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Accounting Quiz
Test 1
Direction: The Accounting Equation is Assets = Liabilities + Capital. The equation remains equal after every transaction. Having this in mind, fill up the following blanks. The first number is answered as an example.

1. If assets increase by P 1, 000 and liabilities remain unchanged, then capital increases by P 1,000.
2. If assets increase by P 500 and capital remains unchanged, then liabilities ________________.
3. If assets decrease by P 200 and liabilities are unchanged, then capital ________________.
4. If assets decrease by P 400 and capital is unchanged, then liabilities ________________.
5. If assets increase by P 100 and liabilities decrease by P 200, then capital ________________.
6. If assets increase by P 250 and liabilities increase by P 400, then capital ________________.
7. If assets increase by P 600 and capital decreases by P 250, then liabilities ________________.
8. If assets increase by P 700 and capital increases by P 100, then liabilities ________________.
9. If liabilities increase by P 450 and capital increases by P 150, then assets ________________.
10. If liabilities increase by P 820 and capital decreases by P 150, then assets ________________.
11. If liabilities decreases by P 270 and capital decreases by P 130, then assets ________________.

Test 2
Direction: Classify the following accounts by checking the appropriate column.

Assets Liabilities Capital

1. Notes Receivable
2. Accounts Payable
3. Prepaid Rent
4. Unexpired Insurance
5. Cash on Hand
6. Transportation Expense
7. Land
8. Building
9. Interest Income
10. Accumulated Depreciation
11. Office Supplies
12. Antonio Drawing
13. Depreciation