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MCQs

Total Questions : 932 | Page 8 of 94 pages
Question 71. The original record of a business transaction is recorded in this book.
  1.    Work book
  2.    Journal
  3.    Ledger
  4.    Account book
 Discuss Question
Answer: Option B. -> Journal
Question 72. What are the common methods of computing depletion charge?
  1.    Rational method and irrational method
  2.    Conservative method and conventional method
  3.    Unit method and percentage method
  4.    Discrete method and depletion allowance method
 Discuss Question
Answer: Option C. -> Unit method and percentage method
Question 73. A factory operator bought a diesel generator set for P 10,000.00 and agreed to pay the dealer uniform sum at the end of each year for 5 years at 8% interest compounded annually, that the final payment will cancel the debt for principal and interest. What is the annual payment?
  1.    P 2,500.57
  2.    P 2,544.45
  3.    P 2,540.56
  4.    P 2,504.57
 Discuss Question
Answer: Option D. -> P 2,504.57
Question 74. What refers to the goods and services that are desired by human and will be acquired only after all the needs have been satisfied?
  1.    Producer products
  2.    Consumer products
  3.    Luxury
  4.    Necessity
 Discuss Question
Answer: Option D. -> Necessity
Question 75. Shell Philippines, a multinational company, has a total gross income for a particular year of P 50,000,000. The taxable income after taking all deductions except for depletion is P 18,500,000. What is the allowable depletion allowance for that particular year? Take percentage of gross income for oil as 22%.
  1.    P 9,358.41
  2.    P 9,228.45
  3.    P 9,250.00
  4.    P 9,308.45
 Discuss Question
Answer: Option C. -> P 9,250.00
Question 76. What annuity is required over 12 years to equate with a future amount of P 20,000? Assume i= 6% annually.
  1.    P 1,290.34
  2.    P 1,185.54
  3.    P 1,107.34
  4.    P 1,205.74
 Discuss Question
Answer: Option B. -> P 1,185.54
Question 77. Both architect and engineer make use of the cost estimate of the project:
  1.    For site selection
  2.    For designing of the project
  3.    For choosing alternatives
  4.    All of these
 Discuss Question
Answer: Option D. -> All of these
Question 78. What refers to the present worth of cost associated with an asset for an infinite period of time?
  1.    Annual cost
  2.    Increment cost
  3.    Capitalized cost
  4.    Operating cost
 Discuss Question
Answer: Option C. -> Capitalized cost
Question 79. The interest calculated on the basis of 365 days a year, is known as:
  1.    Interest
  2.    Ordinary simple interest
  3.    Exact simple interest
  4.    None of these
 Discuss Question
Answer: Option C. -> Exact simple interest
Question 80. An asset is purchased for P 9,000.00. Its estimated economic life is 10 years after which it will be sold for P 1,000.00. Find the depreciation in the first three years using sum-of-years digit method
  1.    P 3,279.27
  2.    P 3,927.27
  3.    P 3,729.27
  4.    P 3,792.72
 Discuss Question
Answer: Option B. -> P 3,927.27

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