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    This quiz contains two problems testing understanding of elements of financial statements and income and expenses. Problem 1 involves supplying missing amounts to satisfy the basic accounting equation of Assets = Liabilities + Capital for 5 sets of accounts. Problem 2 similarly involves supplying missing profit or loss amounts given income, expenses and the accounting equation for 5 sets of business activities.

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    This quiz contains two problems testing understanding of elements of financial statements and income and expenses. Problem 1 involves supplying missing amounts to satisfy the basic accounting equation of Assets = Liabilities + Capital for 5 sets of accounts. Problem 2 similarly involves supplying missing profit or loss amounts given income, expenses and the accounting equation for 5 sets of business activities.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    8 views1 page

    Legacy of Wisdom Academy of Dasmariñas, Inc

    Uploaded by

    zavria
    This quiz contains two problems testing understanding of elements of financial statements and income and expenses. Problem 1 involves supplying missing amounts to satisfy the basic accounting equation of Assets = Liabilities + Capital for 5 sets of accounts. Problem 2 similarly involves supplying missing profit or loss amounts given income, expenses and the accounting equation for 5 sets of business activities.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Legacy of Wisdom Academy of Dasmariñas, Inc.

    Golden City, Salawag, Dasmariñas City


    SY 2020-2021
    FUNDAMENTALS OF ACCOUNTING
    QUIZ-2

    Name: Delos Reyes Gianna Date:09-25-20

    Elements of Financial Statements

    Directions: Supply the missing amount to satisfy the basic accounting equation.

    PROBLEM 1

    ASSETS LIABILITIES CAPITAL

    760,000 360,000 400,000

    860,000 268,000 592,000

    868,000 108,000 760,000

    626,600 376,240 250,360

    900,000 800,000 (100,000)

    Problem 2

    Income and Expenses

    INCOME EXPENSES PROFIT OR LOSS

    840,000 480,000 360,000

    2,400,000 1,860,000 540,000

    1,300,000 860,000 440,000

    2,720,000 2,000,000 720,000

    2,200,000 1,800,000 (400,000)

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