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The accounting cycle begins by recording _____________ in the form of journal entries.
Answer=Business Transactions
Answer= True
Rent is prepaid for an office for the business, is the accounting entry to the to the
prepaid rent account a debit or a credit?
Answer = debit
Debit and credit rules for accounts on one side of the accounting equation are mirror
images of those on the
Answer = True
Answer = Expenses
Supplies are purchased for cash, is the double entry posting to the supplies on hand
account a debit or credit entry?
Answer = debit
The payment of a liability is recorded by a debit to the liability account and a credit to
the owner's capital account.
Answer = False
The business carried out work for a customer and was paid in cash, is the entry to the
revenue account a debit or a credit?
Answer = Credit
Cash paid to a supplier for goods supplied by them on credit terms, is the entry to
accounts payable a debit or credit entry?
Answer = debit
Answer = The value of the information exceeds the cost of producing it.
Answer = True
Work was completed and invoiced to a customer for payment within 30 days, is the
posting to accounts receivable a debit or a credit?
Answer = Credit
Which of the following expenses is recognized under the direct association with revenue
criterion?
Answer = PRC
Which of the following account titles will not appear in the balance sheet of a single
proprietorship?
Answer = a. Investing
Answer = Operating
The term operating, financing and investing as used to categorized what type of item?
Inventory and accounts receivable are classified in the balance sheet as?
Which of the following accounts will normally appear in the ledger of a merchandising
company that uses a perpetual inventory system?
Select one:
a. Interest Revenue
b. Ticket Sales Revenue
c. Deferred Revenue
d. Rent revenue
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The business carried out work for a customer and was paid in cash, is the entry to the revenue
account a debit or a credit?
Select one:
a. Debit
b. Credit
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Select one:
a. It corresponds to financial variables
b. Its omission or misstatement could influence the economic decisions of users taken on the basis
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The correct answer is: Its omission or misstatement could influence the economic decisions of users
taken on the basis of the financial statements.
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1 17/10/17, Started
09:39
2 17/10/17, Saved: Its omission or misstatement could influence the economic decisions
10:00 of users taken on the basis of the financial statements.
Question text
The accounting cycle begins by recording _____________ in the form of journal entries.
Select one:
a. Business Contracts
b. Financial Information
c. Corporate minutes
d. Business Transactions
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Select one:
a. False
b. True
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Select one:
a. The business enterprise must have ownership over the items reported as business assets.
b. An asset has future usefulness or service potential
c. An asset does not always have physical attributes.
d. A reliable monetary value must be assignable to the reported asset items.
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The correct answer is: The business enterprise must have ownership over the items reported as
business assets.
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1 17/10/17, Started N
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2 17/10/17, Saved: The business enterprise must have ownership over the items A
10:00 reported as business assets.
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Select one:
a. On manager's demand
b. No correct answer
c. If it has a tax implication
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Select one:
a. For corporations, but not for sole proprietorship or partnership.
b. Only for publicly owned business organizations.
c. In either monetary or non-monetary terms, depending upon the need of the decision-maker.
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The correct answer is: Primarily for the benefit of persons outside of the business organizations
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2 17/10/17, 10:00 Saved: Primarily for the benefit of persons outside of the business An
organizations
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Select one:
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The correct answer is: The value of the information exceeds the cost of producing it.
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2 17/10/17, 10:00 Saved: The value of the information exceeds the cost of producing it. Ans
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Select one:
a. Income statement
b. Balance sheet
c. Cash flow statement
d. Statement of retained earnings
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Select one:
a. Communication of information
b. Analysis and interpretation of information
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Probable future sacrifices of economic benefits arising from past transactions are known as:
Select one:
a. Expenses
b. Assets
c. Liabilities
d. Income
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a. True
b. False
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Government agency gives a CPA certificate to an accountant after he passes a series of rigorous
examinations administered by the Board of Accountancy (BOA).
Select one:
a. BIR
b. Civil Service Commission
c. PRC
d. School Registrar
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Select one:
a. Internationally Accepted Accounting Standards
b. International Financial Accounting Standards
c. International Accounting Principles
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The basic function of financial accounting is to
Select one:
a. No correct answer
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Select one:
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Select one:
a. Accountancy refers to the process of recording financial transactions in the order of their
occurrence
b. Accountancy refers to the art of communicating the financial transactions to accounting users
c. Accountancy refers to the art of classifying the recorded transactions under their respective
accounts
d. Accountancy refers to the systematic knowledge of accounting.
