Scribd Logo
Upload

Welcome to Scribd!

  • Exercise No. 2 Mba2008b Elements of Accounting Exercise

    Uploaded by

    menchong 123
    24 views4 pages
    This document provides an exercise on elements of accounting for a student. It contains three sections: A) Lists 25 items and asks the student to identify each as an asset, liability, or capital, and whether the asset or liability is current or non-current. B) Lists 25 items and asks the student to identify each as an income or expense, or provide its proper classification if it is neither. C) Lists 15 items and asks the student to identify each as an asset, liability, income, or expense, and whether any asset or liability items are current or non-current.

    Original Description:

    Original Title

    EXERCISE-NO.-2-MBA2008B-ELEMENTS-OF-ACCOUNTING-EXERCISE

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document provides an exercise on elements of accounting for a student. It contains three sections: A) Lists 25 items and asks the student to identify each as an asset, liability, or capital, and whether the asset or liability is current or non-current. B) Lists 25 items and asks the student to identify each as an income or expense, or provide its proper classification if it is neither. C) Lists 15 items and asks the student to identify each as an asset, liability, income, or expense, and whether any asset or liability items are current or non-current.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    24 views4 pages

    Exercise No. 2 Mba2008b Elements of Accounting Exercise

    Uploaded by

    menchong 123
    This document provides an exercise on elements of accounting for a student. It contains three sections: A) Lists 25 items and asks the student to identify each as an asset, liability, or capital, and whether the asset or liability is current or non-current. B) Lists 25 items and asks the student to identify each as an income or expense, or provide its proper classification if it is neither. C) Lists 15 items and asks the student to identify each as an asset, liability, income, or expense, and whether any asset or liability items are current or non-current.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 4

    UNIVERSITY OF SAN CARLOS

    SCHOOL OF BUSINESS AND ECONOMICS


    MBA2008B – INTRODUCTION TO ACCOUNTING PRINCIPLES
    EXERCISE NO. 2

    NAME OF STUDENT: ___________________________________________ SCORE: ________________

    EXERCISE ON ELEMENTS OF ACCOUNTING

    A. For each item, indicate whether it is an Asset, a Liability, or Capital in Column A.


    Then, if the item is an asset or a liability, indicate if it is Current or Non-current in Column
    B. If the item is capital, place N/A in Column B.

    A B

    1. Tools and equipment

    2. Salaries payable

    3. Additional investment of owner

    4. Cash on hand

    5. Cash deposited in Prime Bank

    6. Delivery truck

    7. Obligation to pay supplier

    8. Loan from bank, 5 years

    9. Investment in long-term bonds

    10. Prepaid insurance

    11. Patent (an intangible)

    12. Withdrawals made by owner

    13. Merchandise for sale

    14. Building used as office space

    15. Accounts receivable

    16. Marketable Securities

    17. Dividend
    A B

    18. Advances from Stockholders

    19. Additional Paid-in Capital

    20. Income Tax Payable

    21. Leasehold Improvements

    22. Building Improvements

    23. Cash Advances by Employees

    24. Petty Cash Fund

    25. Capital Stock

    B. For each item, indicate whether it is an Income or an Expense. If it is neither income


    nor expense, write its proper classification.

    1. Rent revenue

    2. Rent payable

    3. Salaries of employees

    4. Sales

    5. Light, water, and electricity

    6. Loss from flood

    7. Accumulated depreciation

    8. Prepaid advertising

    9. Delivery costs (Freight-in)

    10. Gain on sale of land

    11. Accrued Expenses Payable

    12. Bad Debts

    13. Allowance for Doubtful Accounts


    14. Depreciation

    15. Bank interest

    16. Interest on loans

    17. Advertising

    18. Charitable Contribution

    19. Commissions

    20. Fringe Benefits

    21. De minimis Benefits

    22. Business Permit Fees

    23. Professional Fee for Business Permit Processing

    24. Cash Advance for Processing of Business Permit

    25. Withholding Taxes

    C. For each of the following accounts, indicate whether it is an Asset, Liability, Income,
    or Expense. If it is an asset or a liability, specify whether it is current or non-current.

    1. Merchandise Inventory

    2. Accounts Payable

    3. Utilities Expense

    4. Service Revenue

    5. Computer Equipment

    6. Representation and Entertainment

    7. Bonds Payable

    8. Land

    9. Training and Seminars

    10. Furniture and Fixtures


    11. Office Equipment

    12. Accounting Software

    13. Cleaning supplies

    14. Time Deposit

    15. Utensils in a canteen/catering business

    You might also like