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Third Quarter Exam - FABM 1

This document appears to be an exam for a high school course on fundamentals of accountancy, business, and management. It contains 30 multiple choice questions testing concepts like the definition of accounting, the accounting equation, branches of accounting like financial accounting and managerial accounting, and accounting terms and principles. It also has exercises requiring students to match accounting branches to their descriptions and illustrate the effects of business transactions on the accounting elements of assets, liabilities, and equity.

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Raul Soriano Cabanting
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7K views4 pages

Third Quarter Exam - FABM 1

This document appears to be an exam for a high school course on fundamentals of accountancy, business, and management. It contains 30 multiple choice questions testing concepts like the definition of accounting, the accounting equation, branches of accounting like financial accounting and managerial accounting, and accounting terms and principles. It also has exercises requiring students to match accounting branches to their descriptions and illustrate the effects of business transactions on the accounting elements of assets, liabilities, and equity.

Uploaded by

Raul Soriano Cabanting
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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CUYAPO NATIONAL HIGH SCHOOL

Senior High School Curriculum


ACCOUNTANCY, BUSINESS AND MANAGEMENT
Second Semester – First Quarter Examination

FUNDAMENTAL OF ACCOUNTANCY, BUSINESS & MANAGEMENT 1

Name: _________________________________________________ Date: _________________


Grade & Section: _______________________________________ Score: ________________

Part I. MULTIPLE CHOICE: Write your answer on the space provided.

_______1. According to this agency, accounting is the process of identifying, measuring and communicating economic
information to permit informed judgments and decisions by users of the information.
a. Junior Philippine Institute of Accountants b. Accounting Standard Council
c. American Accounting Association d. American Institute of Certified Public Accountants

_______2. According to this agency, accounting is an art of recording, classifying and summarizing in a significant
manner and in terms of money, transactions and events which are in part of at least of a financial character and
interpreting the results thereof.
a. Junior Philippine Institute of Accountants b. Accounting Standard Council
c. American Accounting Association d. American Institute of Certified Public Accountants

_______3. Which is not a nature of accounting?


a. Accounting is service activity b. Accounting is a process
c. Accounting is an art d. Accounting provides qualitative information

_______4. Which is not a function of accounting?


a. Bookkeeping b. Budgeting c. Interpreting d. Summarizing

_______5. Which of the following is not a requirement for taking the CPA Licensure examination?
a. Holder of BSA degree b. 21 years of age or more
c. Good Moral Character d. Filipino citizen

_______6. Which of the following is not within the scope of the CPA Licensure examination?
a. Taxation b. Marketing
c. Management Services d. Business Law

_______7. Arrange the following functions of accounting in a sequential manner.


A. Classifying C. Interpreting
B. Recording D. Summarizing

a. B,A,D & C b. A,B, D & C


c. B,A,C & D d. C,D,A & B

_______8. The writing down of business transactions in the official book of accounts.
a. Summarizing b. Interpreting c. Communicating d. Recording

_______9. The statement of the result of operation of a certain business.


a. Income Statement b. Statement of Cash Flow c. Trial Balance d. Balance Sheet

_______10. The initial activity or clerical part of accounting.


a. Taxation b. Accounting c. Bookkeeping d. Auditing

_______11. Book of original entry.


a. Worksheet b. Ledger c. Journal d. Special Journal

_______12. The book of final entry


a. Worksheet b. Ledger c. Journal d. Special Journal

1
_______13. Which of the following is not considered as internal users of accounting information?
a. Owners b. Managers c. Employees d. Customers

_______14. Who is known as father of accounting?


a. Lucas Asuncion b. Luca Pacioli c. Suetonius d. Augustus

_______15. Composed of twelve months but starts from any month other that January.
a. Interim Year b. Calendar Year c. Fiscal Year d. Accounting Year

_______16. It consists of accounting principles, standards, rules, and guidelines that companies follow to achieve
consistency and comparability in their financial statements.
a. International Financial Reporting Standards b. Philippine Financial Reporting Standards
c. International Accounting Standards d. Generally Accepted Accounting Principle

_______17. Are pronouncements made by the IASB that intend to enhance consistency and comparability of the
financial statements of the companies all around the world.
a. International Financial Reporting Standards b. Philippine Financial Reporting Standards
c. International Accounting Standards d. Generally Accepted Accounting Principle

_______18. Composed of twelve months that starts January and ends December 31.
a. Interim Year b. Calendar Year c. Fiscal Year d. Accounting Year

