ASIAN INSTITUTE OF COMPUTER STUDIES

SENIOR HIGH SCHOOL DEPARTMENT

Regular 2nd Quarter Examination School Year 2019-2020
ACT 121- Fundamentals of Accounting, Business and Management 2
SET A

I. IDENTIFICATION. Identify the terms being required in the following statement.

1. It is also called the “book of original entries” where business transactions are first recorded.
2. Is a systematic compilation of a group of accounts and used to classify the effects of business
transactions on the accounts.
3. A type of journal that is used to record transactions of a similar nature.
4. A type of journal that records all other transactions if business does not utilize special journal.
5. It contains all the accounts appearing in the trial balance.
6. It provides a breakdown of the balances of controlling accounts.
7. It is the left side of the account.
8. It is the right side of the account.
9. A system where all transactions are recorded in the accounting records.
10. It is the format used to write on the journal.

II. DEFINITION.

1. Journalizing
2. Posting
3. Bank Reconciliation
4. Bank Statement
5. Taxation

III. MATCHING TYPE. Match column A with column B. (1point each)

1. It is used to record credit sales. A. Deposit Slip

2. It is used to record purchases of inventory made on account. B. Bank Check
3. It is the simplest bank account. C. Savings Account
4. It is an acceptable form of payment. D. Purchases Journal
5. It documents the deposit transaction. E. Sales Journal
6. It documents the withdrawal from a passbook account. F. Delivery Receipt
7. It is a booklet used to record bank transactions on a savings account. G. Stale Check
8. It is an evidence of payment. H. Official Receipt
9. It is an expired check. I. Passbook
10. It is the evidence of delivery. J. Withdrawal Slip
 IV. TRUE OR FALSE. Write True if the statement is correct and False if not.

1. Assets are resources owned by the company.

2. Hybrid accounts are combinations of savings and checking account.
3. The bank also offer Unit Investment Trust Fund that allows investors to gain the benefit and suffer
the losses of investments.
4. A validation is a receipt printed on the deposit slip to signify that the deposit was received by the
bank.
5. The Philippine individual income tax is not progressive.
6. An example of mixed income earner is an executive of a company who also lectures part time for
a university during weekends.
7. Compensation income refers to the income derived by an employee.
8. The Bureau of Internal Revenue may visit the business and examine its books.
9. The Tax Identification Number (TIN) is unique for each taxpayer.
10. The Bureau of Customs is the primary implementing agency in charge of tax collections.

V. ENUMERATION

1-2 Types of Journal

3-4 Types of Ledger

5-7 Kinds of Bank Accounts

8-10 Bank Forms

11-15 Business Documents

16- 20 BIR Forms

 ANSWER KEY
ASIAN INSTITUTE OF COMPUTER STUDIES
SENIOR HIGH SCHOOL DEPARTMENT
Regular 2nd Quarter Examination School Year 2019-2020
ACT 121- Fundamentals of Accounting, Business and Management 2
SET A

GEENRAL JOURNAL

I. IDENTIFICATION. Identify the terms being required in the following statement. (1-10)

1. It is also called the “ book of original entries” where business transactions are first
recorded. JOURNAL

2. Is a systematic compilation of a group of accounts and used to classify the effects of

business transactions on the accounts. LEDGER

3. A type of journal that is used to record transactions of a similar nature. SPECIAL

JOURNAL

4. A type of journal that records all other transactions if business does not utilize special
journal. GENERAL JOURNAL
5. It contains all the accounts appearing in the trial balance. GENERAL LEDGER
6. It provides a breakdown of the balances of controlling accounts. SUBSIDIARY LEDGER
7. It is the left side of the account. DEBIT SIDE
8. is the right side of the account. CREDIT SIDE
9. A system where all transactions are recorded in the accounting records. DOUBLE-
ENTRY SYSTEM

10. It is the format used to write on the journal. JOURNAL ENTRY

II. DEFINITION. (2 POINTS EACH) (11-20)

6. Journalizing is writing/recording on the journal.

7. Posting is the process of recording on the ledger.
8. Bank Reconciliation is the procedure to reconcile the unadjusted bank and book
balances to the correct cash balance.
9. Bank Statement is a detailed transaction history of the bank account over the
reporting period
10. Taxation is the process by which the government collects revenue in order to pay for
its expenses.

