Answer as completely and as fast as you can. Time limit 45 minutes
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1. Define accounting
2. Give at least 5 accounting principles and explain well (5 pts)
3. What are the 3 uses of debit (3 pts)
4. What are the 3 uses of credit (3 pts)
5.What is the basic accounting equation.
6. Debit is also known as ________________________
7. Credit is also known as _______________________
8. 3 kinds of financial statements. Explain
9. How does change in accounting policy affect the income statement
10. In the presentation of income statement, inventory is arrived at:
11. Explain entries on sales inventory and expnses
12. Practice set:
1. Do the journal entries number
2. Do the T accounts and establish the balances
3. Do the income statement, cash flow and balance sheet
Case study:
1. Dr. Cruz decided to invest in a drug business. He invested P20,000 cash
2. His business involves buying and administering drugs; buy low and sell high. He makes at least 30% mark up on the drugs he buys. He buys 25 pcs of a potent drug for injection at P700.00 each cash
3. In the month of September, he sells 10 for P1,000 cash and 8 for credit at P1,200 each
4. He buys again the drug, ordering 15 at the same price P700.00. He pays 5 cash and 10 on credit
5. For September, Dr Cruz pays the following expenses:
Allowance for the staff - P1,500.00
Electricity - 450.00
Phone bill 300.00
Internet 600.00
PAGSASANAY SA TAGUMPAY (Training for Success)
SETTING THE STANDARDS IN INTERMENT SERVICE
Innovation creates more wealth and more customers
Jorge U. Saguinsin
Be a BIDDA now
RRURAC (Read, Reflect, Understand, Realize Act, Check)
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