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(Fabm 2) - m1 - Lolo-Gates

The document provides an overview of elements found on a statement of financial position, including definitions and examples of various assets, liabilities, and equity accounts. It includes sample statements of financial position, exercises to identify different account types, and an enrichment activity with additional accounts. The goal is to teach fundamentals of accounting and financial statements.

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Criestefiel Lolo
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40 views6 pages

(Fabm 2) - m1 - Lolo-Gates

The document provides an overview of elements found on a statement of financial position, including definitions and examples of various assets, liabilities, and equity accounts. It includes sample statements of financial position, exercises to identify different account types, and an enrichment activity with additional accounts. The goal is to teach fundamentals of accounting and financial statements.

Uploaded by

Criestefiel Lolo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
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You are on page 1/ 6

Criestefiel Ann S.

Lolo Grade-12 ABM/Gates

Fundamentals of Accountancy, Business


and Management II
Quarter 1-Module 1
Elements of the Statement
of Financial Position

PRE-TEST
1. B

2. B

3. C

4. A

5. A

6. C

7. B

8. D

9. D

10. A

11. C

12. A

13. C

14. D

15. B
ACTIVITY

ASSETS LIABILITIES
*Cash (refers to the business cash available but *Accounts Payable (bills the company must pay)
can also be a checking or savings account)
*Sales Tax Payable (sales tax obligations)
*Office Supplies or other prepaid expenses (any
*Wages Payable (obligations to employees for
expenses the business pays in advance)
work performed),
*Accounts receivable (amount we will receive
*Payroll Taxes Payable (obligations paid on a
from customers at a later date)
monthly or quarterly to state, local or federal
*Inventory (items we intend to sell later) agencies)

*Equipment (value of equipment purchased) *Unearned Revenue (down payments received


on work to be completed in the future)
*Building (value of building purchased)
*Mortgage Payable (for example mortgage on
*Land (value of land purchased)
business property)

*Notes Payable (business financial obligations


from signing a promissory note).

ANALYSIS

1. How would you differentiate assets from liabilities?


Liabilities depreciate the worth of your organization and reduce its equity, whereas assets raise its
value and equity. The greater the difference between your assets and liabilities, the better your
company’s financial health.

2. Do account titles have significance in your life? How? Explain briefly.


Yes by writing purchases daily or annually because by writing purchases you will see how much you
have spent.

Exercises #1
1. Php176,000.00

2. Php 315,000.00

3. Php225,500.00

4. Php 280,000.00

5. Php230,000.00

EXERCISE # 2

Exercise #2.1

Assets

Current assets

Cash 5,000

Accounts recievable 2,600

Supplies 2,300

Total current assets 9,900

Noncurrent assets

Equipment 17,000

Building 113,000

Total Noncurrent Assets 130,000

Total assets 139,900

Liabilities and owners equity

Current liabilities

Account payable 22,400

Total current liabilities 22,900

Noncurrent Liabilities
Loans payable 77,500

Total Noncurrent Liabilities 77,500

Total Liabilities 99,900

Owner's Equity 40,000

Total Liabilities and Owner's Equity 139,900

Exercises #2.2

Assets Liabilities and Owner's Equity

Current assets Current Liabilities

Cash 50,000 Accounts payable 25,000

Accounts receivable 75,000 Utilities payable 3,000

Merchandise inventory 30,000 SSS,philheath,Pag-ibig,payable 5,000

Prepaid Rent 12,000 Total current Liabilities P33,000

Total Current Assets P167,000 Noncurrent Liabilities

Non Current Assets Loans payable 50,000

Furniture 100,000 Total Noncurrent Liability P50,000

Total current Assets P100,000 Total liabilities P88,000

Total Assets P267,000 Owners Equity P179,000

Total Liabilities and Owners Equity P267,000

APPLICATION
1. Noncurrent Asset

2. Current Asset

3. Current Asset

4. Current Asset

5. Noncurrent Asset

6. Current Liabilities

7. Noncurrent Liabilities

8. Equity

9. Current Liabilities

10. Current Asset

11. Current Liabilities

12. Current Liabilities

13. Equity

14. Noncurrent Asset

15. Noncurrent Liabilities

16. Current Asset

17. Noncurrent Asset

18. Current Liabilities

19. Current Asset

20. Current Asset


ENRICHMENT

ASSET AMOUN LIABILITI AMOUN EQUIT AMOUNT


S T ES T Y
Cash in Bank P193,600 Accounts Payable P22,000 ANN'S P299,030
CAPITAL
Acoounts P59,780 Service Income P5,000
Recievable

Prpaid P12,650 Utilities Payable P15,000


insurance
Shop P15,000 Salaries Payable P90,000
supplies
Inventory

Shop Rent Payable P18,000


Equipment
P118 000

Total Assets P399,030 Total Liabilities P100,000 Total Equity P299,030


Total balance P399,030 P399,030

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