Republic of the Philippines
Department of Education
Region V (Bicol)
Division of Albay
PANTAO NATIONAL HIGH SCHOOL
Pantao, Libon, Albay
QUIZ IN FUNDAMENTALS OF ACCOUNTING
Completing the Accounting Cycle
4th Quarter, School Year 2017-2018
Items 1 to 9.
Fill in the appropriate blanks for each of the independent situations below.
C. Ninghot
Sales
Beginning inventory
Net purchases
Ending inventory
Cost of goods sold
Gross profit
Operating expenses
Income before taxes
G. Nombag
V. Nayo
(1) _______
343,400
540,000
52,600
(4) _______
110,000
190,300
255,600
(7) _______
52,200
105,000
63,000
(2) _______
(5) _______
407,000
85,300
98,000
(8) _______
(3) _______
50,000
48,000
10,000
(6) _______
(9) _______
Items 10 to 12.
At the beginning of the year, Tina D. Hann Company had total assets of 700,000 and total
liabilities of 300,000. Answer the following questions viewing each situation as being
independent of the others.
(10) If total assets increased 225,000 during the year, and total liabilities decreased
100,000, what is the amount of shareholders’ equity at the end of the year?
(11) During the year, total liabilities increased 315,000 and shareholders’ equity decreased
130,000. What is the amount of total assets at the end of the year?
(12)If total assets decreased 60,000 and shareholders’ equity increased 180,000 during
the year, what is the amount of total liabilities at the end of the year?
Item 13.
(13) Gross billings for merchandise sold by Anne Fang Hei Company to its customers last
year amounted to 10,720,000; sales returns and allowances were 270,000, sales discounts
were 175,000, and freight-out was 140,000. Net sales last year for Anne Fang Hei Company
were
a. 10,720,000
b. 10,450,000
c.
d.
10,275,000
10,135,000
Items 14 to 15.
O. Rolly Corp. reports operating expenses in two categories: (1) selling and (2) general
and administrative. The adjusted trial balance at December 31, 2017, included the following
expense accounts:
Accounting and legal fees
Advertising
Freight-out
Interest
Loss on sale of long-term investments
Officers' salaries
Rent for office space
Sales salaries and commissions
240,000
300,000
150,000
120,000
60,000
360,000
320,000
220,000
One-half of the rented premises is occupied by the sales department.
(14) How much of the expenses listed above should be included in O. Rolly's selling expenses
for 2017?
a. 520,000
c.
680,000
b. 670,000
d.
830,000
(15) How much of the expenses listed above should be included in O. Rolly's general and
administrative expenses for 2017?
a. 760,000
c.
880,000
b. 820,000
d.
940,000