Quiz 3. Adjusting Entries - Attempt Review

4/22/24, 9:48 AM Quiz 3.
Adjusting Entries: Attempt review
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Started on Monday, 22 April 2024, 9:30 AM

State Finished
Completed on Monday, 22 April 2024, 9:47 AM
Time taken 17 mins 12 secs
Grade 20.00 out of 20.00 (100%)
Question 1
Correct
Mark 1.00 out of 1.00
An asset has been acquired for P100,000. It is estimated to have a useful life of 10 years and salvage value of P20,000. How much
is the annual depreciation?
a. P12,000
b. P6,000
c. P10,000
d. P8,000 
Your answer is correct.
The correct answer is:

P8,000
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4/22/24, 9:48 AM Quiz 3. Adjusting Entries: Attempt review
Question 2
Correct
Accrued income
a. Decreases assets
b. Increases revenues 
c. Increases expenses
d. Decreases liabilities

Increases revenues
Question 3
Correct
The Accumulated Depreciation – Delivery Equipment is reported in the
a. Trial Balance only
b. Income Statement as part of the Operating Expenses
c. Balance Sheet as Addition to the Delivery Equipment account
d. Balance Sheet as Deduction from the Delivery Equipment account 

Balance Sheet as Deduction from the Delivery Equipment account
Question 4
Correct
A trial balance will not disclose that an error has been made in
Select one:
a. Transferring an account balance from the ledger to the trial balance
b. Entering an amount on the wrong side of an account
c. Computing the balance of an account
d. Posting amount to the wrong ledger account 
The correct answer is: Posting amount to the wrong ledger account
Question 5
Correct
Bookkeeping is
a. the person who keeps and maintains the books of accounts of the business organization. The bookkeeper is responsible
for recording the transactions of the business.
b. the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events
which are, in part at least of financial character, and interpreting the results thereof.
c. the process of recording, classifying and summarizing business transactions for the proper determination of correct tax
declarations and payments.
d. the recording of financial transactions and is part of the process of accounting in business. 

the recording of financial transactions and is part of the process of accounting in business.
Question 6
Correct
The allowance for uncollectible accounts has a normal credit balance and is presented in the
a. Balance Sheet as addition to Accounts Receivable
b. Balance Sheet as deduction from Accounts Payable
c. Income Statement as part of the Operating Expenses
d. Balance Sheet as deduction from Accounts Receivable 

Balance Sheet as deduction from Accounts Receivable
Question 7
Correct
Unearned revenue is a/an
a. Asset
b. Liability 
c. Revenue
d. Equity

Liability
Question 8
Correct
Adjust DoIt Company reported the following unadjusted balances at year-end:
Debit Credit
Accounts Receivable P8,000,000
Allowance for doubtful accounts 16,000
Net credit sales 7,500,000
The company estimates that 3% of the net credit sales would become uncollectible.
What amount should be reported as doubtful accounts expense for the current year?
a. P240,000
b. P160,000
c. P224,000
d. P225,000 

P225,000
Question 9
Correct
Under the accrual basis of accounting, transactions and effects are recorded when
a. Expenses are paid and revenues are earned
b. Expenses are incurred but not paid and revenues are earned but not yet collected
c. Expenses are incurred and revenues are earned 
d. Expenses are incurred and revenues are collected in cash

Expenses are incurred and revenues are earned
Question 10
Correct
It is called the books of original entry
Select one:
a. Chart of Accounts
b. Trial Balance
c. General Ledger
d. General Journal 

The correct answer is: General Journal
Question 11
Correct
It is a type of business that buys goods and commodities then sells the same for profit without changing its form
a. Service business
b. Merchandising business 
c. Manufacturing business
d. All of the above

Merchandising business
Question 12
Correct
Adjust DoIt Company reported the following unadjusted balances at year-end:
Debit Credit
Accounts Receivable P3,000,000
Allowance for doubtful accounts 12,000
Net credit sales 7,000,000
The company estimates that 2% of the gross accounts receivable would become uncollectible.
What amount should be reported as doubtful accounts expense for the current year?
a. P48,000 
b. P140,000
c. P40,000
d. P120,000

P48,000
Question 13
Correct
It is the simplest form of business organization
a. Merchandising entity
b. Service entity
c. Partnership
d. Sole proprietorship 

Sole proprietorship
Question 14
Correct
A business of two or more persons who bind themselves to contribute money, property or industry to a common fund, with the
intention of dividing the profits among themselves
a. Partnership 
b. Sole proprietorship
c. Corporation
d. Cooperative

Partnership
Question 15
Correct
Which of the following gives the best definition of bookkeeping?
a. To calculate the amount of tax to be paid to BIR.
b. To record, classify and summarize financial transactions and events. 
c. To provide financial information to users.
d. To calculate the amount of profit to be paid to investors.

