lOMoARcPSD|20780571 Sample/practice exam 2020, questions and answers Accountancy (Liceo de Cagayan University) Studocu is not sponsored or endorsed by any college or university Downloaded by KALYNX DY (mendozzzzaanne@gmail.com) lOMoARcPSD|20780571 Chapter 5 Notes Receivable 1. Pr e s e ntva l uei s a .t heval uenow ofaf ut ur eamount . b. t heamountt ha tmus tbei nve s t e dnow t opr oduc eaknownf ut ur eva l ue . c . al wa yss ma l l e rt hant hef ut ur eval ue . d. al loft he s e . 2. Whi c hoft hef ol l owi ngf a c t or swoul ds how t hel ar ge s tval uef orani nt e r e s tr a t eof12 %f ors i x pe r i ods ? a . Pr e s e ntva l ueof1 b. Pr e s e ntva l ueofa nor di nar yannui t yof1 c . Pr e s entval ueofanannui t ydueof1 d. Ans we rc annotbede t e r mi ne d 3. Ahi ghe ri nt e r e s tr a t er e s ul t st o a. i nc r e a s e damountofpr e s e ntval ue . b. dec r e as edamountofpr e s entva l ue . c .s ameamountofpr e s e ntva l ue . d. Ans we rc annotbede t e r mi ne dduet oi ns uffic i e ntda t a 4. As hor t e rpe r i odr e s ul t st o a. i nc r e as edamountofpr es entval ue . b. de c r e a s e damountofpr e s e ntval ue . c .s ameamountofpr e s e ntva l ue . d. s hor t e rac c ount ant . 5. Thepr e s e ntval ueof1f orape r i odofz e r oe qua l s a. 1. b. 0. c . Er r or ! d. Ans we rde pe ndsont hei nt e r e s tr a t e 6. Ane nt i t ys e l l sgoodse i t he ronc a s hbas i soron6mont hi ns t al l me ntba s i s .OnJ anuar y1,2 0x1, goodswi t hc a s hpr i c eof₱50, 00 0we r es ol da tani ns t a l l me ntpr i c eof₱75, 00 0.Whi c hoft he f ol l owi ngs t a t e me nt si sc or r e c t ? a . Ne tr e c e i vabl eof₱7 5, 0 00i sr e c ogni z e dont heda t eofs al e . b. Ne tr e c e i vabl eof₱5 0, 0 00i sr e c ogni z e duponf ul lpa yme ntoft het ot a lpr i c e . c . The₱20, 00 0di ffe r e nc ebe t we e nt hec a s hpr i c eandi ns t al l me ntpr i c ei sr e c ogni z e da si nt e r e s t i nc omeont heda t eofs al e . d. Netr ec ei vabl eof₱5 0, 0 00i sr ec ogni z edont heda t eofs al e . 7. Ane nt i t ys e l l sgoodsf or₱1 50, 00 0t oac us t ome rwhowasgr ant e das pe c i alc r e di tpe r i odof1 ye a r .Thee nt i t ynor ma l l ys e l l st hegoodsf or₱12 0, 0 00wi t hac r e di tpe r i odofonemont horwi t h a₱1 0, 0 00di s c ountf orout r i ghtpa yme nti nc as h.How muc hi st hei ni t i a lme as ur e me ntoft he r e c e i vabl ei ft hee nt i t ydoe snotus et hepr ac t i c ale xpe di e ntal l owe dunde rPFRS1 5? a . 15 0, 0 00 b. 13 0, 0 00 c . 12 0, 0 00 d. 11 0, 0 00 Downloaded by KALYNX DY (mendozzzzaanne@gmail.com) lOMoARcPSD|20780571 Us et h ef o l l o wi ngi nf o r ma t i o nf o rt hene xtt woq ue s t i o ns : OnJ anuar y1,2 0x1,ABCCo.s ol dat r ans por t a t i one qui pme ntwi t hahi s t or i c a lc os tof₱1, 00 0, 0 00a nd ac c umul a t e dde pr e c i a t i onof₱3 00, 00 0i ne x c hangef orc a s hof₱1 00, 00 0a ndanoni nt e r e s t be ar i ng not er e c e i vabl eof₱80 0, 0 00dueonJ anuar y1 ,2 0x4.Thepr e va i l i ngr a t eofi nt e r e s tf ort hi st ypeof not ei s1 2%. 8. How muc hi st hei nt e r e s ti nc omei n20x1? a.68 , 3 31 b.76 , 5 32 c .85 , 7 14 d. 96, 00 0 9. How muc hi st hec ar r yi ngamountoft her e c e i vabl eonDe c e mbe r31 ,2 0x2? a .8 00, 00 0 b.56 9, 42 4 c .63 7, 75 5 d.71 4, 2 86 Us et h ef o l l o wi ngi nf o r ma t i o nf o rt hene xtt hr e eq ue s t i o ns : OnJ anuar y1,20 x1,Moj oCo.s ol dt r ans por t a t i one qui pme ntwi t hahi s t or i c a lc os tof₱20, 00 0, 0 00and ac c umul a t e dde pr e c i a t i onof₱7, 0 00, 00 0i ne x c hangef orc as hof₱5 00, 00 0andanoni nt e r e s t be ar i ng not er e c e i vabl eof₱8, 0 00, 00 0duei n4e quala nnuali ns t a l l me nt ss t ar t i ngonDe c e mbe r3 1,20 x1and e ve r yDe c e mbe r3 1t he r e af t e r . Thepr e vai l i ngr a t eofi nt e r e s tf ort hi st ypeofnot ei s1 2%. 