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Final QUIZ CB - Iziakja
Bachelor of Science in Accountancy (BSA)
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Final Preparations
Final Quiz
Back to 'Final Preparations' Started on Saturday, 15 October 2022, 12:15 PM State Finished Completed on Saturday, 15 October 2022, 1:46 PM Time taken 1 hour 31 mins Grade 47 out of 50 ( 94 %)
Question 1
Correct Mark 1 out of 1. Flag question Question text Adjust DoIt Company reported the following unadjusted balances at year-end: Debit Credit Accounts Receivable P3,000, Allowance for doubtful accounts
12,
Net credit sales 7,000,
The company estimates that 2% of the gross accounts receivable would become uncollectible.
What amount should be reported as doubtful accounts expense for the current year?
a. P40, b. P48, c. P140, d. P120,
Feedback Your answer is correct. The correct answer is: P48,
Question 2
Correct Mark 1 out of 1. Flag question Question text The purpose of adjusting entry is to a. Properly match the expenses and revenues b. Facilitate the preparation of financial statements c. Detect and correct an erroneous recording of transactions d. Prove that total debits and total credits are equal
Feedback Your answer is correct. The correct answer is: Properly match the expenses and revenues
Question 3
Correct Mark 1 out of 1. Flag question Question text The form of business organization owned by stockholders a. Sole proprietorship b. Non-profit organization c. Partnership d. Corporation
Feedback Your answer is correct.
c. Sole proprietorship d. Partnership
Feedback Your answer is correct. The correct answer is: Business association
Question 7
Correct Mark 1 out of 1. Flag question Question text Unearned revenue is a/an a. Liability b. Asset c. Equity d. Revenue
Feedback Your answer is correct. The correct answer is: Liability
Question 8
Correct Mark 1 out of 1. Flag question Question text Transactions are recorded chronologically in the Select one: a. Trial Balance b. General Journal c. Chart of Accounts d. General Ledger
Feedback Your answer is correct. The correct answer is: General Journal
Question 9
Correct Mark 1 out of 1. Flag question
Question text A claim from a customer for services rendered is an account reported as Select one: a. Service revenue in the statement of cash flows b. Accounts payable in the balance sheet c. Account receivable in the balance sheet d. Service revenue in the income statement
Feedback Your answer is correct. The correct answer is: Account receivable in the balance sheet
Question 10
Correct Mark 1 out of 1. Flag question Question text Which of the following accounts are closed at the end of the accounting period? Select one: a. Equity accounts b. Revenue accounts c. Liability accounts d. Asset accounts
Feedback Your answer is correct. The correct answer is: Revenue accounts
Question 11
Correct Mark 1 out of 1. Flag question Question text Which is not a basic characteristic of a business? a. Conducted for profit b. Social marketing c. A regular activity d. Involves commercial activities
Feedback
a. Expense account b. Capital account c. Income and expense summary account d. Liability account
Feedback Your answer is correct. The correct answer is: Capital account
Question 15
Correct Mark 1 out of 1. Flag question Question text A prepaid expense is a/an a. Asset b. Equity c. Expense d. Revenue
Feedback Your answer is correct. The correct answer is: Asset
Question 16
Correct Mark 1 out of 1. Flag question Question text The Statement of Financial Position is another term for the Select one: a. Statement of changes in equity b. Income statement c. Statement of cash flows d. Balance sheet
Feedback Your answer is correct.
The correct answer is: Balance sheet
Question 17
Correct Mark 1 out of 1. Flag question Question text Which is not one of the legal requirements of a business? a. Maintain accounting records b. Issue receipts and invoices c. Secure business registration certificates and permits d. Conduct profitable activities
Feedback Your answer is correct. The correct answer is: Conduct profitable activities
Question 18
Correct Mark 1 out of 1. Flag question Question text What are the elements of a journal entry?
