Polytechnic University Mission & Goals

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Questions and Answers

What is the primary purpose of adjusting entries?

To prepare financial statements for external users

To correct errors in previous entries

To update the balance of accounts at the end of the accounting period (correct)

To increase the value of assets on the balance sheet

How is depreciation calculated according to the formula noted in the content?

Acquisition cost - residual value / useful life (correct)

Total expenses incurred / number of years

Acquisition cost + residual value / useful life

Acquisition cost - total revenue earned

What type of account is the 'Allowance for Bad Debt'?

Expense account

Contra-asset account (correct)

Revenue account

Contra-liability account

Which of the following best describes an accrued income?

Revenues earned but not yet collected Signup and view all the answers

What is true about deferred expenses?

They are expenses paid for but not yet incurred Signup and view all the answers

What is the relationship between accrued expenses and liabilities?

Accrued expenses are incurred but not paid, hence are liabilities Signup and view all the answers

What is the correct definition of depreciation expense?

Allocated cost of an asset over its useful life Signup and view all the answers

Which of the following is not a source of adjusting entries?

Land Signup and view all the answers

What is recorded first in the Asset Method for a deferred expense?

Asset Signup and view all the answers

In the Expense Method, what is the adjusting entry at month end?

Transfer from Rent Expense to Prepaid Rent Signup and view all the answers

How is deferred income best categorized before it is earned?

A liability Signup and view all the answers

Which entry reflects receiving an advanced payment for a service using the Liability Method?

Cash - 30,000, Unearned Revenue - 30,000 Signup and view all the answers

What is the initial entry for a deferred income recorded using the Income Method?

Service Revenue - 30,000, Cash - 30,000 Signup and view all the answers

What is the purpose of the adjusting entry for inventory in a periodic system?

To align beginning inventory with ending inventory Signup and view all the answers

What is the monthly adjusting entry in the Liability Method for deferred income once revenue is earned?

Unearned Revenue - 10,000, Service Revenue - 10,000 Signup and view all the answers

What method records a deferred expense first as an expense before adjusting against the asset?

Expense Method Signup and view all the answers

Study Notes

Vision

A leading, comprehensive Polytechnic University in Asia

Mission

Advance an inclusive, equitable, and globally relevant Polytechnic education towards national development

Strategic Goals

Pillar 1: Teaching and Learning

Innovative curricula and instruction
Empowered, expert, and productive faculty members
Holistic student development

Pillar 2: Research and Extension

Intensified research, innovation, dissemination, and utilization
Strengthened sustainable and impactful extension program
Expanded research and extension networks with local, national, and international partners

Pillar 3: Internal Governance

Transformational university leadership
Judicious and ethical stewardship of physical and financial resources
Effective and efficient human resource management
Excellent citizen/client satisfaction
Smart campuses

Core Values

Integrity and accountability
Nationalism
Sense of service
Passion for learning and innovation
Inclusivity
Respect for human rights and the environment
Excellence
Democracy

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Description

Explore the mission, strategic goals, and core values of a leading Polytechnic University in Asia. This quiz will assess your understanding of the pillars of teaching, research, and governance that drive the institution towards national development.