LESSON 2: Business Implementation – MODULE 2

Financial Statements
Most Essential Learning Competency:
1. Prepares, analyzes and forecasts financial statements. Understands managing the operations
functions, human resources functions, and finance functions.

III. ASSESSMENT – 20 points

ASSESSMENT 1: Fill in the blanks with the correct answers. Write your answer on the space
provided before each number. (2 points each)
COST OF GOODS SOLD 1. The finished goods when sold become the _____.

OPERATING 2. the depreciation of the head office and all the machinery and equipment at the head
office will go directly to the _____ expenses.

CORPORATION 3. A _____ is a separate legal personality created by law, it can sue and be sued, it
can actually own assets, It can owe money and repay that money.

REVENUES 4. Once the company sells the finished goods to the customers, they become the cost
of goods sold, in exchange, sales or _____ are gotten from the customers.

PERIOD COST 5. _____costs, which are the selling, general and administrative.

FINISHED GOODS 6. When the goods are completed, they become _____ inventory.
SALES 7. Unpaid _____ becomes accounts receivable, and when the customers finally pay, the
amount of Accounts Receivables transforms back into cash.
WORK-IN-PROCESS 8. In the factory are raw materials, the power, the water, the labor, and the
supervisors. The raw materials are then processed in the factory. These constitute the _____
inventory.

PRODUCT 9. The cost of making the product becomes the _____ cost.

DEPRECIATION 10. An account called ______ assume that the building, machinery, equipment,
furniture, fixtures, and vehicles would last a certain number of years.

1 | MODULE 2 – LESSON 2: QUIZ 1: BUSINESS IMPLEMENTATION – Financial Statements

2 | MODULE 2 – LESSON 2: QUIZ 1: BUSINESS IMPLEMENTATION – Financial Statements