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THIRD TEST FOR THE THIRD QUARTER IN FUNDAMENTALS OF

ACCOUNTANCY, BUSINESS AND MANAGEMENT I

Name:__________________________________________ Score:__________________
Strand & Sec.: ABM _____________ Date: _________________

KNOWLEDGE

I. Give the normal balance of the following: (6 pts)

___________a. assets ___________c. liabilities ___________e. owner’s equity

___________b. withdrawals ___________d. income ___________f. expenses

LEARNING COMPETENCY:

1. Identify the uses of two books of accounts

II. Match the letter with the definition that corresponds to the following terms: (10 points)

_______1. Debit a. An accounting record used to list recurring transactions of


_______2. Credit a business.
_______3. Double-Entry b. An entry on the right side of an account.
Accounting c. a financial diary that records chronologically transactions
_______4. Account of a business as they occur. “Book of Original Entry”
_______5. Journals d. A record used to classify and summarize the effects of
_______6. Special Journals transactions. “Book of Final Entry”
_______7. Sales journal e. An entry on the left side of an account.
_______8. Ledger f. For every debit, there is corresponding credit.
_______9. Normal balance g. It is the side where an account increases.
_______10. Cash receipts h. It records sale of goods on account.
journal i. An individual record that shows that increases or
decreases of each account.
j. It records inflows of cash from whatever sources.

PROCESS

LEARNING COMPETENCY:

2. Solve simple problems and exercises in the analyses of business transactions


3. Analyze common business transactions using the rules of debit and credit

1
III. Put “+” if the account has increased or “–“ if the account has decreased. Put the amount of
increase/decrease for each account. (20 points)

OWNER’S
ASSETS LIABILITIES
EQUITY
Transaction
Accounts Furniture Accounts Loan Bosx1ne,
Cash
Receivable and Fixture Payable Payable Capital
1. Bosx1ne
invested
P600, 000 in
the business.
2. Bought
P10, 000
worth of
furniture on
account
3. Loaned
P80,000 from
EXB bank.
4. Cash
services
rendered to
King
Badger,
P10,000
5. Services
rendered to
JRoa on
account,
P6,000
6. Collected
the account
from JRoa in
full
7. Made
additional
investment
of P20,000
8. Hired a
secretary
with monthly
salary of
P16,000
9. Returned
P2,000 worth
of defective
furniture
bought on
account
10. Made
cash
withdrawal,
P24,000

2
IV. Analyze the business transactions below and give the effects of the following transactions
on the accounts given. Write DR if debit, CR if credit, and NE if not affected. (14 points)

1. Purchased equipment, paying cash. _________ Cash


2. Paid monthly rent. _________ Owner’s Equity
3. Bought supplies on credit. _________ Accounts payable
4. Owner invested furniture. _________ Cash
5. Cash received from customer. _________ Income
6. Owner withdrew cash. _________ Withdrawals
7. Paid salaries for the month. _________ Expenses
8. Rendered services on account. _________ Accounts receivable
9. Paid utilities for the month. _________ Cash
10. Purchased furniture on account. _________ Furniture
11. Received PLDT bill for telephone services. _________ Cash
12. Rendered services for cash. _________ Income
13. Received a note for services rendered to customers. _________ Notes receivable
14. Paid PLDT bill for telephone services. _________ Owner’s Equity

I opened two gifts this morning. They were my eyes.

Prepared by: Approved by:

__________________________ __________________________
Ms. Florivee G. Erese Mrs. Melani T. Mariano
Subject Teacher Acting Head, Mathematics Department

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