have no effect on total current assets

a credit to accumulated depreciation of ₱12,800,000

Silent Partner and Secret Partner

JPIA 2nd Year Accounting Quiz Bowl Flashcards

1

Question 15

P256,000
P224,000
P240,000
P320,000

2

Question 18

19,200
32,200
33,200
47,600

3

Question 3

B
C
A
D

4

Question 2

decrease profit for the period
decrease total current assets
decrease the amount of owner’s equity
have no effect on total current assets

5

Question 20: Which step in the accounting cycle is completed later than the others?

Journalizing
Posting
Adjustments
Identification and measurement of transactions

6

Question 13

D
B
C
A

7

Question 6

407,424
365,472
412,365
456,773

8

Question 12

P107,000
P97,000
P58,200
P38,800

9

Question 7

solidary
joint
individual and collective
joint and several

10

Question 5

a credit to accumulated depreciation of ₱12,800,000
a credit to building of ₱15,200,000.
a debit to deferred tax of ₱14,160,000.
a debit to accumulated depreciation of ₱32,000,000.

11

Question 8: A common measure of liquidity is

return on assets
debt to equity
profit margin
receivable turnover

12

Question 11

2 times
8 times
5 times
10 times

13

Question 10

P504,000
P476,667
P537,333
P540,000

14

Question 9

404,500
574,500
474,500
344,500

15

Question 19: The amortization of intangible assets over their useful lives is justified by the

Historical cost assumption
Monetary unit assumption
Economic entity assumption
Going concern assumption

16

Question 1

Silent Partner and Dormant Partner
Secret Partner and Dormant Partner
Silent Partner and Secret Partner
Secret Partner and Silent Partner

17

Question 4: The passage of time as a mode of acquiring or losing a right including the extinguishment of an obligation

novation
merger
prescription
remission

18

Question 14

P2,645.75
P1,322.75
P3,455.25
P1,323.00

19

Question 17

4.37
4
3.97
3.6

20

Question 16

P8,050,000
P7,650,000
P11,605,000
P9,950,000

JPIA 2nd Year Accounting Quiz Bowl

Questions 20

JPIA 2nd Year Accounting Quiz Bowl

Questions 20