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Assignment Module 6

This document contains a quiz with multiple choice questions testing understanding of fundamental accounting concepts related to revenues, expenses, receivables, payables, and accrual accounting. The questions cover topics such as calculating revenues and expenses from changes in receivable and payable account balances, adjusting entries for unearned and accrued revenues and expenses, and determining accrued liabilities for rent and other expenses based on payment terms.

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Denver Ergueza
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2K views2 pages

Assignment Module 6

This document contains a quiz with multiple choice questions testing understanding of fundamental accounting concepts related to revenues, expenses, receivables, payables, and accrual accounting. The questions cover topics such as calculating revenues and expenses from changes in receivable and payable account balances, adjusting entries for unearned and accrued revenues and expenses, and determining accrued liabilities for rent and other expenses based on payment terms.

Uploaded by

Denver Ergueza
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
  • Quiz Module 6: Financial Accounting and Reporting

FUNDAMENTALS OF FINANCIAL ACCOUNTING AND REPORTING

QUIZ MODULE 6
AY 2020 – 2021

1. Unearned Revenues was P6,000 at the end of February and P7,500 at the end of March. Service
Revenues was P42,000 for the month of March. How much cash was received for services
provided during March?
A. P55,500
B. P40,500
C. P28,500
D. P43,500
ANSWER: ___________

2. Salaries Payable were P3,500 at the end of September and P2,800 at the end of October. Salaries
expense for October was P18,000. How much cash was paid for salaries during October?
A. P18,700
B. P24,100
C. P17,300
D. P11,700
ANSWER: ___________

3. Office supplies were P9,000 at the end of January and P11,400 at the end of February. During
February, Office Supplies Expense equaled P3,000. How much cash was paid for office supplies
during February?
A. P2,400
B. P14,400
C. P17,400
D. P5,400
ANSWER: ___________

4. If services totaling P12,500 had been performed but not yet billed, the adjusting entry to record
this would include a
A. Credit to service revenues for P12,500
B. Credit to service revenues for P62,500
C. Credit top unearned service revenues for P12,500
D. Debit to service revenuesw for P12,500
ANSWER: ___________

5. SuySan Real Estate owns an office building and leases the office under a variety of rental
agreements involving rent paid in advance monthly or annuallyu. Not all tenants make timely
payments of their rent. SuySan’s balance sheets contained the following data:
ACCOUNT NAME 2018 2019
Rental Receivable P192,000 P248,000
Unearned Rentals 640,000 480,000
During 2019, SuySan received P1,600,000 from tenants. What amount of rental revenues should
SuySan record for 2019?
A. P1,816,000
B. P1,708,000
C. P1,440,000
D. P1,332,000
ANSWER: ___________

6. Edgar Detoya Law must determine the Dec 31, 2019 yar end accruals for advertising and rent
expenses. A P5,000 advertising bill was received Jan 7, 2020. It related to cost of P3,750 for
advertisements in dec. 2019 issues and P1,250 for advertisements in Jan. 2020 issues of the
newspaper.
A store lease, effective Dec 16, 2018 calls for fixed rent of P12,000 per month, payable one month
from the effective date and monthly thereafter. In addition, rent equal to 5% of net sales over
P3,000,000 per calendar year is payable on Jan 31 of the following year. Net sales for 2019 were
P5,500,000. In its Dec 31, 2019 balance sheet, Edgar Detoya should report accrued liabilities of
A. P125,000
B. P128,750
C. P131,000
D. P134,750
ANSWER: __________-

FUNDAMENTALS OF FINANCIAL ACCOUNTING AND REPORTING QUIZ MODULE 6 AY 2020 – 2021 1. Unearned Revenues was P6,000 at the
D. P1,332,000 ANSWER: ___________ 6. Edgar Detoya Law must determine the Dec 31, 2019 yar end accruals for advertising an

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