Accounting Equation Quiz PDF

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The Accounting Equation QUI Z1: MULTI PLECHOI CE 1. Whi c hoft hef ol l owi ngi snotac or r e c tvar i at i onoft hebas i cac c ount i ngequat i on? a . As s e t s=Li abi l i t y+Equi t y b. As s e t s–Li abi l i t i e s=Equi t y c . As s e t s–Equi t y=Li abi l i t y d. As s e t s=Li abi l i t y-Equi t y 2. Whi c hoft hef ol l owi ngi snotane s s e nt i ale l e me ntofanas s e t ? a . Ar e s our c ec ont r ol l e d b. Ar i s i ngf r om pas te ve nt c . Expe c t e dt opr ovi def ut ur ee c onomi cbe ne fit s d. Mus tbeowne dbyt hebus i ne s s 3. Whi c hoft hef ol l owi ngi snotane s s e nt i ale l e me ntofal i abi l i t y? a . Apr e s e ntobl i ga t i on b. Ar i s i ngf r om pas te ve nt c . Expe c t e dt oc aus ea nout flow ofe c onomi cbe ne fit s d. Ar i s i ngf r om af ut ur ee ve nt 4. A bus i ne s shasapa s tpr ac t i c eofma ki ngr e f undst oc us t ome r swhoar enots a t i s fie dwi t ht he i r pur c ha s e s .Thi spr ac t i c eha sc r e a t e dval i de xpe c t a t i onsf r om c us t ome r st ha ti ft he yr e t ur nt he goodst he yha vepur c has e d,t hebus i ne s swi l lr e f und t he i rpa yme nt .Thebus i ne s shasbee n honor i ngt hi spr a c t i c ef orave r yl ongpe r i od oft i me .Thet ypeofobl i ga t i onc r e a t e d byt hi s pr a c t i c ei sc al l e d a . Cons t r uc t i veobl i ga t i on b. Le galobl i ga t i on c . Cons t r uc t i onobl i ga t i on d. Val i dobl i ga t i on 5. Equi t yi s a . As s e t spl usl i abi l i t i e s b. As s e t sl e s sl i abi l i t i e s c . Li abi l i t i e sl e s sas s e t s d. As s e t st i me sl i abi l i t i e s 6. Whi c hoft hef ol l owi ngi snotac or r e c te xpande dac c ount i nge qua t i on? a . As s e t s=Li abi l i t i e s+Equi t y+I nc ome-Expe ns e s b. As s e t s+Expe ns e s=Li abi l i t i e s+Equi t y+I nc ome c . As s e t s–Li abi l i t i e s=Equi t y+I nc ome-Expe ns e s d. As s e t s=Li abi l i t i e s+Equi t y+I nc ome+Expe ns e s 7. The s e ar e i nc r e as e si ne c onomi c be ne fit s dur i ng t he pe r i od i nt he f or m of i nflows or e nhanc e me nt sofas s e t sorde c r e as e sofl i abi l i t i e st ha tr e s ul ti ni nc r e a s e si ne qui t y ,ot hert han t hos er e l a t i ngt oi nve s t me nt sbyt hebus i ne s sowne r s . a . Expe ns e b. I nc ome c . Equi t y d. As s e t s 8. Whi c hoft hef ol l owi ngs t a t e me nt si sc or r e c t ? a .I nc omei nc r e as e se qui t y

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b. Expe ns ei nc r e a s e se qui t y c .I nc omede c r e as e se qui t y d. I nc omeande xpe ns edonotaffe c te qui t y 9. Whi c hoft hef ol l owi ngs t a t e me nt si si nc or r e c t ? a .I fe xpe ns ei sgr e a t e rt hani nc ome , t hedi ffe r e nc ei spr ofit . b. I fi nc omei sgr e a t e rt hane xpe ns e s , t hedi ffe r e nc ei spr ofit . c .I fi nc omei sl e s st hane xpe ns e s , t hedi ffe r e nc ei sl os s . d. Pr ofiti nc r e as e se qui t y . 10.Thes t ar t upc api t alofabus i ne s sc ons i s t e dof₱1, 000, 00 0c as hpr ovi de dbyt hebus i ne s sowne r anda naddi t i onal₱250, 0 00f r om aba nkl oan. Thet ot a ls t ar t upas s e t soft hebus i ne s st he r e f or ei s a . ₱1, 2 50, 000 b. ₱1, 0 00, 000 c . ₱750, 000 d. ₱25 0, 000

“Education is the passport to the future, for tomorrow belongs to those who prepare for it today.” - Malcolm X - END -

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NAME: Pr of e s s or :

Se c t i on:

Dat e: Sc or e:

