TASK SHEET 1

Title: IDENTIFY THE AFFECTED ELEMENTS OF FINANCIAL

STATEMENT

Performance Objective: Given the table below, you should be able to

identify what elements of financial statement are
affected following the Basic accounting equation

Supplies/Materials : Paper, Pen/Pencil, Learning Materials

Equipment : None

Steps/Procedure:
1. Following the format of table provided.
2. Write +, - or +/- on the elements that the transaction will have
an effect.
3. Evaluate your output based on the performance criteria
checklist.
4. Present your output to your facilitator.

Assessment Method: Performance criteria, Answer key.

Transactions* Assets Liabilities Owner’s

Date Developed: Nov. Document No.
16,2020
Bookkeeping Issued by:
Date Revised:

NCIII Developed by: Page 1 of 3

ROY VICTOR F.
SUMUGAT Revision # 000
 Equity
1. A customer paid for services rendered last month.

2. Payment to a supplier for inventories bought on account.

3. Purchase of office supplies in cash.

4. Rendered services to customers for cash.

5. Cash invested by a business owner to a newly opened business.

6. Bought equipment on account for the business.

7. Company paid the office rent six (6) months in advance.

8. Received billing for electricity incurred during the month but

payable during the next month.

9. Received billing for advertising expense incurred during the

month and paid within the month.

10. Customer paid for services in advance.

11. Owner withdrew cash from the business for personal use.

12. Performed services but customer will pay after 30 days.

13. Paid for the equipment purchased last month.

14. Business entity received a promissory note from client after

rendering services.

15. Owner paid for the salary of employees.

Performance Checklist 1

CRITERIA
YES NO
Did you….
Date Developed: Nov. Document No.
16,2020
Bookkeeping Issued by:
Date Revised:

NCIII Developed by: Page 2 of 3

ROY VICTOR F.
SUMUGAT Revision # 000
 1. Follow the format provided?
2. Provide the correct signs (+, -, +/-) for each
transaction?
3. Have 100% accuracy based on the answer key
provided?

ANSWER KEY:
Transactions* Assets Liabilities Owner’s
Equity
16. A customer paid for services rendered last month. +/-

17. Payment to a supplier for inventories bought on account. - -

18. Purchase of office supplies in cash. +/-

19. Rendered services to customers for cash. + +

20. Cash invested by a business owner to a newly opened + +

business.

21. Bought equipment on account for the business. + +

22. Company paid the office rent six (6) months in advance. +/-

23. Received billing for electricity incurred during the month but + -
payable during the next month.

24. Received billing for advertising expense incurred during the - -

month and paid within the month.

25. Customer paid for services in advance. + +

26. Owner withdrew cash from the business for personal use. - -

27. Performed services but customer will pay after 30 days. + +

28. Paid for the equipment purchased last month. - -

29. Business entity received a promissory note from client after + +

rendering services.

30. Owner paid for the salary of employees. - -

Date Developed: Nov. Document No.

16,2020
Bookkeeping Issued by:
Date Revised:

NCIII Developed by: Page 3 of 3

ROY VICTOR F.
SUMUGAT Revision # 000