ACCOUNTING

Practice Quiz 2- Account Titles

A/n: Try mo ulit HAHAHA but this time Hindi na choose the letter of the correct answer.

Challenge yourself by answering this Practice Quiz ^_^

Determine whether the ACCOUNT TITLES ARE:

A.
• Assets Account
•Contra-Asset Account
•Liability Account
•Revenue/Income Account
•Expense Account
•Capital Account

B.
• Balance Sheet Account
•Income statement Account

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Example:

1. Cash 
-Asset Account
-Balance Sheet Account
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Purpose of Activity: To familiarize in different account titles

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1. Land
2. Income Tax Payable
3. Ending Capital
4. Prepaid Expense
5. Trademarks
6. Unearned Revenue
7. Inventory
8. Accumulated Depreciation-Equipme­nt
9. Interest Payable
10. Accumulated Amortization-Tradema­rks
11. Depreciation Expense
12. Patents
13. Prepaid Rent
14. Rent Expense
15. Service Income
16. Mortage Payable
17. Notes Receivable
18. Notes Payable
19. Accrued Income
20. Supplies Expense
21. Prepaid Insurance
22. Allowance for Doubtful Accounts
23. Bad Debt Expense
24. Interest Revenue
25. Unearned rent
26. Insurance Expense
27. Equipment
28. Supplies
29. Bonds Payable
30. Sales
31. Copyright
32. Cash Equivalent
33. Fees Receivable
34. Rent Revenue
35. Accrued Liability

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             CORRECT ANSWERS❗️

NOTE:
BALANCE SHEET ACCOUNTS ARE: Assets, Liability & Capital

INCOME STATEMENT ACCOUNTS ARE: Revenues & Expenses

1. Land (Lupa)
ANSWER:
-Asset
- Balance Sheet

2. Income Tax Payable (Tax na dipa nababayaran/Utang)
ANSWER:
-Liability
- Balance Sheet

3. Ending Capital (Puhunan ng may ari at the end of the year)
ANSWER:
-Capital Account
-Balance Sheet Account

4. Prepaid Expense (Expense na dipa nagagamit, binayaran mo nang ADVANCE)
ANSWER:
-Asset Account
- Balance Sheet

5. Trademarks (Intangible asset)
ANSWER:
-Asset Account
-Balance Sheet

6. Unearned Revenue (Revenue/Income na binayaran kana pero dimo pa nagagawa yung SERBISYO o NADEDELIVER yung PRODUCT kaya UTANG mo sya)
ANSWER:
-LiabilityAccount
-Balance Sheet

7. Inventory (Mga ginagamit sa pag gawa ng products)
ANSWER:
-Asset Account
-Balance Sheet Account

8. Accumulated Depreciation-Equipme­nt (Contra account nga Equipment, dito napupunta yung mga nawalang halaga ng Equipment)
ANSWER:
-Contra Asset account
-Balance sheet

9. Interest Payable (interest ng utang mo na dimo pa nababayaran/utang)
ANSWER:
-Liability account
-Balance sheet