A bank statement is also referred as statement of account

ANS:True
What is the ratio to test ability to meet sudden & immediate demands on current assets?
ANS: quick assets/current liabilities
Credit is the normal balance of purchases.
ANS:True
Freight out is included in the cost of goods
ANS:False
Freight refers to costs incurred for transportation.
ANS:False
In the Philippines, Excise tax is also called as
ANS:Sin Tax
It contains accounts transferred from the general journal.
ANS:General ledger
You always pay for VAT.
ANS: True
How much is the Value-added Tax in the Philippines?
ANS: 12 %
If on the base year 2015 total assets is P200,000 and P400,000 on 2016, what is the percentage
increase(decrease
ANS: Increase by 50%
The balances between the Cash in Bank and the Current Account-Depositor accounts are always equal
ANS: True
The transactions recorded in the Cash in Bank is not reflected in the Current Account.
ANS: True
Percentage tax is the most common type of business tax
ANS: False
The liability account will increase if a credit to this account is posted as credit also to the general ledger.
ANS: Accounts payable
The bank sends a bank statement to a depositor every month.
ANS: True
All the accounts below have debit normal balance except
ANS: Salaries payable
A merchandising business has two different systems in accounting for their sales and purchases.
ANS: True
What is the effect to equity if a credit balance in the general journal is posted as debit to the general
ledger?
ANS: decrease equity
A journal is composed of a group of accounts.
ANS: False
When a depositor open an account with a bank, the relationship existing between the parties is a lender
(the bank), and a borrower (the depositor) relationship.
ANS: False
A bank statement is a document that is issued annually by the bank.
ANS: False
If the total liabilities is P200,000, it being the base item, what percent is current liabilities of 20,000?
ANS: 10%
It is the tax shouldered by the buyer when purchasing the goods.
ANS: Input Tax
A savings account is only supported by an ATM car~
ANS: False
Analysis based on the changes on the amounts from one period to another.
ANS: Horizontal analysis
Tax imposed on the privilege to sell products and services are called "sin tax".
ANS: False
This is prepared after all adjustments have been recorded and posted
ANS: Adjusted trial balance
In accounting, Value-added Tax is a common transaction.
ANS: True
Bank statement is the same as a passbook account in terms of content.
ANS: True
Output tax is the tax shouldered by the buyer when purchasing the goods.
ANS: False
Only the errors of the depositor could create differences in the Cash in Bank and Current Account.
ANS: False
The balances shown in the bank statement and in the accounting records are both adjusted for any
unrecorded transactions.
ANS: False
Business transactions affects the assets, liabilities and proprietorship of the business
ANS: True
Excise Tax are taxes on property.
ANS: True
It is the most common type of Business Tax
ANS: VAT
Banks in the Philippines usually credit the depositor's account once the check is cleare~
ANS: False
Purchases, unlike sales, does not have discounts.
ANS: True
Amusement tax is under Percentage tax.
ANS: True
The depositor should prepare a bank reconciliation each month to verify that these independent set of
records are in agreement.
ANS: False
If the total assets amounts to P100,000, which is the base item, what percent is the current assets of
P20,000?
ANS: 20%
What is the effect to cash if a debit balance in the general journal is posted as credit to the general
 ledger?
ANS: decrease cash
A journal contains a list of accounts with open balances in the general ledger for a given period.
ANS: False
The transactions recorded in the Cash in Bank is not reflected in the Current Account.
ANS: False
If on the base year 2016 the current assets is P300,00 and P100,00 on 2017, how much is the
increase/decrease?
Select one:
ANS: decrease by P200,000
In the operation of law, corporations are artificial beings thus, BIR forms and taxes paid by the company
is under the Corporation's name and not under the owners'.
ANS: True
BIR Form 0605 is also known as
ANS: Payment Form
The entry to record the advance collection of service revenue is?
ANS: dr cash cr unearned service revenue
Account is used to summarize the increases and decreases in the asset, liability and proprietorship of
the business.
ANS: True
VAT are imposed on the privilege to sell products and services.
ANS: False
It means how quickly you can get your hands on your cash.
ANS: Liquidity
GOOD LUCK

Decrease in liabilities falls under: Select one:

Accounts credited
Equities
None of the choices
Accounts debited

Question 2
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 Which is written first? Select one:
No order is followed
Either A or B
Account to be debited
Account to be credited

Question 3
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What is the accounting equation? Select one:

Liability - Equity
None of the choices
Equities (Liability - Equity)
Liability + Equity + Income - Expense
Asset
Asset
Asset

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is done after analyzing the business transaction.

 Select one:
Preparing financial statements
Journalizing
Preparing an Income statement
Writing in the General Ledger

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Increase in asset is considered as: Select one:

Equities
Account Credited
Account Debited
None of the choices

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What is true about Ratio analysis? Select one:

It is the method of financial evaluation that interprets the relationship among the
different accounts found in the financial statements.
The most widely used basis of fully understanding a company's financial statements
c. All of the choices
d. It highlights computations that allow the reader to understand how the company perf

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The commonly-used technique is . Select one:

All of the choices
Vertical Analysis
Horizontal Analysis
Ratio Analysis

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To total is to . Select one:

Summarize
Gross
Net
Foot

Question 9
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If the debit total is more than the credit total, the difference is placed on the
. Select one:
Any side
Debit Side
Explanation
Credit Side

Question 10
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What should be done first? Select one:

Prepare the unadjusted trial balance
Take the difference between the totals of the debits and credits.
Foot the accounts
Prepare the trial balance

Question 1
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The general journal is used in recording business transaction, while general ledger is us
summarizing
Analyzing
Posting
none of the choices

Question 2
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Bank statement shares the same content with . Select one:

Trial Balance
A Passbook
Financial statement
Statement of Income

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 Question text

Vertical analysis interprets the relationship among the different accounts found in the fi
Select one:
The 1st statement is true. The 2nd statement is false.
The 1st statement is false. The 2nd statement is true.
Both statements are true
Both statements are false

Question 4
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Next step after journalizing the transaction is to it to the general ledger. Select one:
Record
Draft
post
none of the choices

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Which account has a debit normal balance?

