CLOSING BERISIK

What is the LIFO (Last In, First Out) method of inventory valuation?

• method that uses the last-in price to value inventory sold first

• method that uses the first-in price to value inventory sold first

• method that calculates inventory by averaging the cost of incoming goods

• method that calculates inventory at the highest price among the incoming goods prices

Answer explanation

XYZ Company purchased merchandise worth Rp 50,000,000 with payment terms of 2/10, n/30. If the company pays the invoice within 10 days, how much should be paid?

• Rp 49,000,000

• Rp 48,500,000

• Rp 49,500,000

• Rp 50,000,000

ABC Company has a profit before tax of Rp 2,500,000,000. The corporate tax rate is 25%, but there is an additional income tax of 10% of profit before tax. Calculate the amount of tax that must be paid after calculating the additional income tax.

• Rp 750,000,000

• Rp 625,000,000

• Rp 825,000,000

• Rp 875,000,000

The balance of profit in PT Surya Kencana with nil balance after adjusting journal is Rp 45,000,000

Total income Rp 160,000,000

Total expenses Rp 150,000,000

Total dividends Rp. 4,000,000

After recording the closing journal, the retained earnings account has a balance of?

• Debit Rp 31,000,000

• Debit Rp 51,000,000

• Credit Rp 31,000,000

• Credit Rp 51,000,000

In the balance sheet, fixed assets are shown in

• Acquisition price

• Market value

• Fair Value

• Recorded Value

Which of the following should not be called a ‘Sale’?

• Goods sold for cash

• Sale of goods previously included in ‘Purchase’

• Office supplies sold

• Goods sold on credit

Double entry implies that

• Recording entries in the journal

• Recording entries in ledger accounts

• Recording two aspects of each transaction

• Recording each transaction in the ledger

What continent is Morocco located on?

• European

• American

• African

• Asian

How many legs does a spider have?

• 2

• 4

• 1000

• 8

50,000 grams is equal to how many ... kg?

• 5

• 50

• 500

• 5000