1.

UGRD-ACTG6153-2222S
2. Prefinal Quiz 1

QUIZ

Prefinal Quiz 1
Started on Sunday, 21 May 2023, 3:35 PM
State Finished
Completed on Sunday, 21 May 2023, 3:46 PM
Time taken 10 mins 38 secs
Marks 8.00/10.00
Grade 80.00 out of 100.00
Question 1
Correct
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Question text
The normal balance of an account is always on its debit side.

Select one:
True
False 

Question 2
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Question text
Assets and liabilities are categorized as temporary accounts.

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True
False 

Question 3
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Question text
The expanded accounting equation is Assets=Liabilities + Capital - Revenues + Expenses -
Drawing.

Select one:
True
False 

Question 4
Incorrect
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Question text
Following are examples of asset accounts except;

Select one:

a.
Depreciation

b.
Prepaid Insurance Expense

c.
Supplies

d.
Accounts Receivable

Question 5
Correct
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Question text
Preparing the worksheet is an optional activity in the accounting cycle.

Select one:
True 
False

Question 6
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Question text
On the first year of operations of the partnership, an accumulated depreciation for non-current
assets was recorded at P1, 000. At the end of its second year, the amount of depreciation to be
recognized is P1, 000.

Select one:
True 
False

Question 7
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Question text
Total assets reported in the balance sheet are P800, 000, 40% of which is current. Land costing
P130, 000 was recorded and an accumulated depreciation for other non-current assets of P50,
000 was recorded. The cost of the non-current assets is P350, 000.

Select one:
True
False 

Question 8
Incorrect
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Question text
Of the P 2,000 supplies bought and debited to Store Supplies account, P500 remains on hand at
the end of the period. A credit to Store Supplies of P500 should be made.

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True 
False

Question 9
Correct
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Question text
Choose the correct accounting equation

Select one:

a.
All of these

b.
Assets = Equities

c.
Debit = Credit

d.
Assets = Liabilities + Capital

Question 10
Correct
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Question text
Adjusting and closing entries are always done at the end of the accounting period.

Select one:
True 
False