
AVERAGE ROUND
Quiz
•
Other
•
12th Grade
•
Practice Problem
•
Hard
Khristel Cabasaan
Used 2+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
1. Which of the following would not result in the recording of an expense?
A. Withdrawal by the owner
B. Payment of salaries to employees
C. Receipt of a bill from the telephone company
D. Payment of interests of bonds
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
2. Analyze the transaction: Received P35,000 in cash from clients with credit
A. Increase in Assets = Increase in Capital
B. Increase in one type of asset = Decrease in another type of Asset
C. Increase in one type of Liability = Decrease in another type of Liability
D. Decrease in Assets = Decrease in Liabilities
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
3. Which of the following is an application of the concept of prudence or conservatism?
A. Choosing a potentially unfavorable outcome over a potentially favorable one
B. Choosing a potentially favorable outcome over a potentially unfavorable one
C. Deliberately understating assets and income and deliberately overstating liabilities and expenses
D. Doing nothing in cases of uncertainty
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
4. Statement 1: Under the liability method, adjusting entry is needed to recognize the unearned portion of a mixed account.
4. Statement 1: Under the liability method, adjusting entry is needed to recognize the unearned portion of a mixed account.
Statement 2: Under the expense method, the unused portion of the prepayments is recognized as asset at the end of the period.
A. True, True
B. True, False
C. False, False
D. False, True
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
5. Which of the following is correct if a company purchases equipment for P70,000 cash?
A. The company's total owners' equity will decrease
B. Total assets will decrease by P70,000
C. Total assets will increase by P70,000
D. Total assets will remain the same
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
6. Statement 1: The purchase of an asset such as office equipment, for cash will cause owners' equity to decrease.
Statement 2: The collection of an account receivable will cause total assets to decrease.
A. True, True
B. True, False
C. False, False
D. False, True
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
7. The owner of a business invested P100,000 in the business. What are the effects on the fundamental accounting equation?
A. Assets decrease P100,000; Liabilities, no effect; Owner’s Equity increases P100,000
B. Assets increase P100,000; Liabilities increase P100,000; Owner’s Equity, no effect
C. Assets increase P100,000; Liabilities, no effect; Owner’s Equity decreases P100,000
D. Assets increase P100,000; Liabilities, no effect; Owner’s Equity increases P100,000
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