Main Page / My Courses / 22-2B-CON1004-292-05-BIC / May 30- Joined 5 / Test 1

Started on Friday, June 3, 2022, 10:13 p.m.

State Finalized

Finished in Friday, June 3, 2022, 10:40 p.m.

26 minutes 51 seconds
Time spent
Points 17,00/20,00
Qualification 85.00 out of 100.00

Question 1
Correct Scored 1.00 out of 1.00

Which of these functions correspond to accounting?

I. historical function,

II. Financial function

III. economic function

to. Only I and III b. 1,11,111, • c. Only II d. Solol

The correct answer is: I, II, III,

Question 2
Incorrect Score 0.00 out of 1.00

The following accounts normally have a credit balance:

I. Box, Bank, Merchandise

II. Suppliers, creditors, Furniture and Supplies.

III. Loans payable, Bills payable, Sales

IV. Bills to Pay, Clients, Cash

a. Only I
b. Only III
c. 1,11,111
d. I, II x

The correct answer is: Only III

Question 3
Correct Scored 1.00 out of 1.00

The following statement, “They are those in which an association of people participates. The
partners can be natural or legal persons (companies)”, corresponds to:

a. society of people
b. de facto partnership
c. Social Enterprise •
d. Individual Company (EIRL)

The correct answer is: Social Enterprise

Question 4
Correct Scored 1.00 out of 1.00

According to the following exercise “total purchases for the month at cost price $380,000, final stock
at cost $260,000, cost of goods sold $120,000” identify the accounting records:
I) The amount of $120,000 must be recorded to the credit of the merchandise account.

II) The amount of $380,000 must be recorded as debit of the merchandise account.

III) The amount of $120,000 must be recorded as a debit to the cost of sale account.

IV) The amount of $165,000 must be recorded to the credit of the cost of sale account.

a. 1,11 and III •

b. Only I
c. IV only
d. Only II

The correct answer is: I, II and III

Question 5
Correct Scored 1.00 out of 1.00

Economic activity is made up of different economic agents, which play a fundamental role for it to
function. Which of the following does not correspond to an economic agent?

a. State
b. Company
c. Consumer
d. Internal Sector •

The correct answer is: Internal Sector

Ask 6
Correct Scored 1.00 out of 1.00

What are the accounts that increase your registration with a debit charge?
I. Assets and Earnings

II. Losses and Liabilities

III. Assets and Losses

IV. Passive and heritage

a. Only III •
b. I, II
c. Only I
d. Only II

The correct answer is: Only III

Question 7
Correct Scored 1.00 out of 1.00

The registration of the cost of goods sold must be made to:

a. There cannot be a record with two accounts of the same nature

b. At the purchase price of each of the merchandise sold •
c. The sale price
d. At unit price

The correct answer is: At the purchase price of each of the merchandise sold
Ask 8
Correct Scored 1.00 out of 1.00

The utility obtained from the following operation is:

DATE DESCRIPTION HAS TO TO HAVE

xx-xx-xx
_____________________x________________________
$379.507
Customer
$379.507
Client advance
$379.507
Sales Bank
Sale of Merchandise
$1.135.521
xx-xx-xx x
Sales cost
$822.523 $ 822.523
Merchandise
Cost of goods sold
to. $312.998.- •
b. $757.014.-
c. $65.509.-
d. $444.016.-

The correct answer is: $312,998.-

Question 9
Correct Scored 1.00 out of 1.00

On 04.03, the Banco Río loan for $200,000 is paid with a check, on 08.03 merchandise is purchased
for $125,000.- paid in cash and on 03.15, a sale is made for $250,000.- the payment is made with
simple credit, the cost of the merchandise It is $140,000.-
I. The debit of $250,000 must be recorded to the Sales account

II. The debit of $140,000 must be recorded in the Merchandise account

III. It must be registered when there is $200,000 in the Bank account

IV. $125,000 must be recorded as a debit in the Merchandise account

to. Ill, iv • b. Only III

c. II,III
d. Solol

The correct answer is: III, IV

Question 10
Correct Scored 1.00 out of 1.00

What is the objective of accounting?

