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Basic Equations

The document contains 12 multiple choice questions about basic accounting equations for an entity called Entity A. The questions ask the learner to calculate missing values like total assets, liabilities, equity, income and expenses based on information provided about 2 or 3 of the elements in the accounting equation. Correct answers can be determined by applying the fundamental accounting equation that total assets equal total liabilities plus total equity.

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ruth san jose
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71 views2 pages

Basic Equations

The document contains 12 multiple choice questions about basic accounting equations for an entity called Entity A. The questions ask the learner to calculate missing values like total assets, liabilities, equity, income and expenses based on information provided about 2 or 3 of the elements in the accounting equation. Correct answers can be determined by applying the fundamental accounting equation that total assets equal total liabilities plus total equity.

Uploaded by

ruth san jose
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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1.

Entity A’s total liabilities are P50M, while its total equity is P10, Entity A’s total assets are?

a. 60M
b. 50M
c. 40M
d. Any of these

2. Entity A’s total assets are p120M, while its total liabilities are P90, Entity A’s equity is?

a. 210M
b. 30M
c. 40M
d. 50M

3. Entity A’s total assets are P40M, while its total equity is P9, Entity A’s total liabilities are?

a. 31M
b. 49M
c. 40M
d. 94M

4. Entity A’s total assets are P40M and incurred expense of P9, Entity A’s profit (loss) is?

a. 31M
b. (31M)
c. 49M
d. (49M)

5. Entity A earned a total income of P40M and incurred a total expense of P59. Entity A’s profit (loss)is?
a. 49M
b. 19M
c. (19M)
d. (99M)

6. Entity A’S earned a total income of P60M and reported a profit of 16M, Entity A’s total expenses were?

a. 44M
b. 76M
c. 12M
d. 16M
7. Entity A earned a total income of P50M and reported a loss of P8M, Entity A’s total expenses were?
a. 42M
b. 58M
c. 16M
d. Sorry, I don’t know

8. Entity A incurred total expenses of 60M and reported a profit of 16M, Entity A’s total income was?
a. 72M
b. 44M
c. 76M
d. I’m tired and I want to sleep

9. Entity A incurred total expenses of 40M and reported a loss of 12M, Entity A’s total income was?
This study source was downloaded by 100000793159875 from CourseHero.com on 10-01-2022 02:36:32 GMT -05:00

https://www.coursehero.com/file/121173365/Basic-Equationsdocx/
a. 42M
b. 28M
c. 52M
d. Stop making me solve problems

10. Entity A’s beginning equity was P60M. if during the year, Entity A earned a total income of 16M and
incurred a total expense of P8M, how much is Entity A’s ending equity?

a. 68M
b. 76M
c. 84M
d. I’ll ask my classmate later

11. Entity A’s beginning equity was 80M, If, during the year, Entity A earned a total income of P1OM and
incurred total expenses of P18M, how much is Entity A’s ending equity?

a. 88M
b. 72M
c. 90M
d. 52M

12. Entity A’s equity had beginning and ending balances of P80M and P100M, respectively, if there were no
contributions from, or distributions to, the owner during the period, which is the following is most likely to be
true?

a. Entity A earned a profit of P20M


b. Entity A incurred loss of P20M
c. Entity A earned a total income of P20M
d. Entity A incurred the total expense of P20M

This study source was downloaded by 100000793159875 from CourseHero.com on 10-01-2022 02:36:32 GMT -05:00

https://www.coursehero.com/file/121173365/Basic-Equationsdocx/
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