12/29/23, 10:41 PM Final Quiz: Attempt review

Dashboard / My courses / CB 74 / Final Preparations / Final Quiz

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Started on Friday, 29 December 2023, 9:50 PM

State Finished
Completed on Friday, 29 December 2023, 10:40 PM
Time taken 50 mins 22 secs
Grade 47.00 out of 50.00 (94%)

Question 1

Correct

Mark 1.00 out of 1.00

Which of the following are real or permanent accounts?

Select one:
a. Prepaid rent, accumulated depreciation and sales

b. Notes payable, notes receivable and cash 

c. Rent expense, capital and prepaid insurance

d. Accounts receivable, commission income and salaries

Your answer is correct.

The correct answer is: Notes payable, notes receivable and cash

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Question 2

Correct

Mark 1.00 out of 1.00

Accrued income

a. Decreases liabilities

b. Increases expenses

c. Decreases assets

d. Increases revenues 

Your answer is correct.

The correct answer is:

Increases revenues

Question 3

Correct

Mark 1.00 out of 1.00

Which of the following would appear in a balance sheet?

Select one:
a. Cash payments during the period

b. Cash balance at the beginning of a period

c. Cash receipts during the period

d. Cash balance at the end of the period 

Your answer is correct.

The correct answer is: Cash balance at the end of the period

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Question 4

Correct

Mark 1.00 out of 1.00

It contains the specific titles and codes to be used in recording transactions

Select one:
a. Chart of Accounts 

b. General Ledger

c. General Journal

d. Trial Balance

Your answer is correct.

The correct answer is: Chart of Accounts

Question 5

Correct

Mark 1.00 out of 1.00

The following are examples of manufacturing businesses, except

a. Toyota Motors, Inc.

b. Red Ribbon Bakeshop

c. Sony Philippines

d. Rolex Watch Repair Shop 

Your answer is correct.

The correct answer is:

Rolex Watch Repair Shop

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Question 6

Correct

Mark 1.00 out of 1.00

Which of the following accounts will not appear in the post-closing trial balance?

Select one:
a. Unearned Interest Income

b. Prepaid Insurance Expense

c. Interest Expense 

d. Accumulated Depreciation

Your answer is correct.

The correct answer is: Interest Expense

Question 7

Incorrect

Mark 0.00 out of 1.00

Businesses must register in the following except

a. Securities and Exchange Commission

b. Department of Business and Management

c. Department of Trade and Industry

d. Cooperative Development Authority 

Your answer is incorrect.

The correct answer is:
Department of Business and Management

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Question 8

Correct

Mark 1.00 out of 1.00

The bookkeeper is

a. the recording of financial transactions and is part of the process of accounting in business.

b. the person who keeps and maintains the books of accounts of the business organization, and is responsible for 
recording the transactions of the business.

c. the artist of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and
events which are, in part at least of financial character, and interpreting the results thereof.

d. the process of recording, classifying and summarizing business transactions for the proper determination of correct tax
declarations and payments.

Your answer is correct.

The correct answer is:

the person who keeps and maintains the books of accounts of the business organization, and is responsible for recording the
transactions of the business.

Question 9

Correct

Mark 1.00 out of 1.00

Which of the following is an operating cash flow?

Select one:
a. Withdrawals of cash by owners

b. Payments to banks for loan borrowings

c. Payments to suppliers 

d. Payment for purchased equipment

Your answer is correct.

The correct answer is: Payments to suppliers

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Question 10

Correct

Mark 1.00 out of 1.00

Which document is issued to acknowledge receipt of cash?

Select one:
a. Official receipt 

b. Sales invoice

c. Purchase invoice

d. Delivery receipt

Your answer is correct.

The correct answer is: Official receipt

Question 11

Correct

Mark 1.00 out of 1.00

The allowance for uncollectible accounts has a normal credit balance and is presented in the

a. Balance Sheet as deduction from Accounts Payable

b. Balance Sheet as deduction from Accounts Receivable 

c. Balance Sheet as addition to Accounts Receivable

d. Income Statement as part of the Operating Expenses

Your answer is correct.

The correct answer is:
Balance Sheet as deduction from Accounts Receivable

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Question 12

Correct

Mark 1.00 out of 1.00

To which account is the Drawing account closed to?

