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    FABM 1 Answer Sheet Q1 W5

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    Florante De Leon
    1. The document is a quiz on accounting fundamentals that tests knowledge of accounting equation, journals, ledgers, and journal entries. 2. It contains true/false questions, multiple choice questions, and questions that require identifying the correct special journal for transactions. 3. The questions cover topics like the two books of accounts, the purpose of journals and ledgers, the recording process, different types of special journals, and the relationship between the general and subsidiary ledgers.

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    FABM 1 Answer Sheet Q1 W5

    Uploaded by

    Florante De Leon
    30 views2 pages
    1. The document is a quiz on accounting fundamentals that tests knowledge of accounting equation, journals, ledgers, and journal entries. 2. It contains true/false questions, multiple choice questions, and questions that require identifying the correct special journal for transactions. 3. The questions cover topics like the two books of accounts, the purpose of journals and ledgers, the recording process, different types of special journals, and the relationship between the general and subsidiary ledgers.

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    1. The document is a quiz on accounting fundamentals that tests knowledge of accounting equation, journals, ledgers, and journal entries. 2. It contains true/false questions, multiple choice questions, and questions that require identifying the correct special journal for transactions. 3. The questions cover topics like the two books of accounts, the purpose of journals and ledgers, the recording process, different types of special journals, and the relationship between the general and subsidiary ledgers.

    Copyright:

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

    FABM 1 Answer Sheet Q1 W5

    Uploaded by

    Florante De Leon
    1. The document is a quiz on accounting fundamentals that tests knowledge of accounting equation, journals, ledgers, and journal entries. 2. It contains true/false questions, multiple choice questions, and questions that require identifying the correct special journal for transactions. 3. The questions cover topics like the two books of accounts, the purpose of journals and ledgers, the recording process, different types of special journals, and the relationship between the general and subsidiary ledgers.

    Copyright:

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

    Answer Sheet in Fundamentals of Accountancy, Business and Management 1

    Quarter1 Week 5
    Name: ________________________________________ Score: ____________________
    Grade/Section: _______________________________

    Week 5
    I. Lesson: Accounting Equation
    II. Learning Competencies: ABM_FABM11-IIIf-22
    III. Content/Assessment

    A. True or False. Write True if the statement is correct and False if incorrect. Write
    your answer in the space provided before each number.

    __________1. The two books of accounts are the Debit and Credit.

    __________2. The ledger is also called the book of original entries.

    __________3. If the business does not utilize special journals, all its transactions are
    recorded in the general journal.

    __________4. There are seven (7) special journals being used by the business entity if they
    have voluminous transactions.

    __________5. Transactions are first recorded in the general journal.

    __________6. A company that uses the general ledger does not need to use a subsidiary
    ledger.

    __________7. You record sales in a special journal called sales journal.

    __________8. Payments are usually recorded in the purchase journal.

    __________9. There are three (3) types of ledgers.

    __________10. The process of recording in the journal is posting

    B. Multiple Choice. Choose the letter that correspond to your answer. Write your
    answer in the space provided before each number.
    ____1. Business transactions are initially recorded in the
    a. Journal b. ledger c. scrap paper d. Notebook
    ____2. Which of the following is not a special journal?
    a. Sales journal b. Purchase journal c. Ledger d. cash receipt journal
    ____3. Journals are used in recording process called
    a. Posting b. Journalizing c. Poster d. Journaling
    ____4. Transactions are recorded in the journal
    a. Alphabetically b. chronologically c. By date d. Eagerly
    ____5. Mr. K borrowed money from the bank. The transaction is recorded in
    a. Sales journal b. Cash receipt journal c. Purchase journal d. A & B
    ____6. Mr X sold merchandise on account. The transaction is recorded in
    a. Sales journal b. Cash receipt journal c. Purchase journal d. A & B
    ____7. Special journal is compose of ___________ books
    a. 4 b. 3 c. 2 d. 1
    ____8. All the controlling accounts in the general ledger have accounts in the
    a. Subsidiary ledger b. Ledger account c. General journal d. A & B.
    ____9. Contains all the accounts appearing in the trial balance
    a. General ledger b. General journal c. General manager d. A & B
    ____10. It provides a breakdown of the controlling accounts in the general ledger
    a. Subsidiary ledger b. Ledger account c. General journal d. A & B.

    C. Identify what special journal is applicable for the following transactions. Write
    your answer in the space provided before each number.

    ________________1. Received and collected Php. 12,000 from a customer as a full


    settlement of account.
    ________________2. Purchase 250 units of merchandise to be sold in the store
    amounting to 250,000
    ________________3. Sold 150 units of merchandise to Mr. Z, Php. 150,000
    ________________4. Paid Salary of Sales Staff, Php. 17,500
    ________________5. Sold 75 units of merchandise to Mr. X for Php. 75,000 payable
    45 days after delivery.

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