Basic Accounting Quiz Game

Decrease in asset may

• Decrease another asset

• Decrease liabilities

• Increase capital

• Increase liabilities

Which of the following errors will cause a trial balance to be out of balance?

• A journal entry was accidentally posted twice.

• The bookkeeper forgot to journalize a transaction.

• A credit was posted to an account as debit.

• The bookkeeper forgot to post a journal entry to the ledger.

A company’s weekly payroll of P5,000 in a 5-day work week is paid on Fridays. Assume that the last day of the month falls on Wednesday. Which of the following is the required adjusting entry?

• Debit Salaries Expense P2,000 and Credit Salaries Payable P2,000

• Debit Salaries Payable P3,000 and Credit Salaries Expense P3,000

• Debit Salaries Expense P3,000 and Credit Salaries Payable P3,000

• Debit Salaries Payable P2,000 and Credit Salaries Expense P2,000

At the beginning of the year, PICPA Calling Station had liabilities of P100,000 and owner’s equity of P96,000. If assets increased by P40,000 and liabilities decreased to P70,000. What was the owner’s equity at year-end?

If Accounts Payable has debit postings of P170,000, credit postings of P140,000, and a normal ending balance of P60,000, which of the following was its beginning balance?

• P90,000 Cr.

• P90,000 Dr.

• P30,000 Cr

• P30,000 Dr.