CORON SCHOOL OF FISHERIES

CORON, PALAWAN

Entrepreneurship IV
4th Quarter Summative Assessment

Name: Date:
Grade & Section: Score:

Multiple Choice: Identify the correct answer among the given choices. In your answer sheet, shade the letter only.

1. Represents the earnings of the business from sales of goods, or services rendered.
a. Assets c. Expenses
b. Liabilities d. Revenue
2. Maribel rendered service to her customer and received Php 5,000 as payment. What accounting element directly affected?
a. Assets c. Expenses
b. Liabilities d. Revenue
3. The process of grouping into specific category of various economic transactions which are similar and identical in nature
a. Classifying c. Reporting
b. Communicating d. Identifying
4. What will happen to assets when it is credited?
a. It will increase c. It will decrease
b. Nothing will happen d. assets will double
5. Lara Purchased printer amounting to Php 5,000 on account. She debited Printer Php 5,000 and credited
Php 5,000
a. Cash c. Accounts Payable
b. Accounts Receivable d. Capital
6. It is a book of original entry where journal entries are recorded in chronological order by debiting and crediting all accounts
not recorded in the special journals.
a. General Journal c. General Ledger
b. Accounting d. Bookkeeping
7. Withdrawals by the owner of the business has all the following effects except.
a. Reduction of total assets c. reduction of owner’s equity
b. Reduction of net income d. reduction of cash
8. It is the “reference book” of the accounting system and is used to classify and summarize transactions, and to prepare data
for basic financial statements.
a. General Journal c. General Ledger
b. Accounting d. Bookkeeping
9. All the following are assets except.
a. Cash c. Equipment
b. Inventory d. Unearned revenue
10. Which of the following equation is correct?
a. Assets + Capital = Liabilities c. Liabilities – Capital = Assets
b. Capital = Assets + Liabilities d. Assets - Capital = Liabilities
11. Which of the following is correct?
Assets Liabilities Capital
a. P 7,850 P 1,250 P 6,600
b. P 8,200 P 2,800 P 11,000
c. P 9,550 P 1,150 P 8,200
d. P 5, 420 P 6, 540 P 1,120
12. Provides an overview of a company's assets, liabilities, and stockholders' equity as a snapshot in time.
a. Balance Sheet c. Financial Reporting
b. Income Statement d. Cash flow
13. Which business engaged in buying and selling of goods?
a. Servicing c. Manufacturing
b. Merchandising d. Sari-sari Store
14. present obligations to pay cash or cash equivalents by an entity. “What the business owed”.
a. Assets c. Expenses
b. Liabilities d. Revenue

15. The legal right to be the only one to reproduce, publish, and sell a book, musical recordings, videos, etc. for a certain period.
a. Patent c. Copyright
b. Goodwill d. Revenue
16. Amount paid to services rendered by the employees in the operation of the business.
a. Salaries Expense c. Service Expense
b. Utilities Expense d. Management Expense
17. Rent already paid but still unused for the current period
a. Rent Expense c. Prepaid Rent
b. Rent system d. Rent payment

18. What will happen to capital when it is credited?

a. It will increase c. It will decrease
b. Nothing will happen d. assets will double

19. The followings are under the normal account of credit, Except?
a. Assets c. Liabilities
b. Capital d. Revenue
20. What will happen to expenses when it is debited?
a. It will increase c. It will decrease
b. Nothing will happen d. assets will double
21. It is used and guide to cross-reference the account to the General Ledger. It is the account code used in the General Ledger.

a. Date c. PR
b. Debit and Credit d. Description
22. Decrease in assets may also
a. Decrease another c. Increase capital
b. Decrease liabilities d. increase liabilities
23. When a business pays employees for their services, the effect is an increase in
a. Expenses c. Assets
b. Income d. Liabilities
24. Entries recorded on the right side of any account are called
a. Increase c. Credit
b. Decrease d. Debit
25. An account has two sides called the
a. Debit and Credit c. Assets and Liabilities
b. Income and Expenses d. Journal and Ledger
26. James borrowed Php 50, 000 from ABC Bank, he debited cash Php 50, 000 and credited accounts Payable for Php
.
a. Php 40,000 c. Php 25,000
b. Php 50,000 d. Php 100,000
27. The followings are examples of financial statements, except.
a. Balance Sheet c. Financial Reporting
b. Income Statement d. Cash flow
28. Used by investors, market analysts, and creditors to evaluate a company's financial health and earnings potential. 
a. Financial Analysis c. Financial Reporting
b. Financial Statement d. Financial Management
29. John Paul a fresh graduate of business course. He plans to start a business, but he doesn’t how. John Paul is good in making
handicrafts. If you’re John Paul, what primary business activity are you going to engage with?
a. Servicing c. Merchandising
b. Manufacturing d. Cooperative
30. It is the critical part of accounting. It confirms the credibility of financial statements and protects the confidence of financials
users.
a. Auditing c. Bookkeeping
b. Accounting d. Assets
31. Written acknowledgement of something received as money or goods.
a. Check Voucher c. Official Receipt
b. Check d. Bank Deposit Slip
32. Summarizing the total financial information for a given period in order that economic transactions can be read and
understood in a condensed format.
a. Classifying c. Reporting
b. Communicating d. Identifying
33. Mae always prepares a written list of salaries of personnel to be paid with corresponding amount due.
a. Payroll sheets c. Bank Deposit slip
b. Promissory Note d. Check
34. A promissory note issued by the business to its creditors for money borrowed or merchandise bought on credit.
a. Accounts receivable c. Accounts Payable
b. Notes receivable d. Notes Payable
35. It is a report issued periodically by a bank or creditor to a customer setting forth the amount billed, credits given and balance
due.
a. Billing or Statement of Account c. Bank Deposit Slip
b. Payroll sheet d. Promissory Note