I. The date of the transaction II. The accounts debited and credited III. The monetary values of the accounts debited and credited IV. The posting reference code of the destination ledger account V. A brief and clear explanation of the transaction
Select one: a. I, II and III only b. I, II, III and IV only c. I, II and IV only d. I, II, III, IV and V
Feedback Your answer is correct. The correct answer is: I, II, III, IV and V
Question 19
Correct Mark 1 out of 1. Flag question
d. Equity will be overstated
Feedback Your answer is correct. The correct answer is: Net income will be understated
Question 22
Correct Mark 1 out of 1. Flag question Question text Which account is used to close the revenue, purchases and expense accounts? Select one: a. Revenue account b. Drawing account c. Capital account d. Income and expense summary account
Feedback Your answer is correct. The correct answer is: Income and expense summary account
Question 23
Correct Mark 1 out of 1. Flag question Question text Which of the following is true about debits and credits? Select one: a. Increases in assets and liabilities are always debited. b. Decreases in owner’s equity and drawing are always debited. c. Increases in owner’s equity and decreases in liabilities are always credited. d. Decreases in assets and increases in liabilities are always credited.
Feedback Your answer is correct. The correct answer is: Decreases in assets and increases in liabilities are always credited.
Question 24
Incorrect Mark 0 out of 1. Flag question Question text Which of the following steps may be omitted in the completion of the accounting cycle?
Select one: a. Entries are posted to the general ledger b. Adjusting entries are journalized and then posted to the general ledger c. Reversal of some adjustments are made d. Financial statements are prepared
Feedback Your answer is incorrect. The correct answer is: Reversal of some adjustments are made
Question 25
Correct Mark 1 out of 1. Flag question Question text Failure to record the adjusting entry for the expired portion of prepaid expenses will a. Understate assets and net income b. Overstate assets and net income c. Understate equity and overstate liability d. Overstate equity and understate liability
Feedback Your answer is correct. The correct answer is: Overstate assets and net income
Question 26
Correct Mark 1 out of 1. Flag question Question text All of the following are sources of cash from operating activities, except Select one: a. Cash receipts from rendering services b. Cash collection from customers c. Cash receipts from sale of goods d. Cash proceeds from bank borrowings
Feedback
Prepaid rent, accumulated depreciation and sales c. Rent expense, capital and prepaid insurance d. Notes payable, notes receivable and cash
Feedback Your answer is correct. The correct answer is: Notes payable, notes receivable and cash
Question 30
Correct Mark 1 out of 1. Flag question Question text All of the following are uses of cash in investing activities, except Select one: a. Cash payment for construction of building b. Cash payment to acquire furniture and fixtures c. Cash payment to acquire equipment d. Cash withdrawals by the business owner
Feedback Your answer is correct. The correct answer is: Cash withdrawals by the business owner
Question 31
Correct Mark 1 out of 1. Flag question Question text After posting all the closing entries Select one: a. The revenues, expenses and income summary accounts have zero balances. b. The assets, liabilities and equity accounts have zero balances. c. All the accounts have zero balances. d. The capital and drawing accounts have zero balances
Feedback Your answer is correct. The correct answer is: The revenues, expenses and income summary accounts have zero balances.
Question 32
Correct
Mark 1 out of 1. Flag question Question text Accounting is a. the process of recording, classifying and summarizing business transactions for the proper determination of correct tax declarations and payments. b. the person who keeps and maintains the books of accounts of the business organization. The bookkeeper is responsible for recording the transactions of the business. c. the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least of financial character, and interpreting the results thereof. d. the recording of financial transactions.
Feedback Your answer is correct. The correct answer is: the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least of financial character, and interpreting the results thereof.
Question 33
Correct Mark 1 out of 1. Flag question Question text The bookkeeper is a. the process of recording, classifying and summarizing business transactions for the proper determination of correct tax declarations and payments. b. the person who keeps and maintains the books of accounts of the business organization, and is responsible for recording the transactions of the business. c. the artist of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least of financial character, and interpreting the results thereof. d. the recording of financial transactions and is part of the process of accounting in business.
