10/28/21, 9:49 PM Quiz 2.

Recording Transactions: Attempt review

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Quiz 2. Recording Transactions

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Started on Thursday, 28 October 2021, 9:37 PM

State Finished
Completed on Thursday, 28 October 2021, 9:48 PM
Time taken 11 mins 40 secs
Grade 19.00 out of 20.00 (95%)

Question 1

Correct

Mark 1.00 out of 1.00

Transactions are recorded chronologically in the

Select one:
a. Trial Balance

b. General Journal


c. General Ledger

d. Chart of Accounts

Your answer is correct.

The correct answer is: General Journal

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10/28/21, 9:49 PM Quiz 2. Recording Transactions: Attempt review

Question 2

Correct

Mark 1.00 out of 1.00

It is a type of business that buys goods and commodities then sells the same for profit without changing its form

a. Service business

b. Merchandising business


c. Manufacturing business

d. All of the above

Your answer is correct.

The correct answer is:

Merchandising business

Question 3

Correct

Mark 1.00 out of 1.00

Which of the following is true about debits and credits?

Select one:
a. Increases in assets and liabilities are always debited.

b. Decreases in assets and increases in liabilities are always credited.



c. Increases in owner’s equity and decreases in liabilities are always credited.

d. Decreases in owner’s equity and drawing are always debited.

Your answer is correct.

The correct answer is: Decreases in assets and increases in liabilities are always credited.

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10/28/21, 9:49 PM Quiz 2. Recording Transactions: Attempt review

Question 4

Correct

Mark 1.00 out of 1.00

A business of two or more persons who bind themselves to contribute money, property or industry to a common fund, with the
intention of dividing the profits among themselves

a. Partnership


b. Sole proprietorship

c. Cooperative

d. Corporation

Your answer is correct.

The correct answer is:

Partnership

Question 5

Correct

Mark 1.00 out of 1.00

The term footing refers to

Select one:
a. The process of obtaining the top number in an account

b. The process of taking the total of a set of numbers arranged in a column



c. The process of obtaining the bottom number in an account

d. The process of posting

Your answer is correct.

The correct answer is: The process of taking the total of a set of numbers arranged in a column

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10/28/21, 9:49 PM Quiz 2. Recording Transactions: Attempt review

Question 6

Correct

Mark 1.00 out of 1.00

Which one of the following statements is correct?

Select one:
a. Liabilities and revenues normally have debit balances

b. Assets and expenses normally have debit balances



c. Assets and revenues normally have credit balances

d. Assets and liabilities normally have credit balances

Your answer is correct.

The correct answer is: Assets and expenses normally have debit balances

Question 7

Correct

Mark 1.00 out of 1.00

Which transaction decreased both total assets and total liabilities by P10,000?

Select one:
a. Collection of accounts receivable, P10,000

b. Payment of accounts payable, P10,000



c. Payment of salaries, P10,000

d. Purchase of equipment for cash, P10,000

Your answer is correct.

The correct answer is: Payment of accounts payable, P10,000

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10/28/21, 9:49 PM Quiz 2. Recording Transactions: Attempt review

Question 8

Correct

Mark 1.00 out of 1.00

The following are examples of service businesses except

a. Azina Water Refilling Station

b. Spendmore Supermarket


c. Cagayan River Hotel and Resorts

d. Philippine Airlines

Your answer is correct.

The correct answer is:
Spendmore Supermarket

Question 9

Correct

Mark 1.00 out of 1.00

The bookkeeper is

a. the process of recording, classifying and summarizing business transactions for the proper determination of correct tax
declarations and payments.

b. the person who keeps and maintains the books of accounts of the business organization, and is responsible for 
recording the transactions of the business.

c. the recording of financial transactions and is part of the process of accounting in business.

d. the artist of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and
events which are, in part at least of financial character, and interpreting the results thereof.

Your answer is correct.

The correct answer is:
the person who keeps and maintains the books of accounts of the business organization, and is responsible for recording the
transactions of the business.

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10/28/21, 9:49 PM Quiz 2. Recording Transactions: Attempt review

Question 10

Correct

Mark 1.00 out of 1.00

Which is not one of the legal requirements of a business?

a. Withhold taxes on certain payments

b. Pay business permits and licenses

c. File and pay taxes

d. Maintain profitability


Your answer is correct.