 Select one:
Income
liabilities
Assets
equity

Question 6
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Decrease in liabilities falls under: Select one:

Accounts credited
None of the choices
Equities
Accounts debited

Question 7
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A general ledger is known as the book of final entry and composed of a group of accou
True
False

Question 8
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The general journal is the book of original entry while the book of final entry is called? S
General Ledger
Folio
Trial Balance
Balance Sheet

Question 9
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Internal and external users depend on the in order to make sound decisions for the busine
Select one:
Financial statements
Net Profit
Investments
Net Loss

Question 10
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 Flag question

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How many types does a deposit account have? Select one:

5
2
3
4

Question 11
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It is the most common type of deposit account. Select one:

All of the choices
Deposit Account
Savings Account
Current Account

Question 12
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 Question text

The financial analysis is the comparison of a company's financial statements from one p
Select one:
none of the choices
Horizontal analysis
vertical analysis
Ratio analysis

Question 13
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How many columns does a general journal consists of? Select one:
7
5
3
2

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It provide the account holder of the details of deposits and withdrawals in their accou
 Deposit Slip
Bank Record
Bank Statement
Withdrawal slip

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On September 1, 2016, Mr. Bruno invested P100,000 to open up a barber shop, what is the
Select one:
dr Mr. Bruno, Capital cr Accounts Payable
dr Cash cr Mr. Bruno, Capital
dr Mr. Bruno, Capital cr Cash

Question 16
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pre-numbered to ensure that they can easily be accounted for and what is lost can easily
Select one:
Bank Statement
Checks
Withdrawal and Deposit Slips
 d. Cash

Question 17
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The process where we transfer the information from the journal to the general ledger. Sel
Posting
Ledgering
None of the choices
Journalizing

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The balance of Liability, Equity, or Income Account increases when the amount is ente
Select one: True False

Question 19
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Which of the following accounts has a debit normal balance? Select one:
Loans Payable
Professional Income
Stockholder's Equity
Insurance expense

Question 20
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It contains a list of accounts with open balances in the general ledger for a given perio~ S
Unadjusted Trial Balance
Income Statement
General Ledger
General Journal

Materials could be altered before selling in merchandising business. Select one:

True
False

Question 2
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Freight in is included as part of the total cost of inventory

purchased. Select one:

True
False

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Purchase have discounts.

Select one:
True
False

Question 4
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Freight refers to costs incurred for transportation.

Select one:
True
 False

Question 5
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These are caused by timing differences and errors committed by the depositor or the ba
Issuance of Bank Statement
Differences in the Cash in Bank and the Current Account
Preparation of Bank reconciliation
None of the choices

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The bank on the other hand keeps record of the depositor's transactions in a . Select one
Current Account
Deposit Account
Savings Account
Cash in a Bank Account

Question 7
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A manufacturing business does not need to alter completely the materials they purchased
before selling it to the public.

Select one:
True
False

Question 8
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Credit and debit memoranda are

. Select one:
a.Adjustments in the unadjusted book balance.
b.The asset account maintained by the depositor to record deposits and withdrawals in
the bank.
c. Adjustments in the unadjusted bank balance.
d.Receipts by the depositor that reached the bank too late to appear in the bank
statement for the current month.

Question 9
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 Question text

Service business have tangible products. Select one:

True
False

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Other miscellaneous bank charges like fees for printing checks, handling collections of
Select one:
Service chargers
Deposits in transit
Charges for NSF check
Outstanding checks

Percentage Tax is applied on which type of product? Select one:

Tobacco
Precious Metals
None of the choices
Alcohol

Question 2
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In a proportionate tax system, when an individual earns more, the taxable income
. Select one:
Decreases
Increases
Depending on the situation
Same

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The bank on the other hand keeps record of the depositor's transactions in a . Select one
Deposit Account
Cash in a Bank Account
Current Account
Savings Account

Question 4
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These are receipts by the depositor that reached the bank too late to appear in the bank
Select one:
NSF checks
Outstanding checks
Deposits in transit
Service charges

Question 5
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This means VAT is already included in the selling price. Select one:
VAT-exclusive
VAT-inclusive
None of the choices
Both A and B

Question 6
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It is an internal control tool that helps the company identify and check for irregularities
Select one:
Bank statement
Statement of account
Bank reconciliation
Balance Inquiry

Question 7
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These are imposed on the privilege to sell products and services. Select one:
Excise Tax
Value-Added Tax
Percentage Tax
Luxury Tax

Question 8
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Excise Tax is imposed on which product? Select one:

Alcohol product
Jewelry
Mineral product
All of the choices

Question 9
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When should depositors prepare a bank reconciliation? Select one:

Every year
Anytime
Every month
Everyday

Question 10
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 Question text

It is the one recorded by the seller upon the sale of the good or service. Select one:
Value-Added Tax
Output Tax
R-VAT
Input Tax

Question 11
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These are taxes imposed on the earnings of businesses deriving income in the country. S
Percentage Tax
Value-Added Tax
Business Tax
Excise Tax

Question 12
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This account shows the cash balance at the beginning of the month, cash receipts and
 Select one:
Deposit Account
Savings Account
Cash in a Bank
Current Account

Question 13
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Wealthy nations implement a tax system. Select one:

Progressive
Proportionate
Transfer
Regressive

Question 14
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pertains to an individual's personal earnings. Select one:

Income tax
Business Tax
Estate Tax
 d. Sin Tax

Question 15
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It is the most common business tax in the country. Select one:

Value-Added Tax
Excise Tax
Donor's Tax
Percentage Tax

Question 16
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If taxable income is not over than P10, 000, the tax due is . Select one:
9%
3%
5%
7%

Question 17
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Credit is the normal balance of purchases. Select one:

True
False

Question 18
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It is the tax shouldered by the buyer when purchasing the goods. Select one:
Input Tax
Output Tax
Excise Tax
Value-Added Tax

Question 19
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Credit and debit memoranda are .