Select one:
a. Expense account

b. Income and expense summary account

c. Capital account 

d. Liability account

Your answer is correct.

The correct answer is: Capital account

Question 13

Correct

Mark 1.00 out of 1.00

The adjusted trial balance shows

a. Assets, liabilities and equity accounts only

b. Accounts and amounts for the preparation of financial statements 

c. Accounts and amounts which have been adjusted only

d. Revenues and expenses accounts only

Your answer is correct.

The correct answer is:
Accounts and amounts for the preparation of financial statements

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Question 14

Correct

Mark 1.00 out of 1.00

A transaction or event is accountable when it meets the following criteria, except:

Select one:
a. If affects the assets, liabilities or equity of the business

b. It can be measured in terms of money

c. It is a personal transaction of the owner 

d. It affects the business entity

e. It is supported by a document

Your answer is correct.

The correct answer is: It is a personal transaction of the owner

Question 15

Correct

Mark 1.00 out of 1.00

Which of the following is a simple journal entry?

Select one:
a. An entry with one debit and one credit 

b. An entry with two or more debits and one credit

c. An entry with one debit and two or more credits

d. An entry of one debit only

Your answer is correct.

The correct answer is: An entry with one debit and one credit

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Question 16

Correct

Mark 1.00 out of 1.00

Which situation indicates a net loss in the income statement accounts?

Select one:
a. Total debits and total credits have zero balances

b. Total debits exceed total credits 

c. Total debits equals total credits

d. Total credits exceed total debits

Your answer is correct.

The correct answer is: Total debits exceed total credits

Question 17

Correct

Mark 1.00 out of 1.00

After posting the closing entries

Select one:
a. The balance of all accounts will become zero

b. Revenue accounts, expense accounts and income summary accounts have zero balances 

c. Income summary, revenue accounts and equity accounts have zero balances

d. Expense accounts, revenue accounts and equity accounts have zero balances

Your answer is correct.

The correct answer is: Revenue accounts, expense accounts and income summary accounts have zero balances

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Question 18

Correct

Mark 1.00 out of 1.00

In the accounting process, which step follows journalizing?

a. Preparation of trial balance

b. Posting to the ledger 

c. Preparation of financial statements

d. Documentation of the transaction

Your answer is correct.

The correct answer is:

Posting to the ledger

Question 19

Correct

Mark 1.00 out of 1.00

The recording phase of financial accounting covers the following except

Select one:
a. Financial statements are prepared 

b. Posting to the ledger

c. Transactions are recorded in the journal

d. Source documents are gathered and analyzed

Your answer is correct.

The correct answer is: Financial statements are prepared

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Question 20

Correct

Mark 1.00 out of 1.00

Which may not be a function of a bookkeeper?

a. Post adjusting entries

b. Record transactions

c. Finalize financial statements 

d. Prepare unadjusted trial balance

Your answer is correct.

The correct answer is:

Finalize financial statements

Question 21

Correct

Mark 1.00 out of 1.00

Which account is used to close the revenue, purchases and expense accounts?

Select one:
a. Capital account

b. Income and expense summary account 

c. Revenue account

d. Drawing account

Your answer is correct.

The correct answer is: Income and expense summary account

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Question 22

Correct

Mark 1.00 out of 1.00

Failure to record the adjusting entry for the expired portion of prepaid expenses will

a. Overstate equity and understate liability

b. Understate assets and net income

c. Overstate assets and net income 

d. Understate equity and overstate liability

Your answer is correct.

The correct answer is:
Overstate assets and net income

Question 23

Correct

Mark 1.00 out of 1.00

A business of two or more persons who bind themselves to contribute money, property or industry to a common fund, with the
intention of dividing the profits among themselves

a. Cooperative

b. Corporation

c. Partnership 

d. Sole proprietorship

Your answer is correct.

The correct answer is:
Partnership

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Question 24

Correct

Mark 1.00 out of 1.00

An event that affects the financial position of an organization and requires recording is called

Select one:
a. Operating activities

b. Transaction 

c. Business documents

d. Account

Your answer is correct.

The correct answer is: Transaction

Question 25

Correct

Mark 1.00 out of 1.00

Which are temporary accounts?

