Multiple choice: 1. Entity A had total assets of ₱120M and total liabilities of ₱80M at the beginning of the period. If at the end of the period, total assets increased by ₱30M, while total liabilities remained the same, Entity A’s total equity at the end of the period would be A. ₱70M B. ₱60M C. ₱90M D. ₱80M
Multiple choice: 1. Entity A had total assets of ₱120M and total liabilities of ₱80M at the beginning of the period. If at the end of the period, total assets increased by ₱30M, while total liabilities remained the same, Entity A’s total equity at the end of the period would be A. ₱70M B. ₱60M C. ₱90M D. ₱80M
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 90PSB
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Multiple choice:
1. Entity A had total assets of ₱120M and total liabilities of ₱80M at the beginning of the period. If at the end of the period, total assets increased by ₱30M, while total liabilities remained the same, Entity A’s total equity at the end of the period would be
A. ₱70M
B. ₱60M
C. ₱90M
D. ₱80M
2. Recording assets at their acquisition cost (entry value), rather than at their net selling price (exit value), is in line with the concept of
A. Going concern concept
B. Single entity concept.
C. Matching principle.
D. Historical cost concept.
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