KINGFISHE

R
2 ABM
ND
INDIVIDUAL
CATEGORY
 OUN D
ASY R
E
 EAS 3 points
YThis accounting record is also known
E1.
as the “Book of Final Entry.”
A. Source Document F. Trial Balance
B. General Journal
C. General Ledger

D. Special Journal
E. Worksheet 10
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EAS 3 points
Y
C. General Ledger
Topic: Books of Accounts
 EAS 3 points
YA concept that states that all the
E2.
components of a complete set of
financial statement are interrelated.
A. Entity Principle
B. Accounting Process
C. Articulation
D. Principle of Fair Presentation
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EAS 3 points
Y
C. Articulation
Topic: Accounting Concepts and
Principles
 EAS 3 points
Y Generally accepted accounting
E3.
principles require the use of which of the
following methods of accounting?
A. Cash
B. Deferral
C. Receivable
D. Accrual
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EAS 3 points
Y
D. Accrual
Topic: Accounting Concepts and
Principles
 EAS 3 points
Y Adjustments are often prepared
E4.
A. After the statement of financial position date but
dated as of that date
B. Before the statement of financial position date and
dated after that date
C. After the statement of financial position date and
dated after that date
D. Before the statement of financial position

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date but dated as of that date
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EAS 3 points
Y
A. After the statement of
financial position date but
dated as of that date

Topic: Adjusting Process

 EAS 3 points
Y A work sheet is useful for all the
E5.
following, except?
A. recording transactions from source
documents
B. recording adjusting entries
C. recording closing entries
D. preparing financial statements
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EAS 3 points
Y
A. recording transactions from
source documents

Topic: Worksheet
 EAS 3 points
Y On the work sheet, under what
E6.
circumstances will the last two columns
be in balance after the initial footing?
A. under no circumstances
B. under all circumstances, assuming no
arithmetical errors have been made
C. when net income is zero
D. when no adjustment has been
entered on the work sheet 10
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EAS 3 points
Y

A.when net income is zero

Topic: Worksheet
 EAS 3 points
Y Closing Entries will ultimately affect
E7.
A. total liabilities
B. the Cash account
C. total assets
D. the owner’s Capital account

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EAS 3 points
Y

D. the owner’s Capital account

Topic: Closing Process
EAS 3 points
Y At the beginning of the year 2019, the
E8.
assets of Monkey Business Co. were P495,765
and its owner’s equity was P257,321. During
the year, assets increases by P123,456 and
liabilities increased by P25,677. What was the
owner’s equity at the end of the year?

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EAS 3 points
Y
P355,100
Topic: Accounting Equation
 EAS 3 points
YThe liabilities of Healthy Foods Co.
E9.
equals one-third of the total assets and
the owner’s equity is P3,563,210. What is
the amount of the liabilities?

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EAS 3 points
Y
P1,781,605
Topic: Accounting Equation
 EAS 3 points
Y Presented below are the owner’s Capital,
E10.
owner’s Withdrawals, and Income Summary
accounts for Karen’s Pet Grooming Boutique
for the year ended December 31, 20xx. Closing
entries have been entered and posted.
EAS 3 points
Y

E10. What is the correct

amount of Karen Fitch, Capital
on December 31, 20xx? End
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EAS 3 points
Y
P12,700
Topic: Book of Accounts
 R A GE
A VE
OU N D
R
 AVER 5 points
AGE
A1. If no adjustments are needed for a
company, its
A. post-closing trial balance will be identical to its trial
balance
B. adjusted trial balance will be identical to its post-closing
trial balance
C. trial balance will be identical to its adjusted trial balance
D. trial balance, adjusted trial balance, and post-closing trial
balance will be identical

