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- 1. Multiple Choice
How do you close an entry for revenue?
Close revenue account to expenses
Close revenue account to income summary
Close revenue account to owner's capital
Close revenue account to drawing
- 2. Multiple Choice
FOB shipping point can be recorded as...
Freight out
Freight in
- 3. Fill in the Blank
Capital in post closing trial balance is computed by adding the investment and net income and subtracted by___________.
- 4. Fill in the Blank
If my revenue is P50,000 and may expenses is P15,000 my other income is 30,000. My closing entry for income summary is P______________.
- 5. Multiple Choice
Closing entry ultimately will affect
total liabilities
the cash account
total assets
the owner's capital account
- 6. Multiple Choice
Which of the following does not belong to the group?
Asset
Liability
Drawing
cash
- 7. Multiple Choice
Probably the last account to be listed on a post-closing trial balance would be.
Salaries payable
Salaries expense
Owner's Capital
Income summary
- 8. Multiple Choice
The closing entries for salary expense, with a balance of P240,000 is
Salaries expense P240,000
Income summary P240,000
Income summary P240,000
Salaries Expense P240,000
- 9. Multiple Choice
A credit term of 2/10, n/30 means that 2% will be given if payment is made within 10 days from the end of the month.
True
false
- 10. Fill in the Blank
The two main inventory system is..
- 11. Multiple Choice
The journal entry for purchased of inventory on account for periodic is...
Inventory
Accounts Payable
Accounts payable
Inventory
Purchase
Accounts payable
Accounts payable
Purchase
- 12. Multiple Choice
Under the perpetual account system, which of the following accounts would not be used?
Cost of goods sold
Merchandise inventory
Purchases
Sales
- 13. Multiple Choice
Under the perpetual system, the entry to record a purchase return would include credit to.
credit to sales
credit to sales return and allowance
Inventory
Purchase return and allowances
- 14. Multiple Choice
The entry record sale of P7,500 with terms of 2/10, n/30 include
credit to accounts receivable P7,500
Credit to sales for P7,500
Debit to sales discount for 150
Debit to sales for P7,350
- 15. Multiple Choice
The entry record payment on a P5,000 account with 2% discount period would include a
credit to accounts payable P4,900
debit to accounts payable P4,900
debit to cash P5000
debit to sales discount P100
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