Accounting Paper

In: Business and Management

Submitted By charlesemson
Words 1569
Pages 7
Junior Philippine Institute of Accountants
Philippine School of Business Administration-Manila

Accounting 1

Mid-term General Evaluation

I. Theories

1. During the lifetime of an entity, accountants produce Financial Statements at arbitrary points in time in accordance with which basic accounting concept?

a. Objectivity c. Matching Principle

b. Periodicity d. Conservatism

2. The debit and credit analysis of a transaction normally takes place

a. when the entry is posted to the ledger

b. before an entity is recorded in a journal

c. when the trial balance is prepared

d. at some other point in the accounting cycle

3. An acrrued revenue can best be described as an amount

a. not collected and not currently matched with expenses

b. not collected and currently matched with expenses

c. collected and not currently matched with expenses

d. collected and currently matched with the expenses

4. The last step in the accounting cycle is to

a. journalize and post adjusting entries

b. journalize and post closing entries

c. prepare Financial Statements

d. prepare a post closing trial balance

5. A collection of accounts other than general ledger accounts which shows the details underlying the balance of a controlling account in the general ledger

a. T-account c. ledger

b. journal d. subsidiary ledger

6. A business required P6,000 cash from charge customers to apply on account. The effect of the transaction is

a. an increase in an asset and an increase in revenue

b. an increase in an asset and a decrease in capital

c. an increase in an asset and a decrease in a liability

d. an increase in…...

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