FINANCIAL ACCOUNTING AND REPORTING

MW 8:30-10:00
Answer key-Midterm Exam

TEST 1. MULTIPLE CHOICE

1. C
2. D
3.C
4.A
5.C

TEST II.TRIAL BALANCE

Naga Duplicators
Trial Balance
June 30, 2018

Cash P 34,800
Account Receivable 142,800
Supplies 70,800
Equipment 560,000
Accounts Payable P 15,800

Chardon, Capital 513,000

Chardon, Withdrawals 50,000

Revenues 379,200
Salaries Expense 35,000
Rent Expense 10,000
Utilities Expense 4,600 _____
Totals P 908,000 P 908,000

TEST III.ADJUSTING ENTRY

1. Salaries Expense 2,000

Salaries Payable 2,000

2. Unearned Revenue 11,000

Revenue 11,000

Prepared by: Donnalyn T. Eugenio Noted by: Arlyn C. Pasion CPA, MBA
Instructor Dean, CBE
 BUSINESS TAXATION
TTH 1:00-2:30
ANSWER KEY-MIDTERM EXAM

TEST I. MULTIPLE CHOICE

1. C 6. C 11. B
2. B 7. A 12. D
3. A 8. B 13. C
4. B 9. A 14. A
5. B 10. A 15. C

TEST II. ENUMERATION

 PRIMARY HEIRS
 SECONDARY HEIRS
 CONCURRING HEIRS

 TESTAMENTARY SUCCESSION
 INESTATE SUCCESSION
 MIXED SUCCESSION

 HOLOGRAPHIC WILL
 NOTARIAL WILL
 CODICEL

 DECEDENT
 ESTATE
 HEIRS

 EXCISE TAX
 REVENUE OR GENERAL TAX
 AD VALOREM TAX
 NATIONAL TAX
 PROGRESSIVE TAX

 RESIDENT OR CITIZEN DECEDENTS

 NON-RESIDENT ALIEN DECEDENTS

TEST III. DEFINITION OF TERMS

ANSWERS MAY VARY

PREPAREDBY:DONNALYN T. EUGENIO NOTED BY: ARLYN C. PASION CPA,MBA

INSTRUCTOR DEAN, CBE
 INVENTORY MANAGEMENT AND CONTROL
MW 10:00-11:30
ANSWER KEY- MIDTERM EXAM

TEST I. IDENTIFICATION

1. WHEN OFFERED METHOD

2. WHEN TAKEN METHOD
3. DISCOUNT
4. QUANTITY DISCOUNT
5. WHEN NOT TAKEN METHOD

TEST II.JOURNAL ENTRY

WHEN TAKEN METHOD IS USED:\
AUG. 1 MATERIALS 40,000
ACCOUNTS PAYABLE 40,000
14 ACCOUNTS PAYABLE 40,000
PURCHASE DISCOUNT 1,200
CASH 38,800
30 ACCOUNTS PAYABLE 40,000
CASH 40,000
WHEN NOT TAKEN METHOD IS USED
1 MATERIALS 38,800
ACCOUNTS PAYABLE 38,800
14 ACCOUNTS PAYABLE 38,800
CASH 38,800
30 ACCOUNTS PAYABLE 38,800
PURCHASEDISCOUNT LOST 1200
CASH 40,000
WHEN OFFERED METHOD IS USED
1 MATERIALS 38,800
ALLOW. FOR PURCHASE DISCOUNT 1200
ACCOUNTS PAYABLE 40,000
14 ACCOUNTS PAYABLE 40,000
ALLOW. FOR PURCHASE DISCOUNT 1,200
CASH 38,800
30 ACCOUNTS PAYABLE 40,000
PURCHASE DISCOUNT LOST 1,200
ALLOW. FOR PURCHASE DISCOUNT 1,200
CASH
38,800
TEST III. PROBLEM

1. A. MATERIALS 51,500
ACCOUNTS PAYABLE 51,500
B. MATERIALS 50,000
FACTORY OVERHEAD CONTROL 1,500
ACCOUNTS PAYABLE 51,500

2. A. 3% B. 0.1875

PREPARED BY:DONNALYN T. EUGENIO NOTED BY:ARLYN C. PASION CPA, MBA

INSTRUCTOR DEAN,CBE
 COST ACCOUNTING AND CONTROL
MW 2:30-4:00
ANSWER KEY- MIDTERM EXAM

TEST I

1. A
2. A
3. A
4. A
5. A
6. B
7. A
8. A
9. A
10. A
11. A
12. C
13. A
14. A
15. C

TEST II

P126,050.00

TEST III

1. MATERIAL 2000
ACCOUNTS PYABLE 2000

2. PAYROLL 210000
ACCRUED PAYROLL 210000

3. CASH 400000
ACCOUNTS RECEIVABLE 400000

PREPARED BY: DONNALYN T. EUGENIO NOTED BY: ARLYN C. PASION CPA, MBA
INSTRUCTOR DEAN, CBE