1. Write any two of the Permanent Accounts.* (2 points) Cash, Accounts Receivable, 2. If XYZ Comapny is the seller, & it promises the buyer to pay for shipping costs, XYZ is following which shipping method?* (2 points) FOB Shipping Point OFOB Origin FOB Destination None of the options is correct 3.XYZ Company purchased a Land that costs $150,000 on 1/Dec/2019. What is the Depreciation amount that should be recorded for the land on 31/Dec/2019?* (2 points) $150,000 $100,000 $50,000 $0 4.XYZ Comapny has an account named "Notes Payable (Due in 7 years)". Under which of the following should this account be classified? * (2 Points) Current Assets Current Liabilities Long-term Liabilities None of the options 5. Refers to cash received in advance of providing products and services * (2 points) Accrued Revenues Unearned Revenues O Prepaid Expense Accrued Expense 6. One of the followings is not a benefit of the Worksheet* (2 points) Increase the possibility of errors Helps the preparation of financial statements Helps in preparing interim (monthly and quarterly) financial statements None of the options 7.XYZ Company has an account named "Merchandise Inventory". Under which of the following should this account be classified? * 65 (2 points) Intangible Assets Plant Assets Current Assets Long-term Investments 8. When XYZ Company Sells Merchandise to customers on credit for $2,000. What entry should be recorded by XYZ?* (2 points) O "Debit - Accounts Payable" - "Credit - Sales" O "Debit - Sales" - "Credit - Accounts Receivable" "Debit - Accounts Receivable" - "Credit - Sales" O "Debit - "Merchandise Inventory - "Credit - Accounts Payable" 9.XYZ Company has an account named Trademarks. Under which of the following should this account be classified? * (2 points) None of the options Plant Assets Current Assets Intangible Assets 10.XYZ Company is a Merchandiser, & has "Net Sales = 10,000", "Cost of goods sold = $2,000", & "Expenses = $1,000". What amount should be recorded as Gross Profit?* (2 points) $10,000 $2,000 $8,000 $7,000 11.XYZ Company ledger shows that Total Expenses are equal to $5,000 during the year. It is now 31/Dec/2019. What should be the closing entry for XYZ Company's Expenses account? * 17 (2 Points) "Debit - Income Summary $0" - "Credit - Total Expenses $0" "Debit - Income Summary $5,000" - "Credit - Total Expenses $5,000" "Debit - Total Expenses $5,000" - "Credit - Income Summary 55,000" "Debit - Income Summary $20,000" - "Credit - Total Expenses $20,000" 12.XYZ Company has performed only 50% of the work related to the amount of $100,000 that it has received in advance during the period ended 31/Dec/2019. What amount should be deducted from Unearned Revenue? * (2 points) $0 $100,000 $25,000 $50,000 13. XYZ Company is a merchandiser, it was informed by a buyer of its merchandise that $2,000 worth of items are defective, and cannot be used. The buyer informed XYZ about the return of the merchandise through a (2 points) Credit Memorandum Debit Memorandum Allowance Memorandum None of the options 14. XYZ Company updated its Inventory accounting systems each time a transaction is made. XYZ is following which inventory system?* (2 points) Periodic Perpetual Updated None of the options is correct 15.XYZ Sells merchandise on credit for $2,000 with credit terms "2/10,n/60". If the buyer decides to pay within the next 5 days, what amount should be considered as a discount?* (2 points) There is no discount $200 $40 $20 16.XYZ Company purchased Insurance coverage on 1/July/2019 for $3,000 which covers 12 Months, it is now 31/Dec/2019 and no adjustments have been made to the Prepaid Insurance account. What amount should XYZ report as expired in the Prepaid Insurance account? * (2 Points) $3,000 $0 $250 $1,500 17.XYZ Company's Owner decided to withdraw $3,000. On 31/Dec/2019 what closing entry should be recorded to reflect the transaction? * (2 points) "Debit - Capital $3,000" - "Credit - Withdrawals $3,000" "Debit - Withdrawal $3,000" - "Credit - Capital $3,000" "Debit - Income Summary $3,000" - "Credit - Withdrawals $3,000" None of the options is correct 18.XYZ Sells merchandise on credit for $2,000 with credit terms "2/10,n/60". If the buyer decides to pay after 50 days, what amount should be considered as a discount?* (2 Points) $20 $200 $2,000 There is no discount 19.XYZ Comapny has an account named "Land currently used in operations". Under which of the following should this account be classified? * (2 points) Current Assets Plant Assets Long-Term investments Intangible Assets 20.XYZ Comapny ledger showed a balance of Services Revenue of $20,000 during the year, it is now 31/Dec/2019. What should be the closing entry for XYZ Company's Service Revenue account? (2 points) O "Debit - Income Summary $20,000" - "Credit - Revenue $20,000" All options are incorrect "Debit - Revenue $20,000" - "Credit - Income Summary $20,000" "Debit - Income Summary $10,000" - "Credit - Revenue $10,000