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WorksheetsAccounting Equation and Analyzing Transactions
Total questions: 12
Worksheet time: 5mins
Identify which type of account is affected: The owner invested PHP48,000 cash in the business.
Assets and Liabilities
Assets and Owner's Equity
Owner's Equity and Personal Cash
Assets and Cash Investment
Identify which type of account is affected: Paid liabilities worth PHP53,000
Assets and Liabilities
Assets and Owner's Equity
Owner's Equity
Assets
Identify which type of account is affected: The business purchase office supplies on account
Assets and Liabilities
Assets and Owner's Equity
Owner's Equity and Supplies
Assets and Purchasing
Identify which type of account is affected: Purchased equipment at PHP20,000 for cash.
Assets and Liabilities
Assets and Owner's Equity
Owner's Equity
Assets
Identify which type of account is affected: The owner withdrew supplies worth PHP5,000 or the business used supplies worth PHP8,000.
Assets and Liabilities
Assets and Owner's Equity
Owner's Equity and Liability
Liability and Owner's Equity
The following are the types of major accounts except:
Owner's Equity
Liabilities
Assets
Withdrawal
Statement 1: Accounting is useful in making economic decisions. Statement 2: Accounting concerns quantitative data that are measurable in terms of money.
Only statement 1 is correct
Only statement 2 is correct
Both statements are correct
Both statements are incorrect
Identify which type of account is affected: Paid PHP340 cash for this month’s utility bill.
Assets and Liabilities
Assets and Owner's Equity
Assets and Cash Account
Owner's Equity and Liabilities
The accounting equation is?
Assets + Owner's equity = Liabilities
Assets - Liabilities = Owner's equity
Assets =Liabilities + Owner's equity
Assets = Owner's equity - Liabilities
Accounting information must be available on time when needed if it is to influence decisions.
True
False
Financial reporting is possible without undergoing the process of collecting, recording, and organizing data.
True
False
Identify which account is affected: The business rendered service amounting P5,000, the customer paid half and the other half is on the accounts payable.
Assets and Liabilities
Assets and Owner's Equity
Assets and Accounts receivable
Owner's Equity and Liabilities
