Which of the following may be reversed?

If an entity used asset method in recording its prepayment, failure to prepare the adjusting entries will result to

ABC Company provided the following information for the current year: Net Sales 1,800,000 Freight in 45,000 Purchase discounts 25,000 Ending inventory 120,000 Gross Margin on sales 40% What is the COGS?

Unadjusted details were presented to you below: AR, Jan 1 - 120,000 AR, Dec 31 - 20,000 Unearned Income, Jan 1 - 50,000 Unearned income, Dec 31 - 290,000 Cash, Jan 1 - 100,000 Cash, Dec 31 - 20,000 Other disbursements - 180,000 Assuming no accrued income for this year, and no write offs, using above data how much is the precollections?

This is the basic summary device of accounting.

Papasa Ako This Sem Company sell each unit of Immunity Necklace at 250. During the month of December, it made the following purchases and sales: December 1 - Purchase 1,000 units @200 December 9 - Purchase 3,000 units @210 December 14 - Sold 2,000 units from 210 December 19 - Purchase 1,500 units @205 December 28 - Sold 500 units from 200 Compute for the amount of ending inventory

If during the year, the subsidiary ledger reported 400,000 Accounts Receivable while the general ledger reported 500,000 Accounts Receivable. How much account receivable will the entity report in the unadjusted trial balance?

Which of the following is true if the debit of income statement in the worksheet is greater than the credit?

Which of the following is true?

Which of the statements is/are correct? I - Losses is the same with expense II - Gains may be used in lieu of income III - Transactions will always change the balances of both side of the equation

A sliding error is

Which of the following is an entry that can be found in the merchandising entity but not in service entity?

Refers to the process of transferring the debit and credit amounts from journals to ledger accounts

XYZ Company had the following transactions during December 2021: Inventory shipped on consignment to ABC Company 1,500,000 Freight paid by XYZ 90,000 Inventory received on consignment from DEF Company 1,200,000 Freight paid by DEF Company 50,000 No sale of consigned goods were made in December 2021 What amount should be included in the inventory on December 31, 2021?

Which of the following is an adjusting entry?

On November 30,2023, Zero Enjoyer received 500,000 notes with interest of 1.5% per month. The maturity is 2 years. What is the interest income for 2025?

_______ should be placed in the _______ column of the ledger that shows that an item has been posted from the general journal to ledger.

Which of the following is false?

Papasa Ako This Sem Company sell each unit of Immunity Necklace at 250. During the month of December, it made the following purchases and sales: December 1 - Purchase 1,000 units @200 December 9 - Purchase 3,000 units @210 December 14 - Sold 2,000 units from 210 December 19 - Purchase 1,500 units @205 December 28 - Sold 500 units from 200 Compute for the gross profit

Failure to make the closing entries will result to what?

Aledriz Company purchase goods with an invoice price of 400,000 with the trade discount of 40% and 30%. Discount term is 4/10 and n/35. Freight cost is 10,000 with Freight terms of FOB destination, FOB collect. If the entity pays within the discount period, how much would be the payment?

Baliw Ka Na Ba Company purchased an inventory on January 29 with the list price of 1,000,000 with discounts 40% 20% and 2/10. If Baliw paid on February 8, how much is the payment of Baliw?

I - Assets are listed base on liquidity II - Liquidity talks about how fast a specific asset can be converted in to cash III - Liabilities are listed base on maturity. IV - Maturity is the settlement date of the liability Which of the following is/are true regarding balance sheet?

At the beginning of the year the prepaid rent is P300,000. On December 31, the ending balance of the prepaid rent is P1,000,000, if the entity paid amounting to P900,000 during the year representing advance rent. How much is the rent expense?

In preparing worksheet, if the balancing figure in the total amount of adjusted trial balance is in the debit. It means that

On July 31, 2023, Shorty Company paid P1, 200,000 for 2 years rent. The entity recorded an expense at the beginning of the transaction. How much is the rent expense for 2023?

