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Corrections Quizzes P

Adjusting entries are made at the end of the accounting period to bring all accounts up-to-date so that accurate financial statements can be prepared. An accrued expense can best be described as an amount not paid and currently matched with earnings. The salary expense on the income statement for 2017 was P 114,600.

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151 views2 pages

Corrections Quizzes P

Adjusting entries are made at the end of the accounting period to bring all accounts up-to-date so that accurate financial statements can be prepared. An accrued expense can best be described as an amount not paid and currently matched with earnings. The salary expense on the income statement for 2017 was P 114,600.

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LarizOcliaso
Copyright
© © All Rights Reserved
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FINANCIAL ACCOUNTING AND REPORTING QUIZ 1 P

2. Entries made at the end of the accounting period to bring all accounts up-to-date
so that accurate financial statements can be prepared
A. Adjusting entries
p. 153 The Accounting Process: Basic Concepts and Procedures, 2015 Ed. by
Zenaida Vera Cruz-Manuel

3. An accrued expense can best be described as an amount


D. Not paid and currently matched with earnings
Prof. Michael F. Tiu

25. The salary expense on the income statement for 2017 was
C. P 114,600
Salaries Payable
10,600 12,300
116,300 114,600
RFBT QUIZ 1 P
36. 1st Statement A quasi-contract does not require consent of the contracting
parties.
2nd Statement Responsibility arising from fraud is demandable in all
obligations. Any waiver of an action for fraud
B. True, false or C. True, true
The 2nd Statement is incomplete.

71. An obligation where several prestations are due but the performance of one is
sufficient is
C. Alternative
p. 137 The Law on Obligations and Contracts 2014 Ed. by Hector S. De Leon

RFBT QUIZ 2 P
20. A holder not in due course has the following rights, except:
C. He cannot recover on the instrument
p. 158 The Law on Negotiable Instruments 2009 Ed. by Hector S. De Leon

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