[ Amaleaks. Blogspot.COM] FABM (FABM-112) Week 11-20 PDF

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FABM WEEK 11-AMALEAKS.BLOGSPOTThe accounting cycle begins by recording _____________ in the form of journal entries. Answer=Business Transactions A chart of accounts is limited to 50 accounts. Answer= True Which is NOT a type of adjusting entry? Answer = Unearned expenses Rent is prepaid for an offi...

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FABM WEEK 11-20 AMALEAKS.BLOGSPOT.COM The accounting cycle begins by recording _____________ in the form of journal entries. Answer=Business Transactions A chart of accounts is limited to 50 accounts. Answer= True Which is NOT a type of adjusting entry? Answer = Unearned expenses 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 Which of the following is never debited when making closing entries? 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 A form of discount granted by a retailer to encourage a customer to buy the goods is called:

Answer = b. Sales discount Which of the following accounts is not an asset? Answer = b. Unearned commission Information is cost effective when: Answer = The value of the information exceeds the cost of producing it. Accounting involves communication. Answer = True Which of the following is not an acceptable basis of recognizing expenses? Answer = Critical measurement A supporting document prepared by a seller that is used as an evidence of a downward adjustment in the amount that is due from a customer is known as: Answer = Credit Memorandum. 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 Person who manages all of a firm's accounting activities. Answer = Controller

Which of the following expenses is recognized under the direct association with revenue criterion? Answer = Salesmen's commission Which of the following is an asset account? Answer =Prepaid Insurance Accounting provides information on Answer = Financial conditions of an institution Government agency gives a CPA certificate to an accountant after he passes a series of rigorous examinations administered by the Board of Accountancy (BOA). Answer = PRC Equity is shown in which financial statement? Answer = Balance Sheet The income statement shows which of the following? Answer= Income and expenses Which of the following account titles will not appear in the balance sheet of a single proprietorship?

Answer = C. Share capital appears in the Balance Sheet of a corporation The purchase of a new delivery truck to be used in the business? Answer = a. Investing Which of the following is an asset account? Answer = Prepaid insurance Which of these is not a Financial Statement? Answer = Cash book An increase in the balance in Accounts payable. Answer = Operating

Which of the following is a current asset Answer = B. All other choices are non-current or fixed assets. The term operating, financing and investing as used to categorized what type of item? Answer = Cash flow Inventory and accounts receivable are classified in the balance sheet as? Answer = Current assets Which of the following is NOT part of the cost of inventory purchased? Answer = Freight out Which of the following accounts will normally appear in the ledger of a merchandising company that uses a perpetual inventory system? Answer = Cost of goods sold

Noted: yong iba na hindi lalabas nasa brainly or commonsense lang ang tanong na iba binabago kasi yong tanong

Which of the following is NOT considered revenue? Select one:

a. Interest Revenue

b. Ticket Sales Revenue c. Deferred Revenue

d. Rent revenue Feedback The correct answer is: Deferred Revenue Comments Make comment or override mark

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Question 2 Correct Mark 1.00 out of 1.00

Question text 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

Feedback The correct answer is: Credit Comments Make comment or override mark

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Question 3 Correct Mark 1.00 out of 1.00

Question text Information is material if: Select one: a. It corresponds to financial variables b. Its omission or misstatement could influence the economic decisions of users taken on the basis of the financial statements.

c. None of the previous answers. d. It is recorded on the basis of concrete documents. Feedback The correct answer is: Its omission or misstatement could influence the economic decisions of users taken on the basis of the financial statements. Comments Make comment or override mark

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Question 4 Correct Mark 1.00 out of 1.00

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

Feedback The correct answer is: Business Transactions Comments Make comment or override mark

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Question 5 Correct Mark 1.00 out of 1.00

Question text Accounting is the language of business.