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 AVERA 5 points
GE
C. trial balance will be identical
to its adjusted trial balance
Topic: Adjusting Process
 AVER 5 points
AGE
A2. A company sold merchandise for P350
that cost P221. The entry to record the cost of
the merchandise sold would be a:
A. debit to sales and a credit to cash for P350.
B. debit to cash and a credit to sales for P350.
C. debit to cost of goods sold and a credit to
inventory for P221.
D. debit to inventory for P221 and a credit to
cost of goods sold for P221.
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 AVERA 5 points
GE
C. debit to cost of goods sold and
a credit to inventory for P221.
Topic: Merchandise Inventory
 AVER 5 points
AGE
A3. Which of the following statements about
financial statements is incorrect?
A. They show the results of the stewardship of management
for the resources entrusted to it by the capital providers.
B. They are the primary responsibility of both management
and the external auditor after audit.
C. They are prepared at least annually and are directed to
the common information needs of a wide range of
statement users.
D. They provide information about the financial position,
performance and cash flows of an enterprise
that is useful to a wide range of users in making
economic decisions. 10
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 AVERA 5 points
GE
B. They are the primary
responsibility of both management
and the external auditor after audit.

Topic: Financial Statements

 AVER 5 points
AGE
A4. Which of the following sequences represents the
normal flow of accounting data from the journal to
the ledger?
A. Transaction occurs; source documents are prepared;
transaction analysis; transaction is journalized and posted.
B. Source documents are prepared; transaction analysis;
transaction is journalized and posted; transaction occurs.
C. Transaction analysis; transaction is journalized and posted;
transaction occurs; source documents are prepared.
D. Transaction occurs; transaction analysis; transaction
is journalized and posted; source documents are
prepared.
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 AVERA 5 points
GE
A.Transaction occurs; source documents
are prepared; transaction analysis;
transaction is journalized and posted.

Topic: Accounting Cycle

 AVER 5 points
A5.AGE
Balance per bank is less than correct
balance. No error was committed. There must
be
A.Outstanding checks
B.Deposits credited by the bank but not yet
recorded by the company
C.Bank charges not yet recorded by the company
D.Deposits in transit

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AVERA 5 points
GE
D. Deposits in transit
Topic: Bank Reconciliation
 AVER 5 points
AGE
A6. Zoom Company started operations in
2019. For the year ended December 31,2019
Zoom had the following data:

Zoom sold all its products on credit

and has a gross profit of 20% on
sales. What is the balance of
Zoom’s accounts receivable on
December 31, 2019?
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AVERA 5 points
GE
P6,375,000
Topic: Merchandise Inventory
 AVER 5 points
A7.AGE
On August 1 of the current year, the
company borrowed P278,000 from the local
bank. The loan was for 12 months at 9 %
interest payable at the maturity date. The
adjusting entry at the end of the year relating to
this obligation would include a debit to interest
expense of?

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AVERA 5 points
GE
P10,425
Topic: Adjusting Process
 AVER 5 points
A8.AGE
The bank reconciliation for Ronnie Company
includes the following: balance per bank P
147,300; balance per accounting records
P142,100; Unrecorded services charges P200;
Unrecorded NSF cheque P100; Outstanding
cheques P13,700; The amount of deposits in
transit is?

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AVERA 5 points
GE
P8,200
Topic: Bank Reconciliation
 AVER 5 points
A9.AGE
A company receives an invoice that
indicates that, as the buyer, they must pay the
transportation costs of delivering the
merchandise. Which of the following will
most likely be noted as the delivery terms?
A. FOB destination
B. FOB shipping point
C. FOB 2/10 n/30
D. None of the above
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AVERA 5 points
GE
B. FOB shipping point
Topic: Merchandise Inventory
 AVER 5 points
AGE
A10. All cash receipts are deposited
intact and all cash disbursements are
made by means of check. This internal
control is known as
A.Auditing control
B.Administrative control
C.Imprest system
D.Accounting control
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AVERA 5 points
GE
C. Imprest system
Topic: Bank Reconciliation
 IC U L T
DIFF
O U ND
R
 DIFFIC 7 points
ULT
D1. It is the first process used in
accounting. It refers to the identification
of events as to whether they are
recognized or not in the financial
statements.

