Institutional Assessment Part 2
Identify each of the following words to make the sentence correct.
________ 1. The book of original entry.
_________ 2. Assets are equal to liabilities and owner’s equity. _
________ 3. Users of accounting information is mostly communicated
_________4. Are what the company owns.
_________5. Are what the company owed.
_________6. Inflows of cash because of services rendered.
_________7. Assets from cash spent because of sales of goods.
________ 8. The second accounting cycle.
_________9. Is called the book of the final entry.
________ 10.is the next cycle after journalizing.
Choose the answer that corresponds for each of the question provided below: Write the letter only .
1. Information about the revenue and expenses is provided by
a. Statement of changes in equity
b. Statement of Cash Flow
c. Statement of Financial position
d. Statement of performance
2. Information on changes in Assets, Liabilities and Owners Equity account
a. Statement of changes in equity
b. Statement of Cash Flow
c. Statement of Financial position
d. Statement of performance
3. Cash, Cash Equivalents, merchandise inventory are classified as
a. Current Liability
b. Current Asset
c. Long Term Liability
d. Owner’s Equity
4. The following are examples of contra asset account except
a. Accumulated depreciation- Equipment
b. Accumulated depreciation-Building
c. Bad debt Expense
d. Allowance for Bad Debts
5. The elements of financial Statements are I Assets IV Income II Liability V Expenses III Equity
a. I, II, IV, V
b. I, II, III
c. IV, V, I
d. I, II, III, IV, V
Analyze the transactions in the accounting equation using the following tabular heading:
ASSETS = LIABILITIES + EQUITY
Compute for the missing amount of the account titles taken from the SPF of independent company
Critical Thinking and Communication)
_______1. Assets are Php 27,000 and owner's equity is Php15,000, liabilities?
_______2. At the end of the first month of operations for TMAM Transportation, the business had the
following accounts: Accounts Receivable, Php2,800; Prepaid Insurance, Php700; Equipment, Php85,500
and Cash, Php75,550. On the same date, TMAM owed the following creditors: Mely’s Supply Company,
Php8,000; Mark’s Equipment, Php19,500. The current assets for the Juana’s Delivery Service are
_______3. At the end of the first month of operations for Mary Anne’s, the business had the following
accounts: Accounts Receivable, Php4,800; Prepaid Insurance, Php15,000; Equipment, Php68,200 and
Cash, Php40,650. On the same date, Juana owed the following creditors: Bonny Supply Company,
Php42,000 (due in 6 months); Maria’s Equipment, Php90,500 (due after 2 years). Current liability is
_______4. If during the year total assets increase by Php85,000 and total liabilities decrease by
Php15,000, by how much did owner's equity increase/decrease?
------------5.Using the following accounts Cash – 15,000 Loans Payable – 77,500 Accounts Receivable –
6,300, Inventory- 7,400 Supplies – 4,200Equipment – 52,000 Owner’s equity – 98,000 Accounts Payable
– 22,400 Building – 113,000,
How much is the total assets and Total Liabilities and Owner’s Equity?
