ROMARINDA INTERNATIONAL SCHOOL

604 (4A) Himlayan Road Pasong Tamo, Quezon City

Accounting 12

Name:____________________________________________ Score:__________

Answer the following questions. (Make your explanation clear and detailed)

1. Are retained earnings in a business equal or not equal to cash? Research on this.

2. Is goodwill considered as intangible asset? Consult books and other sources then write a brief report as to why
goodwill is considered or not considered an intangible asset.

3. There are several different types of payables. For example, the term account payable is reserved for the
purchase of inventory items that are going to be resold by the company. Research on the other types of
payables. Write a report on the space provided.

4. Why is it necessary that you arrive at an equal or balanced accounting equation for any financial transaction?

5. What are the two types of financial or business transaction that occur in a business? Explain.

Note:
 Write your answers on the space provided.
 Deadline will be on Monday (March 16, 2020) until 8am
 Kindly send your final work to my email: TLEris.2020@gmail.com
 Don’t forget to write down your NAME and SECTION as your subject before sending.