← SetsAccounting Principles — Set 10
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Accounting Principles Practice Questions — Set 10
10 free Accounting Principles reviewer questions with answers and explanations. Pindutin ang sagot mo para makita agad kung tama — kasama na ang paliwanag. Set 10 of 10.
91
After preparing financial statements, what is the next step in the accounting cycle?
92
A trial balance that balances proves that:
93
Which accounts appear on the post-closing trial balance?
94
The general ledger contains:
95
What is the last step in the accounting cycle?
96
On December 1, a company paid P120,000 for a one-year insurance policy. What is the adjusting entry required on December 31?
97
In a bank reconciliation, how should outstanding checks be treated to arrive at the adjusted book balance?
98
A machine costs P200,000 with a residual value of P20,000 and a 5-year useful life. Using the double-declining balance method, what is the first year depreciation expense?
99
If a company has Accounts Receivable of P500,000 and an Allowance for Doubtful Accounts with a credit balance of P15,000, what is the net realizable value of the receivables?
100