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A Closer Look on Fundamentals Accounting 175 44. Income summary account is used a. For reversing entries c. For correcting entries b. For closing entries d. Adjusting entries 45. If total credit columns exceeds total debit columns of the income statement on the worksheet, the company has a. Net loss c. Additional investment b. Net income d. Error 46. After a business transaction and event have occurred, the journal entries are recorded in the: a. General ledger c. General journal b. Subsidiary ledger d. Registries 47. The last account that will be presented in the post-closing trial balance is: a. Service income c. Owner's equity b. Accumulated depreciation d. Cash 48. Closing entries are for: a. Real accounts c. Nominal accounts b. Both real and nominal d. Asset account 49. Which of the following accounts will appear in the post-closing trial balance a Rent income c. Rent expense b. Accumulated depreciation d. Drawings 50. The post-closing trial balance is prepared: . After the adjusting entries are made b. Is optional c. After the closing entries are posted to the ledger d. Before the adjusting entries are made same to: 31, The balances that will appear on the post-closing trial balance will be the a Balance sheet accounts after adjusting entries b. Balance sheet accounts after closing entries C. Income statement accounts after adjusting entries d. Income statement accounts after closing entries. 2. Which of the following is optional step in the accounting cycle? a, Journal entries b. Closing entries c. Adjusting entries d. Reversing entries 53, Which of the following accounts is not closed? a, Drawings b. Allowance for doubtful accounts d. Interest income c. Salaries expenseWorksheet 54. In the statement of cash flows, the purchase of land will be present cash outflow from: a. Operating activities c. Financing activities b. Investing activities d. Balance sheet 55. The following statements about closing entries are incorrect except: a. It is optional in the accounting cycle b. Posted to the ledger accounts from the worksheet c. Are made to close permanent accounts d. Journalized in the general journal 56. After the closing entries are made, which documents proves the equality debits and credits? a. Balance sheet c. Post-closing trial balance b. Income statement d. Worksheet 57. Statement of cash flows shows the activities: a. Operating c. Investing b. Financing d. All of these 58. The investment of cash of the owner in the company is shown in activity of statement of cash flows. a. Investing c. Financing b. Operating d. None of the choices 59. Borrowings from bank is presented in activity of the statement of cash flows. a. Operating c. Investing b. Financing d. None of the choice 60. Which of the following guidelines regarding reversing entries is incorrect? a. All accrual should be reversed b. All deferrals for which a company debited or credited the original cast transaction to an expense or revenue account should be reversed. c. Adjusting entries for bad debts are reversed. d. None of the choices 61, The revenue and expense accounts at the beginning and end of the accounting period have a. A net balance equal assets less liabilities b. Net balance equal to capital C. A balance of zero d. Balances of cumulative amount during the period. 62. Which of the following account is not a temporary account? Owner's capital b. Revenue c. Income summary d. Owner's withdrawalA Closer Look on Fundamentals Accounting 177 63. At the end of the fiscal year, an adjusting entry was made for accrued salary of P20,000. On the first day of the following year the adjusting entry was reversed. He salaries for one week is P50,000, were paid on the first Friday. The entry to record the payment of salaries expense would be a. Debit Salaries expense P30,000; Salaries payable P20,000 and Credit Cash P50,000 b . Debit Salaries expense P30,000; Salaries payable P20,000 and Credit Cash P50,000 c. Debit Salaries expense P50,000 and Credit Cash P50,000 d. Debit Salaries expense P50,000 and Credit Salaries payable P50,000 64. The subtotals of the income statement columns of worksheet are P24,800 debit and P19,600 credit. If the subtotal of the balance sheet debit column is P76,000, then the subtotal of the balance sheet credit column should be: a. P57,600 c. P5,200 b. P70,800 d. P81,200 65. On December 31, ABC correctly made an adjusting entry of P10,000 of accrued salaries. On January 10 of the following year, total salaries of P17,000 were paid. Assuming the correct reversing entry was made on January 1, the journal entry on January 10 to record the payment of salaries will credit cash and debit: a. Salaries payable P10,000 b. Salaries payable P10,000 and Salaries expense P7,000 C. Salaries payable of P7,000 and Salaries expense of P10,000 d. Salaries expense P17,000 66. If the beginning capital was P50,000, ending capital is P74,000, and the owner's withdrawal were P46,000, the net income or net