III. MATCHING TYPE. Match column A with column B. (1point each) (21-30)

1. It is used to record credit sales. E A. Deposit Slip

2. It is used to record purchases of inventory made on account. D B. Bank Check
 3. It is the simplest bank account. C C. Savings Account
4. It is an acceptable form of payment. B D. Purchases Journal
5. It documents the deposit transaction. A E. Sales Journal
6. It documents the withdrawal from a passbook account. J F. Delivery Receipt
7. It is a booklet used to record bank F on a savings account. I G. Stale Check
8. It is an evidence of payment. H H. Official Receipt
9. It is an expired check. G I. Passbook
10. It is the evidence of delivery. F J. Withdrawal Slip

IV. TRUE OR FALSE. Write True if the statement is correct and False if not. (31-40)

1. Assets are resources owned by the company. TRUE

2. Hybrid accounts are combinations of savings and checking account. TRUE
3. The bank also offer Unit Investment Trust Fund that allows investors to gain the
benefit and suffer the losses of investments. TRUE
4. A validation is a receipt printed on the deposit slip to signify that the deposit was
received by the bank. TRUE
5. The Philippine individual income tax is not progressive. FALSE
6. An example of mixed income earner is an executive of a company who also
lectures part time for a university during weekends. TRUE
7. Compensation income refers to the income derived by an employee. TRUE
8. The Bureau of Internal Revenue may visit the business and examine its books.
TRUE
9. The Tax Identification Number (TIN) is unique for each taxpayer. TRUE
10. The Bureau of Customs is the primary implementing agency in charge of tax
collections. FALSE

11. ENUMERATION. (41-60)

1-2 Types of Journal SPECIAL JOURNAL, GENERAL JOURNAL (41-42)

3-4 Types of Ledger GENERAL LEDGER, SUBSIDIARY LEDGER (43-44)

5-7 Kinds of Bank Accounts SAVINGS ACCOUNT, CHECKING ACCOUNT, TIME DEPOSITS AND
OTHER INVESTMENT ACCOUNTS (45-47)

8-10 Bank Forms DEPOSIT SLIP, WITHDRAWAL SLIP, BANK CHECK (48-50)

11-15 Business Documents OFFICIAL RECEIPT, SALES INVOICE, PURCHASE INVOICE,

PURCHASE ORDER, PROMISSORY NOTE, DELIVERY RECEIPT (51-55)

16- 20 BIR Forms BIR FORM 1700, BIR FORM 1701, BIR FORM 1701Q, BIR FORM 2316, BIR
FORM 2307 (56-60)
 ASIAN INSTITUTE OF COMPUTER STUDIES
SENIOR HIGH SCHOOL DEPARTMENT
Regular 2nd Quarter Examination School Year 2019-2020
ACT 121- Fundamentals of Accounting, Business and Management 2
SET B

I. IDENTIFICATION. Identify the terms being required in the following statement.

1. It is the format used to write on the journal.

2. A system where all transactions are recorded in the accounting records.
3. It is the right side of the account.
4. It is the left side of the account.
5. It provides a breakdown of the balances of controlling accounts.
6. It contains all the accounts appearing in the trial balance.
7. A type of journal that records all other transactions if business does not utilize special journal.
8. A type of journal that is used to record transactions of a similar nature.
9. Is a systematic compilation of a group of accounts and used to classify the effects of business
transactions on the accounts.
10. It Is also called the “ book of original entries” where business transactions are first recorded.

