Generally Accepted Accounting Guidelines and Financial Statements Essay

UNIVERSITY IN THE EAST

College or university of Organization Administration-Manila

UESONs' PRE-MIDTERM EXAM -FUNDAMENTALS OF ACCOUNTING 1& 2-

NAME: ___________________________ SECTION: ___________ CELL HEAD: ______________________ WS: ___ CG: ___ DURE: ___ DIRECTION: Write your FINAL ANSWERS on the SOLUTION SHEET offered. USE CAPITAL LETTERS. NOT ANY ERASURES! NO CHEATING!

1 . | 21. | 51. | 76.

2 . | 27. | 52. | 77.

a few. | twenty-eight. | 53. | 80.

4. | 29. | 54. | 79.

a few. | 30. | fifty five. | eighty.

6. | 31. | 56. | 81.

several. | thirty-two. | 57. | 82.

8. | 33. | 58. | 83.

being unfaithful. | 34. | fifty nine. | 84.

10. | 35. | 60. | 85.

14. | thirty eight. | 61. | 86.

12. | 37. | 62. | 87.

13. | 35. | 63. | 88.

14. | 39. | 64. | 89.

12-15. | 40. | sixty-five. | 80.

16. | 41. | 66. | 91.

17. | forty two. | 67. | 80.

18. | 43. | 68. | 93.

19. | 44. | 69. | 94.

20. | 45. | 70. | 95.

twenty one. | 46. | 71. | 96.

22. | 47. | 72. | 97.

23. | forty eight. | 73. | 98.

24. | 49. | 74. | 99.

25. | 55. | seventy five. | 90.

THEORIES(50 items)

1 . The objectives of financial reporting for business enterprises derive from a. confirming on management's stewardship

w. Generally acknowledged accounting principles

c. the needs of the users from the information

d. Accountancy Legislation

2 . Which will of the pursuing basic components are directly related to the measurement of economic position? a. Assets, liabilities, income

m. Revenues and expenses

c. Assets, financial obligations, equity, earnings and expenses

d. Property, liabilities and equity

3. Which from the following statements is correct?

a. Possessions and capital accounts will be debited to get increases. w. Assets, expenses, and sketching accounts happen to be debited to get increase. c. Revenues and drawing accounts are acknowledged for raises d. The phrase ‘debit' means increase as well as the word ‘credit' means decrease

4. Which in turn of the next types of accounts measure economic runs over a period of time? a. True accounts

n. Nominal accounts

c. Blended accounts

g. Adjunct accounts

5. The purchase of equipment on bank account

a. Will increase asset and minimize liability

n. Will increase charge and increase liability

c. Will decrease asset and increase legal responsibility

d. Increases asset and increase the liability

6. BFA Company accumulated in full an account receivable. Taking into consideration this deal alone, what is going to be their effect? a. Total property will reduce

b. Total assets raises

c. Total assets will not be affected

d. Equity raises

7. What function perform general ledgers serve in the accounting procedure? a. Reporting

b. Summarizing

c. Classifying

d. Recording

8. Which in turn of the next will cause unequal totals in the trial balance? a. Failing to record a transaction

w. A correct diary entry was posted 2 times

c. The purchase of items on bank account is a certain amount to cash d. Incorrectly computing a bank account balance

9. Verifiability of economic accounting information is synonymous with a. Discretion

b. Material over contact form

c. Neutrality

deb. Faithful portrayal

10. Which from the following claims about trial balance is usually incorrect? a. A trial balance shows that not any errors of any kind have been made in the accounts throughout the accounting times b. A trial stability is a set of all open up accounts inside the ledger with the balances by a given date c. A trial stability helps to localize errors within an identifiable time frame. d. A trial equilibrium is a test out of equality of the charge and credit balances in the ledger.

11. Given the dual associated with accountable occasions, an increase in legal responsibility cannot regularly be accompanied by a/an a. Decline in another liability

b. Increase in owner's collateral

c. Reduction in revenue

d. Increase in advantage

12. Which will of the subsequent is the fundamental classification category and the storage space unit for information in a...