Which financial statements is defined as reporting

the inflows and outflows of cash in a

proprietorship?
It is the process of updating ledger accounts
through copying the recorded transactions from
the book of original entry

A. Journalizing
B. Posting
C. Recording
D. Copying
It is a type of business that generates profit through
buy and sell activities
The clerical side of accounting which focuses in the
recording of economic events of a business is called
___________

A. Financial accounting
B. Cost accounting
C. Bookkeeping
D. Clearing
This account represents the resources or costs
incurred by an entity in the normal course of
business to generate profit.

A. Revenue
B. Expense
C. Asset
D. Liabilities
The type of error in recording phase wherein the
two digits of the correct amount was recorded in
reverse order e.g. Meliodas recorded a 12,300 cash
as 13,200

A. Transposition error
B. Transplacement error
C. Sliding error
D. Omission
Naruto Center have been operating for a decade. At
the end of the current year, the entity’s asset
increased by 120,000 while liabilities decreased by
55,000. The equity of Rica at the beginning of the
year was 1,020,000. At what amount should Rica
report its total equity at the end of the year
Natsu reported the following accounts in its Statement of
Comprehensive Income
Professional Fees earned 800,000
Unearned Professional Fees 500,000
Commission expense 50,000
Salaries expense 80,000
Rent expense 70,000
Interest expense 20,200
Supplies expense 10,200
Interest income 6,500
Other comprehensive income 8,500
What net income of should be reported in the SCI?
A merchandising business that sells inventory to his
clients in a large volume or in bulk.

A. Wholesaler
B. Retailer
C. Manufacturer
D. Merchandiser
Which of the following event is considered an
internal event?

A. Theft
B. Contribution by the owner
C. Vandalism
D. Degeneration of biological asset
Sakuragi is professional plumber that provides
services to clients within Pangasinan. On June 8,
Sakuragi was contracted by Ichigo to fix his bathtub.
Due to the large number of clients in June, Sakuragi
repaired Ichigo’s bathtub in July 23 and received
the payment on August 1. At what date should
Sakuragi reported the revenue from services?
Current asset divided by current liability is the
formula of which financial analysis
Luffy Company purchased equipment on November
1, by giving its supplier 12-month 6% note with a
face value of 48,000. The December 31, adjusting
entry should be
On September 3, ABC enterprise purchased
inventory from XYZ Merchandising. ABC purchased
10,000 units of inventory for 25 pesos each at
terms 3/10, 2/25, n/40 FOB shipping point. In
addition, ABC paid 1,200 freight charges to have
the inventories delivered to its warehouse. If ABC
paid XYZ on September 14, how much did ABC pay
XYZ to settle this transaction
On December 1, Guko paid 3 months of office rent
for 45,000. Guko record the payment as debit to
Rent Expense. What entry should Guko make at
December 31?
The recording system used in accounting which
requires a debit and credit for every transaction
It refers to the inclusion of an item or account in
the company’s financial statements after meeting
recording criteria
The process of converting non-cash resources and
rights into cash or equivalent claims to cash is
called __________
Sai Co. established a petty cash fund for the
amount of 20,000 on May 1. During the month,
travel expenses of 3,000 were incurred. At the time
of disbursement, what journal entry shall Sai Co.
make?
Tanjiro Co. maintains a saving account at Deku
Development Bank. At the end of the month the ff
items are made to prepare bank reconciliation.
Cash per books 180,000
NSF checks 5,000
Deposit in transit 25,000
Outstanding checks 3,000
Bank error: Deku inappropriately charge Tanjiro by
2,500
What is the balance of cash per bank statement?
Hinata sold 20,000 units of inventory to a customer
for 400,000 pesos. The term of the sale is 2/10,n/30
Shipping point. Hinata paid 500 freight charges for
the convenience of the customer. Using the net
method, the entry to record this transaction should
include a debit to account receivable
Cardo Powerplant reported the ff cost of PPE on its Statement
of Financial Position
Land 20,000,000
Building 35,000,000
Equipment 18,000,000
Machine 27,000,000
The land and building were purchased at the beginning of the
current year while the equipment and machine were purchased
on September 1 of the current year. All depreciable assets are
depreciated over 20 years except machine with 10 years useful
life. How much is the depreciation expense for the current
year?