QUI Z2: MULTI PLECHOI CE 1. A bus i ne s shast ot all i abi l i t i e sof₱10 0, 000andt ot a le qui t yof₱80, 0 00.How muc hi st het ot a l as s e t s ? a . 18 0, 000 b. 10 0, 000 c . 80, 000 d. 20, 0 00 2. A bus i ne s sha st ot alas s e t sof₱100, 00 0and t ot ale qui t y of₱80, 00 0.How muc hi st het ot al l i abi l i t i e s ? a . 18 0, 000 b. 10 0, 000 c . 80, 000 d. 20, 0 00 3. A bus i ne s shast ot alas s e t sof₱10 0, 000a ndt ot all i abi l i t i e sof₱40, 00 0.How muc hi st het ot al e qui t y? a . 14 0, 000 b. 10 0, 000 c . 60, 000 d. 20, 0 00 4. A bus i ne s se a r nst ot ali nc omeof₱100, 0 00andi nc ur st ot ale xpe ns e sof₱70, 00 0.How muc hi st he pr ofit( l os s ) ? a . 30, 0 00 b. ( 3 0, 000) c . 100, 000 d. 70, 0 00 5. A bus i ne s se ar nst ot ali nc omeof₱2 30, 000andi nc ur st ot ale xpe ns e sof₱300, 000.How muc hi s t hepr ofit( l os s ) ? a . 30, 0 00 b. ( 3 0, 000) c .( 70, 000) d. 70, 0 00 6. A bus i ne s se ar nst ot ali nc omeof₱630, 0 00andr e por t spr ofitof₱270, 00 0.How muc hi st het ot al e xpe ns e s ? a . 28 0, 000 b. 32 0, 000 c . 360, 000 d. 38 0, 000 7. A bus i ne s si nc ur st ot a le xpe ns e sof₱630, 000andr e por t sl os sof₱270, 000.How muc hi st het ot al i nc ome ? a . 90 0, 000 b. 32 0, 000 c . 360, 000 d. 38 0, 000

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8. Whi c hoft hef ol l owi ngwoul dr e s ul tt oi nc omeof₱320, 0 00? a . Tot a le xpe ns e sof₱280, 00 0andl os sof₱40, 000 b. Tot a le xpe ns e sof₱360, 00 0andpr ofitof₱40, 000 c . Tot a le xpe ns e sof₱220, 00 0andl os sof₱100, 00 0 d. Tot a le xpe ns e sof₱360, 00 0andl os sof₱40, 000 9. Whi c hoft hef ol l owi ngwoul dr e s ul tt ot ot ale xpe ns e sof₱48 0, 000? a . Tot a li nc omeof₱360, 00 0andpr ofit₱120, 0 00 b. Tot a li nc omeof₱580, 00 0andl os sof₱100, 00 0 c . Tot a li nc omeof₱630, 00 0andpr ofitof₱150, 00 0 d. Tot a li nc omeof₱630, 00 0andl os sof₱150, 00 0 10.Att hes t ar toft hepe r i od,abus i ne s shast ot alas s e t sof₱5 00, 00 0andt ot all i abi l i t i e sof₱300, 00 0. Dur i ngt hepe r i od,t hebus i ne s se ar ne dt ot ali nc omeof₱1, 000, 0 00andi nc ur r e dt ot ale xpe ns e sof ₱64 0, 000.Noaddi t i onali nve s t me nt sorwi t hdr a wal swe r emadebyt heowne r .How muc hi st he t ot a le qui t ya tt hee ndoft hepe r i od? a . 48 0, 000 b. 52 0, 000 c . 560, 000 d. 64 0, 000

“The roots of education are bitter, but the fruit is sweet.” – Aristotle - END -

SOLUTI ONSTO QUI Z2: 1. 10 0, 000+8 0, 000=1 80, 000 2. 10 0, 000–80, 0 00=20, 0 00 3. 10 0, 000–40, 0 00=60, 0 00 4. 10 0, 000–70, 0 00=30, 0 00pr ofit 5. 23 0, 000–300 , 000=( 70, 000)l os s 6. 63 0, 000–270 , 000=3 60, 000 7. 63 0, 000–270 , 000=3 60, 000i nc ome( c h e c k i ng : 360, 0 00i nc o me–630, 00 0e xpe ns e s=27 0, 000l o s s ) 8. 36 0, 000–40, 0 00=32 0, 000i nc ome( c he c k i ng : 32 0, 000i nc o me– 360, 000e xpe ns e s=40, 0 00l o s s ) 9. 63 0, 000–150 , 000=4 80, 000e xpe ns e( c h e c k i ng : 630 , 000i nc o me–480, 00 0e xpe ns e s=15 0, 000pr o fit )

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10.500, 0 00–300, 0 00=2 00, 000be g.c api t a l+1, 0 00, 000i nc ome–6 40, 000e xpe ns e s=560, 0 00e ndi ng c api t al .

