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Grade 11 ABM- Summative Test 2[2]

The document is a summative test for students at Holy Rosary Academy, Inc. in the Philippines, focusing on accounting concepts and journal entries. It contains multiple-choice questions, transaction identification, and definitions related to financial records, journals, and asset classifications. The test is designed to assess students' understanding of basic accounting principles.

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Jayson Cagas Molato
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6 views2 pages

Grade 11 ABM- Summative Test 2[2]

The document is a summative test for students at Holy Rosary Academy, Inc. in the Philippines, focusing on accounting concepts and journal entries. It contains multiple-choice questions, transaction identification, and definitions related to financial records, journals, and asset classifications. The test is designed to assess students' understanding of basic accounting principles.

Uploaded by

Jayson Cagas Molato
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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Republic of the Philippines

Poblacion, Lila, Bohol


Holy Rosary Academy, Inc.
FABM 1 Summative Test 2- 1st semester

Name: ______________________ Grade and Section: _____________ Score: ________


Parents Printed Name and Signature: __________________

A. Directon: Read and analyze the statements below. Encircle the letter for the
correspondings correcct answers. Strictly no ERASURES.

1. The journal that is called the book of original entry.


a. General Journal c. Cash Disbursement Journal
b. General Ledger d. Cah Receipts Journal
2. Group of similar accounts that contains data of a specific ledger account.
a. General Journal c. Subsidiary Ledger
b. Trial Balance d. Financial Statements
3. It is referred to as the book of final entry.
a. General Journal c. Sales Journal
b. Cash Receipts Journal d. General Ledger
4. The journal used to record purchases made on credit.
a. Cash Disbursement Journal c. Purchase Journal
b. Sales Journal d. Cash Receipts Journal
5. Which of the following would increase the asset?
a. Payment of account payable c. Payment of salaries
b. Collection of accounts receivables d. Capital wihdrawal of the owner
6. Which of the following is the non-current assets?
a. Account Receivables c. Trademark
b. Office Supplies d. Salaries Expense
7. Which of the following is the non-current assets?
a. Account Receivables c. Trademark
b. Office Supplies d. Salaries Expense
8. This refers to the source documents where the business transactions were initially
recorded.
a. Account number c. Sheet number
b. Reference number d. Supplier number
9. Its process the adding and deducting the previous business transaction.
a. Credit c. Balance
b. Debit d. Sheet
10. The final step in recording before the financial statement is created.
a. Book of final entry c. Bookmark
b. Book of account d. Entry Book

B. Directon: Identify what special journal will be used to record the following transactions.
Write the letter of your answer in the space provided.

a. Sales Journal c. Cash Receipts Journal


b. Purchase Journal d. Cash Disbursement Journal

_________1. Purchased on cash 500 worth office supplies.


_________2. Paid 1000 for the repair of equipment.
_________3. Received 50000 cash proceeds from bank loan.
_________4. Sold 3 unitsof computer to XC client, payable in 2 months.
_________5. Purchased 20 units of mountain bikes on account.
_________6. Collected 15,000 cash from XC Client.
_________7. Sold 2 units of mountain bikes to Mr. Bibbo, 20,000 cash.
_________8. Sold 2 units of mountain bikes to Mr. Cruz, 30,000 on account.
_________9. Purchased repair tools for 15,000 payable after 20 days.
_________10. Paid employee salaries of 8,000.
C. Directon: Identify what is being described in the following and write your answer on the
space provided. Choose your answer from the given text box below.

Book of Accounts Special Journal


Journal Subsidiary Ledger
General Journal Asset
General Ledger Liabilities
Ledger Intangible Asset

_____________1. These are the finance records, ledger and journals that compose the
company's accounts.
_____________2. A chronological record of all company's transactions listed by date.
Also referred to us Book of Original Entry.
_____________3. Typically displays the transaction's date, account titles and
explanations, references and respective amounts of corresponding accounts.
_____________4. Grouping of all accounts (assets, liabilities, and equity) with their
balances.
_____________5. Grouping of all accounts of a company showing its respective
outstanding balances also called as the book of final entry.
_____________6. Kind of journal which is used by large companies for recurring
transactions such as sales on account and purchases of merchandise on account.
_____________7. Provides more detailed individual balances of accounts such as
accounts receivable and accounts payable.
_____________8. Defined as a resource that is owned or controlled by a company that
can be used to provide a future economic benefit.
_____________9. Defined as debts owed to other companies or creditors claim on a
company's asset.
_____________10. These assets include goodwill, patents, and websites that can't be
touched.

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