Arrange the following based on the accounting cycle that you have learned from the previous quarter. (adjusting entries, closing the books, financial statements, journalizing, posting, transactions, trial balance, worksheet). Example 1. Transaction 2. ____ 3. ______ 4.____ and so on

It is an adjustment that is applicable to tangible non-current assets or to property, plant and equipment (except Land)

A financial statement that provides an analysis of inflows and/or outflows of cash from/to operating, investing and financing activities.

Which of the following is not a nominal or temporary accounts?

The recording of transactions into the book of original entry is called ___________-

The process of transferring similar accounts to the book of final entry.

It is prepared after the preparation of the unadjusted trial balance, it is needed to arrange all the accounting information required at the end of a period.

it is used to bring the accounts up to date which is needed and must be done at the end of the accounting period.

Deferrals are adjusting entries containing accrued revenues and accrued expenses while Accruals are adjusting entries containing unearned revenues and prepaid expenses.

This is an income already earned but not yet received in cash as of the end of the year.

Expense already incurred but not yet paid in cash nor recorded.

Expense paid in advance.

If the cost of an equipment is 150,000.00, its scrap value is 10,000.00 and has an estimated useful life of 5 years. How much is its annual accumulated depreciation and deprecriation expense?

It is the value of the asset at the end of its useful life (residual or scrap value)

An expense that refers to the portion of accounts receivable that is in doubt of being collected.

The ledger balance of Accounts Receivable is 10,000.00. Assume that ACB Laundry services is using the percentage accounts receivable in estimating doubtful and has determined that 2% of Accounts Receivable are doubtful of being collected as of June 30, 2000. What is the required allowance for doubtful accounts as of June 30, 2000?

The information coming from the worksheets will be used in the preparation of financial statements.

It is also known as the Balance Sheet. Includes the amount of assets, liabilities and owner’s equity.

Known as Income Statement which contains the results of the company’s operations for a specific period of time either monthly, quarterly or in yearly basis.

This statement is prepared prior to preparation of the Balance Sheet in order to obtain the ending balance of the equity to be used in the Balance Sheet

The last part of the cycle is to prepare the journal.

Closing the accounts means bringing the balances to zero.

Which of the following is the merchandiser’s primary source of revenue?

What do you call an accounting method for inventory wherein the cost of goods sold is determined only at the end of the accounting period?

When a seller allows a deduction of the selling price due to the dissatisfaction of customer, the recording entry is called

Which of the following is a merchandising business?

Trading Company are business engaged in buying products from suppliers or manufacturers and selling them to customers.

It is the total amount obtain if the Cost of Goods sold are already deducted from the sales.

The inventory account is increased when goods for sale are acquired and decreased when goods are sold.

Purchases refer to the items considered as merchandise and not the purchase of current or fixed assets.

It is used to record all cash that had been received

It used to record all transactions involving cash payments.

It used to record all sales on credit (on account)

It used to record all purchases of inventory on account.

Which of the following is the formula in computing the gross profit?