 Select one:
Adjustments in the unadjusted book balance. CORRECT
Adjustments in the unadjusted bank balance.
The asset account maintained by the depositor to record deposits and withdrawals in th
Receipts by the depositor that reached the bank too late to appear in the bank statemen

Question 20
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The most common tax rate system is . Select one:

Progressive
All of the choices
Regressive
Proportionate

Correct
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The adjusted trial balance is the last report prepared before the is made. Select one:
financial statement
General journal
c. General ledger
d. Worksheet

Question 2
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Banks in the Philippines usually credit the depositor's account once the check is cleare~

Select one:
True
False

Question 3
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Give the correct answer.

BIR Form 0605 is also known as

Payment

. Answer

Question 4
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 Flag question

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Amusement tax is under Percentage tax.

Select one:
True
False

Question 5
Correct
Mark 1.00 out of 1.00

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In the operation of law, corporations are artificial beings thus, BIR forms and taxes
paid by the company is under the Corporation's name and not under the owners'.

Select one:
True
False

Question 6
Correct
Mark 1.00 out of 1.00

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If on the base year 2015 total assets is P200,000 and P400,000 on 2016, what
is the percentage increase(decrease)?
Select one:
decrease by 50%
Increase by 50%
decrease by 100%
Increase by 100%

Question 7
Correct
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A journal contains a list of accounts with open balances in the general ledger for a
given period.

Select one:
True
False

Question 8
Correct
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Question text

A merchandising business has two different systems in accounting for their sales and
purchases.

Select one:
True
False

Question 9
Correct
 Mark 1.00 out of 1.00

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The liability account will increase if a credit to this account is posted as credit also
Select one:
Accounts payable
Cash
Office supplies
Prepaid insurance

Question 10
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Give the correct answer. Numbers only.

How much is the Value-added Tax in the Philippines?
12 Answer

Question 11
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Question text

A journal is composed of a group of

accounts. Select one:

True
False

Question 12
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Percentage tax is the most common type of business tax.

Select one:
True
False

Question 13
Correct
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The depositor should prepare a bank reconciliation each month to verify that
these independent set of records are in agreement.

Select one:
True
False

Question 14
Correct
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 Flag question

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The entry to record the advance collection of service revenue is? Select one:
dr cash cr unearned service revenue
dr unearned service revenue cr service revenue
dr unearned service revenue cr cash
none of the choices

Question 15
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VAT are imposed on the privilege to sell products and services. Select one:
True
False

Question 16
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When a depositor open an account with a bank, the relationship existing
between the parties is a lender (the bank), and a borrower (the depositor)
relationship.

Select one:
True
False

Question 17
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Credit is the normal balance of purchases.

Select one:
True
False

Question 18
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The bank sends a bank statement to a depositor every

month. Select one:

True
False

Question 19
Correct
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 Flag question

Question text

It means how quickly you can get your hands on your cash. Select one:
Stability
profitability
growth
Liquidity

Question 20
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Checks are not considered as cash. Select one:

True
False

Question 21
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What is the effect to cash if a debit balance in the general journal is posted as credit to
Select one:
Zero Balance
No effect
Increase cash
decrease cash

Question 22
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A bank statement is also referred as statement of account. Select one:

True
False

Question 23
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Question text

Give the correct answer.

In the Philippines, Excise tax is also called
sin as
tax Answer

.
 Question 24
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If the total assets amounts to P100,000, which is the base item, what percent is the cur
Select one: a. 20%
b. 80%
c. 50%
d. 5%

Question 25
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Freight refers to costs incurred for transportation. Select one:

True
False

Question 26
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Question text

If the total liabilities is P200,000, it being the base item, what percent is current liabiliti
Select one: a. 15%
b. 10%
c. 5%
d. 20%

Question 27
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Only the errors of the depositor could create differences in the Cash in Bank and Curre
Select one: True False

Question 28
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Question text

Give the correct answer.

It is the tax shouldered by the buyer when purchasing the goods.
Answer
Input tax
Question 29
Correct
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Account is used to summarize the increases and decreases in the asset, liability
and proprietorship of the business.

Select one:
True
False

Question 30
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Question text

Excise tax is a form of Business

Tax. Select one:

True
False

Question 31
Correct
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Question text

Excise Tax are taxes on

property. Select one:

True
False

Question 32
Correct
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Tax imposed on the privilege to sell products and services are called "sin tax".

Select one:
True
False

Question 33
Correct
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Question text

It contains accounts transferred from the general journal.

Select one:
a.Balance sheet
b.General ledger
c. worksheet
d.trial balance
Question 34
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Business transactions affects the assets, liabilities and proprietorship of the

business Select one:

True
False

Question 35
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Give the correct answer.Acronyms only.

It is the most common type of Business Tax.AnswerV

Question 36
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Purchases, unlike sales, does not have discounts.

 Select one: True False

Question 37
Correct
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Analysis based on the changes on the amounts from one period to another. Select one:
none of the above
Horizontal analysis
vertical analysis
Ratio analysis

Question 38
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It is necessary to understand the normal balances of accounts to know if they shall be

Select one: True False

Question 39
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 Flag question

Question text

A savings account is only supported by an ATM

car~ Select one:

True
False

Question 40
Correct
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Output tax is the tax shouldered by the buyer when purchasing the

goods. Select one:

True
False

Question 41
Correct
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All the accounts below have debit normal balance except

Select one:
a. Miscellaneous expense
Salaries payable
Tools
prepaid rent

Question 42
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You always pay for

VAT. Select one:

True
False

Question 43
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Bank statement is the same as a passbook account in terms of content.

Select one:
True
False

Question 44
Correct
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 Flag question

Question text

This is prepared after all adjustments have been recorded and posted. Select one:
Adjusted trial balance
unadjusted trial balance
Financial statement
worksheet

Question 45
Correct
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The balances shown in the bank statement and in the accounting records are both adj
Select one: True False

Question 46
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Freight out is included in the cost of

goods. Select one:

True
False

Question 47
Correct
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Question text

A bank statement is a document that is issued annually by the

bank. Select one:

True
False

Question 48
Correct
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If on the base year 2016 the current assets is P300,00 and P100,00 on 2017, how much
is the increase/decrease?

Select one:
a.decrease by P100,000
b.Increase by P200,000
c. decrease by P200,000
d.Increase by P100,000

Question 49
Incorrect
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The transactions recorded in the Cash in Bank is not reflected in the Current Account.

Select one:
True
False

Question 50
Correct
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Question text

In accounting, Value-added Tax is a common transaction.