Select one:
a. Accounts Payable, Prepaid expenses, Rental expenses

b. Cash, Prepaid expenses, Drawing

c. Insurance expenses, Professional fees, Drawing 

d. Insurance expenses, Professional fees, Capital

Your answer is correct.

The correct answer is: Insurance expenses, Professional fees, Drawing

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Question 26

Incorrect

Mark 0.00 out of 1.00

Which of the following is true about trial balance?

Select one:
a. The trial balance is a proof that all transactions are recorded correctly if it is balanced.

b. It is a list of all accounts with open balances.

c. If total debits is equal to total credits, it is a proof that no mathematical error has been committed. 

d. The trial balance will not balance if a transaction is recorded twice.

Your answer is incorrect.

The correct answer is: It is a list of all accounts with open balances.

Question 27

Correct

Mark 1.00 out of 1.00

The following are examples of service businesses except

a. Azina Water Refilling Station

b. Cagayan River Hotel and Resorts

c. Spendmore Supermarket 

d. Philippine Airlines

Your answer is correct.

The correct answer is:
Spendmore Supermarket

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Question 28

Correct

Mark 1.00 out of 1.00

Which of the following steps may be omitted in the completion of the accounting cycle?

Select one:
a. Adjusting entries are journalized and then posted to the general ledger

b. Reversal of some adjustments are made 

c. Entries are posted to the general ledger

d. Financial statements are prepared

Your answer is correct.

The correct answer is: Reversal of some adjustments are made

Question 29

Correct

Mark 1.00 out of 1.00

Adjust DoIt Company reported the following unadjusted balances at year-end:

Debit Credit
Accounts Receivable P8,000,000
Allowance for doubtful accounts 16,000
Net credit sales 7,500,000

The company estimates that 3% of the net credit sales would become uncollectible.

What amount should be reported as doubtful accounts expense for the current year?

a. P225,000 

b. P224,000

c. P240,000

d. P160,000

Your answer is correct.

The correct answer is:

P225,000

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Question 30

Correct

Mark 1.00 out of 1.00

The obligations of an enterprise to non-owners

Select one:
a. Revenues

b. Assets

c. Liabilities 

d. Expenses

Your answer is correct.

The correct answer is: Liabilities

Question 31

Correct

Mark 1.00 out of 1.00

All of the following are sources of cash from operating activities, except

Select one:
a. Cash proceeds from bank borrowings 

b. Cash collection from customers

c. Cash receipts from rendering services

d. Cash receipts from sale of goods

Your answer is correct.

The correct answer is: Cash proceeds from bank borrowings

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Question 32

Correct

Mark 1.00 out of 1.00

A journal entry records the effects of a transaction or an event expressed in terms of debit and credit. Which of the following is not
a correct journal entry?

Select one:
a. An entry with one debit and two or more credits

b. An entry with two or more debits and one credit

c. An entry with one or more debits only 

d. An entry with one debit and one credit

Your answer is correct.

The correct answer is: An entry with one or more debits only

Question 33

Correct

Mark 1.00 out of 1.00

It is a type of business that buys goods and commodities then sells the same for profit without changing its form

a. Service business

b. Merchandising business 

c. Manufacturing business

d. All of the above

Your answer is correct.

The correct answer is:
Merchandising business

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Question 34

Correct

Mark 1.00 out of 1.00

Which of the following financial statements discloses the economic resources of the organization and the claims against those
resources?

Select one:
a. Statement of cash flows

b. Income statement

c. Balance sheet 

d. Statement of changes in equity

Your answer is correct.

The correct answer is: Balance sheet

Question 35

Correct

Mark 1.00 out of 1.00

The balance sheet reports

Select one:
a. The profits earned by the business entity

b. The financial position of the business entity as of a given date 

c. The cost of sold merchandise inventory

d. The sources and uses of cash

Your answer is correct.

The correct answer is: The financial position of the business entity as of a given date

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Question 36

Correct

Mark 1.00 out of 1.00

Unearned revenue is a/an

a. Revenue

b. Liability 

c. Equity

d. Asset

Your answer is correct.

The correct answer is:
Liability

Question 37

Incorrect

Mark 0.00 out of 1.00

An adjusting entry is erroneously recorded twice. Which of the following statements will occur?

a. Expenses will be understated

b. Assets will be overstated 

c. Equity will be overstated

d. Net income will be understated

Your answer is incorrect.

