1/19/24, 11:01 AM
Q2 Written Work 1
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Question 1
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It is used to summarize the increases and decreases in the asset, liability and proprietorship of the business.
Select one:
a.
Liability
b. Account
c.
Assets
d. Equity
Question 2
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The first step in journalizing transactions is to:
Select one:
a.
No specific order is followed
b. Write the date of the transaction
c.
Write the amount to be debited then the amount to be credited
d. Write the folio or reference number
Question 3
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The dates of the transactions could be
Select one:
a.
Written in an ordinal manner
b. Written in any manner.
c.
Written in a chronological order
d. Both B and C
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Q2 Written Work 1
Question 4
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Bank statement shares the same content with _________________.
Select one:
a.
A Passbook
b. Statement of Income
c.
Trial Balance
d. Financial statement
Question 5
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The following consists a journal except:
Select one:
a.
Account titles
b. Business name
c.
Folio
d. Debit column
Question 6
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Posting is the transfer of information from the journal to general ledger.
Select one:
True
False
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Q2 Written Work 1
Question 7
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The most common account is the ________________.
Select one:
a.
Deposit Account
b. Savings Account
c.
Current Account
d. All of the choices
Question 8
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These are used to asses' financial information.
Select one:
a.
Analytical techniques
b. All of the choices
c.
Financial statement
d. Financial information
Question 9
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Increase in asset is considered as:
Select one:
a.
Account Credited
b. Account Debited
c.
Equities
d. None of the choices
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Q2 Written Work 1
Question 10
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Aside from equity, what other account also has a normal credit balance?
Select one:
a.
Unearned revenue
b. Repair tools
c.
machineries
Question 11
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The liability account will increase if a credit to this account is posted as credit also to the general ledger.
Select one:
a.
prepaid insurance
b. cash
c.
Accounts payable
d. Office supplies
Question 12
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Credit is the normal balance of the office supplies, rent expense and drawing accounts.
Select one:
True
False
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Q2 Written Work 1
Question 13
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What is the accounting equation?
Select one:
a.
Liability + Equity + Income - Expense
b. None of the choices
c.
Liability - Equity
d. Asset
e.
Equities (Liability - Equity)
f.
Asset
g. Asset
Question 14
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It is a booklet that shows you the details of your bank transactions.
Select one:
a.
Ledger
b. Check
c.
Passbook
d. Journal
Question 15
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The following are the common types of transactions that may conduct in the bank except:
Select one:
a.
Both B and C
b. Deposit
c.
Investing
d. Withdrawal
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Q2 Written Work 1
Question 16
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______________refers to how easily can an individual convert an asset into cash.
Select one:
a.
Profitability
b. Sustainability
c.
Liquidity
d. Stability
Question 17
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How many types does a deposit account have?
Select one:
a.
5
b. 2
c.
4
d. 3
Question 18
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When office supplies are purchased on credit, a liability account is increase~
Select one:
True
False
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Q2 Written Work 1
Question 19
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Which of the following accounts has a credit normal balance?
Select one:
a.
Cash
b. Accounts Payable
c.
Drawing
d. Rent Expense
Question 20
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This is prepared after all adjustments have been recorded and posted.
Select one:
a.
unadjusted trial balance
b. Adjusted trial balance
c.
Financial statement
d. worksheet
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