Started on Saturday, 22 October 2022, 5:24 PM

State Finished

Completed on Saturday, 22 October 2022, 6:24 PM

Time taken 1 hour

Grade 17 out of 50 (33%)

Question 1

Partially correct Mark 1 out of 1

Q9: What is the entry to adjust the advertising account?

Box 1 is the account title & Box 2 is the amount. Use the account titles provided.
Answer:
Debit entry: Prepaid Advertising  21,000  [84,000]

Credit entry: Advertising Expense  21,000  [84,000]

Question 2

Incorrect Mark 0 out of 1

026. Thank U Corporation had issued 80% of its total authorized shares of 450,000 at P20 par value. Before
closing the month of May 2022, the Board of Directors decided to repurchased 15% of its outstanding shares to
protect the majority shareholders. On July 15, The Board decided to declare a 25% share dividend. The market
price per share during the date of declaration was P30. At the date of distribution, August 31, 2022, the stock is
selling at P35 per share and on August 1, the date of record, the price of the share was P32.00 per share. When is
the share dividend considered to be ex-dividend?

a. After August 1, 2022

b. On or before August 1, 2022 

c. Before July 15, 2022

d. Before August 1, 2022

e. Not given

f. On or before August 31, 2022

The correct answer is: After August 1, 2022

Question 3

Incorrect Mark 0 out of 1

074. The Statement of Shareholders’ equity of Marikit Makiling Corporation (MMC) presented the following data
on 2021. 10% Preference share, P50 par, 50,000 shares authorized, 80% were issued for P55 per share. Of the
issued Preference Shares 10% were in the treasury at a selling price at P60. Ordinary share, stated value of P20,
200,000 shares authorized, 75% shares issued and outstanding and the issued price was P24. The Retained
Earnings was P1,750,000. How much is the legal capital per class of share?

a. Preference shares P2,000,000; Ordinary Shares P3,000,000

b. Preference shares P1,800,000; Ordinary Shares P2,600,000

c. Preference shares P1,980,000; Ordinary Shares P2,720,000 

d. Preference shares P1,800,000; Ordinary Shares P2,600,000

e. Not given

The correct answer is: Preference shares P2,000,000; Ordinary Shares P3,000,000
Question 4

Incorrect Mark 0 out of 1

Q4: How much is the unadjusted total expenses?

Answer: 277,000  [455,000]
Question 5

Incorrect Mark 0 out of 1

NOTE for your answer: Use commas, for the word (example: Increase or Decrease), ignore peso & negative
signs
How much is the adjusted Allowance for Uncollectible
Accounts of Pating? 5,400  [3,120]

Question 6

Incorrect Mark 0 out of 1

011. Fatima Corporation has authorized shares of 300,000 shares of which 50% were already issued and a
treasury shares of 25,000 shares. On March 1, 2022, the Board decided to give a 15% share dividend on its P10 par
value ordinary shares. The shares will be issued on May 1, 2022. The market price is P16 per share on March 1,
2022, and on the date the shares are distributed the stock is selling for P12.50 per share and at the date of
record, April 10, the price is P13.00 per share. How much is debited to Retained Earnings?

a. P250,000 

b. P200,000

c. P300,000

d. Not given

e. P360,000

The correct answer is: P300,000

Question 7

Incorrect Mark 0 out of 1

How much is the total share of Lola in the sustained loss? 78,120  [-30,000]

Question 8

Incorrect Mark 0 out of 1

The balances of selected accounts of Grammatical Trading and pertinent information for the current year are
as follows, Inventory beginning P650,000, Sales P4,850,000, Purchases P3,200,000, Purchase returns and
allowances P75,000, Freight in P50,000, Sales returns P150,000, and Sales discounts P200,000. If the gross profit
for the year is 40% of net sales, what is the gross profit?

a. P3,775,000

b. P2,700,000

c. Not given

d. P3,825,000 

e. P1,800,000

The correct answer is: P1,800,000

Question 9

Not answered Marked out of 1

How much is the total share of Brat in the net income?  [147,550]
Question 10

Not answered Marked out of 1

Q20: What is the debit entry to close the expenses?

Debit:  [Income Summary]  [1,047,500]
Box 1 is for the account title and Box 2 for the amount. Use the account titles provided including Income Summary.

