Generally Accepted Accounting Principles and Financial Statements
UNIVERSITY OF THE EAST
College of Business Administration-Manila UESONs’ PRE-MIDTERM EXAM -FUNDAMENTALS OF ACCOUNTING 1&2-
NAME: ___________________________ SECTION: ___________
CELL LEADER: ______________________ WS: ___ CG: ___ SS: ___
DIRECTION: Write your FINAL ANSWERS on the ANSWER SHEET provided.
USE CAPITAL LETTERS. NO ERASURES! NO CHEATING!
1. | 26. | 51. | 76. | 2. | 27. | 52. | 77. | 3. | 28. | 53. | 78. | 4. | 29. | 54. | 79. | 5. | 30. | 55. | 80. | 6. | 31. | 56. | 81. | 7. | 32. | 57. | 82. | 8. | 33. | 58. | 83. | 9. | 34. | 59. | 84. | 10. | 35. | 60. | 85. | 11. | 36. | 61. | 86. | 12. | 37. | 62. | 87. | 13. | 38. | 63. | 88. | 14. | 39. | 64. | 89. | 15. | 40. | 65. | 90. | 16. | 41. | 66. | 91. | 17. | 42. | 67. | 92. | 18. | 43. | 68. | 93. | 19. | 44. | 69. | 94. | 20. | 45. | 70. | 95. | 21. | 46. | 71. | 96. | 22. | 47. | 72. | 97. | 23. | 48. | 73. | 98. | 24. | 49. | 74. | 99. | 25. | 50. | 75. | 100. |
THEORIES (50 items)
1. The objectives of financial reporting for business enterprises are based on
a. reporting on management’s stewardship
b. Generally accepted accounting principles
c. the needs of the users of the information
d. Accountancy Law
2. Which of the following basic elements are directly related to the measurement of financial position? a. Assets, liabilities, income b. Revenues and expenses c. Assets, liabilities, equity, revenues and expenses d. Assets, liabilities and equity
3. Which of the following statements is correct? a. Assets and capital accounts are debited for increases. b. Assets, expenses, and drawing accounts are debited for increase. c. Revenues and drawing accounts are credited for increases d. The word ‘debit’ means increase and the word ‘credit’ means decrease
4. Which of the following types of accounts measure economic flows over a period of time? a. Real
College of Business Administration-Manila UESONs’ PRE-MIDTERM EXAM -FUNDAMENTALS OF ACCOUNTING 1&2-
NAME: ___________________________ SECTION: ___________
CELL LEADER: ______________________ WS: ___ CG: ___ SS: ___
DIRECTION: Write your FINAL ANSWERS on the ANSWER SHEET provided.
USE CAPITAL LETTERS. NO ERASURES! NO CHEATING!
1. | 26. | 51. | 76. | 2. | 27. | 52. | 77. | 3. | 28. | 53. | 78. | 4. | 29. | 54. | 79. | 5. | 30. | 55. | 80. | 6. | 31. | 56. | 81. | 7. | 32. | 57. | 82. | 8. | 33. | 58. | 83. | 9. | 34. | 59. | 84. | 10. | 35. | 60. | 85. | 11. | 36. | 61. | 86. | 12. | 37. | 62. | 87. | 13. | 38. | 63. | 88. | 14. | 39. | 64. | 89. | 15. | 40. | 65. | 90. | 16. | 41. | 66. | 91. | 17. | 42. | 67. | 92. | 18. | 43. | 68. | 93. | 19. | 44. | 69. | 94. | 20. | 45. | 70. | 95. | 21. | 46. | 71. | 96. | 22. | 47. | 72. | 97. | 23. | 48. | 73. | 98. | 24. | 49. | 74. | 99. | 25. | 50. | 75. | 100. |
THEORIES (50 items)
1. The objectives of financial reporting for business enterprises are based on
a. reporting on management’s stewardship
b. Generally accepted accounting principles
c. the needs of the users of the information
d. Accountancy Law
2. Which of the following basic elements are directly related to the measurement of financial position? a. Assets, liabilities, income b. Revenues and expenses c. Assets, liabilities, equity, revenues and expenses d. Assets, liabilities and equity
3. Which of the following statements is correct? a. Assets and capital accounts are debited for increases. b. Assets, expenses, and drawing accounts are debited for increase. c. Revenues and drawing accounts are credited for increases d. The word ‘debit’ means increase and the word ‘credit’ means decrease
4. Which of the following types of accounts measure economic flows over a period of time? a. Real