Pre-Test Activity 2: Assets Liabilities Owner'S Equit Y
Pre-Test Activity 2: Assets Liabilities Owner'S Equit Y
Pre-Test Activity 2: Assets Liabilities Owner'S Equit Y
Pre-test Activity 2:
1. Liabilities ASSETS LIABILITIES OWNER’S
2. Assets EQUIT
3. Liabilities Y
4. Liabilities
5. Assets Cash Mortgage Expenses
Self-check 1: Wheels
1.E, 2.B, 3.A, 4.B, 5.A, 6.D, 7.C, 8. D, 9. A, 10.B, Jewels
Activity 2:
1. G 2. J 3. A 4. B 5. C 6. D 7. H 8. I 9. E 10. F
Self-check 1: Activity 3:
Activity 3: 1. E and A 1. 19,335.00
Answers may vary 2. E and A 2. 23,637.00
3. L and A 3. 15,412.00
Post Test 4. L and A 4. 54,967.00
A. 5. A and E 5. 48,605.00
1. business entity principle 6. A and E 6. 38,399.00
2. objectivity principle 7. A and L 7. 56,636.00
3. time period 8. A and L 8. 24,963.00
4. going concern principle 9. E and A 9. 8,635.00
5. monetary unit principle 10. L and A 10. 86,963.00
6. cost principle
7. matching principle Post Test
8. conservatism principle A. Matching Type
9. materiality principle 1. e
10. accrual accounting principle 2. h
3. a
4. c
B.
5. i
a. Business Entity principle 6. f
– a business enterprise is separate and distinct 7. d
from its owner or investor. 8. b
b. Objectivity principle 9. g
- financial statements must be presented with 10. j.
supporting evidence.
c. Materiality principle
– in case of assets that are immaterial to make a B. Think and Solve
difference in the financial statements, a. Total Assets
Building 200,000
the company should instead record it as
Cash 37,700
an expense.
Interest Income 1,680
d. Cost principle Interest Rec. 1,680
– accounts should be recorded initially at cost. Land 50,000
e. Matching principle Notes Rec. 14,000
– cost should be matched with the revenue Office Supplies 13,600
generated. Accounts rec. 52,400
Acc. Dep.-Building (18,000)
ACCOUNTING WEEK 3 ANSWER KEY TOTAL 353,060
b. Total Liabilities
Pre-test Activity 1: Accounts Payable 25,600
1. d Answers may vary Mortgage Payable 151,600
2. d Notes Payable 19,800
3. c TOTAL 197,000
4. b c. Total Expenses
Depreciation Exp 18,000
Supplies Exp 9,900
Taxes and License Exp 22,800
Utilities Exp 36,600
TOTAL 50,700