WorksheetsAccounting Equation
Total questions: 20
Worksheet time: 16mins
Accounts receivable is a/an ______
liability
asset
capital
The basic accounting equation is ____
assets + liabilities = capital
assets = liabilities - capital
assets = liabilities + capital
assets - liabilities = capital
Any "payable" account is _____
a liability
an asset
a capital
a revenue
Find the missing amount:
Assets = 500,000
Liabilities = ?
Capital = 300,000
(a)
How much is your liability if your business' assets is P 250,000 and owner's equity is P 200,00?
(a)
The term that refers to the equity of the owners.
asset
revenue
expense
capital
Prepaid expenses are part of _____
assets
expenses
liabilities
capital
How much is your total assets if liabilities amount to P 25,000 and equity amounts to P 75,000?
(a)
Find the missing amount:
Equity = ?
Assets = P 35,000
Liabilities = P 12,000
(a)
What business transactions result to a decrease in capital?
a. withdrawal by the owner
b. purchase of an asset
c. payment of expenses
d. a and c
e. b and c
A business has a total assets of P 120,000. If 25% represents the equity of the creditor, how much is the equity of the owner?
(a)
Total investment to PayMonggo online payment services is P 45,000. If the total debt of the business is P 17,000, how much is the total asset?
(a)
Lei Fang Financial Agency has a total asset of P 3,215,000. The equity of the owner is P 2,150,000. How much is the equity of the creditors?
(a)
Maria dela Torre invested P 150,000 cash and P 130,000 worth of equipment to MDT Laundry. The business has total liability of P 80,000. Compute for the total assets.
(a)
The business has total assets of P280,000 and total liabilities of P80,000. Compute for the capital.
(a)
The term that refers to the liability of the creditors
liability
assets
capital
expenses
State the effect of the business transaction:
Invested land and building to the business.
increase in one form of asset accompanied by a decrease in another form of asset
increase in assets accompanied by increase in liabilities
increase in assets accompanied by an increase in capital
increase in liability accompanied by a decrease in capital
State the effect of the business transaction:
Purchase of supplies for cash.
Decrease in liability accompanied by an increase in capital
Increase in one asset with a corresponding decrease in another asset account
Decrease in asset because of a decrease in capital
Increase in assets accompanied by an increase in capital
Bangbang Beauty Shop has assets amounting to P 650,000. Lea’s capital amounts to P 514,000. How much is the total liability?
(a)
Kampay Travel Agency's income for the month is P 1,520,000. It spent P 862,000 for operation. How much is the net income for the month?
(a)
