Quiz 3. (2) Adjusting Entries - Attempt Review

11/11/21, 12:42 PM Quiz 3.
Adjusting Entries: Attempt review
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Quiz 3. Adjusting Entries
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Started on Thursday, 11 November 2021, 12:24 PM

State Finished
Completed on Thursday, 11 November 2021, 12:41 PM
Time taken 16 mins 33 secs
Grade 19.00 out of 20.00 (95%)
Question 1
Correct
Mark 1.00 out of 1.00
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. Official receipt
b. Purchase invoice

c. Disbursement voucher
d. Order slip
Your answer is correct.
The correct answer is: Purchase invoice
https://tacademy.ph/mod/quiz/review.php?attempt=4527&cmid=13 1/11
11/11/21, 12:42 PM Quiz 3. Adjusting Entries: Attempt review
Question 2
Correct
The adjusted trial balance shows
a. Accounts and amounts which have been adjusted only
b. Revenues and expenses accounts only
c. Accounts and amounts for the preparation of financial statements


d. Assets, liabilities and equity accounts only
The correct answer is:

Accounts and amounts for the preparation of financial statements
Question 3
Correct
The following are examples of service businesses except
a. Spendmore Supermarket

b. Cagayan River Hotel and Resorts
c. Azina Water Refilling Station
d. Philippine Airlines

Spendmore Supermarket
Question 4
Correct
Under the accrual basis of accounting, transactions and effects are recorded when
a. Expenses are incurred and revenues are collected in cash
b. Expenses are incurred and revenues are earned


c. Expenses are paid and revenues are earned
d. Expenses are incurred but not paid and revenues are earned but not yet collected

Expenses are incurred and revenues are earned
Question 5
Correct
Prepaid expenses are amounts that are
a. Paid and not yet matched with current revenues


b. Matched with current revenues and are already paid
c. Paid and matched with current revenues
d. Matched with current revenues but not yet paid

Paid and not yet matched with current revenues
Question 6
Correct
Which document is issued to acknowledge receipt of cash?
Select one:
a. Official receipt

b. Sales invoice
c. Delivery receipt
d. Purchase invoice

The correct answer is: Official receipt
Question 7
Correct
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. P10,000
c. P6,000
d. P8,000


P8,000
Question 8
Correct
The purpose of adjusting entry is to
a. Prove that total debits and total credits are equal
b. Facilitate the preparation of financial statements
c. Detect and correct an erroneous recording of transactions
d. Properly match the expenses and revenues



Properly match the expenses and revenues
Question 9
Correct
A trial balance will not disclose that an error has been made in
Select one:
a. Entering an amount on the wrong side of an account
b. Posting amount to the wrong ledger account


c. Computing the balance of an account
d. Transferring an account balance from the ledger to the trial balance

The correct answer is: Posting amount to the wrong ledger account
Question 10
Correct
Unearned revenue is a/an
a. Revenue
b. Equity
c. Liability

d. Asset

Liability
Question 11
Incorrect
Which may not be a function of a bookkeeper?
a. Prepare unadjusted trial balance
b. Post adjusting entries


c. Finalize financial statements
d. Record transactions
Your answer is incorrect.

Finalize financial statements
Question 12
Correct
The Accumulated Depreciation – Delivery Equipment is reported in the
a. Balance Sheet as Deduction from the Delivery Equipment account


b. Income Statement as part of the Operating Expenses
c. Trial Balance only
d. Balance Sheet as Addition to the Delivery Equipment account

Balance Sheet as Deduction from the Delivery Equipment account
Question 13
Correct
Posting is the process of
Select one:
a. Reconciling entries from the general journal to the general ledger
b. Transferring entries from the general ledger to the general journal
c. Transferring entries from the general journal to the general ledger


d. Reconciling entries from the general ledger to the general journal
The correct answer is: Transferring entries from the general journal to the general ledger
Question 14
Correct
The recording phase of financial accounting covers the following except
Select one:
a. Source documents are gathered and analyzed
b. Financial statements are prepared


c. Posting to the ledger
d. Transactions are recorded in the journal

The correct answer is: Financial statements are prepared
Question 15
Correct
The following are examples of manufacturing businesses, except
a. Sony Philippines
b. Rolex Watch Repair Shop


c. Red Ribbon Bakeshop
d. Toyota Motors, Inc.

Rolex Watch Repair Shop
Question 16
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 17
Correct
Which of the following gives the best definition of bookkeeping?
a. To record, classify and summarize financial transactions and events.


b. To calculate the amount of tax to be paid to BIR.
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 18
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. Corporation
b. Cooperative
c. Partnership

d. Sole proprietorship

Partnership
Question 19
Correct
Failure to record the adjusting entry for the expired portion of prepaid expenses will
a. Overstate assets and net income


b. Overstate equity and understate liability
c. Understate assets and net income
d. Understate equity and overstate liability

Overstate assets and net income
Question 20
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. P40,000
b. P140,000
c. P48,000

d. P120,000

P48,000
◄ Answers to Exercise 12 and Assignment
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Quiz 3. (2) Adjusting Entries - Attempt Review

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11/11/21, 12:42 PM Quiz 3.

Adjusting Entries: Attempt review

 Back to '3. Adjusting Entries'

Started on Thursday, 11 November 2021, 12:24 PM

Mark 1.00 out of 1.00

Your answer is correct.

The correct answer is: Purchase invoice

Mark 1.00 out of 1.00

The adjusted trial balance shows

a. Accounts and amounts which have been adjusted only

b. Revenues and expenses accounts only

c. Accounts and amounts for the preparation of financial statements

d. Assets, liabilities and equity accounts only

Your answer is correct.

The correct answer is:

Mark 1.00 out of 1.00

The following are examples of service businesses except

b. Cagayan River Hotel and Resorts

c. Azina Water Refilling Station

Your answer is correct.

Mark 1.00 out of 1.00

a. Expenses are incurred and revenues are collected in cash

b. Expenses are incurred and revenues are earned

c. Expenses are paid and revenues are earned

Your answer is correct.

Mark 1.00 out of 1.00

Prepaid expenses are amounts that are

a. Paid and not yet matched with current revenues

b. Matched with current revenues and are already paid

c. Paid and matched with current revenues

d. Matched with current revenues but not yet paid

Your answer is correct.

Mark 1.00 out of 1.00

Which document is issued to acknowledge receipt of cash?

Your answer is correct.

Mark 1.00 out of 1.00

Your answer is correct.

Mark 1.00 out of 1.00

The purpose of adjusting entry is to

a. Prove that total debits and total credits are equal

b. Facilitate the preparation of financial statements

c. Detect and correct an erroneous recording of transactions

d. Properly match the expenses and revenues

Your answer is correct.

Mark 1.00 out of 1.00

b. Posting amount to the wrong ledger account

c. Computing the balance of an account

d. Transferring an account balance from the ledger to the trial balance

Your answer is correct.

Mark 1.00 out of 1.00

Unearned revenue is a/an

Your answer is correct.

Mark 0.00 out of 1.00

Which may not be a function of a bookkeeper?

a. Prepare unadjusted trial balance

b. Post adjusting entries

c. Finalize financial statements

Your answer is incorrect.