Republic of the Philippines

Department of Education
REGION- V BICOL
Schools Division Office of Iriga City
SAN AGUSTIN (STAND ALONE) SENIOR HIGH SCHOOL
SAN AGUSTIN, IRIGA CITY

FUNDAMENTALS OF ACCOUNTANCY, BUSINESS & MANAGEMENT 2

1st Quarterly Examination

NAME_______________________________________________ DATE_____________________
SECTION___________________________________ SCORE____________________

I. Multiple Choice. Write the letter of your answer.

7. Which of the following are subjected to strict
1. A statement of financial position can be best
regulations?
described as a:
a. Sole proprietorship
a. Listing of money received and paid during the
b. Partnership
past year.
c. Corporations
b. Summary of what happened last year
d. None of the above
c. Summary of all assets, expenses, liabilities
8. How are owners of a sole proprietorship called?
and revenues
a. Sole proprietorship
d. Summary of the position of an organization.
b. Partners
2. An asset is an
c. Shareholders/stockholders
a. Expense that will recur in more than one year
d. None of the above
b. Obligations to transfer benefits because of
9. Which of the following pertains to a business
the past transactions.
entity concept?
c. Interest of the owners in the business
a. Transactions of the business (as a separate
d. Any financial resources that is used by the
entity) must be distinguished from the
business in its operation trade offs
transactions of the owners.
3. The statement of Financial Position is: a.
b. Transactions of the business (as a separate
A–C=L
entity) must be merged with the
b. L + C = A
transactions of the owners
c. A – L = C
c. Revenues are recorded when it is earned.
d. All of the above
d. Revenues are recorded when the
4. This is known as nominal account that found
corresponding cash has been received.
under the SCI.
10. Which of the following is the major type of
a. Multi-step b. SCI
business organization?
c. Single-step
a. Sole proprietorship
d. Temporary Account
b. Partnership
5. It provides services in order to generate
c. Corporations
revenue and the main cost associated with their
d. All of the above
service is the cost of labor which is presented
II. DIRECTION: Computation of the
under salaries expense.
following:
a. Cost of Good Sold
11. Learning is Fun Company had current assets
b. b. Merchandising Business
amounting to Php 100,000. Noncurrent assets
c. Service business
for the year totaled Php 76,000. How much is
d. Temporary Account
the company’s total assets?.
6. The following accounts titles are the Expense
12. Happy Selling Company’s total liabilities
account group EXCEPT____________
amounted Php 10,000. Total equity had an
a. Depreciation Expense
ending balance of Php 20,000. How much is
b. Salaries
total assets?
c. Service Income
d. Utilities Expense
 Republic of the Philippines

Department of Education
REGION- V BICOL
Schools Division Office of Iriga City
SAN AGUSTIN (STAND ALONE) SENIOR HIGH SCHOOL
SAN AGUSTIN, IRIGA CITY

13. Happy Selling’s had the following accounts at
year end: Cash-250,000, Accounts Payable-
70,000, Prepaid Expense-15,000. Compute for
the company’s current assets.
14. Learning is Fun Company generated revenues
amounting to Php 100,000. Expenses for the
year totaled Php 76,000. How much is the
company’s net income for the year?
15. Happy Selling Company’s salaries to sales
agents amounted to Php 10,000. Salaries of
accountants amounted to Php 20,000. No other
expenses were incurred. How much is the
company’s general and administrative
expense?
16. Which form of business organization puts the
least risk on its owners?
17. Which form of business organization is owned
by only one person?
18. Gain on sale of property and equipment is part
of what activity in the CFS?
19. Changes in long term liabilities is part of what
activity in the CFS?
20. Net income is part of which Approach in
preparing the CFS?
III. DIRECTIONS: Perform the following: SFP, SCI,
SCE and SCF
A. Prepared Statement of Financial Position or
Balanced Sheet.
Group 1
You were hired by Mr. Juan Dela Cruz to
prepare his sari-sari store’s Statement of
Financial Position. In order to prepare the
statement, you identified the following assets
and liabilities of Mr. Dela Cruz:
a. His sari-sari store has cash deposited in a
bank account amounting to P50,000
b. His sari-sari store had a lot of uncollected
sales from customers amounting to P75,000
c. The total amount of merchandise left inside
the store is P30,000
d. He already paid one year’s rent in advance
amounting to P12,000
e. The value of all the company’s furniture
amounted to P100,000
f. He bought merchandise from his supplier amounting
to P25,000 and the supplier agreed that payment can
be made 2 months after year-end
g. SSS, Philhealth and Pag-ibig Payables for his one
employee totaled P5,000
h. The sari-sari store had outstanding liabilities to utility
companies amounting to P3,000
i. He had a loan from the bank amounting to P50,000
to be paid in 3 years
Group 2
Prepare a single-step Statement of Comprehensive
Income using the following:
Revenues – 20,000
Rent expense – 3,000
Salaries expense – 4,000
Utilities expense – 2,000
Learners can use any business name and the end of
the current year for the heading.
Group 3
Prepare the Statement of Changes in Equity
The following balances were retrieved from the records
of Juan’s Janitorial Services for the year ended
December 31, 2016:
Capital, January 1, 2016 P 500,000
Withdrawals 100,000
Additional Investments 50,000
Net Loss 45,000
Group 4
Juana’s sari-sari store had the following transactions
during the year:
a. Purchase of goods. Paid cash. 100,000
b. Sale of goods. Received cash. 150,000
c. Paid utilities 30,000 d. Paid rent 10,000
e. Sold equipment for cash 100,000
f. Owner withdraws investment 10,000
Using the given above, prepare a Cash Flow
Statement.
Being prepared is half the battle –
Miguel de Cervantes
 Republic of the Philippines

Department of Education
REGION- V BICOL
Schools Division Office of Iriga City
SAN AGUSTIN (STAND ALONE) SENIOR HIGH SCHOOL
SAN AGUSTIN, IRIGA CITY

FABM 2 2. D
3. D
KEY ANSWERS 4. D
5. C
I. MULTIPLE CHOICE 6. C
1. D
7.
8. C
9. A
10. A
11. D
II. Computation
12. 176,000
13. 30,000
14. 265,000
15. 24,000
16. 20,000
17. Corporation
18. Single/sole proprietorship
19. Noncash transactions but part of operating activity if indirect
20. Financing
21. Indirect
III. Computation

1. SFP
 Republic of the Philippines

Department of Education
REGION- V BICOL
Schools Division Office of Iriga City
SAN AGUSTIN (STAND ALONE) SENIOR HIGH SCHOOL
SAN AGUSTIN, IRIGA CITY

2. SCI

3. SCE
 Republic of the Philippines

Department of Education
REGION- V BICOL
Schools Division Office of Iriga City
SAN AGUSTIN (STAND ALONE) SENIOR HIGH SCHOOL
SAN AGUSTIN, IRIGA CITY

4. SCF