II. DEFINITION. (2 points each)

1. Taxation
2. Bank Statement
3. Bank Reconciliation
4. Posting
5. Journalizing

III. MATCHING TYPE. Match column A with column B. (1 point each)

1. It is the evidence of delivery. A. Withdrawal Slip

2. It is an expired check. B. Passbook
3. It is an evidence of payment. C. Official Receipt
4. It is a booklet used to record bank transactions on a savings account. D. Stale Check
5. It documents the withdrawal from a passbook account. E. Delivery Receipt
6. It documents the deposit transaction. F. Sales Journal
7. It is an acceptable form of payment. G. Purchases Journal
8. It is the simplest bank account. H. Savings Account
9. It is used to record purchases of inventory made on account. I. Bank Check
10. It is used to record credit sales. J. Deposit Slip
IV. TRUE OR FALSE. Write True if the statement is correct and False if not.

1. Hybrid accounts are combinations of savings and checking account.

2. Assets are resources owned by the company.
3. The bank also offer Unit Investment Trust Fund that allows investors to gain the benefit and
suffer the losses of investments.
4. A validation is a receipt printed on the deposit slip to signify that the deposit was received
by the bank.
5. An example of mixed income earner is an executive of a company who also lectures part
time for a university during weekends.
6. The Philippine individual income tax is not progressive.
7. The Bureau of Internal Revenue may visit the business and examine its books.
8. Compensation income refers to the income derived by an employee.
9. The Bureau of Customs is the primary implementing agency in charge of tax collections.
10. The Tax Identification Number (TIN) is unique for each taxpayer.

V. ENUMERATION

1-3 Kinds of Bank Accounts

4-6 Bank Forms

7-11 Business Documents

12-16 BIR Forms

17-18 Types of Journal

19-20 Types of ledger

 ANSWER KEY
ASIAN INSTITUTE OF COMPUTER STUDIES
SENIOR HIGH SCHOOL DEPARTMENT
Regular 2nd Quarter Examination School Year 2019-2020
ACT 121- Fundamentals of Accounting, Business and Management 2
SET B

I. IDENTIFICATION. Identify the terms being required in the following statement.(1-10)

1. It is the format used to write on the journal. JOURNAL ENTRY

2. A system where all transactions are recorded in the accounting records. DOUBLE-ENTRY
SYSTEM
3. It is the right side of the account. CREDIT SIDE
4. It is the left side of the account. DEBIT SIDE
5. It provides a breakdown of the balances of controlling accounts. SUBSIDIARY LEDGER
6. It contains all the accounts appearing in the trial balance. GENERAL LEDGER
7. A type of journal that records all other transactions if business does not utilize special
journal. GENERAL JOURNAL
8. A type of journal that is used to record transactions of a similar nature. SPECIAL JOURNAL
9. Is a systematic compilation of a group of accounts and used to classify the effects of business
transactions on the accounts. LEDGER
10. It Is also called the “ book of original entries” where business transactions are first recorded.
JOURNAL

II. DEFINITION. (2 points each) (11-20)

1. Taxation is the process by which the government collects revenue in order to pay for its
expenses.
2. Bank Statement is a detailed transaction history of the bank account over the reporting period
3. Bank Reconciliation is the procedure to reconcile the unadjusted bank and book balances to
the correct cash balance.
4. Posting is the process of recording on the ledger.
5. Journalizing is writing/recording on the journal.