Question 11

Incorrect Mark 0 out of 1

Charles Talo paid P288,000 to renew its only insurance policy for 3-years on March 1, 2022, the effective
date of the policy. At March 31, 2022, Talo’s unadjusted trial balance showed a balance of P12,000 for
prepaid insurance and P288,000 for insurance expense. What amounts should be reported for prepaid
and insurance expense in Ang’s Financial Statements for the 3 months ended March 31, 2022?

a. No adjustment is needed

b. Prepaid insurance=P288,000, Insurance expense=P12,000 

c. Prepaid insurance=P280,000, Insurance expense=P20,000

d. Prepaid insurance=P280,000, Insurance expense=P12,000

The correct answer is: Prepaid insurance=P280,000, Insurance expense=P20,000

Question 12

Not answered Marked out of 1

How much is the profit that will make the choices equal?  [345,000]

Question 13

Correct Mark 1 out of 1

On November 1, Mabait Company paid Mabuhay Insurance P6,000 for its annual premium. The
payment was recorded with a debit to Prepaid Insurance and a credit to Cash. The adjusting entry
on December 31 would include a:

a. Credit Insurance Expense P5,000

b. Credit Cash P1,000

c. Debit Insurance Expense P5,000

d. Not given

e. Credit Prepaid Insurance P1,000 

The correct answer is: Credit Prepaid Insurance P1,000

Question 14

Incorrect Mark 0 out of 1

044. Green Land Corporation (GLC) had issued 75% of its total authorized shares of 240,000 at P50
par value. On February 14, 2022, the Board of Directors decided to repurchased 20% of its
outstanding shares to protect the majority shareholders for P56 per share. GLC sold 40% of its
Treasury Shares for P58 per share on March 30 and another 30% for P56 on April 30. The war of
Russia & Ukraine hit GLC, it sold the remaining treasury on May 12 for P51 per share. How many are
the outstanding shares as of May 12?

a. Not given

b. 194,400 shares

c. 177,200 shares 

d. 180,000 shares

e. 165,600 shares

The correct answer is: 180,000 shares

Question 15

Correct Mark 1 out of 1

Which of the following statement is correct, if the sole proprietor of an entity received the electric bill
for P18,000 and paid the same six months after?

a. The drawings of the entity increase by P18,000.

b. Not given

c. The assets of the entity decrease by P18,000.

d. The capital of the entity increases by P18,000.

e. The liabilities of the entity increase by P18,000. 

The correct answer is: The liabilities of the entity increase by P18,000.
Question 16

Incorrect Mark 0 out of 1

Identify the type of special journals used by Majalka Center in every transaction. Follow carefully, the name of
the special journal including the spacing. Note: This is case sensitive.
Cash Receipts Journal, Cash Payments Journal, Purchases Journal, Sales Journal, General Journal
July 16 is recorded in the Cash Receipts  [Cash Receipts Journal]
Question 17

Correct Mark 1 out of 1

Follow carefully, the title or name of the special journal.

Transaction 2 is recorded in the Sales Journal 

Question 18

Correct Mark 1 out of 1

On October 1, 2021, Lolita Services received P24,000 from Gran King Company for annual insurance
premium. The payment of Gran King Company was recorded with a debit to Cash and credit to
Insurance Revenue. The adjusting entry on December 31 would include a:

a. Credit: Cash P6,000

b. Credit: Accrued Revenue, P6,000

c. Debit: Insurance Revenue, P18,000 

d. No adjustment is needed

e. Debit: Unearned Revenue P18,000

The correct answer is: Debit: Insurance Revenue, P18,000

Question 19

Incorrect Mark 0 out of 1

Chris Advertising Agency had operating expenses of P263,000 and the profit of P142,000. How much
is the increase or decrease in owner’s equity?

a. P263,000

b. P121,000 

c. P405,000

d. P142,000

The correct answer is: P142,000

Question 20

Correct Mark 1 out of 1

A small accounting firm of Rexter Tan earned revenue of P325,000 and expenses of P237,000. How
much is the increase or decrease in owner’s equity?

a. (P237,000)

b. (P88,000)

c. P88,000 

d. P325,000

The correct answer is: P88,000

Question 21

Partially correct Mark 1 out of 1

Q9: What is the adjusting entry to recognize the prepaid marketing and promotions?
Debit: Marketing and Promotions  [Prepaid Marketing and Promotions] 42,000 
Credit: Prepaid Marketing and Promotions  [Marketing and Promotions] 42,000 
Box 1 is for the account title and Box 2 for the amount. Use the account titles provided.

