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Financial Accounting and Reporting

ACT110 5M 22-23-1
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/ Additional Topical Quizzes for PRELIM

/ Quiz on Completing the Accounting Cycle of a

Service Concern 3

Started on Friday, 21 October 2022, 10:21

PM
State Finished
Completed on Friday, 21 October 2022, 10:30
PM
Time taken 8 mins 59 secs
Grade 10.00 out of 15.00 (67%)

Question 1

Correct

Mark 1.00 out of 1.00

Flag question

T or F. An income statement as worded “for the

year ended” if it is to be used as annual report.

Answer: True
!

Question 2

Correct

Mark 1.00 out of 1.00

Flag question

T or F. The statement of financial position is a

structured financial statement that shows the
resources employed by the business, and the
sources from which these resources were
acquired.

Answer: True

Question 3

Correct

Mark 1.00 out of 1.00

Flag question

T or F. In a worksheet, when the total of the debit

column of the income statement exceeds the total
credit column, it signifies a loss.

Answer: True
!

Question 4

Incorrect

Mark 0.00 out of 1.00

Flag question

Computational. The following data for adjustments

comprises the accounts to be closed at the end of
December 31, 2020:
a. Accounts receivable is the amount of P200,000
has 98% probability of collection.
b. Unused supplies was 30,000 of which P5,000
cost of supplies was found to be on hand
c. Prepaid rental of P24,000 was paid on May 1,
2020 which covers 1-year period from May 1, 2020
– May 2021.
d. An equipment was acquired at a cost of P60,000
with estimated life of 5 years on April 30, 2017.
The net realizable value of accounts receivable to
be shown in the balance sheet at the end of
December, 2020 would be (use comma as
separator} }

Answer: 4,000
"

Question 5

Correct

Mark 1.00 out of 1.00

Flag question

T or F. The statement of financial position can be

prepared using the report form or account form.

Answer: True
!

Question 6

Correct

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Flag question

T or F. When there is profit, it is extended to the

credit column of the Balance Sheet to incorporate
the increase in owner’s equity.

Answer: True
!

Question 7

Correct

Mark 1.00 out of 1.00

Flag question

T or F. A balance sheet regardless of monthly or

quarterly preparation should always be worded “as
of”.

Answer: True
!

Question 8

Incorrect

Mark 0.00 out of 1.00

Flag question

Computational. The following data for adjustments

comprises the accounts to be closed at the end of
December 31, 2020:
a. Accounts receivable is the amount of P200,000
has 98% probability of collection.
b. Unused supplies was 30,000 of which P5,000
cost of supplies was found to be on hand
c. Prepaid rental of P24,000 was paid on May 1,
2020 which covers 1-year period from May 1, 2020
– May 2021.
d. An equipment was acquired at a cost of P60,000
with estimated life of 5 years on April 30, 2017.
With the given data above, determine the net
income (net loss) of the company assuming the
revenue for the period is 50,000. (indicate the net
income or net loss after the amount and use
comma as separator)

Answer: 38,000
"

Question 9

Correct

Mark 1.00 out of 1.00

Flag question

T or F. A worksheet is a list of ledger accounts with

open balances. It facilitates the preparation of
financial statements.

Answer: True
!

Question 10

Correct

Mark 1.00 out of 1.00

Flag question

T or F. The statement of financial performance

shows the results of business operations for a
given period. The statement of financial
performance of service concern is prepared using
the single step or modified single step form. Under
this approach, all cost and expenses are deducted
from revenues to arrive at net income or net loss.

Answer: True
!

Question 11

Correct

Mark 1.00 out of 1.00

Flag question

T or F. The statement of changes in owner’s equity

presents the different elements that affect the
equity of the owner or owners during a particular
period. The presentation starts with the beginning
capital of the owner or owners and adjusted by the
net income or loss during the period, additional
investments, and temporary withdrawal of capital.

Answer: True
!

Question 12

Incorrect

Mark 0.00 out of 1.00

Flag question

Computational. The following data for adjustments

comprises the accounts to be closed at the end of
December 31, 2020:
a. Accounts receivable is the amount of P200,000
has 98% probability of collection.
b. Unused supplies was 30,000 of which P5,000
cost of supplies was found to be on hand
c. Prepaid rental of P24,000 was paid on May 1,
2020 which covers 1-year period from May 1, 2020
– May 2021.
d. An equipment was acquired at a cost of P60,000
with estimated life of 5 years on April 30, 2017.
With the given data above, determine the total
assets that will be shown in the balance sheet at
the end of December, 2020 (use comma as
separator} }

Answer: 310,000
"

Question 13

Correct

Mark 1.00 out of 1.00

Flag question

T or F. The drawing account is the only temporary

account that is found in the debit column of the
Balance Sheet section of the worksheet.

Answer: True
!

Question 14

Incorrect

Mark 0.00 out of 1.00

Flag question

Computational. The following data for adjustments

comprises the accounts to be closed at the end of
December 31, 2020:
a. Accounts receivable is the amount of P200,000
has 98% probability of collection.
b. Unused supplies was 30,000 of which P5,000
cost of supplies was found to be on hand
c. Prepaid rental of P24,000 was paid on May 1,
2020 which covers 1-year period from May 1, 2020
– May 2021.
d. An equipment was acquired at a cost of P60,000
with estimated life of 5 years on April 30, 2017.
The book value of equipment to be shown in the
balance sheet on December 31, 2020 would be
(use comma as separator} }

Answer: 48,000
"

Question 15

Incorrect

Mark 0.00 out of 1.00

Flag question

Computational. The following data for adjustments

comprises the accounts to be closed at the end of
December 31, 2020:
a. Accounts receivable is the amount of P200,000
has 98% probability of collection.
b. Unused supplies was 30,000 of which P5,000
cost of supplies was found to be on hand
c. Prepaid rental of P24,000 was paid on May 1,
2020 which covers 1-year period from May 1, 2020
– May 2021.
d. An equipment was acquired at a cost of P60,000
with estimated life of 5 years on April 30, 2017.
With the given data above, determine the total
expenses that will be shown in the income
statement for the year ended December, 2020
(use comma as separator} }

Answer: 12,000
"

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◀︎ Quiz on Completing the Accounting Cycle of

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