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Fundamentals of Accountancy, Business and Management (FDNACCT)

FDNACCT Quiz 2 · Units 4.1–4.6 — Mock Exam

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Original hard 35-item rehearsal: 10 true/false, 10 theory choices and 15 numeric problems. Full facts, explicit course conventions and worked solutions; covers transaction records, notes and merchandising.

Jade Laurence EmpleoPublic35 questionsFundamentals of Accountancy, Business and Management (FDNACCT)Updated
Editorial policy
20concepts
15calculations
Conventions

Original practice, not a prediction of the upcoming paper. Test I: 10 true/false; Test II: 10 theory choices; Test III: 15 numeric answers. Every question is independent. Amounts are Philippine pesos, no VAT. Use periodic inventory and accrual accounting unless stated. Note interest uses days/360 or months/12. Cash-discount problems explicitly use the course original-balance convention; partial payments reduce final cash separately. Enter numeric money without currency symbols; commas are optional. Select after-submit feedback before beginning for exam-style self-study, then review every worked solution.

Questions

01Test I · 1/10. True or false: An entry debiting one asset and crediting another by the same amount may leave both liabilities and equity unchanged.
  1. True
  2. False
FDNACCT Unit 4.1-4.4_Analyzing business transactions_Study Guide.pdf p.2; FDNACCT_2526_T1_Quiz #2_1_Questionnaire.pdf I.2
02Test I · 2/10. True or false: A balanced trial balance proves that every source transaction was recorded exactly once in the correct accounts.
  1. True
  2. False
FDNACCT Unit 4.1-4.4_Analyzing business transactions_Study Guide.pdf p.4; FDNACCT_2526_T3_Quiz #2_1_Questionnaire.pdf I.7
03Test I · 3/10. True or false: Recording receipt of a note that replaces an already-recorded customer account requires another revenue credit.
  1. True
  2. False
FDNACCT Unit 4.5_Journalizing transactions specific to promissory notes_Study Guide.pdf p.2; FDNACCT_2526_T1_Quiz #2_1_Questionnaire.pdf II.3
04Test I · 4/10. True or false: The maker and payee use different names for the same note: Notes payable and Notes receivable, respectively.
  1. True
  2. False
FDNACCT Unit 4.5_Journalizing transactions specific to promissory notes_Study Guide.pdf pp.1–2
05Test I · 5/10. True or false: At maturity, principal plus interest must both be credited to Notes receivable when the payee collects.
  1. True
  2. False
FDNACCT Unit 4.5_Journalizing transactions specific to promissory notes_Study Guide.pdf p.2; FDNACCT_2526_T1_Quiz #2_1_Questionnaire.pdf III.4
06Test I · 6/10. True or false: Under FOB destination, collect, the buyer’s payment to the carrier may reduce the amount owed to the seller.
  1. True
  2. False
FDNACCT Unit 4.6_Journalizing transactions specific to merchandising business_Study Guide.pdf p.2
07Test I · 7/10. True or false: Under 2/10, n/30, a full settlement on day 20 earns the 2% cash discount merely because it is within the net credit period.
  1. True
  2. False
FDNACCT Unit 4.6_Journalizing transactions specific to merchandising business_Study Guide.pdf p.1; FDNACCT_2526_T2_Quiz #2_1_Questionnaire.pdf I.7, wording clarified
08Test I · 8/10. True or false: A trade discount reduces the invoice recorded in Purchases or Sales without creating a separate trade-discount account.
  1. True
  2. False
FDNACCT Unit 4.6_Journalizing transactions specific to merchandising business_Study Guide.pdf p.1; FDNACCT_2526_T3_Quiz #2_1_Questionnaire.pdf I.10
09Test I · 9/10. True or false: A physical count can serve a control purpose even when perpetual records update Inventory after each transaction.
  1. True
  2. False
FDNACCT Unit 4.6_Journalizing transactions specific to merchandising business_Study Guide.pdf p.1; FDNACCT_2526_T2_Quiz #2_1_Questionnaire.pdf II.6
10Test I · 10/10. True or false: Freight out is deducted in calculating periodic cost of sales in the same way as freight in.
  1. True
  2. False
FDNACCT Unit 4.6_Journalizing transactions specific to merchandising business_Study Guide.pdf pp.1–2; FDNACCT_2526_T1_Quiz #2_1_Questionnaire.pdf I.5
11Test II · 1/10. Which document originates inside the buyer’s organization to request that needed goods be ordered?
  1. Customer remittance advice
  2. Purchase requisition
  3. Seller credit note
  4. Receiving report
FDNACCT Unit 4.1-4.4_Analyzing business transactions_Study Guide.pdf p.1; FDNACCT_2526_T1_Quiz #2_1_Questionnaire.pdf II.1
12Test II · 2/10. Which statement explains why a personal withdrawal paid from business cash is recorded?
  1. It is excluded because the owner’s purpose was personal
  2. It increases the business receivable from every customer
  3. It reduces business cash and owner equity through Drawings
  4. Every owner withdrawal is a salary expense
FDNACCT Unit 4.1-4.4_Analyzing business transactions_Study Guide.pdf p.2; FDNACCT_2526_T3_Quiz #2_1_Questionnaire.pdf II.4
13Test II · 3/10. Which feature specifically belongs to a running-balance ledger?
  1. A complete entry’s narration directly beneath its accounts
  2. A chronological list of all types of transactions in one entry book
  3. A record of the company’s authorized account names only
  4. An updated account balance after each posting
FDNACCT Unit 4.1-4.4_Analyzing business transactions_Study Guide.pdf p.3; FDNACCT_2526_T2_Quiz #2_1_Questionnaire.pdf I.2
14Test II · 4/10. Which error alone breaks equality in an otherwise accurate trial balance?
  1. Posting only the debit of a balanced entry
  2. Omitting an entire balanced entry
  3. Debiting Supplies instead of Equipment for the same amount
  4. Recording the same equal debit and credit twice
FDNACCT Unit 4.1-4.4_Analyzing business transactions_Study Guide.pdf p.4; FDNACCT_2526_T3_Quiz #2_1_Questionnaire.pdf II.7
15Test II · 5/10. For a current sale directly settled by a customer’s note, which asset does the seller initially recognize?
  1. Accounts payable
  2. Notes receivable
  3. Cash
  4. Notes payable
FDNACCT Unit 4.5_Journalizing transactions specific to promissory notes_Study Guide.pdf p.2
16Test II · 6/10. Which phrase identifies the maturity value of an interest-bearing note?
  1. Only the note face principal removed from its account
  2. Only interest earned since the last cash collection
  3. The total principal plus full-term interest due at maturity
  4. The annual interest rate expressed as a percentage
FDNACCT Unit 4.5_Journalizing transactions specific to promissory notes_Study Guide.pdf p.1; FDNACCT_2526_T2_Quiz #2_1_Questionnaire.pdf II.5
17Test II · 7/10. Which account does the maker credit when a note is dishonored under the course method?
  1. Accounts receivable for interest alone
  2. Cash for principal plus interest due
  3. Notes receivable for face value
  4. Accounts payable for principal plus interest due
FDNACCT Unit 4.5_Journalizing transactions specific to promissory notes_Study Guide.pdf p.2; FDNACCT_2526_T2_Quiz #2_1_Questionnaire.pdf I.3
18Test II · 8/10. A credit customer keeps defective goods after the seller agrees to a price reduction. What does the seller debit?
  1. Sales returns and allowances
  2. Purchase returns and allowances
  3. Accounts receivable
  4. Freight in
FDNACCT Unit 4.6_Journalizing transactions specific to merchandising business_Study Guide.pdf p.1; FDNACCT_2526_T2_Quiz #2_1_Questionnaire.pdf II.7
19Test II · 9/10. Under periodic inventory, which item directly reduces the acquisition-cost computation?
  1. Beginning inventory
  2. Purchase discounts
  3. Sales discounts
  4. Freight out
FDNACCT_Formula Guide_Quiz #2.pdf; FDNACCT_2526_T1_Quiz #2_1_Questionnaire.pdf II.10
20Test II · 10/10. A retailer using special journals makes a cash sale of merchandise. Where is it recorded?
  1. Purchases journal
  2. Petty cash book
  3. Cash receipts journal
  4. Credit-sales journal only
FDNACCT Unit 4.6_Journalizing transactions specific to merchandising business_Study Guide.pdf p.2
21Test III · 1/15. Enter ending total Accounts payable.

