OSMEA COLLEGES Osmea St.

Masbate City CABA DEPARTMENT MIDTERM EXAMINATION

Name:_______________________ Grade/Section: _______________

Date: __________ Score: _________

I. MULTIPLE CHOICE
Directions: Choose the letter that contains the best answer. Write your answer on on the space provided before the number. _____1. The function of accounting is to provide ______________. A. Quantitative information B. Qualitative information C. Quantitative and qualitative information D. None of the above _____2. Accountants employed by a business firm or non-government organizations are said to be engaged in _______________. A. General accounting B. Public accounting C. Private accounting D. Independent accounting _____3. Accountants whose services as professionals are hired not on employer relationship are said to be engaged in__________. A. General accounting B. Public accounting C. Private accounting D. Government accounting _____4. Accountants hired to render independent opinion regarding the financial statementof a government. Owned operation is said to be engaged in ___________. A. General accounting B. Public accounting C. Private accounting D. Government accounting _____5. The field of accounting which is directly involved in the preparation of financialstatement is ___________. A. General accounting B. Cost accounting C. Managerial accounting D. Internal auditing _____6. The field of accounting which deals on ensuring adherence to prescribed management is ___________. A. General accounting B. Cost accounting C. Managerial accounting D. Internal auditing

_____7. The policy-making body of the accounting profession is the __________. A. PICPA B. PRC C. ASC D. BOA _____8. The body that issue the statements and interpretations of accounting practice which will represent generally accepted accounting principles in in the Philippines is the__________. A. PICPA B. PRC C. ASC D. BOA _____9. The CPA Board Examination is extended to test the overall knowledge and competence of the candidate. This covers________. A. Subjects B. Subjects C. 7 subjects D. 8 subjects _____10. The most influential element in passing the CPA board is the_________. A. Student B. Teacher C. Preparation D. All of the above

II. SHORT-ANSWER Directions: Fill in the blanks that will make each statement complete. Write your Answer on the space provided. ____________1. ____________ any item on hand with monetary value that a bank value will accept for deposit all amounts currently on deposit with the bank in the name of the business. ____________2. ____________ the amount collectible on open accounts of the consumers. ____________3. ____________ a promissory note received by the business from its debtors and/or customers. ____________4. ____________ the interest earned or note receivable but not yet received in cash. ____________5. ____________ various supplies which have been bought for use in the office but are illustrated. ____________6. ____________ the site owned by the business on which the business building is constructed. ____________7. ____________ the structure owned by the business that used in the operation of the business. ____________8. ____________ is an obligation or debt to creditors for money

borrowed or merchandise and other assets bought on credit. ____________9. ____________ is the interest incurred in the interest current period but not yet paid. ____________10. ____________ an account used to summarize sales of goods of a trade or a merchandising business.

III.TRUE-FALSE Directions: Read and analyze each statement. Write TRUE if the statement is correct or FALSE if the statement is incorrect. Write your answer on the space provided. _______1. Accounting is the medium of communication through which financial information is furnished to different parties for decision-making. _______2. To evaluate the operating performance of the business, the decision-maker Has to take look at is balance sheet. . _______3. The financial condition of the business is reported in its balance sheet. _______4. When the business has enough cash to pay its maturing obligation, its financial condition is considered liquid. _______5. The business is profitable if its revenue is higher that its expenses for the period. _______6. Cash is a real account, and accounts receivable is a nominal account. _______7. Expenses incurred to generate revenue are nominal accounts. _______8. An account is an accounting device to record increase or decrease in specific accounting element. _______9. A charts of accountants is a listing of all the account name or titles to record the economic activity of the business. _______10. An item to be considered as asset of the business must be owned by the business.

IV. MATCHING TYPE Directions: Match Column A to Column B. Write your answer on the space provided before the number. Column A _______1. Preconcert letter. _______2. Trilogy _______3. Postpone _______4. Dethrone Column B A. a note added after the signature in a B. to put off to a letter time. C. to remove from a place of power. D. to settle by prior agreement.

_______5. Miscalculate _______6. Preserve _______7. Postscript _______8. Trident

E. a series of three dramas as in literary F. to estimate wrongly. G. to save beforehand.

works.

H. light three-wheeled vehicle operated by pedals. I. three-pronged spear. J. group of three persons.

_______9. Triad _______10. Tricycle

GOODLUCK& GODBLESS!!!

Prepared by: ROMNICK BANTAYAN Instructor