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ACCOUNTING

MIDTERM EXAMINATION
Test I. True or False
________ 1. Accounting Cycle mainly discourses on Gathering evidences to support transactions,
Journalizing possible entries, and Recording in books of accounts.
________ 2. In order to record properly in the Books of accounts it is necessary that the recording
must be systematic and chronological.
________ 3. In an issuance of an “Official Receipt” the Particulars in the expense may or may not
be specified.
________ 4. A “Petty Cash Voucher” is a small amount of money which is kept in an office in
order to pay for small items.
________ 5. Appropriate control in Journalizing is observed by the following: “Prepared by,
Checked by, and Approved by”.
________ 6. Under BIR standards it is stated that the RECEIPT must be claimed within the taxable
period only
________ 7. Entity Concept under DATA GATHERING states that transactions must be supported
by pieces of evidence.
________ 8. In a Petty Cash Voucher it must be observed that the manager did approved the
Voucher.
________ 9. In an issuance of an “Official Receipt/ Receipt” it must be specified that the receipt
must be in the name of the Company.
________ 10. “Verifiability principle” is the effect of the application of entity concept and the
objectivity principle.
Test II. Encircle the Error(s)
Official Receipt Voucher
No. 2219
Paid to : Jeepney Driver Date :____________
Particulars Amount
Jeepney fare in going to Client A
To deliver a Letter
Office to Client B 16
Client A back to office __16_
Total 36

Approved by: Payment received by:

Messenger Messenger

“No Matter How HARD or IMPOSSIBLE it is, Never lose sight on your GOALS.”
ACCOUNTING
MIDTERM EXAMINATION

Test III. Provide the necessary Evidence for the following Business Transactions.
1. Edogawa Conan, The company manager of “BLACK ORGANIZATION.” asked you to
deliver a letter to his clients (Professor Agasa and Detective Mouri) “Today”. Upon the delivery
of the letter you have incurred a Jeepney fare of Php 43.00
 BLACK ORGANIZATION – Professor Agasa Php 16.00
 Professor Agasa – Detective Mouri Php 7.00
 Detective Mouri – BLACK ORGANIZATION Php 20.00
Additional Information: The name of the Driver is Vermouth

2. The Company manager of “One Piece Inc.” asked you to purchase office supplies to
“TINDAHAN NI ALENG NENA” located at QGON, Cagayan de Oro City. The office supplies
were already purchased for a total 300 dollars ($) only.
 50 pieces of Long Brown Envelope which is bought at a price of $ 1.00
 24 pieces of Cutter which is bought at a price of $ 10.00
 2 bundles of White Cartolina which is bought at a price of $5.00

“No Matter How HARD or IMPOSSIBLE it is, Never lose sight on your GOALS.”