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aocrxilluNcr
DrAf, f, rrf,.ErtrTALrII{ALETA}III{ATION
.:

ITEST

I|{UL,TIPLE CHOLCE',fl{EOR\| (107o)

IINSTRUCTION: On fhe spac.s provrdetl iri your Officinl Answer Sheet, rvrito the letter'(in CAPIIAL :LE?fnUR) drat corrrespo"ai t t{e bo*t suswer ibr esch numbpred itcm betow,
I

, ' A1. Kdlcirneorripeyuses aperiodic inventory system. purchasod merchandise ftomMegan Supplies Coryey d s co*t ofP27,000 on o'edit The entry to record &e reeeipt of the merchandisb would be . . .. i .. . ..... 2-7,000 A Rrrctraseg .',.. ,
2-7

B. Infentgry.

.Acccunts

Payable

..";.

.."... .,.,.. ";

,000
000
A.OO

2-7,A00

2",
21 ,

' D. Inventory

...

,..

,;

27, ooo
27

, ooa

2.

When tbe spile,r advauces tho trarisportation costs and 0re temrs of sales aro FOB .shipping poinq the sellei records the payruent of the tratsportation costs by debitiag A. Accouuts C. Transportaticn-in 8.. Salei D. Accowrts Payable

Rcceivrible

3.

Which.of thc foliowbrg documents does uot initiate an entry to be made in the accounts? Salas C. Purctrasp ordei

B.' Puctaso invsics

invoice

D.' Credit me,nroranduro

D4. tnpirringe
'Exstfo

10.fu'r6ctl

foramdradising

GdErprisc rl'rarrses the periodic

irventory

A. fte teginning invemtory is o<tended as a cre&t in the iucome steEmeut colurrn. B. Ihe bb6u.int invmtory is extenried as a credit in fire balance sheet colurrn
C"
tbi
Thg cading inve.tfnry is shown as a debit in the insomc statemnt columns and as a credit in
balanoe shaot coluuns and as a debit

D. The odiry inventory is showu os a credit in the incoee $tatemoot columns

,t S. A subsirliary
ledger is:

in

A.

A colloctim of accounts otlrer than gcaeral Iedger accounts which Sows the d.etails
The col!,ectiou of fiuancial.statement iccouuts of.a business.

B.
.

: p. rlte iemota"aa enal;ses, *U ort-Ltt r at papcrs preparecl" by the acoountant .- - P8o'qess of organizing tlrc data thnt goes into tho formal finaneial reports.
Wb& praariag
added to &o bank shmmgut balance.

in the

A . B.
h'
7

6.

l bTk roconciliation- bank credits ars

,.,"dffirykd from&cbank sutaacnrbdanco. Cffplfiffidod b thc bakacc po trotrls.

D. ,

dedugted fiom thcbalatrpc per

tioola.

:.

"
L
I

Which of,'tie following journal enEies wouftl be used to record the rolllenishment of an imFrest petty . .cashfirnili:-: -:-.:",: Prnit t" P6Ey Cash and a c,rodic rq Cash in Bank. B. Debits to nryeoscs aud n ore.dit to Cadr in Bank

C.

DobibtoBqrasasrmdncretlit;.i"*,*rrp**rc.

* *,'