Question 22

Correct Mark 1 out of 1

The balances of selected accounts of Moon Shine Trading and pertinent information for the current
year are as follows, Inventory beginning P121,000, Sales P1,650,000, Purchases P374,000, Purchase
returns and allowances P44,000, Freight in P66,000, Sales returns P33,000, Sales discounts P22,000,
Inventory end, P77,000, Administrative expenses P605,000, Selling expenses P165,000. What is the net
sales?

a. Not given

b. P1,650,000

c. P1,595,000 

d. P1,590,000

e. P1,155,000

The correct answer is: P1,595,000

Question 23

Correct Mark 1 out of 1

NOTE for your answer: Use commas, for the word (example: Increase or Decrease), ignore peso &
negative signs
How much is the accrued salaries of Pating? 12,000 

Question 24

Incorrect Mark 0 out of 1

016. Prince Char Corporation had issued 75% of its total authorized shares of 80,000 at P50 par
value. Before closing the month of June 2022, the Board of Directors decided to repurchased 10% of
its outstanding shares for fear of possible takeover. On July 15, The Board decided to declare a15%
share dividend. The market price per share during the date of declaration was P60. At the date of
distribution, August 30, 2022, the stock is selling at P75 per share and on August 15, the date of
record, the price of the share was P68.00 per share. How many are the outstanding shares during
the date of declaration?

a. Not given

b. 59,400 shares

c. 54,000 shares

d. 80,000 shares 

e. 60,000 shares

The correct answer is: 54,000 shares

Question 25

Not answered Marked out of 1

Q18: In the worksheet, what is the total credits reflected in the Statement of Financial Position (balance
sheet)?
Answer:  [2,449,500]
For your answer: USE commas but NO peso signs and centavos.

Question 26

Incorrect Mark 0 out of 1

041. Green Land Corporation (GLC) had issued 75% of its total authorized shares of 240,000 at
P50 par value. On February 14, 2022, the Board of Directors decided to repurchased 20% of its
outstanding shares to protect the majority shareholders for P56 per share. GLC sold 40% of its
Treasury Shares for P58 per share on March 30 and another 30% for P56 on April 30. The war of
Russia & Ukraine hit GLC, it sold the remaining treasury on May 12 for P51 per share. What is the
total treasury shares sold as of April 30?

a. Not given

b. 14,400 shares

c. 36,000 shares 

d. 25,200 shares

The correct answer is: 25,200 shares

Question 27

Incorrect Mark 0 out of 1

At the beginning of the year, Sanchez Delivery Services had capital balance of P480,000 & its
total liabilities was P160,000. During the year, the assets increased by 20% & liabilities decreased
by 50%. What was the total assets at the end of the year?

a. 576,000

b. 480,000

c. 496,000

d. Not given 

The correct answer is: 576,000

Question 28

Incorrect Mark 0 out of 1

Q12: What is the total debits of the adjusted trial balance column?
Answer: 1,590,000  [1,766,600]

Question 29

Incorrect Mark 0 out of 1

Ruiz Company acquires a 1-year fire insurance for P48,000 on April 1, 2021. The payment was
recorded under Asset method. The adjusting entry on December 31 would include a:

a. Credit: Insurance expense P36,000

b. No adjustment is needed

c. Debit: Insurance Expense P36,000

d. Credit: Prepaid Insurance P12,000 

e. Not given

f. Debit: Prepaid Insurance P12,000

The correct answer is: Debit: Insurance Expense P36,000

Question 30

Incorrect Mark 0 out of 1

Q3: How much is the unadjusted total assets?