The usual posting abbreviation for sales journal used in posting is

The income statement and balance sheet columns of Fita Company's worksheet reflects the following totals: Income Statement Dr. 58,000 ; Cr. 48,000 Balance Sheet Dr. 34,000 ; Cr. 44,000 The net income/net loss for the period is

I - The term freight prepaid and collect will dictate who paid the transaction costs II - Transportation In is treated as a deduction in the cost of goods sold section III - Ending inventory of the prior year is included in the calculation of cost of goods available for sale

Zach's Market recorded the following events involving a recent purchase of merchandise. Received goods for 50,000 terms 2/10, n/30. Returned 1,000 of the shipment for credit. Paid 250 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's merchandise inventory:

On August 1, 2023, the entity issued 1,000,000 notes with interest of 6% per quarter. The maturity of note is 2 years. How much is the interest expense in 2024?

Posting refers to the process of transferring information from

Which of the following accounts would not appear on a worksheet for a merchandising entity that uses the periodic inventory system?

Which of the following is true?

An adjusting entry made to record accrued interest on a note payable due next year consist of a debit to

Which of the following is true regarding imbalance unadjusted trial balance?

How much is the COGS under direct method?

On December 31 2023, you are tasked to prepare the adjusting entries regarding the salary of the company. The company has 20 employees with 2,000 salary per day. The payment date of payroll is every 12th day and 27th day of the month. Assuming that December 25 and December 31 is holiday, how much is the accrued salaries?

The merchandise inventory account balance in the Trial Balance columns of a worksheet for a merchandising entity that uses the periodic inventory system

Which of the following is true?

1. The total amount of liabilities can be greater than the total amount of capital. 2. Asset =Capital + Liabilities 3. The total amount of asset can be greater than the sum of liabilities and capital. Which of the following statements above are correct?

Which of the following transactions results in an increase in revenues?

T. Liling Company purchased goods with an invoice price of 40,000 with discount term of 3/10 n/15. Freight cost is 5,000. Freight terms is FOB shipping point, freight prepaid. How much would be the payable in the initial journal entry of the entity?

Long Given Company has the following information regarding its inventory at year end: Items counted in the bodega — 2,000,000 Items included in the count but is Segregated for sale contract — 1,000,000 Items ordered and in receiving department — 500,000 Items in receiving department, return from customer, in good condition — 200,000 Items shipped today but still in transit FOB shipping point — 2,000,000 Items shipped today but still in transit FOB Destination —1,000,000 Items currently in store — 600,000 Items currently in window display — 300,000 Items in receiving department badly damaged — 200,000 Items included in the count, badly damaged — 400,000 Items in the shipping department — 700,000 Items in the hand of customer, for trial — 100,000 Items in the hands of agent — 300,000 Items in the bodega, good condition — 1,600,000 Items held in bodega as agent — 200,000 How much is the total inventory?

If during the accounting period the assets increased by 30,000 and liabilities decreased by 8,000. If the beginning equity is 30,000, what is the ending equity?

On September 17, 2023, the entity received 700,000 10% notes from a customer. The term of the notes is 240 days. The payment of the interest and principal is at the due date of the notes. How much is the interest income for the year 2023?

The assets of a company are P50,000 and its liabilities are P20,000. What is the owner's equity?

I. Markdown means decrease below the original retail price II. Markdown cancellation means increase in selling price that does not raise the selling price above the original selling price III. Markup means increase above the original retail price IV. Markup cancellation means decrease in selling price that does reduce the selling price below the original retail price

Which of the following statements are true? I. Issuance of note may have an accrual to income. II. Deferrals and accrual have two methods of recording. III. If the last payout day of payroll is December 31, no need to record accrued salaries IV. Cash will be debited for every precollections.

Ayoko Na Mabohai Company purchased an inventory. The invoice price is 1,000,000, including in that price is the refundable tax amounting to 100,000. Additional cost to the inventory are as follows: 30,000 is necessary to bring the inventory to the Mabohai Warehouse, 50,000 was incurred as insurance while in transit and 70,000 was incurred as storage cost of the inventory upon arrival. How much is the inventory to be recorded?

