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Multiple Choice Mr. G issued a non-interest bearing note in acquiring a portion of land with a sales value of P1,000,000, a discount of 10% is allowed if paid at the purchase date. The notes payable issued by Mr. G is P1,000,000 payable in 1 year without interest. How much is the interest expense upon payment of note payable? O P10,000 O P1,000,000 P100,000 Multiple Choice is an accounting book in which the accounts and related amounts recorded in the journal are posted and summarized periodically. O Journal O Ledger Memorandum Multiple Choice Mr. A borrowed money from C Lending to be used in business. He received P95,000, net of 5% interest for two months. After three months, Mr. A paid the money he borrowed from C Lending. How much is the interest? O P5,000 P4,750 O P5,100 Multiple Choice -Loise Franc invested P5,000 cash in his new fishball business. -The business paid the first month's rent with P500 cash. -The business purchased equipment by paying P2,000 cash and executing a note payable for P500. -The business purchased supplies for P200 cash. -The business billed clients for a total of P1,000 for food delivery services rendered. - The business received P750 cash from clients for services rendered above. -The owner took a withdrawal of P2,000. What is the amount of the trial balance from the above transactions? P6,000 O P1,000 O P6,500 True or False Poor AIS poses greater risk to a business True O False Multiple Choice Are economic activities of a business enterprise which affect any of the basic accounting elements. Business transactions Accounting events Special events Multiple Choice It refers to a whole range of records and special accounting procedures used by the business in achieving the objectives of financial accounting - the preparation and communication of financial reports. Manual Accounting System Accounting Information Systems Computerized Accounting procedures True or False Recording of data in the accounting books must be evidenced by supporting documents with approval for recording from an authorized officer. O True O False True or False AIS are designed to transfer economic information into meaningful financial reports. O True O False True or False An account is an accounting form used to record and classify business transactions O True O False