Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 567 views

    Economics Prelims

    Uploaded by

    Yannie Costibolo Isanan
    1. The document discusses key concepts in economics and accounting including defining terms like economics, price ceilings, supply and demand curves, and accounting statements. 2. It provides sample problems to calculate equilibrium price and quantity given supply and demand functions and to determine the price that results in a surplus or shortage. 3. Journal entries are presented for a shoe repair shop over the month of January including transactions for expenses, revenues, assets and liabilities.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Economics Prelims

    Uploaded by

    Yannie Costibolo Isanan
    567 views2 pages
    1. The document discusses key concepts in economics and accounting including defining terms like economics, price ceilings, supply and demand curves, and accounting statements. 2. It provides sample problems to calculate equilibrium price and quantity given supply and demand functions and to determine the price that results in a surplus or shortage. 3. Journal entries are presented for a shoe repair shop over the month of January including transactions for expenses, revenues, assets and liabilities.

    Original Description:

    econ

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    1. The document discusses key concepts in economics and accounting including defining terms like economics, price ceilings, supply and demand curves, and accounting statements. 2. It provides sample problems to calculate equilibrium price and quantity given supply and demand functions and to determine the price that results in a surplus or shortage. 3. Journal entries are presented for a shoe repair shop over the month of January including transactions for expenses, revenues, assets and liabilities.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    567 views2 pages

    Economics Prelims

    Uploaded by

    Yannie Costibolo Isanan
    1. The document discusses key concepts in economics and accounting including defining terms like economics, price ceilings, supply and demand curves, and accounting statements. 2. It provides sample problems to calculate equilibrium price and quantity given supply and demand functions and to determine the price that results in a surplus or shortage. 3. Journal entries are presented for a shoe repair shop over the month of January including transactions for expenses, revenues, assets and liabilities.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    ECONOMICS (Write your answers in your test booklets)

    I. Define the following: (2pts. Each)

    1. Economics
    2. Land
    3. Labor
    4. Price Ceiling
    5. Floor Price
    6. Equilibrium
    7. Law of Demand
    8. Law of Supply
    9. Surplus
    10. Shortage

    II. Enumeration

    a. Methods of Demand Analysis (3)


    b. Forces that causes the demand curve to change (6)
    c. Methods of Supply Analysis (3)
    d. Forces that causes the supply curve to change (6)
    e. Branches of Economics (2)

    III. Problem solving (Show your solutions and round off to two decimal places)

    a. Compute for the equilibrium price and quantity of the following demand and supply functions.

    1. Qs = 2 + 3P Qd = 12 – 2P
    2. Qs = 25 + 1/3P Qd = 40 – 2/3P
    3. Qs = 100 + 0. 40P Qd = 220 – 0.20P
    4. Qs = 600 + 100P Qd = 5000 – 1000P

    EQUILIBRIUM

    Equation Price (Pe) Quantity (Qe)


    No.
    1

    b. Using a.1 equation, compute the price that will result to a surplus of 5 units.
    c. Using a.2 equation, compute the price that will result to a shortage of 6 units.

    Prepared by:
    MARY ANN ISANAN

    Good Luck! :D
    FUNDAMENTALS OF ACCOUNTING: (Write your answer in your Test Booklets)

    I. Enumeration
    1. Financial statements (3)
    2. Accounting Cycle (7)
    3. Asset Account Titles (5)
    4. Liabilities Account Titles (5)
    5. Capital Account Titles (2)
    6. Revenue Account Titles (3)
    7. Expense Account Titles (5)

    II. Give what is asked.


    1. What is accounting?
    2. What is the accounting equation?

    III. Prepare journal entries for Mr. Ramon Reyes’ business. “Mang Ramon Repair Shop” for the month of
    January 2007.

    Mang Ramon Repair Shop was organized by Mr. Ramon Reyes on January 3, 2007. The business accepts
    repairs of shoes and offers other allied services. At the start, Mr. Reyes invested the following:
    Cash …………………………………. P50,000
    Machines………………………….. 60,000
    Shop Supplies…………………… 3,000

    The following transactions occurred in Janury, 2007.

    Jan. 3 – Paid the rental for three months, P9,000.


    3 – Paid taxes and licenses, P2,000.
    4 – Bought additional shop supplies for cash, P6,000.
    5 – Paid advertising cost in the People’s Journal to promote his business, P1,000.
    8 – Received P3,000 for repairing ROTC shoes.
    9 – Several bags were repaired for which cash of P1,000 was received.
    10 – Tricycle toldas were made for P5,000 cash.
    12 – Rendered repair services to Mr. Garcia amounting to P3,000 for which a 50% down payment was
    received and the balance payable at the end of the month.
    15 – Paid wages of helpers, P3,000.
    17 – Bought a new sewing machine from Singer Sewing Machine Co., on installment P20,000 paying
    P10,000 and the balance with a note.
    19 – Received P5,000 from customers for repair services.
    22 – Receipts for the week, P10,000.
    25 – Paid P1,000 for the repairs of a machine.
    27 – Bought a typewriter for P3,000 for office use for cash.
    30 – Paid light and water, P500.
    31 – Received full payment of Mr. Garcia’s account.
    31 – Paid salaries P3,000 with the following deductions:
    SSS Premium………………P151.00
    Philhealth Premium……P176.00
    Witholding Taxes……….P220.00

    Prepared By:
    MARY ANN ISANAN

    GOODLUCK!

    You might also like