acctg activity

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Lunzaga, Jerom M. Mr. Nilo Delima

BSHRT 2-B

ACTIVITY NO.1

Classify the following assets into current assets and property equipment.

Current asset: Property and equipment:

Cash on hand Land

Interest receivable Building

Prepaid interest Unused office supplies

Merchandise inventory Office supplies inventory

Prepaid insurance Office equipment

Cash in bank Transportation vehicle

Petty cost fund Furniture and fixtures

Accounts receivable Delivery equipment

Unexpired insurance Store equipment

Supplies on hand Tools

Prepaid rent expense Medical equipment

Prepaid commission

Notes receivable

Accrued interest income



Lunzaga, Jerom M. MR. Nilo Delima

BSHRT 2-B

ACTIVITY NO. 2

Classify the following accounts by checking the appropriate column:

ASSET LIABILITY CAPITAL

. Notes receivable /

2. Accounts payable /

3. Prepaid rent /

4. Unexpired insurance /

5. Cash on hand /

6. SSS premiumexpense

/

7. Land /

8. Building /

9. Interest income /

10. Accumulated

depreciation

/

11. Office supplies

expense

/

12. Office supplies

inventory

/

13. Bad debts expense /14. Antonio, drawing /

15. Salary payable /

16. Withholding tax

payable

/

17. Allowance for bad

debts

/

18. Interest expense /

19. Depreciation

expense

/

20. Unearned interest

income

/

21. Utilities expenses /

22 .Accounts receivable /

23 .Accrued interest

income

/

24. Office equipment /

25. Merchandise

inventory

/



Lunzaga, Jerom M.

BSHRT 2-B Mr. Nilo Delima

LATE

ACTIVITY NO. 3

TRUE OR FALSE

True1. A balance sheet is that financial statement which gives the financial condition of a business as of

a given date.

True 2. The income statement is that financial statement which gives the result of operation of the

business for a given period.

False 3. A type of business activity which receives income by rendering service is merchandising.

True4. Buying goods and selling them at a profit also termed as merchandising.

True 5. Capital or owner’s equity represents the claims of the owner in the business.

False 6. A single or sole proprietorship is a business organization owned by two or more persons.

False7. The accountant in public accounting is one who offers accounting services to the public for a

free.

True 8. A business is organized to satisfy human wants.

True 9. A business transaction is an exchange of values.

True 10. A corporation is the simplest form of business organization.

True11. Accounting is the same as bookkeeping.

True 12. Prepaid interest is an example of asset.

True13. Unearned income represents obligation of a business that will be settled when certain services

are rendered.

False14. The business and the owner are just one personality in accounting.

True15. An account is used to summarize the changes in the asset liability and equity.



Lunzaga, Jerom M.


ACTIVITY NO. 4

I.

Identify the word or group of words describe in each of the following statements.

Accounting period 1. Any length of time usually in periods of 12 months within transactions are

recorded and reported upon.

Current asset____ 2.Cash and other assets that are reasonably expected to be converted into cash or

sold or consume within one year or the normal operating cycle of the business whichever is longer.

Proper form_____ 3.A form of balance sheet where in liabilities and owner’s equity are represented

immediately below the assets.

Balance sheet 4.The statement of financial position.

Profit 5.Excess of income over total expenses.

Single step 6.Form of income statement appropriate for service business.

Accounting 7.Often describe as the language of business.

Property equipment 8.Tangible asset which are permanent in nature and used in business operations.

Charts of accounts 9.A list of account titles used by the book keeper as guide in the recording of

business transactions.

Equation 10.Assets liabilities plus owner’s equity

Financial position form 11.form of a balance sheet showing the working capital position of the business.

Calendar year. 12. A period of twelve months starting jan.1 and ending dec. 31.

Fiscal year 13. An accounting period of twelve months starting with any month except jan.and

ending in any month except December .

Public accounting 14. A field of accounting where accounting where accountants render a public service

for a free.

Corporation 15.An organization composed of five or more person registered with securities and

exchange commission having the rights, powers and attributes of a person.



Lunzaga, Jerom M.


LATE

ACTIVITY NO. 5

Supply the missing item using the accounting equation.

Assets Liability Owner’s Equity

1. 120,000 20,000 100,000

2.110,000 60,000 50,000

3.80,000 50,000 30,000

4.90,000 10,000 80,000

5.160,000 60,000 100,000

6.75,000 25,000 50,000

7.60,000 10,000 50,000

8.30,000 10,000 20,000

9.160,000 60,000 100,000

10.110,000 30,000 80,000

Owner’s equity

Capital beginning Gross income Expenses Drawing Capital ending

1.20,000 5,000 1,000 500 26,500

2.19,000 10,000 4,000 55,000

3.50,000 8,000 5,000 10,000 64,000

4.58,000 20,000 24,000 3,000 65,000

5.50,000 30,000 10,000 35,000 65,000

Solve the following problems

1. Mrs. Reyes has P100,000 cash invested in the business . she bought shop assets on

account form ace furniture for P50,00.

Question:

1.How much are the assets of a business?

A=150,000



2.What is the amount of liabilities?

L=50,000

3.How much is the owner’s equity?

OE=10,000

4.Give the accounting equation applicable to this ?

Assets = liability + owner’s equity

2.Kristan repair shop is owned by cristina tan .

The business showed the following items .

Cash ₧30,000

Furniture and equipment 10,000

Delivery van 100,000

Accounts payable 40,000

QUESTION:

1.

Total assets =140,000

2.

Total liabilities = 40,0003. Owner’s equity = 100,000

4. Give the accounting equation applicable to these?

A=L+OE, A-L= OE, A-OE= L

2. Miss adelaida Garcia invested assets amounting to ₧160,000 she never bought anything

an account.

Question:

1.assets? 160,000

2.liabilities ?0

3. owner’s equity?.160,000

4.accounting equation applicable to these?

A= L+OE

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