Select one: a. False b. True

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The correct answer is: True Comments Make comment or override mark

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Question 6 Correct Mark 1.00 out of 1.00

Question text Which of the following statements is?incorrect? 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. Feedback The correct answer is: The business enterprise must have ownership over the items reported as business assets. Comments Make comment or override mark

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Question 7 Correct Mark 1.00 out of 1.00

Question text

When does an accountant record a transaction? Select one: a. On manager's demand b. No correct answer c. If it has a tax implication d. If it is materialized by a concrete document

Feedback The correct answer is: If it is materialized by a concrete document Comments Make comment or override mark

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Question Correct

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Question text Financial statements are prepared: 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 decisionmaker. d. Primarily for the benefit of persons outside of the business organizations

Feedback The correct answer is: Primarily for the benefit of persons outside of the business organizations Comments Make comment or override mark

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Question 9 Correct Mark 1.00 out of 1.00

Question text Information is cost effective when: Select one:

a. The value of the information exceeds the cost of producing it.

b. The information aids management in controlling costs. c. The information is generated by a computer-based system. d. The information is based upon the historical costs, rather than upon? Feedback The correct answer is: The value of the information exceeds the cost of producing it. Comments Make comment or override mark

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Question 10 Correct Mark 1.00 out of 1.00

Question text Which financial statement is used to show what the firm owns? Select one: a. Income statement b. Balance sheet

c. Cash flow statement d. Statement of retained earnings Feedback The correct answer is: Balance sheet

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Question 11 Correct Mark 1.00 out of 1.00

Question text Which is the last step of accounting as a process of information? Select one: a. Communication of information b. Analysis and interpretation of information c. Preparation of financial statement

d. Recording the transaction Feedback The correct answer is: Preparation of financial statement Comments Make comment or override mark

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Question 23 Correct Mark 1.00 out of 1.00

Question text 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 Feedback The correct answer is: Financial accounting Comments Make comment or override mark

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Question 24 Correct Mark 1.00 out of 1.00

Question text 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. b. The economic resource has physical existence.

c. The resource was acquired as a result of a past transaction. d. The business entity has control over the usefulness of the economic resource. Feedback The correct answer is: The economic resource has physical existence. Comments Make comment or override mark

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Question 25 Correct Mark 1.00 out of 1.00

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: a. Investors and creditors

b. Customers c. Government agencies such as the Internal Revenue Service. Feedback The correct answer is: Investors and creditors

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Question 26 Correct Mark 1.00 out of 1.00

Question text Financially, shareholders are rewarded by Select one: a. Profits b. Dividends

c. No correct answer d. Interest Feedback The correct answer is: Dividends Comments Make comment or override mark

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Question Correct

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Question text The four principal qualitative characteristics of useful financial statements are: Select one: a. Understandability, relevance, accuracy, comparability b. Understandability, relevance, reliability, simplicity c. Understandability, relevance, reliability, comparability

d. Timeliness, relevance, reliability, comparability Feedback The correct answer is: Understandability, relevance, reliability, comparability Comments Make comment or override mark

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Question 28 Correct Mark 1.00 out of 1.00

Question text 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

Feedback The correct answer is: False Comments Make comment or override mark

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Question 29 Correct Mark 1.00 out of 1.00

Question text Every transaction affects two or more accounts and is recorded by equal amounts of debits and credits. Select one: a. True

b. False Feedback The correct answer is: True Comments Make comment or override mark

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Question 30 Correct Mark 1.00 out of 1.00

Question text Which of the following groups use financial accounting? Select one: a. All of the answers correct

b. Tax authorities, government and general public c. Suppliers, customers and competitors d. Management, employees, shareholders, and lenders Feedback The correct answer is: All of the answers correct Comments Make comment or override mark

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Question 31 Correct Mark 1.00 out of 1.00

Question text Which of the following is never debited when making closing entries? Select one:

a. Revenue b. Owner's Drawings c. Expenses

d. Income summary? Feedback The correct answer is: Expenses Comments Make comment or override mark

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Question 32 Correct Mark 1.00 out of 1.00

Question text 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....