Answer: 1,230,000  [1,090,000]

Question 31

Incorrect Mark 0 out of 1

At the end of the accounting period, an adjusting entry was made for accrued salaries of
P45,000. The total salaries for one week are P180,000 which were paid on the first Friday of the
new accounting period. The entry to record the payment of salaries expense or the week would
be:

a. Debit: Salaries expense, P180,000; Credit: Salaries payable, P180,000

b. No adjustment is needed

c. Debit: Salaries expense, P135,000; Debit: Salaries payable, P45,000 and Credit: Cash P180,000

d. Debit: Salaries expense, P45,000; Debit: Salaries payable, P45,000, Credit: Cash P90,000 

e. Debit: Salaries expense, P45,000; Credit: Salaries payable, P45,000

The correct answer is: Debit: Salaries expense, P135,000; Debit: Salaries payable, P45,000 and Credit: Cash P180,000
Question 32

Correct Mark 1 out of 1

055. Thanks Talaga Corporation (TTC) had issued 80% of its total authorized shares of 300,000
at P30 par value. On February 4, 2022, the Board of Directors decided to repurchased 20% of its
outstanding shares to protect the majority shareholders for P46 per share. TTC sold 50% of its
Treasury Shares for P50 per share on March 10 and another 30% for P47 on April 21. COVID 19 hit
TTC, the BOD left with no choice decided to sell the remaining treasury on May 31 for P35 per
share. What are the effects to the assets, liabilities and equity on the reissuance of treasury
shares?

a. Assets: Increase, Liabilities: No effect, Equity: Increase 

b. Assets: Decrease, Liabilities: Decrease, Equity: No effect

c. Assets: Decrease, Liabilities: No effect, Equity: Decrease

d. Not given

e. Assets: Decrease, Liabilities: No effect, Equity: No effect

The correct answer is: Assets: Increase, Liabilities: No effect, Equity: Increase

Question 33

Incorrect Mark 0 out of 1

033. Lucky Star Corporation had issued 80% of its total authorized shares of 450,000 at P25 par
value. Before closing the month of February 2022, the Board of Directors decided to repurchased
20% of its outstanding shares to protect the majority shareholders. On March 15, The Board
decided to declare a P5.00 per share cash dividend. The market price per share during the date
of declaration was P30. At the date of distribution, August 31, 2022, the stock is selling at P35 per
share and on August 1, the date of record, the price of the share was P32.00 per share. What are
the effects of the cash dividend on the assets, liabilities and retained earnings on the date of
declaration?

a. Assets: Increase, Liabilities: No effect, Retained Earnings: Increase

b. Assets: No effect, Liabilities: Increase, Retained Earnings: Decrease

c. Assets: Decrease, Liabilities: No effect, Retained Earnings: Increase

d. Not given

e. Assets: Increase, Liabilities: No effect, Retained Earnings: Increase 

The correct answer is: Assets: No effect, Liabilities: Increase, Retained Earnings: Decrease
Question 34

Correct Mark 1 out of 1

017. Prince Char Corporation had issued 75% of its total authorized shares of 80,000 at P50 par
value. Before closing the month of June 2022, the Board of Directors decided to repurchased 10%
of its outstanding shares for fear of possible takeover. On July 15, The Board decided to declare
a15% share dividend. The market price per share during the date of declaration was P60. At the
date of distribution, August 31, 2022, the stock is selling at P75 per share and on August 15, the
date of record, the price of the share was P68.00 per share. How many are the share dividends?

a. 5,940 shares

b. 5,400 shares 

c. 8,000 shares

d. 6,000 shares

e. Not given

The correct answer is: 5,400 shares

Question 35

Correct Mark 1 out of 1

NOTE for your answer: Use commas, for the word (example: Increase or Decrease), ignore peso
& negative signs
How much is the adjustment to Interest Receivable of
Pating? 1,000 

Question 36

Incorrect Mark 0 out of 1

At the end of the accounting period, an adjusting entry was made for accrued salaries of
P20,000. The total salaries for one week are P80,000 which were paid on the first Friday of the
new accounting period. The entry to record the payment of salaries expense or the week would
be:

a. Debit: Salaries expense, P60,000; Credit: Salaries payable, P60,000

b. Debit: Salaries expense, P60,000; Debit: Salaries payable, P20,000 and Credit: Cash P80,000

c. Debit: Salaries expense, P20,000; Debit: Salaries payable, P20,000, Credit: Cash P80,000 

d. Debit: Salaries expense, P20,000; Credit: Salaries payable, P20,000

e. No adjustment is needed

The correct answer is: Debit: Salaries expense, P60,000; Debit: Salaries payable, P20,000 and Credit: Cash P80,000
Question 37

