Scribd
Upload
275 views

Module 2

This document contains a quiz on accounting concepts across 5 sections. The first section provides 20 multiple choice questions to calculate missing values in a T-account. The second section gives 10 word problems to solve for missing values using the accounting equation. The third section lists 20 accounts to determine their normal balances. The fourth section classifies 20 transactions as operating, investing or financing activities. The fifth section identifies 20 accounts as assets, liabilities, equity, revenue, expenses or withdrawals and states whether they appear on the balance sheet or income statement. Biblical quotes are provided at the end.

Uploaded by

Its Nico & Sandy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
275 views

Module 2

This document contains a quiz on accounting concepts across 5 sections. The first section provides 20 multiple choice questions to calculate missing values in a T-account. The second section gives 10 word problems to solve for missing values using the accounting equation. The third section lists 20 accounts to determine their normal balances. The fourth section classifies 20 transactions as operating, investing or financing activities. The fifth section identifies 20 accounts as assets, liabilities, equity, revenue, expenses or withdrawals and states whether they appear on the balance sheet or income statement. Biblical quotes are provided at the end.

Uploaded by

Its Nico & Sandy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 4

NAME: NEIL BRIAN DC.

BERMUDEZ Date: 10/08/2021


Professor: MYRNA C. CALMA, CPA, PH.D. Section: BSA-1 Score:

Module 2

Quiz 1

Compute the missing amount. Write your answer in your answer sheet.
1point each (total 20points)

Case Assets Liabilities Owner’s Equity

1 1,400,000 900,000 500,000

2. 110,000 50,000 60,000

3. 5,180,000 3,000,000 2,180,000

4. 1,740,000 900,000 840,000

5. 512,500 114,110 398,390

6. 2,870,000 1,671,550 1,198,450

7. 466,280 221,125 245,155

8. 671,200 425,200 246,000

9. 1,163,000 364,000 799,000

10. 1,025,177 650,044 375,133

11. 20,000 5,000 15,000

12. 150,000 45,500 104,500

13. 250,000 125,000 50% of asset

14. 1,850,000 500,000 1,350,000

15. 40% of liability 40,000 -24,000

16. 10,000 5,000 5,000

17. 40,000 20,000 100 % of liability

18. 100,000 0 100,000 which is 100% of assets

19. 130,000 30,000 100,000


20. 1,000 800 200

Quiz 2

Solve following statement problems individually using the formula ASSETS =


LIABILITIES + OWNER’s EQUITY 1points each (total 10points)

1. If the liabilities amount to P120,000 and its equity amounts to P195,000, what is the
amount of assets? 315,000
2. If the economic resources amount to P1,120,000 and its economic obligations amount to
P880,000, what would be its residual interest? 240,000
3. If the economic resources amount to P500,000 and its residual interest amounts to
P199,000, what is the amount of its economic obligation? 301,000
4. If the total liabilities amount to P2,196,000 which is 60% of the total assets, what is the
amount of total assets? 1,317,600
5. If the owner’s equity is thrice the total liabilities which is 25% of the total assets, what
would be the owner’s equity? The amount of total assets is P720,000. 540,000
6. If the total owner’s equity is P180,000 which is 2/3 of the total assets, what would be the
amount of total liabilities? 90,000
7. If the liabilities amount to P696,000 and its equity amounts to P385,000, what is the
total assets? 1,081,000
8. The assets amount to P920,000 and its liabilities amount to P476,000, what would be
the total owner’s equity? 444,000
9. If the total assets amount to P1,500,000 and its residual interest amounts to P998,000,
what is the amount of its economic obligations? 502,000
10. . If the owner’s equity is P333,000 which is 1/3 of the total assets, how much is the total
liabilities? 666,000