Problem

Opening AP ₱27,500. Buy goods on account ₱46,200 from Amihan. Buy unused office supplies ₱18,400, paying 25% down, balance on account. Return ₱2,400 of the supplies on credit. Pay 40% of the ₱46,200 Amihan account. No other activity or cash discounts.

FDNACCT_2526_T1_Quiz #2_1_Questionnaire.pdf III.1; FDNACCT_2526_T3_Quiz #2_1_Questionnaire.pdf III.12, original analogue
22Test III · 2/15. Enter ending Accounts receivable.

Problem

Opening AR ₱48,000. Complete services ₱72,000 with 25% paid in cash, balance on account. Later collect ₱18,500 of that current account. Convert ₱12,000 of opening AR into a note. Complete a separate ₱27,000 service directly for a note, with no cash. No other events.

FDNACCT_2526_T1_Quiz #2_1_Questionnaire.pdf III.2, original analogue
23Test III · 3/15. Enter ending Cash.

Problem

Opening Cash ₱210,000. Refund customer ₱3,400 for a defective cash sale. Sell goods ₱84,000, 35% cash down and remainder on account. Collect ₱17,800 of old AR. Buy unused office supplies for ₱6,500 cash. No other cash events.

FDNACCT_2526_T1_Quiz #2_1_Questionnaire.pdf III.3, original analogue
24Test III · 4/15. Enter current-month Service revenue.

Problem

A designer charges ₱1,800 per hour. This month: complete 12 hours for cash; complete 17 hours on account; receive cash for 9 hours to be performed next month. Also collect ₱8,800 for last month’s already-recorded work. No other services.

