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Total questions: 21
Worksheet time: 15mins
which one of the following is not a short-term asset
cash reserves of the organization
machinery
funds collected from deptors
inventories
which of the following equation can not be derived from the basic accounting equation
asset - liability = owner's equity
liability = asset - owner equity
owner's equity = liability - asset
asset - owner's equity = liability
Which of the following transactions causes ‘total assets to increase by $10.000
Purchasing an automobile for $10,000 cash.
Purchasing $10,000 of office furniture on account.
Collecting a $10,000 account receivable
Paying a $10,000 liability.
If assets are $4,000 ……………….
Stockholders’ equity must be $4,000.
Liabilities must be $4,000
Stockholders’ equity plus liabilities must be $4,000.
None of the above
In the balance sheet equation, an increase in an asset……
May be accompanied by an increase in a liability.
May be accompanied by a decrease in an asset.
May be accompanied by an increase in revenues.
All of the above
Purchased office supplies for inventory on account.……..
Increase in one asset, decrease in another asset.
Increase in an asset, increase in a liability.
Increase in an asset, increase in stockholder’s equity.
Decrease in an asset, decrease in a liability
Paid rent for October in September………………………
Increase in one asset, decrease in another asset.
Increase in an asset, increase in a liability.
Increase in an asset, increase in stockholder’s equity.
Decrease in an asset, decrease in a liability
Earned service revenue, receiving cash………………….
Increase in one asset, decrease in another asset.
Increase in an asset, increase in a liability.
Increase in an asset, increase in stockholder’s equity
Decrease in an asset, decrease in a liability
business obligation
asset
liability
capital
none of the above
which of the following is not a current liability
unearned rent
notes payable
mortage payable
none of the above
based on the defenition, there are four phases of accounting. (a) : this is technically called bookkeeping
Some people confuse bookkeeping is only a part of accounting as one and the (a)
However, bookkeeping is only a part of accounting - the recording phase. In this phase,
business (a) are recorded systemcatically and chronologically in the proper
accounting books.
There are two kinds of bookkeeping: the single-entry bookkeeping and the (a) entry
single entry bookkeeping does not show the two_fold effects of nusiness transactions. It shows only the debit or the credit of each transaction. The double entry bookkeeping, however, reflects the two-fold effects of business transactions. It has a (a) and a credit
(a) : In this phase, items are sorted and grouped. Similar items are classified under the same name.
They may be classified as asset accounts, liability accounts, capital accounts, revenue accounts and (a) accounts
This classification is useful to the needs of management. (a) : After each accounting period, data recorded are summarized through fiancial satements.
These reports are submitted to the management at the (a) of each accounting period or as the need arises
Interpreting. Usually, due to the technicality of accounting reports, the accountant's interpretation on the financial statement is needed. In this case, (a) reports are submitted together with the financial statements
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( hint: 10)
