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1 In a car factory: what is paint in an automobile?

Select one:

a. Direct Materials

b. Factory Overhead

c. Direct Labor

d. Selling, General, and Administrative Expenses

2 Reversing accrued income needs a credit to an _______ account.

Select one:

a. Accounts Payable

b. Purchases

c. Income

d. Asset or Accrued Income

3 It is where the entries in the Cash Payments Journal are individually posted.

Select one:

a. General Journal

b. Accounts Receivable Subsidiary ledger

c. Sales Journal

d. Accounts Payable Subsidiary Ledger

4 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 ExpenseP 1,500

Allowance for Doubtful AccountsP 1, 500

b. Doubtful Accounts ExpenseP1, 500

SalesP1,500

c. Doubtful Accounts ExpenseP 1,500

Accounts ReceivableP1,500

d. SalesP1,500

Accounts ReceivableP1,500

5 Zeroing the temporary accounts.

Select one:

a. Accrued Expenses

b. Closing the accounts.

c. Statement of Changes in Owner's Equity

d. Nominal accounts

6 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 , P1,000.

Income will be adjusted by

Select one:

a. Unearned Service IncomeP 1,000

Service IncomeP1,000

b. Service IncomeP 1,000

CashP1,000

c. Unearned Service IncomeP1000

CashP1,000

d. Service IncomeP 1,000

Unearned Service IncomeP1,000

7 Cost of transporting goods from seller to the customers.

Select one:

a. Gross profit ratio

b. Cost of goods sold

c. Freight-out

d. Free On Board

8 Current assets minus current liabilities is

Select one:

a. Current ratio

b. Working capital

c. Short-term ratio

d. Net current assets

9 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.

Santos, Capital, December 31 is

Select one:

a. P148,500

b. P150,000

c. P151,500

d. P210,750

10 Cost of depending a lawsuit in court.

Select one:

a. Factory Overhead

b. Selling, General, and Administrative Expenses

c. Direct Materials

d. Direct Labor

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

Select one:

a. Purchases Journal

b. Cash Receipts Journal

c. Cash Payments Journal

d. General Journal