POST

POST TEST:

A. CRITICAL THINKING

I.

1. All amounts in the Case Problem should be all included in the Business Financial reports because all
amounts have effect in Assets, Liabilities and Equity since all of these amounts are all accountable. In
accounting, only accountable events should be accounted and presented in the financial reports.

2. My basis for all amounts that I included in the financial reports are based on the Principles of
Generally Accepted Accounting Principles ( GAAP) and these are Monetary Unit Assumption Matching
Principle, Revenue Recognition Principle. When we say Monetary Unit Assumption, an economic
entity's accounting records include only quantifiable transactions and all accounting events in the Case
Problem are quantifiable. Next, Matching Principle which says that the costs of doing business are
recorded in the same period as the revenue they help to generate and the expenses and Revenue in the
case Problem should be recorded in the same period. Lastly, Revenue Recognition Principle which
means, revenue are recognized when realized and earned, not in when cash is received just like in the
case problem that I recognized it even the problem didn't mention that Robin and Rica received cash in
exchange for service rendered.
REFLECTIVE SHEET:

Accounting Principles are set of rules and principles set by the different accounting organizations in
order to have consistency, reliability and accuracy in presenting different financial reports that are
useful for the users of financial informations and also, for company. Moreover, accounting concepts and
principles are guide for the accounting profession in order for them to really know the policies and
practices that they should follow that will minimize and stop the misconceptions and mislead the
accountants in possible errors which may affects the decision making of the users of financial
information. As an aspiring Accountant, it is important that I know the different accounting policies,
principles and concepts because it is my stepping stone and foundation in my future accounting
profession and even just a student that will really help me in solving different transactions. To sum it all,
I had figured out that there should be set of accounting principles, treatment, policies in order to help
Accountants in giving financial judgments in the information and help the users of financial information
to analyze financial reports effectively.
I. MULTIPLE CHOICE:

1. A

2. C

3. D

4. B

5. C

II.
ASSETS LIABILITIAES EQUITY

1. I I NE

2. D NE D

3. I I NE

4. D NE D

5.D NE D

6.I NE I

7.I NE I

8. D NE D

9. D D NE

10.I NE I

III.

CASE 1

ASSETS 100K = L 45 + O.E 55

CASE 2

A 70 = L 35 + O.E 35

CASE 3

A 120 = L 55 + O.E 65