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    Midterm Exam in Basic Accounting

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    Mary Joy Sumapid
    The document appears to be a practice exam for a basic accounting course. It contains 5 multiple choice questions testing accounting concepts related to revenue, expenses, withdrawals, financial statements, and journal entries. It also contains an illustration section with instructions to journalize a transaction debiting cash and crediting capital, and to prepare a ledger for the cash account.

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    Midterm Exam in Basic Accounting

    Uploaded by

    Mary Joy Sumapid
    399 views1 page
    The document appears to be a practice exam for a basic accounting course. It contains 5 multiple choice questions testing accounting concepts related to revenue, expenses, withdrawals, financial statements, and journal entries. It also contains an illustration section with instructions to journalize a transaction debiting cash and crediting capital, and to prepare a ledger for the cash account.

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    Midterm Exam in Basic accounting - Copy

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    The document appears to be a practice exam for a basic accounting course. It contains 5 multiple choice questions testing accounting concepts related to revenue, expenses, withdrawals, financial statements, and journal entries. It also contains an illustration section with instructions to journalize a transaction debiting cash and crediting capital, and to prepare a ledger for the cash account.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    399 views1 page

    Midterm Exam in Basic Accounting

    Uploaded by

    Mary Joy Sumapid
    The document appears to be a practice exam for a basic accounting course. It contains 5 multiple choice questions testing accounting concepts related to revenue, expenses, withdrawals, financial statements, and journal entries. It also contains an illustration section with instructions to journalize a transaction debiting cash and crediting capital, and to prepare a ledger for the cash account.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    03-23-19

    NAME _______________________________________________ SCORE ________________________

    Final Examination
    in Basic Accounting 1

    Multiple choice:Encircle the letter of your answer. No Erasures.

    1. It is defined as the gross inflow of economic benefits during the period in the form of inflows or
    enhancements on assets or decrease in liabilities that result an increase in equity, other that those
    relating to contributions from the owner.
    a. Revenue b. Expense c. Investment d. Withdrawal

    2. The owner withdraw for personal use.


    a. Increase in an asset, increase in capital c. Decrease in an asset, decrease in capital
    b. Decrease in an asset, decrease in liability d. Increase in liability, decrease in capital

    3. Performed service and billed client on account


    a. Increase in an asset, increase in capital c. Decrease in an asset, decrease in capital
    b. Decrease in an asset, decrease in liability d. Increase in liability, decrease in capital

    4. The income statement reports


    a. Financial position as of specific date c. Result of operations as of specific date
    b. Financial position for a specific period d. Result of operations for a specific period

    5. Another basic type of financial statements that involves presentation of three business activities
    such as: operating activities, investing activities and financing activities.
    a. Statement of Financial Position c. Statement of Changes in Equity
    b. Statement of Income d. None of the above

    Illustration: (15 points)


    1)Draw a 2-column journal format with heading and journalize this transaction: On January 5, 2019,
    Debit Cash 100 & Credit A. Cruz, Capital 100

    2)Draw a ledger format with heading for CASH account with Account No. 101.

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