III. MATCHING TYPE. Match column A with column B. (1 point each) (21-30)

1. It is the evidence of delivery. E A. Withdrawal Slip

2. It is an expired check. D B. Passbook
3. It is an evidence of payment. C C. Official Receipt
4. It is a booklet used to record bank transactions on a savings account. B D. Stale Check
5. It documents the withdrawal from a passbook account. A E. Delivery Receipt
6. It documents the deposit transaction. I F. Sales Journal
7. It is an acceptable form of payment. H G. Purchases Journal
8. It is the simplest bank account. G H. Savings Account
9. It is used to record purchases of inventory made on account. F I. Bank Check
 10. It is used to record credit sales. E J. Deposit Slip

IV. TRUE OR FALSE. Write True if the statement is correct and False if not. (31-40)

1. Hybrid accounts are combinations of savings and checking account. TRUE

2. Assets are resources owned by the company. TRUE
3. The bank also offer Unit Investment Trust Fund that allows investors to gain the benefit and
suffer the losses of investments. TRUE
4. A validation is a receipt printed on the deposit slip to signify that the deposit was received by
the bank. TRUE
5. An example of mixed income earner is an executive of a company who also lectures part time
for a university during weekends. TRUE
6. The Philippine individual income tax is not progressive. FALSE
7. The Bureau of Internal Revenue may visit the business and examine its books. TRUE
8. Compensation income refers to the income derived by an employee. TRUE
9. The Bureau of Customs is the primary implementing agency in charge of tax collections. FALSE
10. The Tax Identification Number (TIN) is unique for each taxpayer. TRUE

V. ENUMERATION. (41-60)

1-3 Kinds of Bank Accounts

SAVINGS ACCOUNT, CHECKING ACCOUNT, TIME DEPOSITS AND OTHER INVESTMENT
ACCOUNTS (41-43)

4-6 Bank Forms

DEPOSIT SLIP, WITHDRAWAL SLIP, BANK CHECK (44-46)

7-11 Business Documents

OFFICIAL RECEIPT, SALES INVOICE, PURCHASE INVOICE, PURCHASE ORDER, PROMISSORY
NOTE, DELIVERY RECEIPT (47-51)

12-16 BIR Forms

BIR FORM 1700, BIR FORM 1701, BIR FORM 1701Q, BIR FORM 2316, BIR FORM 2307 (52-56)

17-18 Types of Journal

SPECIAL JOURNAL, GENERAL JOURNAL (57-58)

19-20 Types of Ledger

GENERAL LEDGER, SUBSIDIARY LEDGER (59-60)
 ASIAN INSTITUTE OF COMPUTER STUDIES
SENIOR HIGH SCHOOL DEPARTMENT
Regular 2nd Quarter Examination School Year 2019-2020
ACT 121- Fundamentals of Accounting, Business and Management 2

SPECIAL EXAM

I. IDENTIFICATION. Identify the terms being required in the following statement.

1. It is the accounting record where business transactions are first recorded.

2. It is the process of recording in the ledger.
3. It is also called the “book of final entries”.
4. It is the format used to write on the journal.
5. It is like a savings account that allows withdrawals through issuance of bank checks.
6. It is the tax on the net income or the entire income realized in one taxable year.
7. A type of journal that is used to record transactions of a similar nature.
8. It documents the deposit transaction.
9. A system where all transactions are recorded in the accounting records.
10. It is a booklet used to record bank transactions on a savings account.

II. DEFINITION. (2 points each)

1. Statement of Account
2. Official Receipt
3. Promissory Note
4. Bank Reconciliation
5. Bank Statement
6. Bank Check
7. Stale Check
8. Withdrawal Slip
9. Savings account
10. Taxation

III. TRUE OR FALSE. Write True if the statement is correct and False if not.

1. Debit side is the left side of the account.

2. Credit side is the right side of the account.
3. Bank check is an acceptable form of payment.
 4. Delivery receipt is not the evidence of delivery.
5. The journal is known as the “book of original entry”.
6. The bank also offer Unit Investment Trust Fund that allows investors to gain the benefit and
suffer the losses of investments.
7. The Tax Identification Number (TIN) is unique for each taxpayer.
8. The Philippine individual income tax is not progressive.
9. The Bureau of Internal Revenue may visit the business and examine its books.
10. The Bureau of Customs is the primary implementing agency in charge of tax collections.

