4/11/24, 11:02 AM Quiz 2.

Recording Transactions: Attempt review

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Started on Thursday, 11 April 2024, 10:52 AM

State Finished
Completed on Thursday, 11 April 2024, 11:00 AM
Time taken 8 mins 8 secs
Grade 19.00 out of 20.00 (95%)

Question 1

Correct

Mark 1.00 out of 1.00

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

a. Pay business permits and licenses

b. File and pay taxes

c. Maintain profitability 

d. Withhold taxes on certain payments

Your answer is correct.

The correct answer is:
Maintain profitability

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4/11/24, 11:02 AM Quiz 2. Recording Transactions: Attempt review

Question 2

Correct

Mark 1.00 out of 1.00

It is called the books of original entry

Select one:
a. Chart of Accounts

b. General Ledger

c. General Journal 

d. Trial Balance

Your answer is correct.

The correct answer is: General Journal

Question 3

Correct

Mark 1.00 out of 1.00

Bookkeeping is

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

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

c. 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.

d. 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.

Your answer is correct.

The correct answer is:

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

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4/11/24, 11:02 AM Quiz 2. Recording Transactions: Attempt review

Question 4

Incorrect

Mark 0.00 out of 1.00

Which document is issued for specific items or goods purchased by customers?

Select one:
a. Purchase invoice 

b. Sales invoice

c. Order slip

d. Deposit slip

Your answer is incorrect.

The correct answer is: Sales invoice

Question 5

Correct

Mark 1.00 out of 1.00

Which of the following gives the best definition of bookkeeping?

a. To record, classify and summarize financial transactions and events. 

b. To provide financial information to users.

c. To calculate the amount of profit to be paid to investors.

d. To calculate the amount of tax to be paid to BIR.

Your answer is correct.

The correct answer is:

To record, classify and summarize financial transactions and events.

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4/11/24, 11:02 AM Quiz 2. Recording Transactions: Attempt review

Question 6

Correct

Mark 1.00 out of 1.00

Which of the following is a simple journal entry?

Select one:
a. An entry of one debit only

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

c. An entry with one debit and one credit 

d. An entry with one debit and two or more credits

Your answer is correct.

The correct answer is: An entry with one debit and one credit

Question 7

Correct

Mark 1.00 out of 1.00

The term footing refers to

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

b. The process of posting

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

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

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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4/11/24, 11:02 AM Quiz 2. Recording Transactions: Attempt review

Question 8

Correct

Mark 1.00 out of 1.00

Which may not be a function of a bookkeeper?

a. Record sales invoices

b. Record employee attendances 

c. Record purchase invoices

d. Record cash receipts and payments

Your answer is correct.

The correct answer is:
Record employee attendances

Question 9

Correct

Mark 1.00 out of 1.00

The form of business organization owned by stockholders

a. Partnership

b. Sole proprietorship

c. Corporation 

d. Non-profit organization

Your answer is correct.

The correct answer is:
Corporation

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4/11/24, 11:02 AM Quiz 2. Recording Transactions: Attempt review

Question 10

Correct

Mark 1.00 out of 1.00

It contains the specific titles and codes to be used in recording transactions

Select one:
a. Trial Balance

b. General Journal

c. Chart of Accounts 

d. General Ledger

Your answer is correct.

The correct answer is: Chart of Accounts

Question 11

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 or more debits only 

b. An entry with one debit and two or more credits

c. An entry with one debit and one credit

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

Your answer is correct.

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

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4/11/24, 11:02 AM Quiz 2. Recording Transactions: Attempt review

Question 12

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

Question 13

Correct

Mark 1.00 out of 1.00

The recording phase of financial accounting covers the following except

Select one:
a. Financial statements are prepared 

b. Posting to the ledger

c. Source documents are gathered and analyzed

d. Transactions are recorded in the journal

Your answer is correct.

The correct answer is: Financial statements are prepared

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4/11/24, 11:02 AM Quiz 2. Recording Transactions: Attempt review

Question 14

Correct

Mark 1.00 out of 1.00

What are the elements of a journal entry?

I. The date of the transaction
II. The accounts debited and credited
III. The monetary values of the accounts debited and credited
IV. The posting reference code of the destination ledger account
V. A brief and clear explanation of the transaction

Select one:
a. I, II and III only

b. I, II, III and IV only

c. I, II and IV only

d. I, II, III, IV and V 

Your answer is correct.

The correct answer is: I, II, III, IV and V

Question 15

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. Cooperative

b. Corporation

c. Sole proprietorship

d. Partnership 

Your answer is correct.

The correct answer is:

Partnership

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4/11/24, 11:02 AM Quiz 2. Recording Transactions: Attempt review

Question 16

Correct

Mark 1.00 out of 1.00

In the accounting process, which step follows journalizing?

Select one:
a. Posting to the ledger 

b. Documentation

c. Preparation of financial statements

d. Preparation of trial balance

Your answer is correct.

The correct answer is: Posting to the ledger

Question 17

Correct

Mark 1.00 out of 1.00

Which is not a form of business organization?

a. Business association 

b. Sole proprietorship

c. Corporation

d. Partnership

Your answer is correct.

The correct answer is:

Business association

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4/11/24, 11:02 AM Quiz 2. Recording Transactions: Attempt review

Question 18

Correct

Mark 1.00 out of 1.00

Businesses must register in the following except

a. Cooperative Development Authority

b. Department of Trade and Industry

c. Department of Business and Management 

d. Securities and Exchange Commission

Your answer is correct.

The correct answer is:

Department of Business and Management

Question 19

Correct

Mark 1.00 out of 1.00

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

a. Maintain accounting records

b. Secure business registration certificates and permits

c. Issue receipts and invoices

d. Conduct profitable activities 

Your answer is correct.

The correct answer is:
Conduct profitable activities

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4/11/24, 11:02 AM Quiz 2. Recording Transactions: Attempt review

Question 20

Correct

Mark 1.00 out of 1.00

Which is not a type of business?

a. Philanthropy 

b. Merchandising or trading

c. Servicing

d. Manufacturing

Your answer is correct.

The correct answer is:

Philanthropy

◄ Notebook 2. Recording Transactions

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