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University of Caloocan City: Name: Score: Course/Year & Section: Date

This document contains an accounting exam for a course. It includes multiple choice questions testing concepts like net sales, net purchases, cost of goods sold, and gross profit. It also includes a problem section providing ledger account balances for a company and requiring the student to prepare a worksheet and financial statements. The multiple choice questions cover accounting equations and the calculation of financial statement amounts from business transactions. The problem section tests the ability to prepare accounting worksheets and statements from trial balance information.
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0% found this document useful (1 vote)
2K views3 pages

University of Caloocan City: Name: Score: Course/Year & Section: Date

This document contains an accounting exam for a course. It includes multiple choice questions testing concepts like net sales, net purchases, cost of goods sold, and gross profit. It also includes a problem section providing ledger account balances for a company and requiring the student to prepare a worksheet and financial statements. The multiple choice questions cover accounting equations and the calculation of financial statement amounts from business transactions. The problem section tests the ability to prepare accounting worksheets and statements from trial balance information.
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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University of Caloocan City

College of Business & Accountancy


FINALS-ACC 121-PART 2

Name: Score:
Course/Year & Section: Date:

Multiple Choice

Use the following information to answer questions 19 to 23 below:

Account Name Debit Credit


Sales 750,000
Sales Returns and Allowances 15,000
Sales Discounts 10,000
Purchases 170,000
Purchases Returns and Allowances 20,000
Transportation In 30,000
Selling Expenses 75,000
General and Administrative Expenses 275,000

In addition, beginning merchandise inventory was P55,000 and ending merchandise inventory was P35,000.

1. Net sales for the period were


a. P755,000.
b. P725,000.
c. P735,000.
d. P775,000.

2. Net purchases for the period were


a. P150,000.
b. P180,000.
c. P210,000.
d. P430,000.

3. Cost of goods sold for the period was


a. P235,000.
b. P160,000.
c. P200,000.
d. P170,000.

4. Gross profit for the period was


a. P425,000.
b. P525,000.
c. P545,000.
d. P450,000.

5. Profit for the period was


a. P525,000.
b. P450,000.
c. P250,000.
d. P175,000.

6. Which of the following is not considered in computing net cost of purchases?


a. Purchases returns and allowances.
b. Purchases.
c. Transportation paid on purchased goods.
d. Transportation paid on goods shipped to customers.

7. The entry to record a sale of P7,500 with terms of 2/10, n/30 would include a

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a. Debit to Sales Discounts for P150.
b. Debit to Sales for P7,350.
c. Credit to Accounts Receivable for P7,500.
d. Credit to Sales for P7,500.

8. The collection of a P5,000 account beyond the 2% discount period would result in a
a. Debit to Cash for P4,900.
b. Credit to Accounts Receivable for P5,000.
c. Credit to Cash for P5,000.
d. Debit to Sales Discounts for P100.

9. Goods totaling P50,000 were purchased February 2 with terms of 2/10, n /30. Returns of P10,000 were
made on February 10. What discounts, if any, can be availed of if the invoice was paid on February 12?
a. None.
b. P1,000.
c. P800.
d. P200.

10. The entry to record a payment on a P15,000 account within the 2% discount period would include a
a. Debit to Cash for P15,000.
b. Debit to Accounts Payable for P14,700.
c. Credit to Purchases Discounts for P300.
d. Credit to Accounts Payable for P15,000.

11. A buyer received an invoice for P6,000 dated June 10. If the terms are 2/10, n/30, and the buyer paid the
invoice within the discount period, what amount will the seller receive?
a. P6,000.
b. P5,880.
c. P4,800.
d. P 120.

12. Rivera Company purchased merchandise from Dimatulac Suppliers for P3,600 list price, subject to a trade
discount of 25%. The goods were purchased on terms of 2/10, n/30, FOB Destination. Rivera paid P100
transportation costs. Rivera returned P400 (list price) of the merchandise to Dimatulac and later paid the
amount due within the discount period. The amount paid is
a. P2,254.
b. P2,252.
c. P2,246.
d. P2,352.

13. The December 31, 2010 trial balance for Rueda Company included the following purchases, P40,000;
purchases returns and allowances, P2,000; transportation in, P3,000; ending inventory was P8,000. What
was the cost of goods sold for 2010?
a. P39,000.
b. P33,000.
c. P38,000.
d. None of the above.

14. Assuming that net purchases was P900,000 during the year and that ending merchandise inventory was
P20,000 less than the beginning merchandise inventory of P250,000, how much was cost of goods sold?
a. P1,130,000
b. P 670,000
c. P 920,000
d. P1,170,000

15. Which of the following accounts is closed by debiting the account?


a. Sales Returns and Allowances.
b. Transportation In.
c. Purchases Returns and Allowances.
d. Purchases.

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Problem

The ledger accounts of the EDREL GARCIANO Company for the year ended December 31, 2010 are as follows:

Accumulated Depreciation-Office Building P 100,000


Accumulated Depreciation-Office Equipment 150,000
Accounts Receivable 136,000
Accounts Payable 74,000
Cash 72,000
Transportation In 72,000
Insurance Expense 25,000
Interest Expense 208,000
GARCIANO, Capital 1,510,000
GARCIANO, Withdrawals 200,000
Land 400,000
Merchandise Inventory 598,000
Mortgage Payable 1,100,000
Notes Payable 200,000
Office Building 1,600,000
Office Equipment 570,000
Office Supplies 42,000
Prepaid Advertising 75,000
Purchases Discounts 172,000
Purchases Returns and Allowances 133,000
Purchases 2,643,000
Salaries Expense 862,000
Sales Discounts 161,000
Sales Returns and Allowances 187,000
Sales 4,600,000
Travel Expense 188,000

Additional information:

a) Office supplies consumed during the year amounted to P17,000.


b) Advertising expense in the amount of P25,000 has expired during the year.
c) Salaries of P21,000 have accrued as at December 31, 2010.
d) Depreciation on the office building and on the office equipment amounted to P15,000 and P20,000,
respectively.
e) The December 31, 2010 ending inventory is P723,000.

Required: Prepare the worksheet and financial statements.

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