Select one:
True
False

In T-account, Credit or CR can be seen on

the: Select one:

a.Depends on the one who is writing it
b.Right
c. Bottom
d.Left

Question 2
Correct
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 Flag question

Question text

What is the accounting equation? Select one:

Liability + Equity + Income - Expense
Asset
Asset
Equities (Liability - Equity)
Liability - Equity
Asset
None of the choices

Question 3
Correct
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Question text

Which is written first? Select one:

Explanation
Amount to be credited
Folio
Amount to be debited

Question 4
Correct
Mark 1.00 out of 1.00
Flag question
Question text

To apply the concepts of Vertical and Horizontal analysis on the given financial data. Ho
Select one:
All of the choices
Horizontal Analysis
Ratio Analysis
Vertical Analysis

Question 5
Partially correct
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Identification:
1.All transactions are initially recorded in this document. Answer
General Journal

Ow ners Equity
2.Equities (Liability + Equity) = Answer

Creation of journal entries

3.Answer
is the second step in the accounting cycle.

4. It is the book of original entry.Journ

Answer

5. Answer
Increas

in liabilities is an account to be credited.

6. Answer
debit

is on the left side of the T-account.

7. Folio is also known as thedeb

Answer

or DR.

8. How many columns does a General Journal have? Answer 5

9. Answer
Account

comprises the claims of the owners on the assets of the firm after deducting the
claims of the creditors, known as their liabilities.

10. Are increase in asset debited or credited? Answer

Debite
 Question 6
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Posting is the step in the accounting process. Select one:

3rd
1st
2nd
4th

Question 7
Correct
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Question text

To differentiate the different techniques of financial analysis. is the comparison of a com

Select one:
None of the choices
Ratio Analysis
Vertical Analysis
Horizontal Analysis

Question 8
Incorrect
 Mark 0.00 out of 1.00

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The following consists a journal except: Select one:

Business name
Debit column
Account titles
Folio

Question 9
Correct
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Question text

Decrease in liabilities falls under: Select one:

None of the choices
Equities
Accounts credited
Accounts debited

Question 10
Correct
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 Question text

This is where we write the page number of the journal in which the information is taken
Select one:
Folio
Account No.
Date
Explanation

is used to interpret the relationship among the different accounts found in the financial s
Select one:
All of the choices
Ratio Analysis
Horizontal Analysis
Vertical Analysis

Question 2
Correct
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What do we do during the posting phase? Select one:

We prepare a trial balance.
Transfer information from the journal to the general ledger
Transfer information from ledger to the journal
We prepare an unadjusted trial balance

Question 3
Correct
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The General Ledger is known as the Select one:

"Book of final entry"
"Book of original entry"
"Book of third cycle"
None of the choices

Question 4
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To differentiate the different techniques of financial analysis. It highlights computations t

Select one:
Vertical Analysis
Horizontal Analysis
Ratio Analysis
All of the choices

Question 5
Correct
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Question text

is the comparison of a company's financial statements from one period to another.

Select one:
Horizontal Analysis
Analytical techniques
Ratio Analysis
Vertical Analysis

Question 6
Correct
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The dates of the transactions could be Select one:

Written in a chronological order
Written in any manner.
Written in an ordinal manner
Both B and C

Question 7
Correct
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The accounting equation is followed in arranging accounts according to . Select one:

Liquidity
All of the choices
Stability
Profitability

Question 8
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It is used to summarize the increases and decreases in the asset, liability and proprietors
Select one:
Liability
Assets
Account
Equity

Question 9
Correct
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 Flag question

Question text

The credit accounts are posted on which side of the ledger? Select one:
Right
Center
Left
Bottom

Question 10
Correct
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The most common analytical technique: Select one:

Profitability
Stability
None of the choices
Liquidity

To post a debit accounts receivable to the general ledger, we have to place the amount t
Select one:
Middle
cannot be posted
Left
 d. Right

Question 2
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This is the book used in recording the business transaction. It is also known as the book
Select one:
worksheet
general ledger
Trial balance
General journal

Question 3
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To post a transaction, transfer the accounts from to . Select one:

General ledger to general journal
general journal and general ledger

Question 4
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It can be used in exchange for goods, debt, or services. Select one:

All of the choices
Check
Cash
None of the choices

Question 5
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It means how quickly you can get your hands on your cash. Select one:
Liquidity
growth
Stability
profitability

Question 6
Correct
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 Question text

Which is written first? Select one:

Account to be credited
No order is followed
Either A or B
Account to be debited

Question 7
Incorrect
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It is the fund maintained by an individual or an entity in a bank that allowed money to be

Select one:
Current Account
Savings account
Deposit account
None of the choices

Question 8
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Transactions posted to the general ledger are from Select one:
 none of the choices
trial balance
Journal
Financial statement

Question 9
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All transactions are initially recorded in the . Select one:

Financial Statements
Balance Sheet
General Journal
General Ledger.

Question 10
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What should be done first? Select one:

Foot the accounts
Prepare the trial balance
Take the difference between the totals of the debits and credits.
Prepare the unadjusted trial balance
Question 11
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A small business entity makes use of the simplest form of journal which is the
general journal in recording their transactions.

Select one:
True
False

Question 12
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The company's ability to withstand the ups and downs in the business

operations. Select one:

a.profitability
b.liquidity
c. growth
d.stability

Question 13
Correct
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 Question text

is used to interpret the relationship among the different accounts found in the financial
Select one:
All of the choices
Ratio Analysis
Horizontal Analysis
Vertical Analysis

Question 14
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The entry to record the unearned service revenue that has been earned? Select one:
dr cash cr unearned service revenue
dr unearned service revenue cr service revenue
dr unearned service revenue cr cash

Question 15
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This technique confines itself in a period of time and compares its components with a
Select one:
 Ratio analysis
Horizontal analysis
vertical analysis
none of the choices

Question 16
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Confines itself in a period of time and compares its components with a base item in the fi
Select one:
Vertical Analysis
Horizontal Analysis
Ratio Analysis
All of the choices

Question 17
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A journal is the book of final entry. Select one:

True
False

Question 18
 Correct
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On September 1, 2016, Mr. Bruno invested P100,000 to open up a barber shop, what is th
Select one:
dr Mr. Bruno, Capital cr Accounts Payable
dr Mr. Bruno, Capital cr Cash
dr Cash cr Mr. Bruno, Capital

Question 19
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It is the most common type of deposit account. Select one:

All of the choices
Deposit Account
Savings Account
Current Account

Question 20
Correct
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The entry to record the depreciation for the period? Select one:
dr depreciation expense cr cash
dr accumulated depreciation cr depreciation expense
dr depreciation expense cr accumulated depreciation

Question 1
Correct
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Debit accounts are posted on the debit side of the ledger and credit accounts are post
Select one: True False

Question 2
Correct
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Which is written first?

