Reference no: EM132364222

Question 1 : The following selected accounts were taken from the books of Santos Trading on December 31, 2016: Santos, Capital-P150,000; Loss from Operations-P1,500; Net Sales-P120,000; total Goods Available for Sale-P103,505; Gross Profit-P60,750; Merchandise inventory , Jan 1, 2016-P27,520. Santos, Capital, December 31 is

Select one:

a. P150,000

b. P151,500

c. P148,500

d. P210,750

Question 2 : Purchases of merchandise on account under periodic inventory system requires a debit to _____account.

Select one:

a. Income

b. Asset or Accrued Income

c. Accounts Payable

d. Purchases

Question 3 : Odd-man Out.

Choose the letter that does not belong to the group.

Select one:

a. Debt ratio

b. Receivable turnover

c. Quick Ratio

d. Current ratio

Question 4 : It is where the entries in the Cash Payments Journal are individually posted.

Select one:

a. General Journal

b. Accounts Payable Subsidiary Ledger

c. Accounts Receivable Subsidiary ledger

d. Sales Journal

Question 5 : What journal will you use to record the following transaction:Collection of interest revenue.

Select one:

a. General Journal

b. Purchases Journal

c. Cash Receipts Journal

d. Cash Payments Journal

Question 6 : Cebu Trading sold to Manila Store goods with a listed price of P100, 000. Term of sale: Trade discount of 3% and 2%. Payment terms: 2/10,n/30. If Manila Store failed to pay within the discount period, the amount due is

Select one:

a. P100,000

b. P95,000

c. P 95,060

d. P102,000

Question 7 : Prime Cost is direct materials plus factory overhead.

Select one:

True

False

Question 8 : Cost of transporting goods from seller to the customers.

Select one:

a. Cost of goods sold

b. Free On Board

c. Freight-out

d. Gross profit ratio

Question 9 : One of the FASB statements of financial reporting objectives is that it should report the accounting elements and the changes affecting them.

Select one:

True

False

Question 10 : The following selected accounts are taken from the ledger of XYX Merchandising on June 30, 2017: Sales, P 550,000; Sales Discount, 5%; Gross profit, P209,000; operating expenses, P150,000; merchandise inventory, Jan 1, 2017 , P75,000; merchandise inventory, June 30, 2017, P50,000; Accounts Receivable Jan1, P 70,000; Accounts Receivable, June 30, P50,000.

The cost of sales ratio or cost ratio is

Select one:

a. 62%

b. Answer not given.

c. 40%

d. 60%