Please answer 1-10

5. When an interest bearing note payable matures, the amount repaid is The face value of the note plus the interest accrued b a. The difference between the maturity value of the note and the face value c. The face value of the note d. The face value of the note less the interest accrued This is a statement issued by the bank to explain why there is a deduction in the depositor's account. a. Bank statement b. Bank reconciliation statement c. Bank debit memo d. Bank credit memo A check issued to a payee which has not been presented for encashment to the bank against which it has been drawn 6. 7. a. Certified check b. NSF check Deposits made and recorded by the company in one period and recorded by the bank in c. outstanding check d. cashier's check 8. a succeeding period: a. Transfer bank account b. Deposit in transit c. Time deposit d. Deposit slip A furniture store debits purchases for a purchase of a. A cash register 9. b. A freezer A set of pencils d. c. beds 10. Internal Control is used in a business to enhance the accuracy and reliability of its accounting records and to a. Safeguard its assets b. Prevent fraud c. Produce correct financial statements d. Deter employee dishonesty Ruth store purchased goods worth P150, 000. Half of which were sold at a mark-up of 40%. Gross profit amounted to a. P60, 000 b. P30, 000 c. P75,000 d. P45,000 12. Alexis, a footwear distributor, returned furniture worth P1, 000. He should a. Debit sales returns b. Credit purchase returns c. debit furniture d. credit furniture 13. Net sales amounted to P50, 000 with cost of sales representing 75%, if operating expenses is 10% of sales, net income will be a. PS, 00D b. P12, 500 c. P17,500 d. P7,500