To record, classify and summarize financial transactions and events.
Question 16
Correct
A prepaid expense is a/an
a. Revenue
b. Asset 
c. Expense
d. Equity

Asset
Question 17
Correct
A transaction or event is accountable when it meets the following criteria, except:
Select one:
a. It affects the business entity
b. It is supported by a document
c. If affects the assets, liabilities or equity of the business
d. It can be measured in terms of money
e. It is a personal transaction of the owner 
The correct answer is: It is a personal transaction of the owner
Question 18
Correct
Which document is issued by a vendor or supplier for items or goods rendered the company? It is called Sales Invoice from the
point of view of the supplier.
Select one:
a. Disbursement voucher
b. Order slip
c. Purchase invoice 
d. Official receipt
The correct answer is: Purchase invoice
Question 19
Correct
Which transaction decreased both total assets and total liabilities by P10,000?
Select one:
a. Payment of accounts payable, P10,000 
b. Payment of salaries, P10,000
c. Purchase of equipment for cash, P10,000
d. Collection of accounts receivable, P10,000
The correct answer is: Payment of accounts payable, P10,000
Question 20
Correct
An asset has been acquired for P250,000. It is estimated to have a useful life of 8 years, and is being depreciated at P29,375 per
year. How much is its estimated scrap value?
a. P43,750
b. P15,000 
c. P0
d. P28,750

P15,000
◄ Answers to Exercise 12 and Assignment
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Quiz 3. Adjusting Entries - Attempt Review

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4/22/24, 9:48 AM Quiz 3.

Adjusting Entries: Attempt review

Dashboard / My courses / CB 79 / 3. Adjusting Entries / Quiz 3. Adjusting Entries

 Back to '3. Adjusting Entries'

Started on Monday, 22 April 2024, 9:30 AM

Mark 1.00 out of 1.00

Your answer is correct.

The correct answer is:

Mark 1.00 out of 1.00

Your answer is correct.

The correct answer is:

Mark 1.00 out of 1.00

The Accumulated Depreciation – Delivery Equipment is reported in the

a. Trial Balance only

b. Income Statement as part of the Operating Expenses

c. Balance Sheet as Addition to the Delivery Equipment account

d. Balance Sheet as Deduction from the Delivery Equipment account 

Your answer is correct.

The correct answer is:

Mark 1.00 out of 1.00

b. Entering an amount on the wrong side of an account

c. Computing the balance of an account

d. Posting amount to the wrong ledger account 

Your answer is correct.

Mark 1.00 out of 1.00

Your answer is correct.

The correct answer is:

Mark 1.00 out of 1.00

a. Balance Sheet as addition to Accounts Receivable

b. Balance Sheet as deduction from Accounts Payable

c. Income Statement as part of the Operating Expenses

d. Balance Sheet as deduction from Accounts Receivable 

Your answer is correct.

The correct answer is:

Mark 1.00 out of 1.00

Unearned revenue is a/an

Your answer is correct.

Mark 1.00 out of 1.00

Adjust DoIt Company reported the following unadjusted balances at year-end:

Your answer is correct.

The correct answer is:

Mark 1.00 out of 1.00

a. Expenses are paid and revenues are earned

c. Expenses are incurred and revenues are earned 

d. Expenses are incurred and revenues are collected in cash

Your answer is correct.

Mark 1.00 out of 1.00

It is called the books of original entry

Your answer is correct.

Mark 1.00 out of 1.00

d. All of the above

Your answer is correct.

Mark 1.00 out of 1.00

Adjust DoIt Company reported the following unadjusted balances at year-end:

Your answer is correct.

The correct answer is:

Mark 1.00 out of 1.00

It is the simplest form of business organization

Your answer is correct.