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%