Are you ready to be a CEO?

What is the basic accounting equation?

• Assets = Liabilities + Equity

• Income = Expenses + Profit

• Equity = Assets - Profit

• Liabilities = Assets + Equity

Assets - Liabilities = ?

(a)  

Which of the following is considered a liability?

• Equipment

• Accounts Payable

• Capital

• Service Revenue

Kirk wants to open a matcha cafe. What’s the BEST first step he should take?

• Buy ingredients and start whisking

• Promote on Instagram right away

• Make a business plan

• Invite his crush to be the official taste tester

A [?] is a record of financial transactions for a business.

(a)  

Which is NOT part of the accounting cycle?

• Posting to the ledger

• Trial balance

• Baking cookies

• Journalizing transactions

Which of the following are examples of assets?

• Cash

• Equipment

• Wages Payable

• Capital

If your liabilities are ₱10,000 and your equity is ₱15,000, what are your assets?

• ₱5,000

• ₱25,000

• ₱10,000

• ₱15,000

James wants to sell ₱100 cookies for ₱500. What’s the problem here?

• Cookies are ugly

• Pricing is unrealistic

• They hate cookies

• There is no problem. Get that bread 💰

If a product is really expensive but people still buy it, we say it has high (a)   .