Cagayan de Oro College - Carmen, Cagayan de Oro City

ACC 106

1. It is a systematic compilation of a group of accounts. a. Chart of T-accounts c. Ledger b. Trial balance d. Journal 2. A trial balance may prove that debits and credits are equal, but a. an amount could be entered in the wrong account. b. a transaction could have been entered twice. c. a transaction could have been omitted. d. all of these. 3. Unearned income can best be described as an amount that is a. collected and currently matched with expenses. b. collected but not currently matched with expenses. c. not collected but currently matched with expenses. d. not collected and not currently matched with expenses. 4. The following were taken from the records of SML Co. as of December 31, 20x1: How much of the items listed above will be included in SML’s Dec. 31, 20x1 cash? a. 340,000 b. 260,000 c. 280,000 d. 320,000 5. Devin Co.'s cash balance in its balance sheet is ₱1,300,000, of which ₱300,000 is identified as a compensating balance. In addition, Devin has classified cash of ₱250,000 that has been restricted for future expansion plans as "other assets". Which of the following should Devin disclose in notes to its financial statements? Compensating balance Restricted cash a. Yes Yes b. Yes No c. No Yes d. No No NAME: Date: Professor: Section: Score: Checks drawn but not yet issued to payees ₱120,000 Customers’ checks dated January 15,