BKP SUMMER Q1
Authored by Melinda Tamba
Specialty
1st - 3rd Grade
Used 3+ times
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11 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Investment of P50,000 cash to start a business engaged in selling hats
increase in asset ; increase in owners equity
increase in asset ; increase in liability
decrease in asset; decrease in owners equity
increase in asset ; decrease in another form of asset
Answer explanation
increase in asset in the form of cash 50,000 , and increase in equity in the form of capital, 50000
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Purchased P23,000 worth of hats on account.
increase in asset; increase in liability
increase in asset; decrease in another form of asset
increase in asset ; increase in owners equity
decrease in asset; increase in liability
Answer explanation
increase in asset in the form of merchandise and increase in liability.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Paid shop space rental for the month of March amounting to P 3,500.
decrease in asset; decrease in owners equity
increase asset ; decrease in owners equity
increase n liability; increase in owners equity
increase in liability; decrease in owners equity
Answer explanation
paid rent ( rent expense) decrease in OE, paid cash, decrease in asset
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Withdrew P10,000 from the business.
decrease in asset; decrease in owner's equity
decrease in asset; increase in owner's equity
decrease in liability; decrease in asset
decrease in liability; increase in owner's equity
Answer explanation
withdraw cash means decrease in owners equity (drawing) , as well as asset(cash)
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Paid the amount due to the supplier worth P5,000.
decrease in liability; decrease in asset
decrease in liability; decrease in capital
decrease in owner's equity ; decrease in liabilty
increase in asset; increase in liability
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Effect of transaction to an asset:
to debit means to increase: to credit means to decrease
to debits means to decrease ; to credit means to increase
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Effect on Liability of a transaction
to debit means to Decrease; to credit means to increase
to debit means to increase; to credit means to decrease
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