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Midterm Exam in Basic Accounting

The document appears to be a practice exam for a basic accounting course. It contains 5 multiple choice questions testing accounting concepts related to revenue, expenses, withdrawals, financial statements, and journal entries. It also contains an illustration section with instructions to journalize a transaction debiting cash and crediting capital, and to prepare a ledger for the cash account.

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Mary Joy Sumapid
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694 views1 page

Midterm Exam in Basic Accounting

The document appears to be a practice exam for a basic accounting course. It contains 5 multiple choice questions testing accounting concepts related to revenue, expenses, withdrawals, financial statements, and journal entries. It also contains an illustration section with instructions to journalize a transaction debiting cash and crediting capital, and to prepare a ledger for the cash account.

Uploaded by

Mary Joy Sumapid
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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03-23-19

NAME _______________________________________________ SCORE ________________________

Final Examination
in Basic Accounting 1

Multiple choice:Encircle the letter of your answer. No Erasures.

1. It is defined as the gross inflow of economic benefits during the period in the form of inflows or
enhancements on assets or decrease in liabilities that result an increase in equity, other that those
relating to contributions from the owner.
a. Revenue b. Expense c. Investment d. Withdrawal

2. The owner withdraw for personal use.


a. Increase in an asset, increase in capital c. Decrease in an asset, decrease in capital
b. Decrease in an asset, decrease in liability d. Increase in liability, decrease in capital

3. Performed service and billed client on account


a. Increase in an asset, increase in capital c. Decrease in an asset, decrease in capital
b. Decrease in an asset, decrease in liability d. Increase in liability, decrease in capital

4. The income statement reports


a. Financial position as of specific date c. Result of operations as of specific date
b. Financial position for a specific period d. Result of operations for a specific period

5. Another basic type of financial statements that involves presentation of three business activities
such as: operating activities, investing activities and financing activities.
a. Statement of Financial Position c. Statement of Changes in Equity
b. Statement of Income d. None of the above

Illustration: (15 points)


1)Draw a 2-column journal format with heading and journalize this transaction: On January 5, 2019,
Debit Cash 100 & Credit A. Cruz, Capital 100

2)Draw a ledger format with heading for CASH account with Account No. 101.

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