Quiz 3
Determine the normal balance of the following accounts 1point each (total 20points)
1. Salaries expense - DEBIT 11. X, Drawings - DEBIT
2. Cash - DEBIT 12. Service Income - CREDIT
3. Accounts Payable - CREDIT 13. Depreciation - DEBIT
4. Supplies - DEBIT 14. Land - DEBIT
5. Rent income - CREDIT 15. Prepaid rent - DEBIT
6. Telephone expense - DEBIT 16. Equipment - DEBIT
7. X, Capital - CREDIT 17. Bad debts - DEBIT
8. Accounts Receivable - DEBIT 18. Fares Earned - CREDIT
9. Utilities Payable - CREDIT 19. Prepaid Insurance - DEBIT
10. Furniture & Fixtures - DEBIT 20. Supplied used - CREDIT
Quiz 4

Indicate if the transaction is an operating activity, investing activities / financing activities


1point each (TOTAL 20 points)

1. Collections from customer – OPERATING ACTIVITY


2. Payment of interest Expenses – FINANCING ACTIVITY
3. Initial cash investment owner – INVESTING ACTIVITY
4. Proceeds of bank loan – OPERATING ACTIVITY
5. Payments made to supplier – OPERATING ACTIVITY
6. Sale of old property in cash – OPERATING ACTIVITY
7. Payments made to bank loan – FINANCING ACTIVITY
8. Purchase of equipment in cash – OPERATING ACTIVITY
9. Withdrawal of owner’s in cash – INVESTING ACTIVITY
10. Purchase of land and building use in business – INVESTING ACTIVITY
11. Payment of operating expenses – OPERATING ACTIVITY
12. Collections of claims from customer – OPERATING ACTIVITY
13. Payment of payables to suppliers – OPERATING ACTIVITY
14. Receipts of cash from services delivered – OPERATING ACTIVITY
15. Purchase of furniture for office used – INVESTING ACTIVITY
16. Advance payments for insurance – INVESTING ACTIVITY
17. Purchase of land for future sale – INVESTING ACTIVITY
18. Purchase of goods for sale in cash – INVESTING ACTIVITY
19. Payments made to advertising company – INVESTING ACTIVITY
20. Receipts of cash from services rendered – OPRATING ACTIVITY

Quiz 5
Classify the following accounts as to ASSETS. LIABILITIES, OWNER’S EQUUITY,
REVENUE, WITHDRAWALS, EXPENSE then identify the financial statements either
BALANCE SHEET or INCOME STATEMENT. (20 points)

1. Cash in bank – ASSETS – BALANCE SHEET


2. Supplies inventory – ASSETS – BALANCE SHEET
3. LA Owner’s equity – OWNER’S EQUITY – BALANCE SHEET
4. Notes receivable – ASSETS – BALANCE SHEET
5. Notes payable – LIABILITIES – BALANCE SHEET
6. Salaries and wages – EXPENSE – INCOME STATEMENT
7. LA withdrawals – WITHDRAWALS – INCOME STATEMENT
8. Interest expense – EXPENSE – INCOME STATEMENT
9. Furniture and fixtures – ASSETS – BALANCE SHEET
10. Prepaid advertising – ASSETS – BALANCE SHEET
11. Interest expense – EXPENSE – INCOME STATEMENT
12. Cash on hand – ASSETS – BALANCE SHEET
13. Accounts receivable – ASSETS – BALANCE SHEET
14. Service income – REVENUE – INCOME STATEMENT
15. Advertising expense – EXPENSE – INCOME STATEMENT
16. Insurance expense – ESPENSE – INCOME STATEMENT
17. Depreciation – EXPENSE – INCOME STATEMENT
18. Utilities expense – EXPENSE – INCOME STATEMENT
19. Land – ASSETS – BALANCE SHEET
20. Building – ASSETS – BALANCE SHEET

“Love is patient, love is kind. It does not envy, it does not boast, it is not proud. It does not dishonor others,
it is not self-seeking, it is not easily angered, it keeps no record of wrongs. Love does not delight in evil but
rejoices with the truth. It always protects, always trusts, always hopes, always perseveres.” – (1 Corinthians
13:4-7)

“Do not be wise in your own eyes; fear the LORD and shun evil. “
(Proverbs 3:7)

“A man who asks is a fool for five minutes. A man who never asks is a fool for life.”

- END –

You might also like