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1.This includes money such as bank balance, paper currency, coins, and checks.

a. Prepaid expense

b. Land

c. Cash

d. Accounts receivable

2.Which account is considered temporary?

a. Liability

b. Owners equity

c. Withdrawal

d. Asset

3.Which of the following is NOT a step in the accounting process?

a. Identification

b. Recording

c. Revision

d. Communication

4.Performing services for cash will have the following effects on the components of the basic accounting equation:

a. Increase assets and increase liabilities

b. Increase liabilities and increase owners equity

c. Increase assets and increase owners equity

d. Increase assets and decrease owners equity

5.Which account increases equity?

Treasury stock

Withdrawals

Expenses

Revenues

6.It is the process of keeping a record of all business transactions

Posting

Preparing a trial balance

Usage of T-account

Journalizing

7.It refers to the earnings for work done or goods delivered to the company, regardless of when cash is received..

Expenses

Capital

Drawing

Revenues

8.What type of accounts are interest receivable and fees receivable?

Asset

Equity

Liability

Revenue

9.The owner of an entity invests cash on the business. What would be the effects of this transaction on the components of the basic accounting equation?

Increase liabilities and increase owners equity

Increase assets and increase liabilities

Increase assets and increase owners equity

Increase assets and decrease owners equity

10.In 2020, BK Companys assets decreased by P30,000, and its liabilities decreased by P30,000. Its owners equity therefore is:

Decreased by P60,000

Unchanged

Decreased by P30,000

Increased by P30,000

11.The trial balance shows a debit balance on Supplies and Supplies Expense accounts of P0 and P15,000, respectively. If P8,000 of supplies are on hand at the end of the period, what is the adjusting entry?

Dr. Supplies P7,000; Cr. Supplies Expense P7,000

Dr. Supplies Expense P8,000; Supplies P8,000

Dr. Supplies Expense P7,000; Cr. Supplies P7,000

Dr. Supplies P8,000; Cr. Supplies Expense P8,000

12.What are the effects of an adjustment for prepaid expenses?

Decrease assets and increase expenses

Decrease revenues and increase assets

Decrease expenses and increase assets

Decrease assets and increase revenues

13.What are the effects of an adjustment for unearned revenues?

Have an assets-and-revenues-account relationship

Decrease liabilities and increase revenues

Increase assets and increase revenues

Decrease revenues and decrease asset

14.What are the adjustments for accrued revenues?

These have liabilities-and-revenues-account relationship.

These decrease assets and revenues.

These decrease liabilities and increase revenues.

These have an assets-and-revenues-account relationship.

15.The following are the major types (or categories) of adjusting entries, EXCEPT:

Prepaid expenses

Accrued expenses

Recognized revenues

Accrued revenue

16.It is a document accompanying the numerical data listed in the financial statements.

Statement of changes in owners equity

Income statement

Balance sheet

Notes to the financial statements

17.It shows the revenues and expenses of a particular period.

Notes to the financial statements

Statement of changes in owners equity

Balance sheet

Income statement

18.Fabu Company shows the following assets in its statement of financial position: Prepaid Rent - P5,000; Unearned Revenue - P350,000; Inventory - P200,000; Building - P2,000,000; Cash Equivalents - P112,000. What is the total current asset of the company?

P667,000

P1,076,000

P2,876,000

P317,000

19.he trial balance shows Supplies P1,350 and Supplies Expense P0. If P600 of supplies is on hand at the end of the period, the adjusting entry is:

Dr. Supplies P750; Cr. Supplies Expense P750

Dr. Supplies P600; Cr. Supplies Expense P600

Dr. Supplies Expense P750; Cr. Supplies P750

Dr. Supplies Expense P600; Cr. Supplies P600

20.The trial balance shows Supplies P0 and Supplies Expense P150. If P80 of supplies is on hand at the end of the period, the adjusting entry is:

Dr. Supplies Expense P80; Supplies P80

Dr. Supplies P70; Cr. Supplies Expense P70

Dr. Supplies P80; Cr. Supplies Expense P80

Dr. Supplies Expense P70; Cr. Supplies P70

21.When is a physical inventory usually taken?

c. When the company has its greatest amount of inventory

b. When a limited number of goods is being sold or received

d. Both b and c

a. At the end of the companys fiscal year

22.Which of the following should NOT be included in the physical inventory of a company?

Goods shipped on consignment to another company

Goods held on consignment from another company

None of these

Goods in transit from another company shipped FOB shipping point

23.Gross profit will result if:

Net sales are greater than operating expenses

Operating expenses are greater than cost of goods sold

Operating expenses are less than net income

Net sales are greater than cost of goods sold

24.Under a perpetual inventory system, when goods are purchased for resale by a company:

Purchase Returns are debited to Purchase Returns and Allowances

Freight costs are debited to Freight-Out

Purchases on account are debited to Inventory

Purchases on account are debited to Purchases

25.The sales accounts that normally have a debit balance are:

a. Sales Discounts

b. Sales Returns and Allowances

c. Both a and b

d. Neither a nor b

26.Which of the following accounts will normally appear in the ledger of a merchandising company that uses a perpetual inventory system?

