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    Financial Accounting and Reporting

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    Donita Joy T. Eugenio
    This document contains multiple answer keys and summaries for midterm exams on various accounting subjects like financial accounting and reporting, business taxation, inventory management and control, and cost accounting and control. The answer keys provide responses to test questions in multiple choice, journal entry, definition and problem format.

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    © All Rights Reserved
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    Financial Accounting and Reporting

    Uploaded by

    Donita Joy T. Eugenio
    224 views4 pages
    This document contains multiple answer keys and summaries for midterm exams on various accounting subjects like financial accounting and reporting, business taxation, inventory management and control, and cost accounting and control. The answer keys provide responses to test questions in multiple choice, journal entry, definition and problem format.

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    FINANCIAL ACCOUNTING AND REPORTING

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    This document contains multiple answer keys and summaries for midterm exams on various accounting subjects like financial accounting and reporting, business taxation, inventory management and control, and cost accounting and control. The answer keys provide responses to test questions in multiple choice, journal entry, definition and problem format.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    224 views4 pages

    Financial Accounting and Reporting

    Uploaded by

    Donita Joy T. Eugenio
    This document contains multiple answer keys and summaries for midterm exams on various accounting subjects like financial accounting and reporting, business taxation, inventory management and control, and cost accounting and control. The answer keys provide responses to test questions in multiple choice, journal entry, definition and problem format.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    FINANCIAL ACCOUNTING AND REPORTING

    MW 8:30-10:00
    Answer key-Midterm Exam

    TEST 1. MULTIPLE CHOICE


    1. C
    2. D
    3.C
    4.A
    5.C

    TEST II.TRIAL BALANCE

    Naga Duplicators
    Trial Balance
    June 30, 2018

    Cash P 34,800
    Account Receivable 142,800
    Supplies 70,800
    Equipment 560,000
    Accounts Payable P 15,800

    Chardon, Capital 513,000

    Chardon, Withdrawals 50,000


    Revenues 379,200
    Salaries Expense 35,000
    Rent Expense 10,000
    Utilities Expense 4,600 _____
    Totals P 908,000 P 908,000

    TEST III.ADJUSTING ENTRY

    1. Salaries Expense 2,000


    Salaries Payable 2,000

    2. Unearned Revenue 11,000


    Revenue 11,000

    Prepared by: Donnalyn T. Eugenio Noted by: Arlyn C. Pasion CPA, MBA
    Instructor Dean, CBE
    BUSINESS TAXATION
    TTH 1:00-2:30
    ANSWER KEY-MIDTERM EXAM

    TEST I. MULTIPLE CHOICE

    1. C 6. C 11. B
    2. B 7. A 12. D
    3. A 8. B 13. C
    4. B 9. A 14. A
    5. B 10. A 15. C

    TEST II. ENUMERATION

     PRIMARY HEIRS
     SECONDARY HEIRS
     CONCURRING HEIRS

     TESTAMENTARY SUCCESSION
     INESTATE SUCCESSION
     MIXED SUCCESSION

     HOLOGRAPHIC WILL
     NOTARIAL WILL
     CODICEL

     DECEDENT
     ESTATE
     HEIRS

     EXCISE TAX
     REVENUE OR GENERAL TAX
     AD VALOREM TAX
     NATIONAL TAX
     PROGRESSIVE TAX

     RESIDENT OR CITIZEN DECEDENTS


     NON-RESIDENT ALIEN DECEDENTS

    TEST III. DEFINITION OF TERMS

    ANSWERS MAY VARY

    PREPAREDBY:DONNALYN T. EUGENIO NOTED BY: ARLYN C. PASION CPA,MBA


    INSTRUCTOR DEAN, CBE
    INVENTORY MANAGEMENT AND CONTROL
    MW 10:00-11:30
    ANSWER KEY- MIDTERM EXAM

    TEST I. IDENTIFICATION

    1. WHEN OFFERED METHOD


    2. WHEN TAKEN METHOD
    3. DISCOUNT
    4. QUANTITY DISCOUNT
    5. WHEN NOT TAKEN METHOD

    TEST II.JOURNAL ENTRY


    WHEN TAKEN METHOD IS USED:\
    AUG. 1 MATERIALS 40,000
    ACCOUNTS PAYABLE 40,000
    14 ACCOUNTS PAYABLE 40,000
    PURCHASE DISCOUNT 1,200
    CASH 38,800
    30 ACCOUNTS PAYABLE 40,000
    CASH 40,000
    WHEN NOT TAKEN METHOD IS USED
    1 MATERIALS 38,800
    ACCOUNTS PAYABLE 38,800
    14 ACCOUNTS PAYABLE 38,800
    CASH 38,800
    30 ACCOUNTS PAYABLE 38,800
    PURCHASEDISCOUNT LOST 1200
    CASH 40,000
    WHEN OFFERED METHOD IS USED
    1 MATERIALS 38,800
    ALLOW. FOR PURCHASE DISCOUNT 1200
    ACCOUNTS PAYABLE 40,000
    14 ACCOUNTS PAYABLE 40,000
    ALLOW. FOR PURCHASE DISCOUNT 1,200
    CASH 38,800
    30 ACCOUNTS PAYABLE 40,000
    PURCHASE DISCOUNT LOST 1,200
    ALLOW. FOR PURCHASE DISCOUNT 1,200
    CASH
    38,800
    TEST III. PROBLEM

    1. A. MATERIALS 51,500
    ACCOUNTS PAYABLE 51,500
    B. MATERIALS 50,000
    FACTORY OVERHEAD CONTROL 1,500
    ACCOUNTS PAYABLE 51,500

    2. A. 3% B. 0.1875

    PREPARED BY:DONNALYN T. EUGENIO NOTED BY:ARLYN C. PASION CPA, MBA


    INSTRUCTOR DEAN,CBE
    COST ACCOUNTING AND CONTROL
    MW 2:30-4:00
    ANSWER KEY- MIDTERM EXAM

    TEST I

    1. A
    2. A
    3. A
    4. A
    5. A
    6. B
    7. A
    8. A
    9. A
    10. A
    11. A
    12. C
    13. A
    14. A
    15. C

    TEST II

    P126,050.00

    TEST III

    1. MATERIAL 2000
    ACCOUNTS PYABLE 2000

    2. PAYROLL 210000
    ACCRUED PAYROLL 210000

    3. CASH 400000
    ACCOUNTS RECEIVABLE 400000

    PREPARED BY: DONNALYN T. EUGENIO NOTED BY: ARLYN C. PASION CPA, MBA
    INSTRUCTOR DEAN, CBE

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