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WorksheetsAccounting Definition, Users and Branches w/ Accounting Equation
Total questions: 20
Worksheet time: 14mins
This Financial Statement shows the income and expenses for a given period.
Statement of Financial Position
Statement of Comprehensive Income
Statement of Changes in Owner's Equity
Statement of Cash Flow
This Financial Statement shows inflows and outflows of cash for a given accounting period.
Statement of Financial Position
Statement of Comprehensive Income
Statement of Changes in Owner's Equity
Statement of Cash Flow
This Financial Statement shows the balances of Assets, Liabilities and Capital as of a given accounting period.
Statement of Financial Position
Statement of Comprehensive Income
Statement of Changes in Owner's Equity
Statement of Cash Flow
This Financial Statement shows how the capital changes over time.
Statement of Financial Position
Statement of Comprehensive Income
Statement of Changes in Owner's Equity
Statement of Cash Flow
Which of the following in NOT a factor that affects capital?
Net Income
Assets
Owner's Withdrawal
Additional Investment
Which of the following is a branch of accounting that refers to an independent examination conducted by a CPA for the purpose of rendering an opinion as to the fairness of the presentation of the financial statements?
Financial Accounting
Management Accounting
Auditing
Tax Accounting
Which of the following branch of accounting serves the information needs of the internal users?
Financial Accounting
Management Accounting
Auditing
Tax Accounting
Which of the following branch of accounting helps students learn to become professional accountants?
Accounting Research
Cost Accounting
Government Accounting
Accounting Education
Which of the following users of accounting information ask the question: "is the return on investment worth the risk?"
Owners
Suppliers
Creditors
Investors
Which of the following users of accounting information are interested in the stability of business which is the suppliers of their needs?
Employees
Suppliers
Customers
Lending Institutions
Which of the following is NOT the correct accounting equation?
Assets - Capital = Liabilities
Liabilities + Capital = Assets
Assets = Liabilities - Capital
Assets - Liabilities = Capital
Assets = P410,000 ; Capital = P139,232. How much is the Liability?
P 549, 232
P 277, 068
P 270, 768
P 594, 232
Capital = P192,345 ; Liabilities = P88,765. How much is the Total Assets?
P 103, 580
P 130, 580
P 281, 101
P 281, 110
Assets = P1,567,769 ; Liabilities = 26% of Assets. How much is the Capital?
P 1,160,149.60
P 1,160,149.06
P 1,610,149.60
P 1,161,149.60
Assets = P1,567,769 ; Liabilities = 26% of Assets. How much is the Liability?
P 407,619.94
P 470,691.94
P 1,610,149.60
P 1,161,149.60
Capital = P678,987 ; Liabilities = 36% of Assets. How much is the Liability?
P 1,060,917.19
P 381,903.19
P 1,060,971.19
P 381,930.19
Capital = P678,987 ; Liabilities = 36% of Assets. How much is the Assets?
P 1,060,917.19
P 381,903.19
P 1,060,971.19
P 381,930.19
What is the 8th step of the accounting cycle?
Unadjusted Trial Balance
Adjusting Entries
Preparation of Financial Statement
Preparation of worksheet
Liabilities = P67,843 ; Capital = 72% of Assets. How much is the Assets?
P 174,435.43
P 242,296.34
P 174,453.43
P 242,296.43
Liabilities = P67,843 ; Capital = 72% of Assets. How much is the Capital?
P 174,435.43
P 242,296.34
P 174,453.43
P 242,296.43
