1st Quarter ExamFABM2

SENIOR HIGH SCHOOL
st
1 QUARTER EXAMINATION
FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT II
Name:__________________________________________________Strand:________Yr.&Section______
I.Pick the letter of the correct answer from the box. Write the letter of your choice before each number.
A Accounting Equation N Interest Income
B Allowance for Doubtful Accounts O Land
C Bookkeeping P Manufacturing
D Cash Equivalents Q Merchandise Inventory
E Corporation R Wages
F Cost of Sales S Notes Receivable
G Depreciation Expense T Professional Fees
H Double Entry Bookkeeping U Sales
I Equipment V Service Income
J Expenses W Single Proprietorship
K Freight In X Taxes & Licenses
L Freight Out Y Unearned Income
M Furniture & Fixture Z Utilities Expense
1. Represents the earnings made by any business that is into selling of goods or merchandise
2. Refers to costs associated with the usage of electricity, water and communication for a particular
accounting period.
3. Represents credited by the bank to the account of the business arising from bank deposits.
4. Earnings made by any business that is into rendering services income
5. Represent earnings made by professionals or experts from rendering services to their clients
6. Refers to costs incurred to register the business, to acquire the right to operate, and to settle taxes.
7. Refers to the costs incurred associated with the services rendered normally by contractual and
temporary employees and workers who are paid on an hourly rate or based on output.
8. Cost of merchandise or goods sold during a particular period .
9. Refers to the accounts receivable that is estimated as uncollectible and is recognized as an expense in
the current accounting period.
10. The portion of the cost of the tangible assets (e.g. building and equipment) allocated or charged as
expense during the accounting period.
11. Buyers are responsible for the freight
12. Examples of these assets include tables, chairs, filing cabinets, and display racks.
13. This represents the amount of money owned by the customer or debtor to the business evidenced by
a promissory note.
14. Not subject to deprecation, this refers to physical site owned by the business where the building is
situated
15. A guide to accountants and bookkeepers, it is a listing of all accounts and is usually tailored to the
operation of the business.
16. A system in which a debit entry and credit entry is entered for each transaction.
17. This represents manual and automated machines used in the business like computers, laptops, ring
binders, and delivery vehicles
18. This refers to open accounts which represent the amount of money owned by the customers to the
business.
19. These are short-term, highly liquid investments that are acquired three months before maturity or
earlier
20. Asset equals the sum of liabilities and owners’ equity
21. They represent the costs being incurred by the business in generating revenues
22. Business operation that involves purchasing and converting raw materials into finished products
23. The unsold merchandise (on hand) at the end of an accounting period.
24. A business which is easy to form and with minimal requirement.
25. Seller are responsible for the freight
II. Fill in the Blanks
MAPAGKAWANG GAWA HARDWARE STORE
Statement of Comprehensive Income
For the Fiscal Year ending July 31, 2018
Gross Sales ₱ ? (26.)

(Sales Discount) (712)
(Sales Return and Allowances) (844)
Net Sales ₱ ? (27.)
Less Cost of Sales
Merchandise Inventory ₱ 79 280
Purchases 198 121
Freight In 1 742
(Purchase Discount) (981)
(Purchase returns and Allowances) (3 121)
Total Goods Available for Sale ₱ ? (28.)
(Merchandise Inventory –Ending) (98 123) ________ (29.)
Gross Profit ₱ __________________(30.)
Less: Operating Expenses
Depreciation Expenses ₱ 12 987
Interest Expenses 7 939
Salaries Expenses 12 012
Utilities Expenses 9 651
Advertising Expenses 3 812
Rent Expenses 4 918
Other Operating Expenses 5 111 _________________(31.)
Net Profit ₱ 18 217
III. Agree or Disagree. Write the word Agree if the statement is true and the word Disagree if it’s not true.
__________32. Expenses recognition strictly requires the matching of expenses against revenue.
__________33. Asset = Liabilities + Owners Equity is the governing equation of the SFP.
__________34. The major elements of SCI are income and expenses.
__________35. The “Merchandising Inventory” account is reported as a non-current asset on the SFP.
__________36. The complete set of financial statements prepared for merchandising business is not the same
with that of the service type of business.
__________37. To increase the “sales revenue” account is to debit it; and to decrease it is to credit it.
__________38. The foundation of the periodic inventory system is the taking of a complete physical
inventory at year end.
__________39. The primary purpose of the statement of cash flows is to provide cash – basis.
_________ _40. Operating activities are base – line cash of activities of the entity related to its
normal operating cycle. Furthermore, such activities are related to the primary
revenue-producing activity of the entity.
IV. Journalize the following transactions
TRANSACTIONS DEBIT CREDIT
1. Acquired service vehicle on account
2. Purchase office supplies on account.
3. Paid the month’s rent.
4. Rendered services for XYZ company on account.
5. Paid Accounts Payable
6. Withdrew cash for personal use.
7. Collected cash from credit customers.
8. Paid salaries for the month.
9. Paid PLDT for communication services for the
telephone Expense.
10. Paid Laguna Water for Water Utilities
“When you feel like giving up, remember why you held on for so long in the first place”
-Unknown
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SENIOR HIGH SCHOOL

Gross Sales ₱ ? (26.)

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