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ACC 111 – Financial Accounting and Reporting
Topic: Assets, Liability, Owners Equity
Practice Quiz
(Answer key at the last page)

1
...
How much is the total assets if the liabilities amount to P145,000 and owner's equity of
P236,000?
3
...
How much is the total assets of the company?
4
...
During the year, assets increased by P12,000 and liabilities increased to
P20,000
...
How much is the entity's expenses when it reported Income of P750,000 and a Profit of
P280,000?
6
...
How much is its total revenue if expenses is
reported at 80% of the total revenues?
7
...
To what side should Withdrawals be recorded when the owner withdraws cash for personal
use? Credit
9
...
What is the effect if Accrued Utilities Expense is credited?

Answer Key
1
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Asset = Liability +Owners’ Equity
145,000+236,000=381,000
3
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75=300,000(asset)
Checking
300,000x0
...

Given
Beginning assets = 36,000
Owners’ Equity = 20,000
Asset increased = 12,000+36,000=48,000
Liability =20,000
0wners’ Equity = Asset - Liability
48,000-20,000=28,000
5
...
42,000 = 20% of the revenue
42,000/0
...
20 =42,000
7
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Credit
9
...
And, credit
the Cash account to show the loss of cash
10
...
The debit
entry increases your expenses

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