Select one:
Explanation
Amount to be credited
Amount to be debited
Folio

Question 3
Correct
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A general ledger contains a page number, columns for the date, explanation, folio,
debit and credit.

Select one:
True
False

Question 4
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What is the ratio to test ability to meet sudden & immediate demands on current

assets? Select one:

a.current assets/current liabilities
b.Current assets-current liabilities
c. Working capital/total assets
d.quick assets/current liabilities
 Question 5
Correct
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Another term for foot is : Select one:

Sum
Net
Gross
Total

Question 6
Correct
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To apply the concepts of Vertical and Horizontal analysis on the given financial data.
makes use of common size financial statements to convert each financial statement item
Select one:
Horizontal Analysis
Ratio Analysis
Both B and C
Vertical Analysis

Question 7
Correct
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 Flag question

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Static analysis means that:

Select one:
Compares the company's financial statements from one period to another
Interprets the relationship among the different accounts found in the financial statemen
Only looks at financial statement information one period at a time.
None of the choices

Question 8
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How many types does a deposit account have? Select one:

2
3
5
4

Question 9
Correct
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 Flag question

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Credit is on the side of the T-account. Select one:

Center
Left
Bottom
Right

Question 10
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Debit is on which side of the ledger? Select one:

Left
Right
Bottom
Center

Question 11
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Question text

There are three types of financial statements which are the statement of financial position,
income statement and statement of owner's equity.

Select one:
True
False

Question 12
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Vertical analysis makes use of common size financial statements to convert each financial
statement item to its base year.

Select one:
True
False

Question 13
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Why are checks considered as cash?

Select one:
a.All of the choices
b.They share the same function
c. None of the choices
d. They can be deposited or encashed

Question 14
Correct
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When posting, if the debit total is more than the credit total, the difference is placed on
the credit side.

Select one:
True
False

Question 15
Correct
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Increase in asset is considered

as: Select one:

a.Equities
b.None of the choices
c. Account Credited
d.Account Debited

Question 16
Correct
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 Flag question

Question text

The column is written to indicate the page number of the ledger in which the entry is tra
Select one:
Amount to be credited
Date
Amount to be debited
Folio

Question 17
Correct
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is the comparison of a company's financial statements from one period to another.

Select one:
Analytical techniques
Vertical Analysis
Ratio Analysis
Horizontal Analysis

Question 18
Correct
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 Flag question

Question text

It is ability of a company to use its resources to generate revenues in excess of its expe
profitability
stability
growth
liquidity

Question 19
Incorrect
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Flag question

Question text

General journal is the book where transactions are recorded? What book do we use to po
Select one:
General ledger
balance sheet
trial balance
Worksheet

Question 20
Correct
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 Flag question

Question text

Vertical analysis interprets the relationship among the different accounts found in the fi
Select one:
Both statements are true
Both statements are false
The 1st statement is false. The 2nd statement is true.
The 1st statement is true. The 2nd statement is false.

Question 1
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Freight out is included in the cost of goods. Select one:

True
False

Question 2
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 The balances between the Cash in Bank and the Current Account-Depositor accounts ar
Select one:
Equal
Undetermined
Either A or C
Unequal

Question 3
Correct
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This account shows the cash balance at the beginning of the month, cash receipts and de
Select one:
Current Account
Cash in a Bank
Savings Account
Deposit Account

Question 4
Correct
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These are adjustments in the unadjusted bank balance. Select one:
Deposits and Outstanding checks
All of the choices
None of the choices
Credit and Debit Memoranda

Question 5
Correct
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Freight in is included as part of the total cost of inventory

purchased. Select one:

True
False

Question 6
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Purchase have discounts.

Select one:
True
False

Question 7
Correct
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 Flag question

Question text

Who should prepare a bank reconciliation? Select one:

Bank
Both A and B
Depositor
Neither A nor B

Question 8
Correct
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These are receipts by the depositor that reached the bank too late to appear in the bank
Select one:
Outstanding Checks
Service Charges
None of the Above
Deposits in transit

Question 9
Correct
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 Flag question

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It is an internal control tool that helps the company identify and check for irregularities
Select one:
Income Statement
None of the choices
Bank statement
Bank reconciliation

Question 10
Correct
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It is an internal control tool that helps the company identify and check for irregularities in
Select one:
Balance Inquiry
Statement of account
Bank reconciliation
Bank statement

The leading country in Asia who has the highest percentage of income tax. Select one:
India
Philippines
c. China
d. Indonesia

Question 2
Incorrect
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Income from a merchandising business is entered in the journal entries as revenues.

Select one:
True
False

Question 3
Correct
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The balances between the Cash in Bank and the Current Account-Depositor accounts
are always

Select one:
a.Equal
b.Undetermined
c. Unequal
d.Either A or C

Question 4
Correct
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Dealers of cars, retail shops, and sari-sari stores are examples of manufacturing busin
True
False

Question 5
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Other miscellaneous bank charges like fees for printing checks, handling collections of
Select one:
Charges for NSF check
Outstanding checks
Service chargers
Deposits in transit

Question 6
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These are removed first from the total annual income. Select one:
Taxpayer's due
Personal deductions and exemptions
Discounts
All of the choices

Question 7
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Service business have tangible products.

Select one:
True
False

Question 8
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It helps to determine transactions that must be recorded to update or correct

the depositor's accounting records and to determine the actual amount of the
cash deposit balance at the end of the month.

