Business & Management G11 Balancing pt. 2

Question 1

Considering the fundamental accounting equation, Assets = Liabilities + Equity, if a company has P150,000 in assets and P60,000 in liabilities, what is the total equity?

Accepted Answer

0

Question 2

In the context of a balance sheet, which of the following best describes 'Accounts Receivable'?

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2

Question 3

Which of these items would NOT typically appear as an asset on a balance sheet?

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2

Question 4

A balance sheet provides a snapshot of a company's financial position at a specific point in time. What does this 'snapshot' primarily reveal?

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2

Question 5

If a company's total liabilities increase by P50,000 and its total assets remain unchanged, what must have happened to its equity?

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1

Question 6

In the provided Softbyte Company balance sheet, what is the total value of the company's current assets?

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2

Question 7

The P1,500 'Rent Expense' and P2,100 'Service Revenue' listed in the Softbyte Company data are not included on the balance sheet. Why is this the case?

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3

Question 8

When preparing the balance sheet for Softbyte Company, the P1,600 'Accounts Payable' is classified as a liability. What does this P1,600 represent?

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2

Question 9

The balance sheet for 'Name of Company' as of December 31, 2021, shows 'Towing Truck' as an asset valued at P350,000. This item would be classified as:

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1

Question 10

In the 'Name of Company' balance sheet, 'Notes Payable' is listed under liabilities with a value of P264,500. This indicates:

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1

Question 11

The 'Name of Company' balance sheet shows 'Total Liabilities' of P329,000 and 'Total Liabilities and Capital' of P604,000. What is the value of 'Owner's Equity'?

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1

Question 12

For Stephanie Calamba Traders as of December 31, 2021, 'Merchandise Inventory' is listed at P483,000. This is considered a:

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2

Question 13

In the balance sheet for Stephanie Calamba Traders, 'Calamba, Capital' is P693,030. This represents:

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1

Question 14

The P7,201 'Utilities Expense' and P11,200 'Service Income' for Stephanie Calamba Traders are not directly listed on the balance sheet. What is the primary financial statement where these items are reported?

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2

Question 15

For Stephanie Calamba Traders, 'Prepaid Insurance' is listed at P484,200. This is a significant amount. What does 'Prepaid Insurance' represent on the balance sheet?

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0

Question 16

The balance sheet for Stephanie Calamba Traders shows 'Total Assets' of P1,438,260.00 and 'Total Liabilities' of P745,230.00. What is the 'Owner's Equity'?

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1

Question 17

Which of the following is a characteristic of a liability on a balance sheet?

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1

Question 18

If a company has P500,000 in total assets and P200,000 in owner's equity, what is the amount of its total liabilities?

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1

Question 19

The balance sheet is often referred to as a 'statement of financial position'. What does this title emphasize?

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2

Question 20

Which of the following is a common current liability listed on a balance sheet?

Accepted Answer

2