Exam in Tle

Topics: Generally Accepted Accounting Principles, Double-entry bookkeeping system, Accounts receivable Pages: 4 (936 words) Published: February 6, 2012
Valenzuela National High School
Third Periodical Examination
Technology and Livelihood Education - Basic Bookkeeping and Accounting S.Y. 2011 – 2012

I. Multiple Choice: Directions: Read and analyze the questions carefully and write the letter of the correct answer on your answer sheet.

1. What columnar sheet of paper is used to summarize information needed to prepare the financial statements of the business? a. General Journalc.Trial Balance
b. General Ledgerd. Worksheet
2. Posting is the process of transferring information from what? a. Ledger to the financial statementsc. Ledger to the trial balance b. Journal to the ledgerd. Journal to the trial balance 3. What is the process of adding column of figures and recording the temporary totals using a pencil? a. Adjustingc. Footing

b. Closingd. Journalizing
4. Why do accountants record transactions in the journal? a. To ensure that all transactions are posted to the ledger. b. To have a chronological record of all transactions.
c. To ensure that total debits equal total credits.
d. To help prepare the financial statements.
5. Which of the following is the purpose of the trial balance? a. Speed the collection of cash receipts from customers.
b. Ensure that all transactions have been recorded.
c. Indicate whether total debits equal total credits.
d. Increase assets and owner’s equity.
6. The earning of revenue that is not received in cash is recorded as what? a. Debit to Revenue and Credit to Accounts Receivable
b. Debit to Accounts Receivable and Credit to Revenue
c. Debit to Accounts Payable and Credit to Revenue
d. Debit to Cash and Credit to Revenue
7. It presents the original trial balance plus or minus the adjustments. a. Adjusted Trial Balancec. Unadjusted Balance Sheet
b. Unadjusted Trial Balanced. Adjusted Income Statement 8. What cycle is performed and...
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