FDNACCT_2526_T2_Quiz #2_1_Questionnaire.pdf III.1, original analogue
25Test III · 5/15. Enter each correctly classified trial-balance column total.

Problem

All normal account balances in pesos: Cash 64,000; AR 19,000; Equipment 97,000; Rent payable 22,000; Owner capital 94,000; Service revenue 86,000; Salaries expense 15,000; Owner drawings 7,000. No contra accounts and no other accounts.

FDNACCT_2526_T2_Quiz #2_1_Questionnaire.pdf III.3; FDNACCT_2526_T3_Quiz #2_1_Questionnaire.pdf III.10, original analogue
26Test III · 6/15. Enter the Notes receivable credit on collection.

Problem

A payee collects a ₱228,000 face note at maturity. Annual interest rate 10%, term 90 days, 360-day year; no prior interest accrual.

FDNACCT_2526_T1_Quiz #2_1_Questionnaire.pdf III.4, original analogue
27Test III · 7/15. Enter full-term interest.

Problem

Principal ₱168,000; annual rate 7.5%; term 80 days; simple interest on a 360-day year.

FDNACCT Unit 4.5_Journalizing transactions specific to promissory notes_Study Guide.pdf p.1; FDNACCT_2526_T3_Quiz #2_1_Questionnaire.pdf III.1, original analogue
28Test III · 8/15. Enter cash maturity value.

Problem

A ₱125,000 note bears annual simple interest of 9% for four months. No previous interest accrual or principal payment.

FDNACCT Unit 4.5_Journalizing transactions specific to promissory notes_Study Guide.pdf p.1; FDNACCT_2526_T3_Quiz #2_1_Questionnaire.pdf III.2, original analogue
29Test III · 9/15. Enter the maker’s Accounts payable credit when the note is dishonored.

Problem

The maker fails to pay a ₱72,000, 12% annual, 45-day note at maturity. Use a 360-day year, no prior interest accrual and the course dishonor reclassification.

FDNACCT Unit 4.5_Journalizing transactions specific to promissory notes_Study Guide.pdf p.2; FDNACCT_2526_T3_Quiz #2_1_Questionnaire.pdf III.3, original analogue
30Test III · 10/15. Enter invoice price after trade discounts.

Problem

Goods have list price ₱560,000, with successive trade discounts of 15% then 8%. No cash discount or VAT is included.

FDNACCT Unit 4.6_Journalizing transactions specific to merchandising business_Study Guide.pdf p.1; FDNACCT_2526_T1_Quiz #2_1_Questionnaire.pdf III.8, original analogue
31Test III · 11/15. Enter net cost of purchases.

Problem

Periodic raw balances (₱): Purchases 287,000; Purchase returns and allowances 14,000; Purchase discounts 8,300; Freight in 14,600; Freight out 6,000; Sales returns 9,400; Beginning inventory 62,400.

FDNACCT_Formula Guide_Quiz #2.pdf; FDNACCT_2526_T1_Quiz #2_1_Questionnaire.pdf III.9, original analogue
32Test III · 12/15. Enter periodic cost of sales.

Problem

Raw balances (₱): Beginning inventory 62,400; Ending inventory 51,700; Net cost of purchases 279,300; Purchase returns 14,000; Purchase discounts 8,300; Freight in 14,600; Freight out 6,000. The net cost subtotal is complete.

FDNACCT_Formula Guide_Quiz #2.pdf; FDNACCT_2526_T1_Quiz #2_1_Questionnaire.pdf III.10, original analogue
33Test III · 13/15. Enter gross profit.

Problem

The records list Net sales ₱648,400; Cost of sales ₱290,000; Sales ₱684,500; Sales returns ₱23,500; Sales discounts ₱12,600; Freight out ₱6,000; Salaries ₱48,000. Net sales and cost of sales are already complete subtotals.

FDNACCT_Formula Guide_Quiz #2.pdf; FDNACCT_2526_T2_Quiz #2_1_Questionnaire.pdf III.11, original analogue
34Test III · 14/15. Enter the purchase discount under the stated course convention.

Problem

Goods invoice ₱176,000; pay 30% down; terms 3/10, n/30. Return invoiced goods ₱8,200. Make prior partial payment ₱25,000, with no discount recorded then. Settle within 10 days. Course discount base is original AP after downpayment and return, before partial payment; freight is absent.

FDNACCT_Formula Guide_Quiz #2.pdf; FDNACCT_2526_T2_Quiz #2_1_Questionnaire.pdf III.12, original analogue
35Test III · 15/15. Enter final cash collected by the seller.

Problem

On August 3, 2026, sell goods listed ₱250,000 less 10%, terms 20% down, balance 2/10, n/30. Accept invoice-value return ₱6,000. Collect ₱45,000 partially without discount, then settle August 13. Seller separately pays ₱2,100 FOB destination prepaid freight. Course discount base = original AR after downpayment and return, before partial collection; freight excluded.

FDNACCT_Formula Guide_Quiz #2.pdf; FDNACCT_2526_T2_Quiz #2_1_Questionnaire.pdf III.15, original analogue
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