loss for the period was: a. P70,000 net income c. P70,000 net loss b. P28,000 net income d. P28,000 net loss 67. The subtotals of the income statement columns of worksheet are P7,000 debit and P9,800 credit. If the subtotal of the balance sheet debit column is a. P2,800 P19,200, then the subtotal of the balance sheet credit column should be: b. P16,400 c. P22,000 d. P13,600 a. Journal 68. Financial statements are generally prepared directly from the b. Source documents C. General ledger d. Adjusted trial balance ". In the unadjusted trial balance of a worksheet for the year ended December $1, 2030, ABC Company reported Equipment of P240,000. The year-endWorksheet 178 adjusting entries require an adjustment of P30,000 for depreciation expense for the equipment. After the adjusting entry, the following adjusted amount should be reported: a. Debit P210,000 for equipment in the balance sheet column b. A credit of P30,000 for depreciation expense - equipment in the income statement column C. A debit of P240,000 for equipment in the balance sheet column d. A debit of P30,000 for accumulated depreciation - equipment in the balance sheet column. For questions to 70 - 75 The income statement of ABC Company for the month of August shows the following information: Revenues 350,000 Expenses: Salaries expense 100,000 Rent expense 50,000 Supplies expense 15,000 Advertising expense 15,000 180,000 Net Income 170,000 70. The close the expense accounts include a: a. Debit Expense accounts P180,000 b. Credit Income summary P180,000 c. Debit Income summary P180,000 d. Debit Capital account P180,000 71. The entry to close revenue account includes a a. Debit Income summary P170,000 b. Credit Income summary P170,000 c. Debit Income summary P350,000 d. Credit Income summary P350,000 72. After the revenue and expense accounts are close to income summary, the balance of the income summary will have: a. Debit balance P170,000 c. Credit balance P170,000 b. Zero balance d. Credit balance of P350,000 include: 73. The entry close the income summary to owner's capital account wi a. Debit to Income summary P170,000 b, Credit to Income summary P170,000 c. Debit Capital account P170,000 d. Credit Expenses account P180,000A Closer Look on Fundamentals Accounting 179 74. If ABC Company had reported on August 1 a capital balance of P1,750,000. The company has no withdrawal during August. What amount of capital will be reported on August 31? . P2, 100,000 c. P1,920,000 b. P1,580,000 d. P1,750,000 75. After all the closing entries have been posted, the Income summary account has a balance of: a. P170,000 debit c. P170,000 credit b. PO d. None of the choices For questions 76 - 79 The following data are available for Paul Company for the year 2030: Supplies expense 30,000 Supplies 20,000 Service income 665,000 Salaries expense 160,000 Rent expense 85,000 Prepaid insurance (12 mos.) 30,000 Paul, capital (Jan. 1, 2030) 510,000 Paul, drawing 70,000 Notes payable due (June 30, 2031) 350,000 Insurance expense 15,000 Equipment 1,050,000 Depreciation expense equipment 60,000 Cash 75,000 Advertising expense 105,000 Accumulated depreciation equipment 140,000 Accounts receivable 55,000 Accounts payable 90,000 76. The total current asset is: a. P1,090,000 b. P130,000 c, P180,000 d. P160,000 77. The total current liabilities is: a. P440,000 b. P350,000 c. P90,000 d. P450,000 78. What is the total net income for the year? a. P210,000 b. P140,000 c. P60,000 d. P665,000Worksheet 180 79. What is the total amount of the owner's equity on December 31, 20302 c. P510,000 a. P650,000 d P720,000 b. P790,000 For questions number 80- 81 The following account balances were included in the books of Marasigan Company's trial balance At December 31, 2030: 25,000 Supplies Professional fee 468,000 Accumulated Depreciation 25,000 Cash 200,000 Equipment 150,000 Prepaid expenses 75,000 Marasigan, capital 1,000,000 Accounts payable 50,000 Accounts receivable 137,500 Marasigan, Drawing 250,000 Mortgage payable, due February 1, 2031 500,000 Notes payable, due October 1, 2035 1,500,000 . 80. How much is the total current liabilities? a. P2,050,000 c. P2,000,000 b. P50,000 d. P550,000 81. How much is the total current assets? a. P437,500 c. P362,500 b. P412,500 d. P562,500 82. Which of the following statement is correct? a. Accounts receivable account is placed in the closing entries debit column. b. Accrued expense is placed in the income statement debit column c. Accrued income is placed in the income statement credit column d. Owner's withdrawal is placed in the balance sheet debit column 83. Which of the following is a cash inflow from financing activities a. Collection of accounts receivable b. Receipts from issuance of bonds payable c. Cash proceeds from the sale of equipment d. Collection of interest on notes receivable 84. In the statement of cash flows, receipts from the sale of property, plant and equipment would be classified as cash inflows from a. Investing activity b. Financing activity