4.) Is a twelve-month period which starts from January 1 to December 31 of the accounting period.

6.) An accounting record where a transaction is initially recorded in

7.) Which of the following is a nominal account?

8.) A chart of accounts is

9.) This business converts raw materials into finished goods that are to be sold at selling price

10.) Which of the following is not a common time period chosen by businesses as their accounting period?

11.) SA Fabian invested P550,000 in a real estate agency

12.) Paid the monthly telephone bill, P1,000

13.) Sold unneeded office equipment to Baldomero, P35,000 cash

14.) As of December 31, 2020, Renalyn Laboratories has assets of P3,500,000 and owner’s equity of P2,000,000. What are the liabilities for Renalyn Laboratories as of December 31, 2020?

15.) Under this system, a company does not maintain a continuous record of the physical quantities (or costs) of inventory on hand.

16.) Under Perpetual Inventory System, when you record purchases on account: 2,000 units at P50, you debit

17.) The total sales were P1,000,000 of which sales on cash basis amounted to P400,000. The policy of the business is to provide 1% of credit sales as bad debt expense. The bad debt expense is

18.) The following basic adjusting entries that are usually made at the end of the period, EXCEPT

19.) The 90-day non-interest-bearing note amounting to P50,000 was issued on November 30, 200A. The prevailing interest rate is 12%. The accrued interest as of December 31, 200A is

20.) On January 1, 2020 Castellion Company bought machinery under a contact that requires a down payment of P100,000, plus 24 monthly payments of P50,000 each, for total cash payments of P1,300,000. The cash price of the machinery was P1,100,000. The machinery has a useful life of 10 years and residual value of P50,000. The entity used straight line depreciation. What amount should be reported as depreciation for 2020?