Question 2 Adjusting entries are made after the preparation of financial statements. True [Test choice) Do not select this option. Correct answer will be given on the time of discussion False D Question 3 Adjusting entries are necessary so that asset. liability. revenue, and expense account balances are correctly recorded. olTest choice) Do not select this option Correct answer will be given on the time of discussion True False Question 4 The cash basis of accounting is a system in which revenues are recorded when cash is collected and expenses are recorded when incurred. True Test choice] Do not select this option Correct answer will be given on the time of discussion False Question 5 Failure to record depreciation expense will overstate assets and expenses. True Test choice! Do not select this option. Correct answer will be given on the time of discussion False Question 6 Accumulated depreciation is shown on the balance sheet as a subtraction from the cost of its related asset. False [Test choice! Do not select this option. Correct answer will be given on the time of discussion O True Question 7 The adjusted trial balance must be prepared after the adjusting entries are made. O True False O Test choice) Do not select this option. Correct answer will be given on the time of discussion Question 8 Journal entry to record adjustments for estimating the amount of receivables that are uncollectible would include a debit to Allowance for uncollectible accounts. olTest choice! Do not select this option. Correct answer will be piven on the time of discussion O False True D Question 9 A financial statement that gives information as to company's operations whether at loss or a profit is called statement of financial income True False olTest choicel Do not select this option Correct answer will be piven on the time of discussion D Question 10 A statement of financial position is an important tool in the decision making process of internal and external users. False O Test choice) Do not select this option Correct answer will be given on the time of discussion O True Question 11 Net income computation for a merchandising business is Net sales less Cost of goods sold add other income less other expenses Othe Test choice Do not select the cption. Correct we will be given in the time of diction D Question 12 1 In what cash flow activity does an investment of Land be classhed Financing Operating Test choice Dorotect this option Conser will be given the time of discussion Question 13 2 Assume that on December 31, 2019. the end of company's counting period the company los Necredit sales of P100.000. The company believes that of the credit sales might not be collected the balance of allowance for collectible accounts before adjusting entries 3.750 credit, how much would be reported as bad debts expense/collectible account experts by the company at year end! 0270 1150 0.000 Office Deco Come we will be on the time 250 D Question 14 Using the information in the previous question, the balance of allowance for uncollectible accounts that would appear in the Statement of Financial Position on December 31, 2019 3: 3.750 4.250 3.000 Test choice. Do not selection Correct answer will be seven on the time of discussion 11.750 Question 15 A company had the following data as of December 31, 2019 Acquisition cost of transportation equipment PB0.000 Scrap value 10% of cost Useful life 10 years Acquisition date July 1, 2019 Based on the data stated above, what is the depreciation expense to be reflected in the income statement for the year 20193 [Test thioleDo not select this option Correct answer will be given on the time of discussion 7.200 3000 4000 3.600 Question 16 2 pt Refer to the data in the previous question. What is the amount to be reflected in the income sistement as depreciation expense and mount to be reflected in the balance sheets accumulated depreciation for the year 2020 respectively 1.000.000 07200 10.000 Test choice Donat este concorrect we will be on the time of dit 7200 7200 8000 12.000 Question 17 2 pt Refer to the data in the previous question What is the book value of the current at December 31, 2020? O 09.200 6000 07200 72.000 Test choice Donoscettion. Conectar wil beven on the time of discussion Question 18 Use the following information in the adjusted trial balance for TB Company to answer the following questions. Cash 5300 Accounts Receivable 3,200 Prepaid Expenses 600 Equipment 14,500 Accumulated 2200 Depreciation Accounts Payable 1,900 Notes Payable 4,200 Bob Steely, Capital 12.500 Bob Steely, 790 Withdrawals Fees Earned 7,500 Wages Expense 2,500 Rent Expense Utilities Expense 775 Depreciation 500 Expense Miscellaneous 50 Expense How much is the net income or loss for the period? 85 0 28,300 0 2.990 Test choice) Do not select this option. Correct answer will be given on the time of discussion O 7.500 O 3.590 Question 19 2 pts Using the information in the previous question, how much is the total assets? 0600 21400 23.000 Test choice Dost select this option Correct answer will be given on the time of discussion 0-20.00 Question 20 2 pts Using the information in the previous question, how much is the ending balance of capital O 15.300 est choice Decotect this option Concwe will be given on the time of discussion 12.500 14.700 12.500 Question 21 2 pts Assume that on December 31, 2019, the end of company's annual accounting period, the company los Net credit sales of P500.000. The company believes that of the net credit sales might not be collected of this amount P1.000 was written off and P500 was subsequently recovered if the balance of allowance for uncollectible accounts before adjusting entries 4,500-credit, how much would be the balance of the allowance for collectible accounts at the end of the period est choice Desot select this option Correct we will then the time of discussion 19.000 18.500 15.000 Question 20 2 pt Using the information in the previous question how much is the ending balance of capital? 35.300 Test chole Do not select this cotton Correct answer will be given on the time of Gunsion 0 32.500 14700 12.500 Question 21 2 pt Assume that on December 31, 2017, the end of company's annual accounting period, the company hos Net credit sales of P500.000. The company believes that of the not credit sales might not be collected of this amount. P1,000 was written off and PSCO was subsequently recovered. If the balance of allowance for uncollectible accounts before adjusting entries is 4.500-credit. How much would be the balance of the allowance for collectible accounts at the end of the period? Trecho De not select the con Correct answer will be the on the time of disco 10.000 18.500 15.000 21.000