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The correct answer is: Accountancy refers to the art of classifying the recorded transactions under
their respective accounts
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Select one:
a. 3 years
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The basic purpose of accounting is to:
Select one:
a. Develop financial statements in conformity with generally accepted?
b. Provide as much useful information to decision makers as possible, regardless of cost.
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The correct answer is: Meet an organization's need for accounting information as efficiently as
possible.
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A one year reporting period that begins on January 1 ends on December 31 is:
Select one:
a. Semester reporting period
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A business transaction can affect two accounts on the same side of the accounting equation and still
leave the equation in balance.
Select one:
a. True
b. False
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The type of accounting which reports on the performance of the firm to essential external users.
Select one:
a. Internal auditing
b. Managerial accounting
c. Financial accounting
d. External accounting
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Which of the following is not a characteristics of an economic resource so that it could be classified
as an asset of the business?
Select one:
a. The resource has future resource has future service potential.
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The correct answer is: The economic resource has physical existence.
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2 17/10/17, 10:00 Saved: The economic resource has physical existence. Answer
Question text
Although accounting information is used by a wide variety of external parties, financial reporting is
primarily directed toward the information needs of:
Select one:
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Select one:
a. Profits
b. Dividends
c. No correct answer
d. Interest
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Select one:
a. Understandability, relevance, accuracy, comparability
b. Understandability, relevance, reliability, simplicity
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The top of the T account is used for account titles. Credits are entered on the left side of the T;
debits, on the right.
Select one:
a. True
b. False
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Every transaction affects two or more accounts and is recorded by equal amounts of debits and
credits.
Select one:
a. True
b. False
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Select one:
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Select one:
a. Revenue
b. Owner's Drawings
c. Expenses
d. Income summary?
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An asset account appears on the right side of the accounting equation and is also increased on the
right side of its T account.
Select one:
a. True
b. False
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Select one:
a. True
b. False
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Select one:
a. True
b. False
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Cash paid to a supplier for goods supplied by them on credit terms, is the entry to accounts payable
a debit or credit entry?
Select one:
a. Credit
b. Debit
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Which financial statement displays the revenues and expenses of a company for a period of time?
Select one:
a. Cash Flow
b. Balance sheet
c. Statement of Owner's Equity
d. Income Statement
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Select one:
a. True
b. False
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The liabilities that are payable in more than a year and are not be liquidated from current assets.
Select one:
a. Current liabilities
b. All of the answers correct
c. Contingent liabilities
d. Fixed liabilities
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Select one:
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The correct answer is: Owner's equity can be bigger than the total assets.
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2 17/10/17, 10:00 Saved: Owner's equity can be bigger than the total assets. Answe
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Select one:
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Select one:
a. Financial conditions of an institution
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Select one:
a. Income
b. Operating profit
c. Net income
d. Gross Profit
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The debts which are to be repaid within a short period (year or less) are known as
Select one:
a. Contingent liabilities
b. Current liabilities
c. All of the answers correct
d. Fixed liabilities
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Which of the following will not be reported in the statement of changes in equity?
Select one:
a. Additional investment of the proprietor
b. Balance of capital at the end of the period.
c. Net income during the period
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The correct answer is: Proceeds from the sale of the building
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2 17/10/17, 10:00 Saved: Proceeds from the sale of the building Answer sa
Question text
Select one:
a. Reports are used primarily by insiders rather than by persons outside of the business entity.
b. Information may be tailored to assist in specific managerial decisions.
Answer: C
c. Information must be developed in conformity with generally accepted accounting principles or
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The correct answer is: Information must be developed in conformity with generally accepted
accounting principles or with income tax regulations.
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Question text
A credit to an account always increases it: a debit to an account always deceases it.
Select one:
a. False
b. True
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Select one:
a. Accounting staff
b. Payroll manager
c. Controller
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It is usually used in connection with activities and events that result to the inflow of assets and/or
outflow of liabilities.
Select one:
a. Equity
b. Liabilities
c. Assets
d. Income
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Step Time Action State
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Select one:
a. False
b. True
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Select one:
a. Record all business transactions
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