Cost of Goods Sold

Purchase Discounts

Purchases

Freight-In

27.Cost of goods available for sale consists of two (2) elements: beginning inventory and:

Cost of goods purchased

Ending inventory

None of these

Cost of goods sold

28.If net sales are P400,000, cost of goods sold is P310,000, and operating expenses are P60,000, the gross profit is:

P340,000

P400,000

P90,000

P30,000

29.In determining the cost of goods sold in a periodic system:

Freight-in is added to net purchases.

Purchase discounts are deducted from net purchases.

Freight-out is added to net purchases.

Purchase returns and allowances are deducted from net purchases.

30.If beginning inventory is P60,000, cost of goods purchased is P380,000, and ending inventory is P50,000, cost of goods sold is:

P370,000

P420,000

P330,000

P390,000

31.Which of the following is NOT a characteristic of a partnership?

Mutual agency

Taxable entity

Co-ownership of property

Limited life

32.Ben and Sam formed a partnership. Ben contributed P80,000 and used a truck that originally cost P350,000 and had accumulated depreciation of P150,000. The trucks fair value was P160,000. Sam, a builder, contributed a new storage garage. His cost of construction was P400,000. The garage has a fair value of P550,000. What is the combined total capital that would be recorded on the partnership books of the partners?

P900,000

P790,000

P600,000

P750,000

33.NBC Company reported net income of P60,000. If partners N, B, and C have an income ratio of 50%, 30%, and 20%, respectively, Cs share of the net income is:

None of these

P18,000

P30,000

P12,000

34.Upon the formation of a partnership, each partners initial investment of assets should be recorded at their:

Cost

Appraised values

Book values

Fair values

35.Capital balances in the MURF partnership are Molly, Capital P50,000; Ursula, Capital P40,000; Ray, Capital P30,000; and Fred, Capital P20,000, and income ratios are 4:3:2:1, respectively. Fred withdraws from the firm following a payment of P29,000 in cash from the partnership. Ursulas capital balance after recording Freds withdrawal is:

P36,000

P40,000

P37,000

P38,000

36.In the liquidation of a partnership, it is necessary to (1) distribute cash to the partners, (2) sell noncash assets, (3) allocate any gain or loss on realization to the partners, and (4) pay liabilities. These steps should be performed in the following order:

2, 3, 1, 4

3, 2, 4, 1

2, 3, 4, 1

3, 2, 1, 4

37.Capital balances in the MEM partnership are Mary, Capital P60,000; Ellen, Capital P50,000; and Mills, Capital P40,000, and income ratios are 5:3:2, respectively. A partnership, MEMO, was formed by admitting Oleg to the firm with a cash investment of P60,000 for a 25% capital interest. The bonus to be credited to Mills, Capital in admitting Oleg is:.

P1,500

P10,000

P7,500

P3,750

38.Which of the following statements about partnership financial statements is CORRECT?

Distribution of net income is shown on the balance sheet.

Only the total of all partners capital balances is shown in the balance sheet.

Details of the distribution of net income are shown in the owners equity statement.

The owners equity statement is called the partners capital statement.

39.It is a company whereby the owners are not personally liable for the companys debt or liabilities.

Limited liability company

Cooperative

General partnership

Joint venture

40.It is an agreement signed by two (2) or more partners in a partnership.

Articles of corporation

Articles of incorporation

Articles of co-partnership

Certificate of registration

41.Total stockholders equity (in the absence of treasury stock) equals:

Total paid-in capital + Retained earnings

Paid-in capital + Capital stock + Retained earnings

Capital stock + Additional paid-in capital Retained earnings

Common stock + Retained earnings

42.The Retained Earnings account is:

Reported as an expense in the income statement

Closed to capital stock

A subdivision of paid-in capital

Net income retained in the corporation

43.A-Team Corporation issued 1,000 shares of P5 par value stock for land. The stock is actively traded at P9 per share. The land was advertised for sale at P10,500. The land should be recorded at:.

P9,000

P10,500

P5,000

P4,000

44.Lucroy Corporation issued 100 shares of P10 par value preferred stock at P12 per share. In recording the transaction, credits are made to:

Preferred Stock P1,000 and Retained Earnings P200

Preferred Stock P1,000 and Paid-in Capital in Excess of Preferred Value P200

Preferred Stock P1,000 and Paid-in Capital in Excess of ParPreferred Stock P200

Preferred Stock P1,200

45.In the stockholders equity section, the cost of treasury stock is deducted from:

Total paid-in capital

Common stock in paid-in capital

Total paid-in capital and retained earnings

Retained earnings

46.The total cost of treasury shares shall be reported as:

Asset

Deduction from share premium

Deduction from shareholders equity

Deduction from retained earnings

47.It is the issuance of shares by an entity to the shareholders without consideration and under conditions indicating that such action is prompted mainly by a desire to increase the number of shares outstanding to effect a reduction in unit market price

Stock dividend

Recapitalization

Reverse share split

Share split

48.Nonstock dividends shall be recognized as liabilities on the:

Date of payment

Date of issuing a check

Date of record

Date of declaration

49.These represent the portion that is free and can be declared as dividends to shareholders.

a. Restricted cash

b. Unappropriated retained earnings

c. Appropriated retained earnings

d. Restricted cash

50.These can either be a certain amount of pesos per share or a certain percent of par or stated value paid to stockholders..

a. Property dividends

b. Liability dividends

c. Cash dividends

d. Share dividends