During the year, you started a business of selling personalized mugs and T-shirts. You opened a separate bank account for the business and deposited your initialinvestment of ₱250,000 to this account.
Accounting Principles and Concepts

Quiz
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Specialty
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12th Grade
•
Hard
Maria Cristobal
Used 4+ times
FREE Resource
5 questions
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1.
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2 mins • 1 pt
2.
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2 mins • 1 pt
The business acquired a printing machine. The regular selling price is ₱100,000; however, you were able to acquire it at a discounted price of ₱90,000. You will record the machine at its acquisition cost of ₱90,000 rather that the regular selling price
3.
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2 mins • 1 pt
The business acquired initial inventory of mugs and T-shirts for a total cost of ₱50,000. You will record as an asset(i.e.) inventory rather than as expense.
4.
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2 mins • 1 pt
All the inventory was sold on credit for ₱300,000 (‘sold on credit’ means ‘pinautang’). You will immediately record the credit sales as account receivable rather than waiting for them to be collected.
5.
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2 mins • 1 pt
Also, you will now record the ₱50,000 cost of the inventory as expense.
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