CHANGES IN EACH OF MAJOR ACCOUNTS (MINTZBERG)

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Understanding Changes in Major Accounts

This quiz is designed to test your understanding of accounting principles related to changes in major accounts as per Mintzberg's framework. Whether you're a student, teacher, or professional in the field, this quiz will help reinforce your knowledge.

7 engaging questions
Multiple choice format
Focus on key accounting concepts

7 Questions2 MinutesCreated by CalculatingEagle523

If total liabilities increased by P90,000 and owner’s equity increased by P60,000 during a period of time, then total assets must change by what amount and direction during that same period?

150,000 increase

150,000 decrease

30,000 increase

30,000 decrease

If total liabilities decreased by P90,000 and owner’s equity decreased by P10,000 during a period of time, then total assets must change by what amount and direction during that same period?

100,000 increase

100,000 decrease

80,000 increase

80,000 decrease

If total assets decreased by P100,000 and liabilities increased by P89,000 during a period of time, then total owner’s equity must change by what amount and direction during that same period?

189,000 increase

189,000 decrease

11,000 increase

11,000 decrease

If total assets increased by P18,000 and liabilities increased by P15,000 during a period of time, then total liabilities must change by what amount and direction during that same period?

33,000 increase

33,000 decrease

3,000 increase

3,000 decrease

If total assets decreased by P1,000 and owner’s equity decreased by P5,600 during a period of time, then total liabilities must change by what amount and direction during that same period?

6,600 increase

6,600 decrease

4,600 increase

4,600 decrease

CHANGES IN EACH OF MAJOR ACCOUNTS (MINTZBERG)

Understanding Changes in Major Accounts

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