Not answered Marked out of 1

How much is the total deficiency?  [-205,200]

Question 38

Correct Mark 1 out of 1

At the beginning of the year, Serado Delivery Services had capital balance of P288,000 & its
liabilities were P96,000. During the year, assets increased by 20% & liabilities decreased by
50%. What was the total assets at the end of the year?

a. 297,600

b. 192,000

c. 76,800

d. 345,600 

The correct answer is: 345,600

Question 39

Incorrect Mark 0 out of 1

Identify the type of special journals used by Majalka Center in every transaction. Follow carefully, the
title or name of the special journal.
Cash Receipts Journal, Cash Payments Journal, Purchases Journal, Sales Journal, General Journal
July 1 is recorded in the Cash Payments  [Cash Receipts Journal]
Question 40

Incorrect Mark 0 out of 1

Identify the type of special journals used by Majalka Center in every transaction. Follow carefully, the
name of the special journal including the spacing. Note: This is case sensitive.
Cash Receipts Journal, Cash Payments Journal, Purchases Journal, Sales Journal, General Journal
July 2 is recorded in the Cash Payments  [Cash Payments Journal]

Question 41

Incorrect Mark 0 out of 1

022. Prince Char Corporation had issued 75% of its total authorized shares of 80,000 at P50
par value. Before closing the month of June 2022, the Board of Directors decided to
repurchased 10% of its outstanding shares for fear of possible takeover. On July 15, The Board
decided to declare a15% share dividend. The market price per share during the date of
declaration was P60. At the date of distribution, August 31, 2022, the stock is selling at P75 per
share and on August 15, the date of record, the price of the share was P68.00 per share.
When is the share dividend considered to be dividend-on?

a. Before June 1, 2022

b. Not given

c. On or before August 15, 2022

d. On or before August 31, 2022

e. After August 15, 2022

f. Before July 15, 2022 

The correct answer is: On or before August 15, 2022

Question 42

Incorrect Mark 0 out of 1

How much is the bonus of Arienne? 1,300,000  [45,000]

Question 43

Not answered Marked out of 1

Q17: In the worksheet, what is the total debits reflected in the Statement of Financial Position
(Balance sheet) column?
Answer:  [2,948,000]
For your answer: USE commas but NO peso signs and centavos.
Question 44

Partially correct Mark 1 out of 1

Q8: What is the adjusting entry to recognize the insurance?

Debit: Insurance Expense  40,0002  [60,000]
Credit: Prepaid Insurance  40,002  [60,000]
Box 1 is for the account title and Box 2 for the amount. Use the account titles provided.
Question 45

Correct Mark 1 out of 1

Q15: What is the adjusted service fees?

Answer: 1,346,000 
For your answer: USE commas but NO peso signs and centavos.
Question 46

Correct Mark 1 out of 1

NOTE for your answer: Use commas, for the word (example: Increase or Decrease),
ignore peso & negative signs
How much is the adjustment of Inventory account of
Pating? 4,600 
Question 47

Correct Mark 1 out of 1

Follow carefully, the title or name of the special journal.

Transaction 10 is recorded in the Cash Disbursements Journal 
Question 48

Correct Mark 1 out of 1

How much is the average capital of Cagas? 521,250 

Question 49

Incorrect Mark 0 out of 1

The balances of selected accounts of Brother Sun and pertinent information for the
current year are as follows, Inventory beginning P4,000,000, Purchases P15,000,000,
Purchase returns and allowances P1,100,000, Freight in P100,000, Sales returns P1,500,000,
Inventory end, P5,600,000. If the gross profit rate on net sales is 50% and operating
expenses was 30% of net sales, what is the total operating expenses?

a. P7,890,000

b. P7,440,000

c. P4,960,000 

d. Not given

The correct answer is: P7,440,000

Question 50

Incorrect Mark 0 out of 1

NOTE for your answer: Use commas, for the word (example: Increase or Decrease),
ignore peso & negative signs
How much is the contribution of December to the partnership? 120,000 
[45,700]

Finish review