Which of the following resulted to an understatement in asset?

The entity has 5 employees with a salary of 5,000 per week. The payroll date is every 10th and 25th day. If December 25 falls on Monday. Assuming a 5-day working days per week with a weekend day off. How much is the accrued salaries for December 31?

Which two steps in the accounting cycle are aided by the preparation of a worksheet?

Salaries and wages that are recorded as expenses at year end but remain unpaid are example of

Kayang Kaya Company used the average cost retail inventory method to account for inventory. The following information related to operations for the current year:

Collected 20,000 from customers that wee billed last month.

A journal entry that contains only two accounts is called

What is the amount of the debit in inventories for journal entries under direct method on December 31 2021?

Which of the following is/are true regarding trial balance? I - Proves that debits and credits are equal in the ledger II - Supplies a listing of open accounts and their balances that are used in preparing financial statements III - Is not normally prepared three times in the accounting cycle

If the owner of an entity borrows P30,000 in the name of the entity and deposits it into the entity's bank account,

In preparing the statement of cash flows, which of the following activities falls under investing activities?

A listing of the accounts available in the accounting system in which to record entries.

Which of the following is true regarding physical count?

The following are the data of Hindi Na Muling Aasa Pa Company: Net Sales 2019: 2,000,000 2020: 3,000,000 2021: 1,500,000 Cost of goods sold 2019: 1,000,000 2020: 2,000,000 2021: 1,000,000 What is the gross profit rate based on sale for the year 2022?

The following are the transaction of a VATABLE entity regarding purchased and sale of inventory: • Purchased an inventory on cash amounting to 1,120,000 excluding VAT of 12% • Sold inventory on account amounting to 358,400 including VAT • Purchased an inventory amounting to 224,000 excluding VAT • Sold inventory on cash amounting to 280,000 including VAT How much is the correct amount of sales and purchases?

Timang Company has the following data for the year 2018: Beg Inv. — 40,000 NCP — 120,000 GAS - 160,000 End, Inv. — 70,000 COGS — ?? • The beginning inventory is understated by 5,000. How much is the correct COGS for 2018?

The adjustment for the portion of revenue received in advance which now has been earned is to debit

If an accountant fails to make an adjusting entry at the end of a fiscal period to record expired insurance, the omission will cause:

What is posting reference?

What are the 3 important data that needs to be in the Sales Journal?

Which of the following is true regarding adjusting entries involving accrual?

I. On the income statement, profit is the amount by which net sales exceed operating expenses II. Cost of goods available for sale during the year is not affected by the previous year's ending inventory III. An advantage of using periodic inventory system is that it requires less record keeping than the perpetual inventory system

This is also known as the book of secondary entry.

Store supplies where P17,000 at the end of January and P20,500 at the end of February. During February, Store Supplies expense equaled P13,000. How much cash was paid for store supplies during February?

Which of the statements is/are correct? I - Accounting equation should always be in balance II - Transactions may not affect the total amount of both sides of the equation III - Transactions will always change the balances of both side of the equation

Which of the following is true regarding allowance method?

Which of the following is/are true? I - General ledger controls the subsidiary ledger. II - Subsidiary ledger is not part of the General ledger. III - In case of conflict with the amount, subsidiary ledger will follow the amount in the general ledger.

The amount of TGAS during the year depends on the amounts of

How much will be the cost for Product B applying the LCNRV?

How much is the COGS for BUT Company?

On October 1, 2022 Greatest White If Company made an advance payment for rent amounting to 600,000 covering the 2-year rent. The entity recorded an expense on the start of the rent. How much is the rent expense for the year ended December 31, 2022?

Which of the following is FALSE regarding worksheet preparation for Periodic Inventory System?

If an entity incorrectly includes goods held on consignment in the ending inventory, the effect on the next period's cost of goods sold and net income respectively is

Which of the following is true regarding freight?

"Weighted average time to maturity" means

Which of the following is true?

Closing entries ultimately will affect

Which of the following is the third thing that you will see in the notes to FS?