1. When assets can be realized in within a year, asset is classified as ___________.

2. Bb Markus owes Php600,000,000 to Swiss Bank payable within 36 months. This is classified
under what type of account? ___________. Current or Non-Current? __________
3. Sara D. sold all her properties amounting to Php 5.2 billion. However, only 40% of it is paid in
cash while the rest is on account within the year. This is classified under what type of account?
___________. Current or Non-Current? __________
4. Which of the following can be considered an intangible asset of the company?
5. Leni-Verse Angat Buhay Corp. invested a ballooning amount of money amounting to Php15
billion to the government for the construction of several infrastructures. This loan must be
payable within 10 years. On the part of Leni-Verse Angat Buhay Corp., the investment will be
recorded under what type of account? ___________. Current or Non-Current? __________
6. Leni-Verse Angat Buhay Corp. invested a ballooning amount of money amounting to Php15
billion to the government for the construction of several infrastructures. This loan must be
payable within 10 years. The loan will be recorded under what type of account?
___________. Current or Non-Current? __________
7. When a business is owned by a single person, his/her capital is best known as __________.

8. Which of the following financial statements presents the financial position of an entity at a given
or specific date?
For items 9-14
Please refer to the data below:
Balances from Woo Young Woo’s Café Shop for the year ended December 2020.
Cash 10,000 Accounts Payable 40,000
Supplies 40,000 Notes Payable (18 months) 200,000
Accounts Receivable 30,000 Mortgage Payable 200,000
Machinery 50,000 Land 250,000
Building 800,000 Capital 740,000
9. Compute the total Current asset of Woo Young Woo’s Café Shop?
10. Compute the total Noncurrent asset of Woo Young Woo’s Café Shop?
11. Compute Woo Young Woo’s Café Shop’s total asset?
12. Woo Young Woo’s Café Shop’s current liabilities reached
13. The total liabilities of Woo Young Woo’s Café Shop
14. The Owner’s equity of Woo Young Woo’s Café Shop
16. Assume that Alchemy’s Soul Corp.’s total liabilities and equity is Php275,000. The total
noncurrent assets ended at Php85,000. Cash reached Php50,000. Inventory amounted to Php
85,000. Assuming the company had no other assets, how much is the Accounts Receivable?
II. Accounting Formula
ASSETS LIABILITIES OWNER’S EQUITY
2750 250
513 546
956 451
876 534

III. Determine the element of the following account: ASSET, LIABILITY, AND EQUITY.
For Asset and Liability accounts, also determine their classification: CURRENT OR NON-
CURRENT.
ACCOUNTS TITLE ELEMENTS OF ACCOUNTING CLASSIFICATION
1. Cash
2. Accounts Payable
3. Mortgage Payable
4. Inventory
5. Supplies
6. Utilities Payable
7. Building
8. Accounts Receivable
9. Land
10. Notes Payable (24 months)