Scribd
Upload
632 views2 pages

Quiz On FUNDA ABM 2

The document is a quiz for a Fundamentals of Accountancy, Business, and Management course. It contains 5 sections - True or False, Fill in the Blank, Identification Test, Word Scrambles, and Multiple Choice. The quiz tests students' understanding of basic accounting concepts like the accounting equation, ledger accounts, assets, liabilities, and equity. It assesses knowledge of the accounting cycle and how transactions affect financial statements.

Uploaded by

Baby Irish Estares Marcelo
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
632 views2 pages

Quiz On FUNDA ABM 2

The document is a quiz for a Fundamentals of Accountancy, Business, and Management course. It contains 5 sections - True or False, Fill in the Blank, Identification Test, Word Scrambles, and Multiple Choice. The quiz tests students' understanding of basic accounting concepts like the accounting equation, ledger accounts, assets, liabilities, and equity. It assesses knowledge of the accounting cycle and how transactions affect financial statements.

Uploaded by

Baby Irish Estares Marcelo
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
You are on page 1/ 2

The Good Samaritan Colleges, Inc.

Burgos Avenues, Cabanatuan City


INTEGRATED SCHOOL DEPARTMENTP
SENIOR HIGH SCHOOL LEVEL
FUNDAMENTALS OF ACCOUNTANCY, BUS. & MNGT. 1
LONG QUIZ

Name: ______________________________________ Score _______________________


Grade:______ Section/Block: ___________________ Date: _______________________
TEST I. TRUE OR FALSE
DIRECTIONS: Write TRUE if the statement is correct and FALSE if the statement is incorrect. Write your
answer on the space provided before each number.

________1. Ledger is the chronological record of all company’s transactions listed by date.
________2. Books of accounts are the finance records, ledgers, and journals that compose the company’s
accounts.
________3. General journals are used by large companies for recurring transactions such as sales on
account and purchases of merchandise on account.
________4. Posting involves the transferring of journal entries to the ledger accounts to bring together
the effect of the transactions to the individual accounts of the company.
________5. General Ledger is the most basic type of journal.
________6. Ledger are usually grouped according to their chart of accounts and arranged according to
the order on how they appear on the financial statements, starting from liabilities accounts, followed by
assets accounts, and finally, the equity accounts including revenues and expenses accounts.
________7. Special journals are usually used to record typical and similar types of transactions.
________8. The basic audio representation of account is T-account.
________9. The general ledger controlling account is always affected by errors posted in the subsidiary
ledger.
________10. Journalizing is the process of transferring of balances from journals to the general ledger.

TEST II. FILL IN THE BLANK (2 points each)


DIRECTIONS: Fill each blank with the correct answer. Write your answer on the blank provided. USE
CAPITAL LETTERS ONLY.
1. Revenues minus expenses equals ______________.
2. Obligations (amounts owed) are reported on the balance sheet and are referred to as _________.
3. Assets minus liabilities equals ____________.
4. ________ is the term associated with the word “left” or “left side” account.
5. When cash is received, the account Cash will be ________.
6. When a company pays a bill, the account Cash will be __________.
7. ________ is the term associated with the word “right” or “right-side”.
8. The accounting cycle begins by recording _______________ in the form of journal entries.
9. After a business transaction has occurred, journal entries are recorded in the: ________________.
10. Once journal entries are recorded, they can be posted to: ________________.

TEST III. IDENTIFICATION TEST


DIRECTIONS: Write your answer on the space provided after each question.
1. Assets are usually reported on the
balance sheet at which amount? 1. __________________
2. Unearned Revenues is what type of 2. __________________
account? 3. __________________
3. What will usually cause an asset account 4. __________________
to increase? 5. __________________
4. What will usually cause the liability
account Accounts Payable to increase?
5. It is the process of transferring account
to the ledger.
TEST IV. WORD SCRAMBLES
DIRECTIONS: Arrange the letter to satisfy the appropriate answer to each question.
1. Resources. (SSSTAE)
2. Obligations. (EITILASIBIL)
1. ______________
3. Sales on account that have not yet been
2. ______________
collected are accounts _____________.
3. ______________
(LVEIECAERB)
4. ______________
4. Merchandise on hand. (NYTRIEONV)
5. ______________
5. A corporation’s owner’s equity is referred to as
6. ______________
___________’ equity. (THEROLKODSCS)
7. ______________
6. Inventories are often at the lower of cost or
8. ______________
__________. (KATMER)
9. ______________
7. One section of stockholders’ equity is paid-in or
10. ______________
contributed_________. (PLATCIA)
8. Another term for shareholders.
(SCSDOKLOREHT)
9. Noncurrent liabilities are also referred to as
_____-term liabilities. (GLON)
10. It is the basic representation of an account. (T
NCOACUT)

TEST V. MULTIPLE CHOICE (2 points each)


DIRECTIONS: Read and analyze each question and encircle the letter that correspond to your best
answer.

1. When an owner draws ₱5,000 from a sole proprietorship or when a corporation declares and pays a
₱5,000 dividend, the asset Cash decreases by ₱5,000. What is the other effect on the balance sheet?
a. Owner’s/Stockholders’ Equity Decreases
b. Liabilities Increases
c. Inventory Decreases
d. None
2. BIE Co. incurs cleanup expense of $500 on December 30. The supplier’s invoice states that the $500 is
due by January 10 and BIE will pay the invoice on January 9. BIE follows the accrual basis of accounting
and its accounting year ends on December 31. What is the effect of the cleanup service on the
December balance sheet of BIE?
a. Liabilities Increased
b. Assets Decreased
c. No effect on Owner’s Equity
d. Assets Increased
3. Notes Payable could not appear as a line on the balance sheet in which classification?
a. Current Assets
b. Current Liabilities
c. Long-term Liabilities
d. Equity
4. On December 1, ABM Co. hired Juanita Perez to begin working on January 2 at a monthly salary of
$4,000. ABM’s balance sheet of December 31 will show a liability of?
a. $4,000
b. $48,000
c. $50,000
d. No Liability
5. BES Co. has current assets of ₱50,000 and total assets of ₱150,000. BES has current liabilities of
₱30,000 and total liabilities of ₱80,000. What is the amount of BES’ owner’s equity?
a. ₱20,000
b. ₱30,000
c. ₱70,000
d. ₱120,000

“It does not matter how slowly you go, as long as you do not stop.”
-Ma’am Irish

You might also like