An unfinished goods at the end of the accounting period is also an inventory.

Select one:

True

False

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The following selected accountswere taken from the booksof Santos Trading on December 31, 2016: Santos, Capital-P150,000; Loss from Operations-P1,500; Net Sales-P120,000; total Goods Available for Sale-P103,505; Gross Profit-P60,750; Merchandise inventory , Jan 1, 2016-P27,520.

Merchandise Inventory, Dec. 31 is

Select one:

a. P75, 985

b. P 43,755

c. P 29,020

d. P62,250

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Estimated uncollectibles is recorded in this journal.

Select one:

a. Accounts Payable Subsidiary Ledger

b. Sales Journal

c. General Journal

d. Accounts Receivable Subsidiary ledger

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Purchases plus freight in less purchase returns less inventory end.

Select one:

a. Gross profit ratio

b. Cost of goods sold

c. Freight-out

d. Free On Board

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Which is the nature of a manufacturing type of business?

Select one:

a. It converts raw materials to a finished product.

b. The production can be either manually or by machine.

c. All of these.

d. Its finished products are sold to a merchandiser.

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Revenues, Expenses.

Select one:

a. Closing the accounts.

b. Nominal accounts

c. Accrued Expenses

d. Statement of Changes in Owner's Equity

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Real accounts

Select one:

a. Assets, liabilities, Capital

b. Post-closing Trial Balance

c. Decreases Capital

d. Permanent accounts

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The following selected accounts are taken from the books of RST Trading on April 30 before adjustment. RST has a monthly accounting period:

Accounts ReceivableP5,000BuildingP50,000

Sales75,000Service Income10,000

Prepaid Rent6,000Salaries Expense20,000

Adjustment data on April 30:

a)2 % of sales is estimated to be uncollectible.

b)Rent expired, P2,000.

c)Salaries unpaid, P 1,500.

d)Building will be depreciated at 20% per annum, with useful lie of 10 years.

e)Income unearned , P10,000.

The adjusting entry to record ( a) is

Select one:

a. Doubtful Accounts ExpenseP1, 500

SalesP1,500

b. SalesP1,500

Accounts ReceivableP1,500

c. Doubtful Accounts ExpenseP 1,500

Accounts ReceivableP1,500

d. Doubtful Accounts ExpenseP 1,500

Allowance for Doubtful AccountsP 1, 500

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What journal will you use to record the following transaction:Collection of Accounts Receivable from customers

Select one:

a. Cash Receipts Journal

b. Purchases Journal

c. Cash Payments Journal

d. General Journal

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The following selected accounts are taken from the ledger ofXYX Merchandisingon June 30, 2017:Sales, P 550,000; Sales Discount, 5%; Gross profit, P209,000; operating expenses, P150,000; merchandise inventory, Jan 1, 2017 , P75,000; merchandise inventory, June 30, 2017, P50,000; Accounts Receivable Jan1, P 70,000; Accounts Receivable, June 30, P50,000.

The net income before tax is

Select one:

a. P522,500

b. Answer not given

c. P209,000

d. P59,000