Feedback Your answer is correct. The correct answer is: the person who keeps and maintains the books of accounts of the business organization, and is responsible for recording the transactions of the business.
Question 34
Incorrect Mark 0 out of 1.
Revenues that are not yet collected
Feedback Your answer is correct. The correct answer is: Revenue whether collected or not
Question 37
Correct Mark 1 out of 1. Flag question Question text Which is not a classification of business activities in the Statement of Cash Flows? Select one: a. Administrative Activities b. Financing Activities c. Operating Activities d. Investing Activities
Feedback Your answer is correct. The correct answer is: Administrative Activities
Question 38
Correct Mark 1 out of 1. Flag question Question text Which may not be a function of a bookkeeper? a. Record purchases and payments b. Record inventory movements c. Record sales and collections d. Approve transactions
Feedback Your answer is correct. The correct answer is: Approve transactions
Question 39
Correct Mark 1 out of 1. Flag question Question text Which of the following entries record the receipt of an electric bill which will paid next month? Select one: a.
Debit utilities payable and credit cash b. Debit utilities expense and credit notes payable c. Debit utilities expense and credit cash d. Debit utilities expense and credit utilities payable
Feedback Your answer is correct. The correct answer is: Debit utilities expense and credit utilities payable
Question 40
Correct Mark 1 out of 1. Flag question Question text All of the following are cash flows in the financing activities of a business, except Select one: a. Cash payment to suppliers b. Cash proceeds and payments to bank borrowings c. Cash withdrawals by owners d. Cash investment by owners
Feedback Your answer is correct. The correct answer is: Cash payment to suppliers
Question 41
Correct Mark 1 out of 1. Flag question Question text Which of the following correctly describes revenues? Select one: a. Amount charged to the capital as cost of rendering services to a client b. Properties or resources owned by the business c. Economic claims of the owners to a business d. Increase in owner’s equity due to rendering service to a client
Feedback Your answer is correct. The correct answer is: Increase in owner’s equity due to rendering service to a client
Business documents d. Transaction
Feedback Your answer is correct. The correct answer is: Transaction
Question 45
Correct Mark 1 out of 1. Flag question Question text Which of the following financial statements discloses the economic resources of the organization and the claims against those resources? Select one: a. Statement of cash flows b. Statement of changes in equity c. Income statement d. Balance sheet
Feedback Your answer is correct. The correct answer is: Balance sheet
Question 46
Correct Mark 1 out of 1. Flag question Question text In the accounting process, which step follows journalizing? a. Preparation of trial balance b. Preparation of financial statements c. Documentation of the transaction d. Posting to the ledger
Feedback Your answer is correct. The correct answer is: Posting to the ledger
Question 47
Correct Mark 1 out of 1. Flag question Question text
Which accounts are closed at the end of the accounting period? Select one: a. Equity accounts b. Permanent or real accounts c. Nominal or temporary accounts d. Balance Sheet accounts
Feedback Your answer is correct. The correct answer is: Nominal or temporary accounts
Question 48
Correct Mark 1 out of 1. Flag question Question text Which of the following is not an accountable transaction? Select one: a. Spending of cash of the proprietor for his wedding b. Purchase of equipment on account c. Cash investment into the business by the proprietor d. Purchase of merchandise inventory in cash
Feedback Your answer is correct. The correct answer is: Spending of cash of the proprietor for his wedding
Question 49
Correct Mark 1 out of 1. Flag question Question text A statement that shows the listings of assets, liabilities and equity of an entity Select one: a. Statement of cash flows b. Balance sheet c. Income statement d. Notes to the financial statements
Final QUIZ CB - Iziakja
Course: Bachelor of Science in Accountancy (BSA)
University: University of Perpetual Help System DALTA
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