Reference no: EM132364208
Question 1 : An unfinished goods at the end of the accounting period is also an inventory.
Select one:
True
False
Question 2 : 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.
Merchandise Inventory, Dec. 31 is
Select one:
a. P75, 985
b. P 43,755
c. P 29,020
d. P62,250
Question 3 : Estimated uncollectibles is recorded in this journal.
Select one:
a. Accounts Payable Subsidiary Ledger
b. Sales Journal
c. General Journal
d. Accounts Receivable Subsidiary ledger
Question 4 : Purchases plus freight in less purchase returns less inventory end.
Select one:
a. Gross profit ratio
b. Cost of goods sold
c. Freight-out
d. Free On Board
Question 5 : Which is the nature of a manufacturing type of business?
Select one:
a. It converts raw materials to a finished product.
b. The production can be either manually or by machine.
c. All of these.
d. Its finished products are sold to a merchandiser.
Question 6 : Revenues, Expenses.
Select one:
a. Closing the accounts.
b. Nominal accounts
c. Accrued Expenses
d. Statement of Changes in Owner's Equity
Question 7 : Real accounts
Select one:
a. Assets, liabilities, Capital
b. Post-closing Trial Balance
c. Decreases Capital
d. Permanent accounts
Question 8 : The following selected accounts are taken from the books of RST Trading on April 30 before adjustment. RST has a monthly accounting period:
Accounts Receivable P5,000 Building P50,000
Sales 75,000 Service Income 10,000
Prepaid Rent 6,000 Salaries Expense 20,000
Adjustment data on April 30:
a) 2 % of sales is estimated to be uncollectible.
b) Rent expired, P2,000.
c) Salaries unpaid, P 1,500.
d) Building will be depreciated at 20% per annum, with useful lie of 10 years.
e) Income unearned , P10,000.
The adjusting entry to record ( a) is
Select one:
a. Doubtful Accounts Expense P1, 500
Sales P1,500
b. Sales P1,500
Accounts Receivable P1,500
c. Doubtful Accounts Expense P 1,500
Accounts Receivable P1,500
d. Doubtful Accounts Expense P 1,500
Allowance for Doubtful Accounts P 1, 500
Question 9 : What journal will you use to record the following transaction:Collection of Accounts Receivable from customers
Select one:
a. Cash Receipts Journal
b. Purchases Journal
c. Cash Payments Journal
d. General Journal
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 net income before tax is
Select one:
a. P522,500
b. Answer not given
c. P209,000
d. P59,000