PRELIMS ACCOUNTING.pdf - Prelims Question 1 Answer saved...

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8/10/2020Prelims1/18 Question1Answer savedMarked out of 1.00determine theSelect one:Question2Answer savedMarked out of 1.00Select one:Perpetual inventory system requires an actual count of the good at the end of the accounting period todetermine theSelect one: a. Total purchasesb. Total freight-inc. Cost of goods soldd. Merchandise inventory , beginningClear my choiceDocument supporting the sales return and allowances is called a debit memo.Select one:
8/10/2020Prelims2/18 Question3Answer savedMarked out of 1.00Select one:Question4Answer savedMarked out of 1.00Select one:What journal will you use to record the following transaction:Cash purchases of merchandiseSelect one: Clear my choice It is also called check register or cash disbursements journal.Select one: Clear my choice
8/10/2020Prelims3/18 Question5Answer savedMarked out of 1.00Following are selected purchase transactions of Mr. Cruz, a merchandiser, during April of the currentyear:April 8 Purchased merchandise from ABC Textile Corporation worth P 100,000, FOB Destination. Freightreported is P 15,000. Terms of payment: 2/10, n/30.April 10 Returned defective merchandise purchased on the 8, P 10,000.April 17 Paid ABC Textile Corporation.April 20 Purchased merchandise worth P 50,000 from RST Trading. Cebu City. Transportation- in is P5,000. Terms: FOB shipping point; Terms of payment: n/30. The shipment arrived at the Port of Manila,AApril 25 Merchandise purchased from XYZ Clothing Co., P 80,000, FOB shipping point. Freight charges,P 6,500, Terms of payment: n/30. Shipment arrived at the Port of Manila on May 2.The freight that will be paid by the buyer isSelect one:Clear my choiceth a. P11,500b. P26,500c. P21,500d. P5,000
8/10/2020Prelims4/18 Question6Answer savedMarked out of 1.00Select one: Question 7Answer savedMarked out of 1.00The discount that is not recorded in the books of the business isSelect one: Clear my choice It is an accounting journal for recording one specific kind of business transactions.

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