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NAME: Pr of e s s or :

Se c t i on:

Dat e: Sc or e:

QUI Z3: MULTI PLECHOI CE 1. Att hes t ar toft hepe r i od,abus i ne s sha st ot a las s e t sof₱5 00, 000a ndt ot a ll i abi l i t i e sof₱300, 00 0. Dur i ngt hepe r i od,t hebus i ne s se ar ne dt ot ali nc omeof₱1, 000, 0 00andi nc ur r e dt ot ale xpe ns e sof ₱64 0, 000.Noaddi t i onali nve s t me nt sorwi t hdr a wal swe r emadebyt heowne r .Tot all i a bi l i t i e sa t t hee ndoft hepe r i odwe r e₱3 80, 000. How muc hi st het ot alas s e t sa tt hee ndoft hepe r i od? a . 98 0, 000 b. 96 0, 000 c . 940, 000 d. 88 0, 000 2. Abus i ne s shast ot alas s e t sof₱640, 0 00andt ot ale qui t yof₱360, 000a tt hebe gi nni ngoft hepe r i od. Thebus i ne s se ar ne di nc omeof₱220, 00 0dur i ngt hepe r i oda ndr e por t e dpr ofitof₱80, 000.The r e we r enot r ans ac t i onswi t ht heowne rdur i ngt hepe r i od.How muc hi st hee ndi ngbal anc eof e qui t y? a . 50 0, 000 b. 44 0, 000 c . 360, 000 d. 28 0, 000 3. A bus i ne s shase ndi ngt ot a las s e t sof₱48 0, 000,e ndi ngt ot all i abi l i t i e sof₱100, 0 00andbe gi nni ng e qui t yof ₱280, 0 00.I ft het ot ale xpe ns e sf ort hepe r i oda mountt o₱2 00, 000,how muc hi st het ot al i nc ome ? a . 30 0, 000 b. 34 0, 000 c . 280, 000 d. 42 0, 000 4. A bus i ne s shase ndi ngt ot a las s e t sof₱68 0, 000,e ndi ngt ot all i abi l i t i e sof₱320, 0 00andbe gi nni ng e qui t yof ₱4 80, 000.I ft het ot ali nc omef ort hepe r i oda mountt o₱560 , 000,how muc hi st het ot a l e xpe ns e s ? a . 68 0, 000 b. 56 0, 000 c . 480, 000 d. 42 0, 000 5. A bus i ne s shast ot alas s e t s ,t ot all i abi l i t i e s ,andt ot a le qui t yof₱100, 00 0,₱70, 0 00and₱30, 000, r e s pe c t i ve l y ,a tt hebe gi nni ngoft hepe r i od.Dur i ng t hepe r i od,t ot all i abi l i t i e sde c r e as e dt o ₱40, 0 00.Thebus i ne s sr e por t e dpr ofitof ₱50, 0 00f ort hepe r i od.How muc hi st hee ndi ngt ot al as s e t s ? a . 17 0, 000 b. 14 0, 000 c . 120, 000 d. 90, 0 00

“An investment in knowledge pays the best interest.” - Benjamin Franklin - END SOLUTI ONSTO QUI Z3: 1. 50 0, 000–300 , 000=200, 0 00be g.c api t al+1, 0 00, 000i nc ome–640, 0 00e xpe ns e s=5 60, 000e ndi ng c api t al+3 80, 000e ndi ngl i abi l i t i e s=9 40, 000e ndi ngas s e t s . 2. 36 0, 000+8 0, 000=4 40, 000

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3. 48 0, 000–100 , 000=3 80, 000e ndi nge qui t y; 38 0, 000e ndi nge qui t y–280, 00 0be gi nni nge qui t y=100, 0 00pr ofit ; 20 0, 000t ot ale xpe ns e s+1 00, 000pr ofit=3 00, 00 0t ot ali nc ome 4. 68 0, 000–320 , 000=3 60, 000e ndi nge qui t y; 36 0, 000e ndi nge qui t y–480, 00 0be gi nni nge qui t y=120, 0 00l os s ; 56 0, 000t ot ali nc ome+12 0, 000l os s=6 80, 00 0t ot ale xpe ns e s 5. 30, 0 00be gi nni ngc api t al+5 0, 000pr ofit=8 0, 000e ndi ngc api t al ; 80, 0 00e ndi ngc api t al+40, 0 00e ndi ngl i abi l i t i e s=1 20, 000e ndi ngt ot alas s e t s

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