The correct answer is:
Maintain profitability

Question 11

Correct

Mark 1.00 out of 1.00

What is the normal order of accounts in the trial balance?

Select one:
a. Assets, liabilities, capital, revenues and expenses


b. Assets, liabilities, revenues and expenses

c. Assets, liabilities, capital

d. Assets, capital, revenues, expenses and liabilities

Your answer is correct.

The correct answer is: Assets, liabilities, capital, revenues and expenses

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10/28/21, 9:49 PM Quiz 2. Recording Transactions: Attempt review

Question 12

Correct

Mark 1.00 out of 1.00

Bookkeeping is

a. the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events
which are, in part at least of financial character, and interpreting the results thereof.

b. the person who keeps and maintains the books of accounts of the business organization. The bookkeeper is responsible
for recording the transactions of the business.

c. the recording of financial transactions and is part of the process of accounting in business.


d. the process of recording, classifying and summarizing business transactions for the proper determination of correct tax
declarations and payments.

Your answer is correct.

The correct answer is:

the recording of financial transactions and is part of the process of accounting in business.

Question 13

Correct

Mark 1.00 out of 1.00

The following are examples of manufacturing businesses, except

a. Sony Philippines

b. Rolex Watch Repair Shop



c. Toyota Motors, Inc.

d. Red Ribbon Bakeshop

Your answer is correct.

The correct answer is:
Rolex Watch Repair Shop

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10/28/21, 9:49 PM Quiz 2. Recording Transactions: Attempt review

Question 14

Correct

Mark 1.00 out of 1.00

Which of the following is not an accountable transaction?

Select one:
a. Purchase of equipment on account

b. Cash investment into the business by the proprietor

c. Spending of cash of the proprietor for his wedding



d. Purchase of merchandise inventory in cash

Your answer is correct.

The correct answer is: Spending of cash of the proprietor for his wedding

Question 15

Correct

Mark 1.00 out of 1.00

Which is not a form of business organization?

a. Sole proprietorship

b. Partnership

c. Corporation

d. Business association


Your answer is correct.

The correct answer is:
Business association

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10/28/21, 9:49 PM Quiz 2. Recording Transactions: Attempt review

Question 16

Incorrect

Mark 0.00 out of 1.00

Which of the following is true about trial balance?

Select one:
a. It is a list of all accounts with open balances.

b. The trial balance will not balance if a transaction is recorded twice.

c. If total debits is equal to total credits, it is a proof that no mathematical error has been committed.


d. The trial balance is a proof that all transactions are recorded correctly if it is balanced.

Your answer is incorrect.

The correct answer is: It is a list of all accounts with open balances.

Question 17

Correct

Mark 1.00 out of 1.00

A journal entry records the effects of a transaction or an event expressed in terms of debit and credit. Which of the following is not
a correct journal entry?

Select one:
a. An entry with one debit and two or more credits

b. An entry with one debit and one credit

c. An entry with two or more debits and one credit

d. An entry with one or more debits only



Your answer is correct.

The correct answer is: An entry with one or more debits only

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10/28/21, 9:49 PM Quiz 2. Recording Transactions: Attempt review

Question 18

Correct

Mark 1.00 out of 1.00

Which of the following entries record the receipt of an electric bill which will paid next month?

Select one:
a. Debit utilities expense and credit utilities payable


b. Debit utilities payable and credit cash

c. Debit utilities expense and credit cash

d. Debit utilities expense and credit notes payable

Your answer is correct.

The correct answer is: Debit utilities expense and credit utilities payable

Question 19

Correct

Mark 1.00 out of 1.00

Which may not be a function of a bookkeeper?

a. Record inventory movements

b. Record sales and collections

c. Approve transactions


d. Record purchases and payments

Your answer is correct.

The correct answer is:
Approve transactions

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10/28/21, 9:49 PM Quiz 2. Recording Transactions: Attempt review

Question 20

Correct

Mark 1.00 out of 1.00

The form of business organization owned by stockholders

a. Non-profit organization

b. Corporation


c. Sole proprietorship

d. Partnership

Your answer is correct.

The correct answer is:
Corporation

◄ Notebook 2. Recording Transactions

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3. Adjusting Entries ►

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