Select one:
a.Bank Reconciliation Statement
b.Financial Report
 c. Bank Statement
d. Financial Statement

Question 9
Incorrect
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These are imposed on the privilege to sell products and services. Select one:
Luxury Tax
Excise Tax
Percentage Tax
Value-Added Tax

Question 10
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Question text

Wealthy nations implement a tax system. Select one:

Regressive
Progressive
Proportionate
Transfer

Question 11
Correct
 Mark 1.00 out of 1.00

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Which is NOT a major type of tax Select one:

Transfer tax
Business tax
Income tax
Donor's tax

Question 12
Incorrect
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Question text

Donor's Tax and Estate Tax are types of . Select one:

Income Tax
Luxury Tax
Business Tax
Transfer Tax

Question 13
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 Question text

Credit is the normal balance of purchases. Select one:

True
False

Question 14
Incorrect
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This kind of tax system is the easiest to compute. Select one:

Regressive Tax
Proportionate Tax
Progressive Tax
Income Tax

Question 15
Correct
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The most common tax rate system is . Select one:

Regressive
Progressive
All of the choices
 d. Proportionate

Question 16
Correct
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It is the most common type of business tax. Select one:

Excise Tax
Value-Added Tax
Percentage tax
Sin Tax

Question 17
Correct
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The bank on the other hand keeps record of the depositor's transactions in a . Select one
Savings Account
Cash in a Bank Account
Current Account
Deposit Account

Question 18
Correct
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Excise Tax is also called as . Select one:

Business Tax
Luxury Tax
Sin Tax
None of the choices

Question 19
Correct
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The depositor will keep . Select one:

Liability
None of the choices
An asset
Both A and B

Question 20
Correct
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 Question text

It is an internal control tool that helps the company identify and check for irregularities
Select one:
Bank reconciliation
Statement of account
Balance Inquiry
Bank statement

A merchandising business has two different systems in accounting for their sales and
Select one: True False

Question 2
Correct
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These are receipts by the depositor that reached the bank too late to appear in the bank
Select one:
Service charges
NSF checks
Deposits in transit
Outstanding checks

Question 3
Correct
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 Flag question

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is the department that is tasked to collect taxes. Select one:

Bureau of Internal Revenue
Bureau of Customs
Department of Budget and Management
Securities and Exchange Commission

Question 4
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Purchase discounts are present on goods purchased on credit account. Select one:
True
False

Question 5
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These are caused by timing differences and errors committed by the depositor or the b
 Select one:
Preparation of Bank reconciliation
None of the choices
Differences in the Cash in Bank and the Current Account
Issuance of Bank Statement

Question 6
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The inherent power to tax brought about by the government's law. Select one:
Law enforcement
Taxation
Tax
Reform

Question 7
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A type of tax system wherein the government imposes higher taxes on higher earnings. S
Regressive
Progressive
Proportionate
 d. None of the choices

Question 8
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The following consists the Principles of a Sound Tax System except: Select one:
Fiscal Adequacy
Consistency with economic goals
Equality
Unity

Question 9
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How much is the tax due if the taxable income is not over P 10,000? Select one:
7%
5%
6%
Non-taxable

Question 10
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Question text

pertains to an individual's personal earnings. Select one:

Estate Tax
Sin Tax
Business Tax
Income tax

Question 11
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This means that VAT is already included in the selling price. Select one:
VAT-exclusive
VAT-inclusive
Output Tax
Input Tax

Question 12
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 Question text

These are adjustments in the unadjusted bank balance. Select one:

Credit and Debit Memoranda
All of the choices
Deposits and Outstanding checks
None of the choices

Question 13
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These are taxes on property. Select one:

Input Tax
Percentage Tax
Excise Tax
Output Tax

Question 14
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These should be removed first to arrive at the taxable income. Select one:
a. Taxpayer's due
Personal exemption
Both A and B
Personal deductions

Question 15
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These are applied only on certain businesses and transactions Select one:
Business Tax
Percentage Tax
Excise Tax
Value-Added Tax

Question 16
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It is the most common business tax in the country. Select one:

Excise Tax
Donor's Tax
Percentage Tax
Value-Added Tax

Question 17
Correct
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Income from a merchandising business is entered in the journal entries as sales.

Select one:
True
False

Question 18
Correct
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Purchases account is only seen in the periodic inventory system.

Select one:
True
False

Question 19
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 This account shows the balance at the beginning of the month, the deposits and other a
Select one:
Savings Account
Current Account
Deposit Account
Cash in a Bank

Question 20
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Amusement tax is under . Select one:

None of the choices
Excise Tax
Percentage Tax
Value-Added Tax

Question 1
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The depositor will record bank transactions in a . Select one:
 Savings account
Deposit account
Current account
Cash in a bank account

Question 2
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Excise Tax is imposed on which product? Select one:

Alcohol product
Mineral product
All of the choices
Jewelry

Question 3
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It is an internal control tool that helps the company identify and check for irregularities in
Select one:
Bank statement
Bank reconciliation
None of the choices
 d. Income Statement

Question 4
Correct
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In accounting, this type of tax is also a common transaction. Select one:

Percentage Tax
Excise Tax
Business Tax
Value-Added Tax

Question 5
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Materials could be altered before selling in merchandising business. Select one:

True
False

Question 6
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 Flag question

Question text

Freight out is included in the cost of goods. Select one:

True
False

Question 7
Correct
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If taxable income is not over than P10, 000, the tax due is . Select one:
3%
7%
9%
5%

Question 8
Correct
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These are taxes imposed on specified goods manufactured or produced in the Philippin
 Select one:
Percentage Tax
Business Tax
Excise Tax
Value-Added Tax

Question 9
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BIR Form 2306 is known as . Select one:

Certificate of Final Tax Withheld at Source
Payment Form
None of the choices
Application for Tax Identification Number

Question 10
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The balances shown in the bank statement and in the accounting records are: Select one
Adjusted and corrected
Unadjusted and corrected
Unadjusted and uncorrected
 d. Adjusted and uncorrected

Question 11
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It is the one recorded by the seller upon the sale of the good or service. Select one:
Value-Added Tax
Input Tax
Output Tax
R-VAT

Question 12
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Inventory is exclusive only to merchandising business. Select one:

True
False

Question 13
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 Flag question

Question text

Freight refers to costs incurred for transportation. Select one:

True
False

Question 14
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These are imposed on properties or rights transferred by one entity to another entity. Se
Business Tax
Income Tax
Sin Tax
Transfer Tax

Question 15
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VAT in the Philippines is set to how many percent?