10.How muc hi st hei nt e r e s ti nc omei n20x1? a .7 28, 94 6 b.67 8, 33 4 c .7 28 , 9 64 d. 70 4, 2 36 11.How muc hi st hec ur r e ntpor t i onoft her e c e i vabl eonDe c e mbe r31 ,2 0x1? a .1, 27 1, 0 36 b. 1, 4 23, 56 0 c .3, 38 0, 10 2 d. 1, 5 94, 38 8 12.How muc hi st hec ar r yi ngamountoft her e c e i vabl eonDe c e mbe r31 ,2 0x2? a .4, 80 3, 6 63 b. 3, 3 80, 103 c .6, 07 4, 69 9 d. 6, 0 00, 00 0 Us et h ef o l l o wi ngi nf o r ma t i o nf o rt hene xtt hr e eq ue s t i o ns : OnJ anuar y1,20 x1,ABCCo.s ol dt r ans por t a t i one qui pme ntwi t hahi s t or i c alc os tof₱1 2, 0 00, 00 0a nd ac c umul a t e dde pr e c i a t i onof₱7, 0 00, 00 0i ne x c hangef orc as hof₱1 00, 00 0andanoni nt e r e s t be ar i ng not er e c e i vabl eof₱4, 00 0, 0 00duei n4e quala nnuali ns t al l me nt ss t ar t i ngonJ anuar y1 ,20 x1a nd e ve r yJ anuar y1t he r e af t e r .Thepr e vai l i ngr a t eofi nt e r e s tf ort hi st ypeofnot ei s1 2%. 13.How muc hi st hei nt e r e s ti nc omei n20x1? a .4 08, 23 0 b.27 8, 33 4 c .32 8, 96 4 d.2 88, 22 0 Downloaded by KALYNX DY (mendozzzzaanne@gmail.com) lOMoARcPSD|20780571 14.How muc hi st hec ar r yi ngamountoft her e c e i vabl eonDe c e mbe r31 ,2 0x1? a .1, 69 0, 5 10 b.89 2, 85 7 c .2 , 6 90, 0 51 d. 1, 5 94, 38 8 15.How muc hi st hec ar r yi ngamountoft her e c e i vabl eonJ anuar y1 ,2 0x3? a.89 2, 85 7 b.3, 38 0, 10 2 c .6, 07 4, 69 9 d. 6, 0 00, 00 0 Us et h ef o l l o wi ngi nf o r ma t i o nf o rt hene xtt woq ue s t i o ns : OnJ anuar y1,2 0x1,ABC Co.s ol dmac hi ne r ywi t hhi s t or i c alc os tof₱3, 0 00, 00 0anda c c umul a t e d de pr e c i a t i onof₱90 0, 0 00i ne x c hangef ora3 ye ar ,₱2, 1 00, 00 0noni nt e r e s t be ar i ngnot er e c e i vabl edue i ne qua ls e mi a nnualpa yme nt se ve r yJ ul y1a ndDe c e mbe r31s t ar t i ngonJ ul y1 ,2 0x1.Thepr e va i l i ng r a t eofi nt e r e s tf ort hi st ypeofnot ei s1 0%. 16.How muc hi st hei nt e r e s ti nc omei n20x1? a .8 8, 8 25 b.17 7, 64 9 c .12 8, 96 4 d.1 64, 59 1 17.How muc hi st hec ar r yi ngamountoft her e c e i vabl eonDe c e mbe r31 ,2 0x1? a.1, 24 1, 08 3 b.98 2, 37 8 c .1, 69 0, 05 1 d. 1, 5 94, 38 8 18.OnJ anuar y1,20 x1,ABCCo.s ol dmac hi ne r yc os t i ng₱3, 00 0, 0 00wi t hac c umul a t e dde pr e c i a t i on of₱1, 1 00, 00 0i ne x c hangef ora3ye ar ,₱90 0, 0 00noni nt e r e s t be ar i ng not er e c e i vabl eduea s f ol l ows : Amo unto fi ns t a l l me nt Da t e De c e mbe r3 1, 20 x1 40 0, 0 00 De c e mbe r3 1, 20 x2 30 0, 0 00 De c e mbe r3 1, 20 x3 20 0, 0 00 To t a l 90 0, 0 00 Thepr e vai l i ngr a t eofi nt e r e s tf ort hi st ypeofnot ei s10%.How muc hi st hec ar r yi nga mountof t her e c e i vabl eonDe c e mbe r31 ,2 0x1? a .4 67, 35 4 b. 43 8, 0 16 c .37 6, 34 5 d. 42 8, 3 46 Us et h ef o l l o wi ngi nf o r ma t i o nf o rt hene xtt woq ue s t i o ns : OnJ anuar y1,2 0x1,ABCCo.s ol di nve nt or yc os t i ng₱1, 80 0, 0 00wi t hal i s tpr i c eof₱2, 2 00, 00 0anda c as hpr i c eof₱2, 0 00, 00 0i ne x c hangef ora₱2, 4 00, 00 0noni nt e r e s t be ar i ngnot edueonDe c e mbe r3 1, 20 x3. 19.How muc hi st hei ni t i alme as ur e me ntoft her e c e i vabl e ? a .1, 80 0, 0 00 b.2, 20 0, 00 0 Downloaded by KALYNX DY (mendozzzzaanne@gmail.com) lOMoARcPSD|20780571 c .2 , 0 00, 0 00 d. 2, 4 00, 00 0 20.How muc hi st hec ar r yi ngamountoft her e c e i vabl eonDe c e mbe r31 ,2 0x1? a.2, 12 5, 39 0 b.2, 13 5, 34 1 c .2, 09 8, 34 3 d. 2, 0 00, 00 0 “Not only so, but we also glory in our sufferings, because we know that suffering produces perseverance;” ( Roma ns5: 3) -END Downloaded by KALYNX DY (mendozzzzaanne@gmail.com)