FABM2121 Fundamentals of Accountancy Q2 Long Quiz 001 20

10/20/21, 3:24 AM Q2 Long Quiz 001
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/ Q2 Long Quiz 001
Question 1
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It is done after analyzing the business transaction.
Select one:
a. Journalizing
b. Preparing financial statements
c. Preparing an Income statement
d. Writing in the General
Ledger Clear my choice
Question 2
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A general ledger is known as the book of final entry and composed of a group of
accounts. Select one:

Tru
e
Fals
e
Question 3
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Decrease in liabilities falls
under: Select one:

a. Accounts debited
b. Accounts credited
c. None of the choices
d. Equities
Clear my
choice
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10/20/21, 3:24 AM Q2 Long Quiz 001
Question 4
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makes use of common size financial statements to convert each financial statement item
to its base year. Select one:

a. Both of the given choices correct
b. Ratio Analysis
c. Vertical Analysis
d. Horizontal
Analysis Clear my
choice
Question 5
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The accounting equation is followed in arranging accounts according to .
Select one:
a. Stability
b. Profitability
c. Liquidity
d. All of the
choices Clear my
choice
Question 6
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Which of the following accounts has a credit normal
balance? Select one:

a. Drawing
b. Rent Expense
c. Accounts Payable
d. Cash
Clear my choice
10/20/21, 3:24 AM Q2 Long Quiz 001
Question 7
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To differentiate the different techniques of financial analysis. is the comparison of a company's financial
statements from one period to another.
Select one:
a. None of the choices
b. Vertical Analysis
c. Horizontal Analysis
d. Ratio
Analysis Clear
my choice
Question 8
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When posting, if the debit total is more than the credit total, the difference is placed on
the credit side. Select one:

Tru
e
Fals
e
Question 9
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This type of analytical technique is considered
"static". Select one:

a. Horizontal Analysis
b. Ratio Analysis
c. Vertical Analysis
d. All of the
choices Clear my
choice
10/20/21, 3:24 AM Q2 Long Quiz 001
Question 10
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A contra asset account like allowance for doubtful accounts, possess a debit
normal balance. Select one:

Tru
e
Fals
e
Question 11
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What do you call the process of getting the difference between the totals of the debits
and credits? Select one:

a. Debiting
b. Footing
c. summing
d. crediting
Clear my
choice
Question 12
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It is supported by an ATM card or a
passbook. Select one:

a. Savings Account
b. None of the choices
c. Current Account
d. Deposit
Account Clear my
choice
10/20/21, 3:24 AM Q2 Long Quiz 001
Question 13
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This number can be found at the right upper portion of the general ledger which is special to a
particular account. Select one:

a. Account number
b. Credit
c. Date
d. Debit
Clear my choice
Question 14
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If on the base year 2015 total assets is P200,000 and P400,000 on 2016, what is the percentage
increase(decrease)? Select one:

a. decrease by 50%
b. Increase by 50%
c. Increase by 100%
d. decrease by
100% Clear my
choice
Question 15
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Formula for changes in the company's financial amounts
would be: Select one:

a. The Amount in the base year minus the Amount in the New Year
b. The Amount in the New Year minus the Amount in the base year.
c. The Amount in the New Year plus the Amount in the base year.
d. The Amount in the base year plus the Amount in the
New Year Clear my choice
10/20/21, 3:24 AM Q2 Long Quiz 001
Question 16
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The column is written to indicate the page number of the ledger in which the entry
is transferred. Select one:

a. Folio
b. Amount to be credited
c. Amount to be debited
d. Date
Clear my choice
Question 17
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23.The page number of the journal in which the information was taken from is placed in the folio or reference column of the
ledger.
Select
one: True
False
Question 18
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The unadjusted trial balance contains items which still need to be .
Select one:
a. Posted
b. recorded
c. Adjusted
d. noted
Clear my choice
10/20/21, 3:24 AM Q2 Long Quiz 001
Question 19
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General journal is the book where transactions are recorded? What book do we use to post
the transactions? Select one:

a. Worksheet
b. General ledger
c. balance sheet
d. trial
balance Clear
my choice
Question 20
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To post a debit accounts receivable to the general ledger, we have to place the amount to the side of the general
ledger. Select one:

a. Left
b. Middle
c. Right
d. cannot be
posted Clear my
choice
◄ Week 014- 015 - Module Basic Documents and Transactions Related to Bank Deposits
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Week 016 - Presentation Bank Reconciliation Statement

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10/20/21, 3:24 AM Q2 Long Quiz 001

/ Q2 Long Quiz 001

It is done after analyzing the business transaction.

accounts. Select one:

Decrease in liabilities falls

under: Select one:

to its base year. Select one:

The accounting equation is followed in arranging accounts according to .

Which of the following accounts has a credit normal

balance? Select one:

the credit side. Select one:

This type of analytical technique is considered

"static". Select one:

normal balance. Select one:

and credits? Select one:

It is supported by an ATM card or a

passbook. Select one:

particular account. Select one:

increase(decrease)? Select one:

Formula for changes in the company's financial amounts

would be: Select one:

is transferred. Select one:

The unadjusted trial balance contains items which still need to be .

the transactions? Select one:

ledger. Select one:

Week 016 - Presentation Bank Reconciliation Statement

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