Select one:
12
10
15
7

Question 16
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Purchases, unlike sales, does not have

discounts. Select one:

True
False

Question 17
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It is the leading country in Asia who has the highest percentage of

income tax. Select one:

a.Taiwan
b.Korea
c. China
d.Philippines

Question 18
Correct
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FOB destination retains the ownership with the seller until the goods reach the destination.

Select one:
True
False

Question 19
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Freight in is included as part of the total cost of inventory

purchased. Select one:

True
False

Question 20
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In the operation of law, corporations are artificial beings thus, BIR forms and taxes
paid by the company is under the .
 Select one:
Either A or B
Owner's name
None of the choices
Corporation's name

Question 1
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When do we prepare the unadjusted trial balance? Select one:

Either A or B
Before posting
After Journalizing
After posting

Question 2
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Which is written first? Select one:

Amount to be credited
Amount to be debited
Explanation
 d. Folio

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The dates of the transactions could be Select one:

Written in a chronological order
Both B and C
Written in any manner.
Written in an ordinal manner

Question 4
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Static analysis means that:

Select one:
Interprets the relationship among the different accounts found in the financial statements
Compares the company's financial statements from one period to another
Only looks at financial statement information one period at a time.
None of the choices

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The dates of the transactions should be written in Select one:

Ordinal
Chronological
Systematic and in any order.
None of the choices

Question 6
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Increase in asset is considered as: Select one:

Equities
Account Credited
None of the choices
Account Debited

Question 7
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 Question text

To enumerate the different categories of financial information. Solvency is also known a

Liquidity
Adaptability
Profitability
Stability

Question 8
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To apply the concepts of Vertical and Horizontal analysis on the given financial data.
makes use of common size financial statements to convert each financial statement item
Select one:
Vertical Analysis
Both B and C
Ratio Analysis
Horizontal Analysis

Question 9
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What do we do during the posting phase?

 Select one:
Transfer information from ledger to the journal
Transfer information from the journal to the general ledger
We prepare a trial balance.
We prepare an unadjusted trial balance

Question 10
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The following consists a journal except: Select one:

Debit column
Folio
Account titles
Business name

It means how quickly you can get your hands on your cash. Select one:
Liquidity
Stability
growth
profitability

Question 2
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Question text

Vertical analysis interprets the relationship among the different accounts found in the fi
Select one:
The 1st statement is true. The 2nd statement is false.
Both statements are false
Both statements are true
The 1st statement is false. The 2nd statement is true.

Question 3
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Vertical analysis is also known as static analysis as it only looks at financial statemen
Select one: True False

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This technique highlights computations that allow the reader to understand how the c
Select one:
Ratio analysis
none of the choices
Horizontal analysis
vertical analysis

Question 5
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There are three types of financial statements which are the statement of financial position,
income statement and statement of owner's equity.

Select one:
True
False

Question 6
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All transactions are initially recorded in the

. Select one:
a.General Ledger.
b.General Journal
c. Balance Sheet
d.Financial Statements

Question 7
 Correct
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is the comparison of a company's financial statements from one period to another.

Select one:
Horizontal Analysis
Vertical Analysis
Ratio Analysis
Analytical techniques

Question 8
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To differentiate the different techniques of financial analysis. It highlights computations t

Select one:
Ratio Analysis
All of the choices
Horizontal Analysis
Vertical Analysis

Question 9
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Journalizing is the step in the accounting cycle. Select one:

Last
2nd
1st
3rd

Question 10
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Credit is the normal balance of the office supplies, rent expense and drawing accounts
True
False

Question 11
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It is done after analyzing the business transaction.

 Select one:
Preparing an Income statement
Writing in the General Ledger
Journalizing
Preparing financial statements

Question 12
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Horizontal analysis only looks at financial statement information one period at a time. Ve
Select one:
The 1st statement is false. The 2nd statement is true.
Both statements are false
The 1st statement is true. The 2nd statement is false.
Both statements are true

Question 13
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It shows the fair measure of assets, liabilities and owner's equity. Select one:
Adjusting Entries
Posting
 c. Unadjusted Trial Balance
d. None of the choices

Question 14
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Decrease in liabilities falls under: Select one:

Accounts credited
Equities
None of the choices
Accounts debited

Question 15
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What is the accounting equation? Select one:

Liability - Equity
Liability + Equity + Income - Expense
None of the choices
Equities (Liability - Equity)
Asset
Asset
 g. Asset

Question 16
Correct
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What is true about the General Ledger? Select one:

It is the book of final entry
Composed of a group of accounts.
All of the choices
It is used for posting

Question 17
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How many main categories does a financial information have? Select one:
8
5
3
7

Question 18
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is done after analyzing the business transaction. Select one:

Journalizing
Preparing an Income statement
Writing in the General Ledger
Preparing financial statements

Question 19
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The first step in journalizing transactions is to:

Select one:
Write the amount to be debited then the amount to be credited
Write the date of the transaction
Write the folio or reference number
No specific order is followed

Question 20
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Question text

It is used to summarize the increases and decreases in the asset, liability and proprieto
Select one:
Liability
Assets
Equity
Account

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Inventory is exclusive only to merchandising business. Select one:

True
False

Question 2
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Credit and debit memoranda are . Select one:
The asset account maintained by the depositor to record deposits and withdrawals in th
Adjustments in the unadjusted bank balance.
Adjustments in the unadjusted book balance.
Receipts by the depositor that reached the bank too late to appear in the bank statemen

Question 3
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Purchases account is only seen in the periodic inventory system.

Select one:
True
False

Question 4
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The balances between the Cash in Bank and the Current Account-Depositor accounts
are always

Select one:
a.Undetermined
b.Unequal
c. Either A or C
d.Equal
 Question 5
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These are usually representing fees for handling small accounts. Select one:
Debit and Credit memoranda
Outstanding checks
Service Charges
NSF checks

Question 6
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The bank on the other hand keeps record of the depositor's transactions in a . Select one
Savings Account
Deposit Account
Current Account
Cash in a Bank Account

Question 7
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Inventory is a tangible product.

