1/27/24, 2:51 PM Unit 1 Quiz: Attempt review

Dashboard My courses Basic Bookkeeping Course for SK Treasurers

Unit 1: Journalizing Transactions and Basic Financial Statements Unit 1 Quiz

Started on Saturday, 27 January 2024, 2:40 PM

State Finished
Completed on Saturday, 27 January 2024, 2:51 PM
Time taken 10 mins 48 secs
Grade 20.00 out of 25.00 (80%)

Question 1

Correct

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Which of the following accounts will not be closed to Income Summary?

a. Service Income
b. Salaries Expense
c. Depreciation Expense
d. Unearned Rent Income 

Question 2

Correct

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Which of the following is true about the revenue journal?

a. cash revenues and revenues on account are recorded in the revenue journal
b. only revenues on account are recorded in the revenue journal 
c. only cash revenues are recorded in the revenue journal
d. unearned revenues are also recorded in the revenue journal

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Question 3

Correct

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A __________ decreases assets and increases liabilities.

a. Credit 
b. Date
c. Balance
d. Debit

Question 4

Correct

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If you record an amount of money on the left side, then this indicates __________.

a. Date
b. Credit
c. Debit 
d. Balance

Question 5

Correct

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This states that if a method is adopted, it must not be changed yearly to allow comparability of financial
statements.

a. Materiality Concept
b. Conservatism Concept
c. Equity Concept
d. Consistency Concept 

Question 6

Correct

Mark 1.00 out of 1.00

The owner’s equity is commonly decreased by:

a. Owner’s Withdrawals 
b. Revenues
c. Profit
d. Owner’s Investments

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Question 7

Correct

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It is an individual record of increases and decreases in a specific asset, liability, or owner’s equity item.

a. Business
b. Investment
c. Stake
d. Account 

Question 8

Correct

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The Philippine Institute of Certified Public Accountants defines accounting as __________.

a. A service activity that provides quantitative information about economic entities.

b. A system that measures, processes, and communicates business activities, information, and findings 
to decision-makers.
c. The computation of various expenses and earnings on a day-to-day basis.
d. The art of recording, classifying and summarizing transactions and events.

Question 9

Correct

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A __________ is a legal entity that is separate from its owners.

a. Franchise
b. Corporation 
c. Partnership
d. Proprietorship

Question 10

Correct

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The primary ledger containing all the balance sheet and income statement accounts is the:

a. General Ledger 
b. Subsidiary Ledger
c. Customers Ledger
d. Creditors Ledger

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Question 11

Correct

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A __________ increases assets and decreases liabilities.

a. Debit 
b. Credit
c. Date
d. Balance

Question 12

Correct

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It is a procedural element of accounting that deals with the systematic method of recording and classifying
financial transactions of businesses.

a. Computing
b. Bookkeeping 
c. Journaling
d. Accounting

Question 13

Correct

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Which of the following account groups are all considered nominal accounts?

a. Prepaid Insurance, Equipment, Service Income

b. Rent Income, Fees Earned, Miscellaneous Expense 
c. Cash, Owner’s Equity, Salaries Payable
d. Capital Account, Dividend Account, Income Summary

Question 14

Correct

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A statement of financial position is also known as:

a. Balance Sheet 
b. Profit Report
c. Cash Flows
d. Balance Inquiry

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1/27/24, 2:51 PM Unit 1 Quiz: Attempt review

Question 15

Correct

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These users of accounting information are not directly involved with the business enterprise.

a. Customers
b. External Users 
c. Stakeholders
d. Internal Users

Question 16

Correct

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A group of accounts that are maintained by a company is called a __________.

a. Diary
b. Journal
c. Statement
d. Ledger 

Question 17

Correct

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A trial balance is prepared to ________________________

a. prove that there were no errors made in recording transactions into the journal
b. summarize the account balances to help prepare financial statements 
c. prove that each account balance is correct
d. prove that no errors were made in posting to the ledger

Question 18

Correct

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These users of accounting information are directly involved with the business enterprise.

a. Customers
b. Internal Users 
c. Stakeholders
d. External Users

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Question 19

Incorrect

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It consists of the transaction date, accounts, and amounts to be debited and credited and a brief explanation

a. Journal entry
b. General journal 
c. Journal
d. Special journal

Question 20

Correct

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Which of the following is always recorded in the general journal?

a. rendering services on account

b. purchases of supplies on account
c. rendering services for cash
d. closing entries 

Question 21

Incorrect

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An owner’s equity is the:

a. Amount borrowed by the owner

b. Amount that the owner wants to spend
c. Amount that belongs to the owner
d. Amount that will make the business survive 

Question 22

Correct

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Which of the following is recorded in the cash payments journal?

a. receipt of cash from services rendered

b. receipt of cash on supplies returned
c. payment of employees’ salaries 
d. adjusting entry for accrued salaries

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Question 23

Incorrect

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If a knowledge of an item/event would influence the decision of prudent users of financial statements, then it is
considered to be __________.

a. Conservative 
b. Consistent
c. Material
d. Equal

Question 24

Incorrect

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Services performed for cash should be recorded in the _____________.

a. Cash Payments journal

b. Revenue journal 
c. Cash Receipts journal
d. Purchases journal

Question 25

Incorrect

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The usual columns in the worksheet will NOT include the _______________.

a. Trial balance
b. Balance sheet 
c. Cash flow statement
d. Income statement

Previous activity
◄ Lesson 3: Transactional Analysis

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Lesson 1: Measuring Financial Performance ►

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