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1. Which of the following documents does not initiate an entry to be made in the accounts? a. Sales invoice b. Credit memorandum c. Purchase invoice d. Purchase order 2. Which of the following types of accounts measure economic flows over a period of time? a. Real (permanent) accounts b. Nominal (temporary) accounts c. Mixed accounts d. Contra accounts 3. What function do accounting ledgers serve in the accounting process? a. Recording b. Classifying c. Summarizing d. Reporting 4. This accounting concept justifies the usage of accruals and deferrals a. Stable monetary unit b. Going concern c. Materiality d. Consistency 5. Over a period of time, if total assets increased by 280,000 and total liabilities decreased by 80,000, then owner's equity should have: a. Increased by 200,000 b. Decreased by 200,000 c. Increased by 360,000 d. Decreased by 360,000 6. . A 1,000 debit item was posted as credit. The trial balance column totals will differ by a. 0 b. 500 c. 1,000 d. 2,000 7. If a transaction causes total liabilities to decrease but does not affect the owner's equity, what change, if any, will occur in total assets? a. assets will be increased b. assets will be decreased c. no change in total assets d. none 8. Supplies expense of 5,000 was erroneously recorded as repairs expense. If not corrected, this will: a. understate the expenses. b. overstate the capital. c. understate the asset. d. have no effect in the net income. 9. An office equipment amounting to 20,000 was erroneously recorded as expense. This error will: a. understate the liability. b. understate the net income. c. overstate the asset. d. overstate the revenue. 10. A person who wants to determine the balance of a particular account should refer to the: a. book of original entry b. source documents c. chart of accounts d. ledger 11. To compute interest expense for an adjusting entry, the formula is (principal x annual rate x a fraction). The numerator and denominator of the fraction should be: a. Length of time note has been outstanding / 12 months b. Length of term of the note / 12 months c. Length of time until note matures / Length of term of the note d. Length of time note has been outstanding / Length of term of the note 12. ABANLANG Company purchased equipment on November 1, 2020 and gave a 3-month, 9% note with a face value of 40,000. The December 31, 2020 adjusting entry is: a. debit Interest Expense and credit Interest Payable, 3,600. b. debit Interest Expense and credit Interest Payable, 900. c. debit Interest Expense and credit Cash, 600. d. debit Interest Expense and credit Interest Payable, 600. 13. Company loaned 150,000 to another corporation on December 1, 2020 and received a 3-month, 8% interest-bearing note with a face value of 150,000. What adjusting entry should PARASAPANGARAP make on December 31, 2020? a. Debit Interest Receivable and credit Interest Revenue, 3,000. b. Debit Cash and credit Interest Revenue, 1,000. c. Debit Interest Receivable and credit Interest Revenue, 1,000. d. Debit Cash and credit Interest Receivable, 3,000. 14. On September 1, 2020, LAPIRA Co. issued a note payable to MAPIRA Bank in the amount of 900,000, bearing interest at 12%, and payable in three equal annual principal payments of 300,000. The first payment for interest and principal was made on September 1, 2021. At December 31, 2021, LAPIRA should record accrued interest payable of a. 36,000. b. 33,000. c. 24,000. d. 22,000. 15. SAPANGARAP Co. pays all salaried employees on a biweekly basis. Overtime pays, however, is paid in the next biweekly period. SAPANGARAP accrues salaries expense only at its December 31 year end. Data relating to salaries earned in December 2020 are as follows: Last payroll was paid on 12/26/2020, for the 2-week period ended 12/26/2020. Overtime pays earned in the 2-week period ended 12/26/2020 was 15,000. Remaining workdays in 2020 were December 29, 30, 31, on which days there was no overtime. The recurring biweekly salaries total 270,000. Assuming a five-day work week, SAPANGARAP should record a liability on December 31, 2012 for accrued salaries of: a. 81,000. b. 96,000. c. 162,000. d. 177,000. 16. A note was issued on December 1, 2020, for 20,000 payable on March 1, 2021, at 15%. What is the amount of the adjustment for interest accrued on December 31, 2020? a. 250 b. 1,000 c. 750 d. 275 17. Adjusting entries involve: a. only real accounts. b. only nominal accounts. c. only capital accounts. d. one real and one nominal account. 18. Why are adjusting entries necessary? a. Transactions take place over more than one accounting period b. To make debits equal credits c. To close nominal accounts at year-end d. To correct erroneous balances in accounts 19. The overriding qualitative characteristic of accounting information is: a. usefulness for decision making. b. relevance. c. freedom from bias. d. comparability 20. Proper application of accounting principles is most dependent upon the a. Existence of specific guidelines b. Oversight of regulatory bodies c. External audit function d. Professional judgment of the accountant 21. An important implication of this qualitative characteristic is that users are informed of the accounting policies employed, changes in those policies and the effects of such changes. a. Comparability b. Consistency c. Understandability d. Full disclosure 22. Proponents of historical costs maintain that in comparison with all other valuation alternatives for general purpose financial reporting, statements prepared using historical costs are more a. Objective b. Relevant c. Indicative of the entity's purchasing power d. Conservative 23. For financial information to be useful, there must be a linkage between the decision makers and the decisions they make. This link is called: a. relevance. b. reliability. c. understandability. d. materiality. 24. For the purpose of decision making a. Accounting information provides information about future events b. Accounting information provides information about the outcomes of past decisions c. The future is used as a guide to past estimates d. The accountant never becomes involved in the budgeting process 25. This concept defines the accountant's area of interests and determines what information should be included in, or excluded from the financial statements a. Periodicity b. Going concern c. Accrual basis d. Accounting entity 26. The income statement reveals a. Resources and equities on an entity at a point in time b. Resources and equities on an entity for a period of time c. Net earnings of an entity at a point in time d. Net earnings of an entity for a period of time 27. . A common business transaction that would not affect the amount of owners' equity is: a. Purchase of equipment on account b. Payment of employees' salaries c. Billing of customers for services rendered d. Withdrawal of cash by the owner 28. An unadjusted trial balance: a. provides information that is helpful when making adjusting entries. b. proves that no errors have been made in the accounting records. c. usually contains the account balances that should appear in the financial statements. d. is a summary taken directly from the general journal. 29. A new business has the following transactions: 1. The owner invested 400,000; 2. 75,000 supplies were purchased for cash; 3. 325,000 was received for services rendered by the business; 4. Salary of 150,000 was paid to employees and 5. 250,000 was borrowed from the bank. What is the correct amount of total assets? a. 575,000 b. 900,000 c. 825,000 d. 1,050,000 30. Which of the following is an example of an accrued expense? a. Office supplies purchased at the beginning of the year and debited to an expense account. b. Property taxes incurred during the year, to be paid in the first quarter of the subsequent year. c. Depreciation expense d. Rent earned during the period, to be received at the end of the year 31. To maintain sufficient operating cash, WAGSUKO Corporation frequently borrows money from a bank. Below is the summary of loans granted to the company with 12% interest rate: Date of loan /Amount / Term of loan Nov. 1, 2013 300,000 1 year Feb. 1, 2014 900,000 6 months May 1, 2014 480,000 9 months The principal and the related interest are payable at maturity and the company was able to repay the loans on scheduled maturity date. WAGSUKO records interest expense when the loans are repaid. Accordingly, interest expense of 90,000 was recorded in 2014. If no correction is made, by what amount would the 2014 interest expense be understated? _______________