860 c. P221,312 d. P0

--- END OF EXAMINATION ---

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