The correct answer is:

Net income will be understated

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Question 38

Correct

Mark 1.00 out of 1.00

Which accounts are closed at the end of the accounting period?

Select one:
a. Equity accounts

b. Nominal or temporary accounts 

c. Permanent or real accounts

d. Balance Sheet accounts

Your answer is correct.

The correct answer is: Nominal or temporary accounts

Question 39

Correct

Mark 1.00 out of 1.00

Which is not a form of business organization?

a. Corporation

b. Partnership

c. Sole proprietorship

d. Business association 

Your answer is correct.

The correct answer is:
Business association

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Question 40

Correct

Mark 1.00 out of 1.00

Which of the following accounts are closed at the end of the accounting period?

Select one:
a. Asset accounts

b. Liability accounts

c. Equity accounts
d. Revenue accounts 

Your answer is correct.

The correct answer is: Revenue accounts

Question 41

Correct

Mark 1.00 out of 1.00

Which is not a classification of business activities in the Statement of Cash Flows?

Select one:
a. Financing Activities

b. Operating Activities

c. Investing Activities

d. Administrative Activities 

Your answer is correct.

The correct answer is: Administrative Activities

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Question 42

Correct

Mark 1.00 out of 1.00

The Accumulated Depreciation – Delivery Equipment is reported in the

a. Balance Sheet as Addition to the Delivery Equipment account

b. Trial Balance only

c. Income Statement as part of the Operating Expenses

d. Balance Sheet as Deduction from the Delivery Equipment account 

Your answer is correct.

The correct answer is:
Balance Sheet as Deduction from the Delivery Equipment account

Question 43

Correct

Mark 1.00 out of 1.00

Under the accrual basis of accounting, transactions and effects are recorded when

a. Expenses are incurred but not paid and revenues are earned but not yet collected

b. Expenses are incurred and revenues are collected in cash

c. Expenses are incurred and revenues are earned 

d. Expenses are paid and revenues are earned

Your answer is correct.

The correct answer is:

Expenses are incurred and revenues are earned

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Question 44

Correct

Mark 1.00 out of 1.00

Which of the following would appear in an income statement?

Select one:
a. Expenses not yet paid

b. Expenses that are paid

c. Expenses whether paid or not 

d. Cash payments for expenses

Your answer is correct.

The correct answer is: Expenses whether paid or not

Question 45

Correct

Mark 1.00 out of 1.00

The Statement of Financial Position is another term for the

Select one:
a. Income statement

b. Statement of cash flows

c. Balance sheet 

d. Statement of changes in equity

Your answer is correct.

The correct answer is: Balance sheet

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Question 46

Correct

Mark 1.00 out of 1.00

All of the following are uses of cash in investing activities, except

Select one:
a. Cash withdrawals by the business owner 

b. Cash payment for construction of building

c. Cash payment to acquire equipment

d. Cash payment to acquire furniture and fixtures

Your answer is correct.

The correct answer is: Cash withdrawals by the business owner

Question 47

Correct

Mark 1.00 out of 1.00

What is the normal order of accounts in the trial balance?

Select one:
a. Assets, capital, revenues, expenses and liabilities

b. Assets, liabilities, revenues and expenses

c. Assets, liabilities, capital, revenues and expenses 

d. Assets, liabilities, capital

Your answer is correct.

The correct answer is: Assets, liabilities, capital, revenues and expenses

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Question 48

Correct

Mark 1.00 out of 1.00

Which is not one of the legal requirements of a business?

a. Withhold taxes on certain payments

b. Maintain profitability 

c. Pay business permits and licenses

d. File and pay taxes

Your answer is correct.

The correct answer is:
Maintain profitability

Question 49

Correct

Mark 1.00 out of 1.00

The purpose of adjusting entry is to

a. Detect and correct an erroneous recording of transactions

b. Properly match the expenses and revenues 

c. Prove that total debits and total credits are equal

d. Facilitate the preparation of financial statements

Your answer is correct.

The correct answer is:

Properly match the expenses and revenues

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Question 50

Correct

Mark 1.00 out of 1.00

Which document is issued for specific items or goods purchased by customers?

Select one:
a. Purchase invoice

b. Order slip

c. Deposit slip

d. Sales invoice 

Your answer is correct.

The correct answer is: Sales invoice

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