Select one:
True
False

Question 8
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Materials could be altered before selling in merchandising business.

Select one:
True
False

Question 9
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This account shows the balance at the beginning of the month, the deposits and
other additions (credits), the checks paid and other deductions (debits) during the
month, and the ending balance.
 Select one:
Savings Account
Current Account
Deposit Account
Cash in a Bank

Question 10
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The depositor will keep . Select one:

None of the choices
An asset
Both A and B
Liability

The depositor keeps record of bank transactions in a Select one:

Saving Account
Deposit Account
Cash in a Bank Account
Current Account

Question 2
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 Question text

Wealthy nations implement a tax system. Select one:

Proportionate
Regressive
Transfer
Progressive

Question 3
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Percentage Tax is applied on which type of product? Select one:

Tobacco
None of the choices
Precious Metals
Alcohol

Question 4
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Excise tax is a form of Select one:

a. Transfer Tax
Income Tax
Value-Added Tax
Business Tax

Question 5
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The government agency assigned to collect taxes from the people. Select one:
SEC
BoC
DBM
BIR

Question 6
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You always pay for it. Select one:

All of the choices
Value-Added-Tax
Percentage Tax
Excise Tax

Question 7
 Incorrect
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Purchases, unlike sales, does not have discounts. Select one:

True
False

Question 8
Incorrect
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BIR Form 2306 is known as . Select one:

Application for Tax Identification Number
None of the choices
Payment Form
Certificate of Final Tax Withheld at Source

Question 9
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 Estate tax falls . Select one:
None of the choices
Income Tax
Transfer Tax
Business Tax

Question 10
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In accounting, this type of tax is also a common transaction. Select one:

Percentage Tax
Business Tax
Value-Added Tax
Excise Tax

Question 11
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It is the leading country in Asia who has the highest percentage of income tax. Select on
Korea
Taiwan
c. China
d. Philippines

Question 12
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A merchandising business uses periodic inventory system for their sales and purchases.

Select one:
True
False

Question 13
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It helps to determine transactions that must be recorded to update or correct

the depositor's accounting records and to determine the actual amount of the
cash deposit balance at the end of the month.

Select one:
a.Bank Reconciliation Statement
b.Financial Statement
c. Bank Statement
d.Financial Report

Question 14
Correct
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These are usually representing fees for handling small accounts. Select one:
Outstanding checks
Debit and Credit memoranda
NSF checks
Service Charges

Question 15
Correct
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The leading country in Asia who has the highest percentage of income tax. Select one:
China
Indonesia
Philippines
India

Question 16
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Question text

A service business relies on time, effort, and

skill. Select one:

True
False

Question 17
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Purchases account is only seen in the periodic inventory system.

Select one:
True
False

Question 18
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A type of tax system wherein the government imposes higher taxes on higher

earnings. Select one:

a.Progressive
b.Regressive
c. None of the choices
d.Proportionate
 Question 19
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The most common tax rate system is . Select one:

Progressive
Proportionate
All of the choices
Regressive

Question 20
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This means VAT is already included in the selling price. Select one:
None of the choices
VAT-exclusive
Both A and B
VAT-inclusive

Question 1
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The first step in coming up with the increase or decrease on the company's books is to
Select one:
none of the choices
Ratio analysis
vertical analysis
Horizontal analysis

Question 2
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If the total assets amounts to P100,000, which is the base item, what percent is the curre
Select one:
a. 5%
b. 50%
c. 20%
d. 80%

Question 3
Correct
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The accounting equation is followed in arranging accounts according to . Select one:

Profitability
Stability
All of the choices
Liquidity

Question 4
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To differentiate the different techniques of financial analysis. Analysis based on the chan
Select one:
Only in absolute numbers but not in percentages
Both absolute numbers and percentages
Either absolute numbers or percentages
Neither absolute nor percentages

Question 5
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Transactions posted to the general ledger are from Select one:

Journal
Financial statement
trial balance
none of the choices

Question 6
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The most common account is the . Select one:

Deposit Account
Savings Account
Current Account
All of the choices

Question 7
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 Question text

A general ledger contains a page number, columns for the date, explanation, folio, deb
Select one: True False

Question 8
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The entry to record the depreciation for the period? Select one:
dr depreciation expense cr cash
dr accumulated depreciation cr depreciation expense
dr depreciation expense cr accumulated depreciation

Question 9
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Bank statement shares the same content with: Select one:

Financial Statement
Passbook
Income Statement
 d. Statement of Financial Position

Question 10
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What do you call the process of getting the difference between the totals of the debits an
Select one:
Debiting
summing
crediting
Footing

Question 11
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It contains a list of accounts with open balances in the general ledger for a given perio~ S
Unadjusted Trial Balance
Income Statement
General Ledger
General Journal

Question 12
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Vertical analysis is also known as static analysis as it only looks at financial statement
information one period at a time.

Select one:
True
False

Question 13
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A measure of the extent to which a person or organization has cash to meet

immediate and short-term obligations.

Select one:
a.Stability
b.profitability
c. Liquidity
d.growth

Question 14
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 A contra asset account like allowance for doubtful accounts, possess a debit normal
True
False

Question 15
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pre-numbered to ensure that they can easily be accounted for and what is lost can easily
Select one:
Cash
Bank Statement
Withdrawal and Deposit Slips
Checks

Question 16
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Analysis based on the changes on the amounts from one period to another. Select one:
vertical analysis
none of the choices
Ratio analysis
 d. Horizontal analysis

Question 17
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This technique confines itself in a period of time and compares its components with a ba
Select one:
Ratio analysis
Horizontal analysis
none of the choices
vertical analysis

Question 18
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Posting is the transfer of information from the journal to general ledger. Select one:
True
False

Question 19
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If on the base year 2016 the current assets is P300,00 and P100,00 on 2017, how much
Select one:
decrease by P100,000
Increase by P100,000
Increase by P200,000
decrease by P200,000

Question 20
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The dates of the transactions should be written in Select one:

Chronological
None of the choices
Ordinal
Systematic and in any order.