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DIFFIC 7 points
ULT
Identifying
Topic: Accounting Cycle
 DIFFIC 7 points
ULT
D2. The process of converting non-cash
resources and rights into cash or
equivalent claims to cash is called
________________.

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DIFFIC 7 points
ULT
Realization
Topic: Accounting Concepts and Principles
 DIFFIC 7 points
ULT
D3. Ramon Company provides the
following information for 2019:

Under the direct method,

cash provided by operating
activities was End
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DIFFIC 7 points
ULT
P4,800,00
Topic: Financial Statements
 DIFFIC 7 points
ULT
D4. Creepy Co. reported profit after tax
of P490,000. Creepy’s income tax rate is
30%. Operating expenses for the year
were 15% of sales and 25% of cost of
sales. Other expenses were 15% of
sales. How much is the sales?
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DIFFIC 7 points
ULT
P7,000,000
Topic: Financial Analysis
 DIFFIC 7 points
ULT
D5. Fake Losers, a diet magazine, collected
P360,000 in subscription revenue in May.
Each subscriber will receive an issue of the
magazine for each of the next 12 months,
beginning with the June issue. The company
uses the accrual method of accounting. What
is the balance in Unearned subscription
revenue on December 31?

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DIFFIC 7 points
ULT
P150,000
Topic: Adjusting Process
 DIFFIC 7 points
ULT
D6. Bland Foods purchased a two-year
fire and extended coverage insurance
policy on August 1, 2019, and charged
the P4,200 premium to Insurance
expense. At December 31, 2019, year-
end, what adjusting entry should Bland
Foods record?

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DIFFIC 7 points
ULT
Prepaid Insurance 3325
Insurance Expense 3325
Topic: Adjusting Process
 DIFFIC 7 points
ULT
D7. On August 3, 2019, Pogi Traders purchased
from a supplier merchandise with a list price of
P50,000, subject to a trade discount of 15%. The
goods were purchased on terms 2/10, 1/15, n/30,
FOB Destination. Pogi paid P2,500 transportation
costs. On August 7, Pogi returned merchandise
with a list price of P10,000. On August 14, Pogi
paid the amount due. The amount paid on
August 14 is.
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DIFFIC 7 points
ULT
P31,160
Topic: Merchandise Inventory
 DIFFIC 7 points
ULT
D8. On April 1, 2019, Mugiwara Co. purchased a
building for P 100,000,000. The building has an
estimated life of 50 years. 9 months depreciation
was taken on the year of purchase and the book
value of the building on December 31, 2024, after
depreciation adjusting entry, is P 90,512,500.

Using straight line depreciation, solve for the

salvage value.
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DIFFIC 7 points
ULT
P17,500
Topic: Depreciation
 DIFFIC 7 points
D9. Finesse Corporation included the following in
ULT trial balance as of 12/31/2020:
its unadjusted

Inventory, 12/31/2019 P 19.45M

Purchases P127.85M

Additional Info:
The inventory at 2020 year-end was counted at a
cost of P8.5M. This included P500,000 of slow-
moving inventory that is expected to be sold for a
net amount of P300,000.
 DIFFIC 7 points
ULT
Sales include P8M for goods sold in December
2020 for cash Futures Co. The cost of these goods
was P6M. Futures Co. has the option to require
Finesse to repurchase these goods within one
month of year end at their original selling price
plus facilitating fee of P250,000.
 
The cost of sales for the year ended 12/31/2020
is
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DIFFIC 7 points
ULT
P133,000,000
Topic: Merchandise Inventory
 DIFFIC 7 points
ULT
D10. Fra Luca Bartolomeo de Pacioli,
“The Father of Accounting and
Bookkeeping”, was born in what
country?

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DIFFIC 7 points
ULT
Italy
Topic: History of Accounting