QUIZ 2

Question 1

Journal entries done at the end of the period

Answer 1

Adjusting journal entries

Question 2

What is nominal account also called?

Answer 2

Temporary accounts

Question 3

Where makikita ang nominal accounts?

Answer 3

Income statement

Question 4

Bakit temporary accounts tawag sa income statement?

Answer 4

Kasi cinoclose sila sa end ng taon

Question 5

What is the balance of the income statement sa beginning ng taon?

Answer 5

0

Question 6

Ano yung mga nasa nominal accounts?

Answer 6

Drawings, revenues, amd expense

Question 7

Saan inilalagay si drawings, balance sheet or income statement?

Answer 7

BALANCE SHEET, AYUN LANG YUNG NOMINAL ACC NA NASA BALANCE SHEET

Question 8

When lang magiging equal ang total debits and credits ng adjusted trial balance?

Answer 8

Kapag nag zero na si net income or net loss for that period

Question 9

Paano malalaman if net profit or net loss sa adjusted trial balance?

Answer 9

Kapag mas malaki si credit side (revenues), net profit. If mas malaki si debit (expense), net loss

Question 10

Adjusting is to…

Answer 10

To change or alter

Question 11

Purpose of adjusting

Answer 11

To update accounting records