I. Make judgments

II. Make investments

III. Take decisions

IV. Make plans

a. 1,111 and IV •
b. Only II
c. II and III
d. Solol

The correct answer is: I, III and IV

Question 11
Incorrect Score 0.00 out of 1.00

This account represents all the debts that the company has for purchases of merchandise on
credit, corresponding to its line of business.

a. Creditors *
b. Suppliers
c. Customers
d. Bills receivable

The correct answer is: Suppliers

Ask 12
Correct Scored 1.00 out of 1.00

The company is managing a bank loan, for this the Bank has requested the Balance Sheet, can we
interpret that the Bank will review?

a. Economic situation
b. The Economic and Financial Result
c. Cash Flow
d. Financial situation •

The correct answer is: Financial Situation

Question 13
Correct Scored 1.00 out of 1.00

Increases in asset accounts are recorded in:

a. To have
b. Ledger
c. Has to •
d. Balance

The correct answer is: Must

Question 14
Correct Scored 1.00 out of 1.00

The balance of the merchandise account as of 01.03 is $525,000.-; On 05.03 merchandise was
sold for $450,000.-, the cost was $285,000.-; On 03/10, merchandise was purchased for
$350,000.-; On 03/15, credit notes were received from the supplier for $85,000 for defective
merchandise.
Determine the balance of the Merchandise account as of 03/16:

a. $525.000.-
b. $675.000.-
c. $505.000.- •
d. $590.000.-

The correct answer is: $505,000.-

Question 15
Correct Scored 1.00 out of 1.00

Salaries are paid to employees for a total of $2,000,000.- in cash; Merchandise is sold for a total
of $430,000.-, the client had already advanced $200,000.- The rest is paid by check.

I. The customer advance payment account for $200,000 must be registered as Debit for the
delivery of the merchandise.

II. The salary account for $2,000,000 must be recorded when crediting.-

III. $230,000 must be recorded as Credit in the Bank account.

IV. The Client Advance Payment account for $200,000 must be registered as Credit for the
delivery of the merchandise.

a. Only II
b. Only I •
c. I, II, IV
d. 1,11,111

The correct answer is: Only I

Question 16
Correct Scored 1.00 out of 1.00

According to the exercise given below “a sale of merchandise is made, paying a percentage in
cash and the rest on credit” the accounts involved are the following:
I) Box, merchandise, suppliers

II) Cash, customers, merchandise

III) Sales, cost of merchandise sold

IV) Merchandise, sales, suppliers

to. Only II
b. Only III

c. IV
d. II and III
•

The correct answer is:II and III

Ask 17
Correct Scored 1.00 out of 1.00

Which of the following agents corresponds to the internal users of accounting information?
$500,000 worth of merchandise is purchased, 50% is paid in cash and the rest with simple
credit, the entry would be:
a. Shareholders
b. Suppliers
to.
c. Financial institutions
DATE DESCRIPTION HAS TO TO HAVE
d. xx-xx-xx
Company directory • d
Merchandise $500.000
$250.000
Box
$250.000
The correct answer is: Company directory Suppliers
Purchase of Goods

b.
DATE DESCRIPTION HAS TO TO HAVE
xx-xx-xx c
Merchandise $500.000
$250.000
Bank
$250.000
Suppliers
Purchase of Goods

c.
DATE DESCRIPTION HAS TO TO HAVE
xx-xx-xx to
Box
$250.000
Suppliers
$250.000
Customers
Purchase of Goods $500.000
d.
DATE DESCRIPTION HAS TO TO HAVE
xx-xx-xx b
Merchandise $500.000
$250.000
Box
$250.000
Creditors
Purchase of Goods

DATE DESCRIPTION HAS TO TO HAVE

xx-xx-xx d
Merchandise $500.000
$250.000
Box
$250.000
Suppliers
The correct answer is: Purchase of Goods
Ask 18
Correct Scored 1.00 out of 1.00

A company purchases a machine on October 30 for $300,000; It is received on November 2, when it

has a value of $305,000; and is recorded in the accounting books at the highest price, in order to
reflect a higher expense. What is the accounting principle that is being adopted?

a. Done
b. Accrual
c. Accounting Entity
d. Historical Cost •

The correct answer is: Historical Cost

Question 20
Incorrect Score 0.00 out of 1.00

The accounts that are intended to record increases and decreases in profits are called:

a. Estate Accounts
b. Income accounts
c. Asset Accounts
d. Balance accounts *

The correct answer is: Income statements

◄ Unit I Consultation Forum

Gonna...

Study material S3 ►