_______19. Which of the following has the most complex of operations?


a. Merchandising b. Manufacturing c. Servicing d. Trading

_______20. Which of the following has/have unlimited liability for the unpaid debts of the business?
a. Sole proprietor b. Partnership c. Both d. Neither

_______21. These are properties of the business


a. Asset b. Liability c. Equity d. Income

_______22. These are debts or present obligations of the business


a. Asset b. Liability c. Equity d. Income

_______23. These are wealth of the business


a. Asset b. Liability c. Equity d. Income

_______24. These accounts are closed or put into zero balance at the end of accounting period.
a. Normal Accounts b. Nominal Accounts c. Zero Accounts d. Revenue Accounts

_______25. The finance records, ledgers, and journals that compose the company’s account.
a. Book of Accounts b. Book of Records c. Book of Transactions d. Book of Events

_______26. A chronological record of all company’s transactions listed by date.


a. Ledger b. Journal c. Record book c. Notebook

_______27. Forms of business organization that is owned by one person, called proprietor.
a. Corporation b. Sole Proprietorship c. Partnership c. Cooperatives

_______28. It is an accounting concept which ensures that the financial statements present true and fair view of the
affairs of the entity.
a. Prudence b. Going Concern c. Substance over form c. Matching Principle

_______29. If the owner of the company wants to see the cash balance, receivables and other resources of the company
as well as its amounts owed then she/he needs to look at the?
a. Balance Sheet or Statement of Financial Position
b. Income Statement/Statement of Comprehensive Income
c. Statement of cash flows
d. Statement of Changes in Equity

_______30. How do you illustrate the Accounting Equation?

2
a. Assets = Liabilities - Owner’s Equity
b.Liabilities = Assets + Owners Equity
c. Owner’s Equity = Assets + Liabilities
d. Assets = Liabilities + Owners Equity

II. Matching type (Branches of Accounting)


A. Managerial Accounting F. Accounting systems
B. Tax Accounting G. Forensic Accounting
C. Financial Accounting H. Cost Accounting
D. Auditing I. Accounting Education
E. Government Accounting J. Accounting Research
Match each branch to its appropriate description below:
________1. Deals with the reporting of past activities and events and is intended primarily for the external users.
________ 2. It focuses mainly on the information which can be useful to management when it performs its basic
functions or when making decisions.
________ 3. This branch of accounting of accounting primarily deals with the determination of the cost of goods
manufactured and sold.
________4. Deals with the verification of the fairness of the accounting reports and whether they are in accordance with
GAAP.
________5. Branch of accounting specifically deals with the reporting of past activities or transactions of the
government.
________6. Deals with the determination of the different taxes imposed upon a business by the government.
________7. Conducting lectures on accounting topics.
_________8. It includes various research areas such as financial accounting, management accounting, auditing and
taxation.
_________9. Involves the development, installation, implementation and monitoring of accounting procedures and
systems used in the accounting process
________10. It focuses on the analysis and investigation of financial evidence as testimonies in court for the computation
of damages to affected parties.

III. Illustrate the effects of the transaction in the accounting elements

Assets invested by the owner


1. July 1 - Paolo Reyes started a delivery service on July 1, 2013. The following transactions occurred during the month
of July. He invested PHP800,000 cash and Cars amounting to PHP200,000
Borrowings from the bank
2. July 2 – Reyes borrowed PHP100,000 cash from PNB for use in his business.
Asset purchased for cash
3. July 7 – Bought tables and chairs from Orocan and paid PHP45,000 cash
Assets purchased on account
4. July 15 – Various equipment were purchased on account from Fortune for PHP55,000
Cash withdrawal by the owner
5. July 18 – Reyes made a cash withdrawal of PHP5,000 for personal use
6. Payment of liability
July 20 – The account due to Fortune was paid in cash
7. July 21 – A customer hired the services of Reyes. Cash of PHP15,000 was received from the customers.
8. Paid cash for expenses incurred
July 22 – Cash was paid for the following : gas and oil, PHP500 and car repairs, PHP1,000.
9. Revenue rendered on account
July 24 – Another customer hired the services of Reyes and promised to pay PHP16,000 on July 31.
10. Paid for expenses incurred
July 25 – Paid PHP500 for telephone bill.

“There are no secrets to success. It is the result of preparation, hard work learning from failure.” ~ General Colin
Powell
Good luck!!!!!

Prepared by: Checked by: Noted by:

RAUL S. CABANTING NENITA C. BUISEL AURORA T. AGUILA

3
Teacher II (SHS) ASP – II School Principal IV

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