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WorksheetsITE39L 1ST QUARTER REVIEW
Total questions: 26
Worksheet time: 17mins
The following are refers to TRANSACTION, EXCEPT?
exchange of goods or services for a certain sum of money
exchange of monetary values
There is value received and value parted with
Owner's equity
Every Transaction should be authenticated by a genuine business forms such as Sales Invoices, Purchase Invoices, OR, & Cash.
TRUE
FALSE
"Bought a typewriter for office use, paying cash therefor." What is the value received in this business transaction?
Typewriter
Cash
Office use
None of the above
"Payment of office rent." What is the value received in this business transaction?
Cash
Cancellation of amount owed
Office Rent
Creditor
"Sale of merchandise for cash." What is the value parted with in this business transaction?
Merchandise
Cash
Goods
Sale
"Purchase of merchandise for cash." What is the value received in this business transaction?
Merchandise
Cash
Credit
Purchase
"Sale of merchandise on credit." What is the value parted with in this business transaction?
Merchandise
Obligation or debt collectible
Cash
Credit
This is called the "Language of Business"
Accounts
Accounting
Business Transaction
Creditors
The following are refers to Accounting, EXCEPT?
Recording
Classifying
Summarizing
Reading
One of the principal types of business organizations wherein it refers to exclusively owned by only one individual. Write/Encode your answer in all caps.
(a)
One of the Accounting Elements or Values that refers to the property or rights on property owned or possessed. Write/Encode your answer in all caps.
(a)
One of the Accounting Elements or Values that refers to the financial obligations or debts owing to persons. Write/Encode your answer in all caps.
(a)
One of the Accounting Elements or Values that refers to the equity of owners or " Owners' equity" or "Proprietorship". Write/Encode your answer in all caps.
(a)
It is the foundation of the double - entry accounting system.
Basic Accounting Equation
Accounting System
Accounting Analysis
Accounting Interpretation
It shows the total of all the company's asset is equal to the sum of liabilities and owner's equity/Proprietorship.
Basic Accounting Equation
Accounting System
Accounting Analysis
Accounting Interpretation
ASSETS = LIABILITIES + PROPRIETORSHIP (owners' equity)
Basic Accounting Equation
Accounting System
Accounting Analysis
Accounting Interpretation
ASSETS = LIABILITIES + PROPRIETORSHIP (owners' equity)
Basic Accounting Equation
Accounting System
Accounting Analysis
Accounting Interpretation
ASSETS = LIABILITIES + PROPRIETORSHIP (owners' equity)
L=10, 000 , P= 10, 000; How much is the assets now?
(a)
ASSETS = LIABILITIES + PROPRIETORSHIP (owners' equity)
A=10, 000 , L=5, 000; How much is the Proprietorship now?
(a)
ASSETS = LIABILITIES + PROPRIETORSHIP (owners' equity)
A=500, 000 , P=250, 000; How much is the Liabilities now?
(a)
ASSETS = LIABILITIES + PROPRIETORSHIP (owners' equity)
A =?, L =350, 000 , P=350, 000
(a)
ASSETS = LIABILITIES + PROPRIETORSHIP (owners' equity)
A=1,400 , L=1200 , P=?
(a)
ASSETS = LIABILITIES + PROPRIETORSHIP (owners' equity)
A=? , L=600, 000 , P= (100, 000)
(a)
ASSETS = LIABILITIES + PROPRIETORSHIP (owners' equity)
Pedro Santos has assets of P600, 000 and owner's equity of P400, 000.
(a)
ASSETS = LIABILITIES + PROPRIETORSHIP (owners' equity)
Thamez, Inc. has liabilities of P600, 000 and owner's equity of P400, 000.
(a)
ASSETS = LIABILITIES + PROPRIETORSHIP (owners' equity)
Renz, Inc. has assets of P2,000, 000 and liabilities of P400, 000.
(a)
