← SetsFundamentals of Accountancy — Set 1
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Fundamentals of Accountancy Practice Questions — Set 1
10 free Fundamentals of Accountancy reviewer questions with answers and explanations. Pindutin ang sagot mo para makita agad kung tama — kasama na ang paliwanag. Set 1 of 5.
1
A business owner invests ₱100,000 cash to start a new laundry service. How does this transaction affect the accounting equation?
2
A company performs services for a client on account, meaning the client will pay ₱5,000 next month. Which accounts are affected by this transaction?
3
At the end of the year, a company has ₱2,000 of office supplies on hand, but the Supplies account shows a balance of ₱7,000. What is the correct adjusting entry to record the supplies used?
4
Which financial statement reports the financial position of a business at a specific point in time?
5
A company purchases a delivery truck for ₱1,200,000 with an estimated useful life of 10 years and no salvage value. Using the straight-line method, what is the monthly depreciation expense?
6
Under the 'Matching Principle' (Expense Recognition), when should the cost of inventory be recognized as an expense?
7
Which of the following accounts normally carries a 'Debit' balance?
8
A customer pays ₱12,000 in advance for a one-year maintenance contract starting in July. If the company's fiscal year ends in December, how much 'Unearned Revenue' should remain on the balance sheet at year-end?
9
What is the purpose of the 'Post-Closing Trial Balance'?
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