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INTERNATIONAL COLLEGE OF BUSINESS & ECONOMICS

K OF C BLDG. #578 BURGOS AVE., CABANATUAN CITY

SUBJECT: Accounting for non Accountants COURSE:


PROFESSOR: Dennis Rayn V. Briones Number of Copies:

FINAL EXAM
I. Multiple choice
1. The data recorded in the accounting books are called
a. Asset
b. Transactions
c. Liability
d. T accounts

2. A business entity that deals with buying and selling of goods


a. service
b. merchandising
c. manufacturing
d. none of the above

3. examination of financial reports and accounting records


a. auditing
b. tax services
c. management advisory
d. journalizing

4. a business entity owned by two or more persons


a. sole proprietorship
b. partnership
c. corporation
d. cooperative

5. it is a business obligation
a. asset
b. liability
c. capital
d. equity

6. a right or property owned by the business


a. asset
b. liability
c. capital
d. equity

7. an example of current asset


a. land
b. equipment
c. cash withheld for future use
d. prepaid expenses

8. promissory notes sent to creditors is an example of


a. asset
b. liability
c. equity
d. capital

9. when a liability is paid, the account is recorded as


a. expense
b. debit
c. credit
d. income
INTERNATIONAL COLLEGE OF BUSINESS & ECONOMICS
K OF C BLDG. #578 BURGOS AVE., CABANATUAN CITY

SUBJECT: Accounting for non Accountants COURSE:


PROFESSOR: Dennis Rayn V. Briones Number of Copies:

FINAL EXAM
10. a journal entry with two or more debit and credit accounts
a. single entry
b. simple entry
c. double entry system
d. compound entry

11. Which of the following is an intangible asset?


a. trademarks
b. copyrights
c. patents
d. all of the above

12. When the entity receives cash for the services performed,
a. asset is decreased
b. liability is increased
c. total assets remained unchanged
d. asset is increased

13. When the entity pays employees for their services, the effect is increased in
a. asset
b. liability
c. income
d. expenses

14. Debit refers to,


a. right side of T account
b. deposits from the bank
c. withdrawals from the bank
d. left side of T account

15. The following can be found in an income statement except


a. income
b. expenses
c. profit or loss
d. assets

16. To enter an amount on the right side of the T account


a. to debit
b. to credit
c. journal entry
d. none of the above

17. When there is an increase in asset, it is?


a. credited
b. debited
c. expense
d. ignored

18. Assets having no physical existence


a. current assets
b. intangible assets
c. power, plant and equipment
d. liquid assets

19. Currency, coins, checks, and paper money is an example of


a. properties and equipment
INTERNATIONAL COLLEGE OF BUSINESS & ECONOMICS
K OF C BLDG. #578 BURGOS AVE., CABANATUAN CITY

SUBJECT: Accounting for non Accountants COURSE:


PROFESSOR: Dennis Rayn V. Briones Number of Copies:

FINAL EXAM
b. current asset
c. capital
d. investment

20. Land does not depreciate


a. false
b. true
c. none of the above
d. unknown

21. The first step in the accounting cycle is to


a. Record transactions in a journal
b. Identification of events to be recorded
c. Post journal entries to general ledger accounts
d. Adjust the general ledger accounts

22. Aim to transfer the information from the journal to the ledger for classification
a. identification of events to be recorded
b. transactions are recorded in the journal
c. journal entries are posted to the ledger
d. preparation of trial balance

23. Following are current assets except


a. Accounts Receivable
b. prepaid expenses
c. inventories
d. accumulated depreciation

24. Occurrence of an event or a condition that affects financial position and can be reliably recorded.
a. business transaction
b. financial worksheet
c. income statement
d. journal entry

25. what is the proper journal entry for this transaction?


Medina started his new business by depositing P350,000.
a. cash 350,000
cash in bank 350,000

b. cash in bank 350,000


accounts payable 350,000

c. Medina Capital 350,000


cash 350,000

d. cash 350,000
Medina Capital 350,000
INTERNATIONAL COLLEGE OF BUSINESS & ECONOMICS
K OF C BLDG. #578 BURGOS AVE., CABANATUAN CITY

SUBJECT: Accounting for non Accountants COURSE:


PROFESSOR: Dennis Rayn V. Briones Number of Copies:

FINAL EXAM
II. IDENTIFICATION

1. Is any medium of exchange that a bank will accept for deposit at face value. Includes coins,
currency, checks, money orders, and drafts.

2. These are claims against customers arising from sale of services or goods on credit.

3. These are tangible assets that are held by an enterprise for use in the production or supply of
goods and services.

4. This account represents the reverse relationship of the accounts receivable. The buyer agrees
to pay for them in the future.

5. This account is used to record the original and additional investments of the owner of the
business entity.

6. Revenues earned by performing services for a customer of a client.

7. Revenues earned as a result of sale of merchandise.

8. When the account is entered on the left side. The account is?

9. Accounting Equation = ?

10. Increase in economic benefits during the accounting period in the form of inflows or
enhancements of assets or decreases of liabilities that result in increase in equity.

11. In this type and effect of transaction, an asset account increases and corresponding claims
account increases.

12. In this type and effect of transaction, one asset account increases and another asset account
decreases.

13. In this type and effect of transaction, an asset account decreases and a corresponding claims
account decreases.

14. In this type and effect of transaction, one claims account increases and another claims
account decreases.

15. solve : 1. XO company bought a packaging machinery worth P700,000 with a scrap value of
P35,000. The equipment has an estimated useful life of 25 years. Calculate the annual and
monthly depreciation of the equipment.

Journalize the transaction

1. purchased supplies on credit for P18,000


2. Acquired service vehicle for P420,000

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