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TRU Introduction to Accounting 49 36. The financial information must be free from material error that will lead to material misstatement and should contain the degree of confidence when used by interested parties a Objectivity c. Understandability b. Reliability d Consistency 37. To be reliable, financial statements should be fairly presented and must be free from biasat all times understandability completeness b neutrality d disclosure a 38. Which of the following qualitative characteristics of financial Information that requires said information should not be based in favor of one group of user to the detriment of the other? a Verifiability creliability b. Neutrality d relevance 39. It is usually determined through professional judgment and common sense by the accountant or auditor a materiality C comparability b. neutrality d none of these 40. Which of the following accounts that do not directly or indirectly affect the owner's equity account? additional investment revenue generated b. withdrawal of capital d. collection from customer's account C a 41. Which of the following major ingredients described the "relevance" of financial statements? a. predictive value c materiality b. confirmatory value d all of the above 42. Which of the following enhancing qualitative characteristics where financial report contend expression of truthful and accurate representation of economic data? a verifiability ccomparability b. timeliness d. understandability 25. An account title for the reduction due to early payment of an account usually within the discount period - Sales Discount bi Purchase Discount d. Freight-out Freight-in 26. The capital of the corporation is called - a. Share Capital . Retained Earnings c. Shares Value d. Par Value 27. The owners of the shares in a corporation are called - a Incorporators b Members Par value d Shareholders 28. The accumulated proint of a corporation is called Dividends 6. Par Value Accumulated Profit/Loss d. Business Profit 29. The shares in profits of a shareholder is called - Dividends b. Par Value Accumulated Profit/Loss d. None of these 30. The powers of the corporation are vested by governing body called Board of Directors c. Board of furors b. Boas of Governors d. Board of Accounting 31. The maximum number of years that a corporation may exist a. 25 years 100 years da no limit b. 50 years 32 A form of business organization that needs to be registered with Cooperative Development Authority - C a Corporation Sole Proprietorship b. Cooperative d Partnership 33. Cooperative members who are patronizing their business gets a patronage refund b. dividend share annual bonus d share capital a. By-Laws of Cooperativism Minutes of cooperative meeting 34. The charter of a cooperative is called Articles of Incorporation C. b. Articles of Cooperation d 35. The information contained in the Financial Statement is neutral when the information a. is free from bias and error b is complete within in bounds and materiality reflects substances of the transactions d. is submitted on time when the report are needed . infiction to 47 15. A company that is engaged in both selling of merchandise and offering services to customers is called Service Company Agricultural Company b. Merchandising d Hybrid Company 16 Which of the following account tities that fits the description of income earted but not yet received? a Accrued income C Unearned income t Supplies Used d None of these 17 It is an assoc-offset" account of Accounts Receivable a Estimated Uncollectible Account b. Uncollectible Accounts c Doubtful Account d. None of these 18. The assets that are classified as "Property and Equipment are subject to depreciation except Bulding c Furniture and Fixtures Transportation Equipment d Land a. 19. The anticipated loss that the business may incur arising from an uncollected receivabin account is termed as - Uncollectible Accounts Estimated Uncollectible Accounts b Provision for Doubtful Accounts d. Allowance for Doubtful Accounts 2 20. This refers to the allocated portions of property and equipment that has expired- a. depletion expense c depreciable expense b. amortization expense di depreciation expense 21. The difference between cost of the property and equipment and the related accumulated depreciation - a carrying value c. realitable value b. present value d none of these 22 The difference between Accounts Receivable and the related Estimated Uncollectible Account - a book value C. estimated realizable value b. present value d. net realizable value 23. The "asset-offset" or "contra-asset" account that is shown as deduction from property and equipment is termed as- a. Accumulated Amortization c. Depreciable Value b. Accumulated Depreciation d. Depreciation Expense 24. Land is not subject to depreciation because a. It is expected to be used for an c. it can be sold at any time indefinite period of time d. it is a god-given wealth b. It can easily be eroded 46 c. Time-Period Concept d Proprietary Theory 5.- A person who borrows money from a bank to start with a business and treats his borrowing as a capital rather than a liability is under what concept? a Business Entity Concept b Going Concern Concept 6. Which of the following assumptions that requires distinction between business transaction and personal affairs of the owners 2. Accounting Entity c. Time period b. Continuity d Going-concern 7. The accounting period will begin on the first day of any month of the Year except Januan and ends on the last day of the month completing the one year period a Calendar C Natural business year b. Fiscal d. None of the above 8. A statement that shows the Financial condition of the business as of a particular date - Balance Sheet c. Statement of Changes in b Profit and loss Statement Owner's Equity d. Statement of Cash Flows 9. A statement that shows the "results of operations of the business for a given period of a Balance Sheet C Income Statement b. Statement of Cash Flows di Statement of Changes in Owner's Equity 10. It represents the residual interest in the assets of the business after deducting its liabilities - a Capital Owner's Equity b. Net Worth d. All of the above 11. It is the shortest accounting period wherein financial statements are reported to various users - Semi-annually c. Quarterly b. Annually d. Morithly 12. What represents the claim of the creditor over the assets of the business- a: Liability c. Assets b. Owner's Equity d. All of these 13. It is where the most important information provided by financial accounting because profitability is the paramount concern to those interested in the economic activities a. Income Statement b. Balance Sheet c. Statement of Changes in Owner's Equity d. Statement of Cash Flows 14. Accounting is the bridge of communication between the owner of the business and various users through- Financial Statements Income Statements C a. b Balance Sheet d. Statement of Owner's Equity