IV. ENUMERATION.

1-2 Basic Accounting Books

3-5 Types of Journal

6-7 Types of Ledger

8-10 Kinds of Bank Accounts

11-13 Bank Forms

14-18 Business Forms

19- 20 Example of BIR Forms

 ASIAN INSTITUTE OF COMPUTER STUDIES
SENIOR HIGH SCHOOL DEPARTMENT
Regular 2nd Quarter Examination School Year 2019-2020
ACT 121- Fundamentals of Accounting, Business and Management 2

SPECIAL EXAM

I. IDENTIFICATION. Identify the terms being required in the following statement. (1-10)

1. It is the accounting record where business transactions are first recorded. JOURNAL
2. It is the process of recording in the ledger. POSTING
3. It is also called the “book of final entries”. LEDGER
4. It is the format used to write on the journal. JOURNAL ENTRY
5. It is like a savings account that allows withdrawals through issuance of bank checks. CHECKING
ACCOUNT
6. It is the tax on the net income or the entire income realized in one taxable year. INCOME TAX
7. A type of journal that is used to record transactions of a similar nature. SPECIAL JOURNAL
8. It documents the deposit transaction. DEPOSIT SLIP
9. A system where all transactions are recorded in the accounting records. DOUBLE-ENTRY SYSTEM
10. It is a booklet used to record bank transactions on a savings account. PASSBOOK

I. DEFINITION. (2 points each) (11-30)

1. Statement of Account is a report a business sends to its customer listing the transactions during a
period and serve as a notice of billing.
2. Official Receipt is an evidence of payment.
3. Promissory Note is a written promise to pay.
4. Bank Reconciliation is the procedure to reconcile the unadjusted bank and book balances to the
correct cash balance.
5. Bank Statement is a detailed transaction history of the bank account over the reporting period.
6. Bank Check is a bank form filled up by the account holder that instructs the bank to pay the
designated payee indicated on the check.
7. Stale Check is an expired check.
8. Withdrawal Slip it documents the withdrawal from a passbook account.
9. Savings account is the simplest bank account.
10. Taxation is the process by which the government collects revenue in order to pay for its expenses.

II. TRUE OR FALSE. Write True if the statement is correct and False if not. (31-40)
1. Debit side is the left side of the account. True
2. Credit side is the right side of the account. True
3. Bank check is an acceptable form of payment. True
4. Delivery receipt is not the evidence of delivery. False
5. The journal is known as the “book of original entry”. True
6. The bank also offer Unit Investment Trust Fund that allows investors to gain the benefit and
suffer the losses of investments. True
7. The Tax Identification Number (TIN) is unique for each taxpayer. True
8. The Philippine individual income tax is not progressive. False
9. The Bureau of Internal Revenue may visit the business and examine its books. True
10. The Bureau of Customs is the primary implementing agency in charge of tax collections. False

V. ENUMERATION. (41-60)

1-2 Basic Accounting Books

JOURNAL, LEDGER (41-42)

3-4 Types of Journal

SPECIAL JOURNAL, GENERAL JOURNAL (43-44)

5-6 Types of Ledger

GENERAL LEDGER, SUBSIDIARY LEDGER (45-46)

7-9 Kinds of Bank Accounts

SAVINGS ACCOUNT, CHECKING ACCOUNT, TIME DEPOSITS AND OTHER INVESTMENT ACCOUNTS
(47-49)

10-12 Bank Forms

DEPOSIT SLIP, WITHDRAWAL SLIP, BANK CHECK (50-52)

13-17 Business Forms

OFFICIAL RECEIPT, SALES INVOICE, PURCHASE INVOICE, PURCHASE ORDER, PROMISSORY NOTE,
DELIVERY RECEIPT (53-57)

18- 20 Examples of BIR Forms Forms

BIR FORM 1700, BIR FORM 1701, BIR FORM 1701Q, BIR FORM 2316, BIR FORM 2307 (58-60)