Republic of the Philippines

DEPARTMENT OF EDUCATION
Region V-Bicol
Division of Masbate
AMADOR BELLO HIGH SCHOOL
Gangao, Baleno, Masbate
1st Semester, S/Y 2018-2019

2nd QUARTER EXAMINATION IN ABM 1

Fundamental of Accounting, Business and Management 1

NAME : ____________________________________ SCORE : _______________

GRADE : ____________________________________ DATE : _______________

Test I - Choose the correct answer below. Identify the type of major accounts.:

A. Assets B. Liability C. Owners Equity D. Income E. Expense

_______ 1. Cash
_______ 2. Accounts Payable
_______ 3. Accounts Receivable
_______ 4. Rent expense
_______ 5. Capital
_______ 6. Notes Payable
_______ 7. Land
_______ 8. Computer equipment
_______ 9. Sales of account
_______ 10. Inventories

II. MATCHING TYPE – Match each term with its definition by writing the appropriate letter in the blank:

A. Assets E. Account Receivable H. Intangible assets

B.Liabilities F.Notes Receivables I. Property, Plant and equipment
C.Owners equity G. Rent expense J. Accounts Payable
D. Cash

______ 11. It is the obligations of the company payable in money, goods and services.
______ 12. These are non-current tangible assets
______ 13. These assets are identifiable, non-monetary assets without physical substance
______ 14. It is the clame of the owner also known as the capital.
______ 15. It is the most liquid asset and is the medium exchange for business transactions.
______ 16. It is an expense for leased office space, equipment or assets rented from others.
______ 17. Examples of these are cash, account receivable and prepaid expenses.
______ 18. It is a written promise from the customer to pay his receivables on a certain future date.
______ 19. These are amounts due, or payable to, supliers for good purchases on account for services received on
account.
______ 20. There are amounts due from customers arising from credit sales or credit services.

III. Directions: Arrange the following asset, liability, and equity titles in a table : Cash, Accounts Receivables;
Office Supplies; Office Equipment; Exploration Equipment; Accounts payable; Mr. Ong Capital; Mr. Ong
Drawing; Revenues; expenses.Use additions and subtractions to show the effects of each transaction on the
accounts in the accounting equation. Show new balances after each transactions.

Mr. Ong started a new business and completed these transactions during August.

1 Ong invested Php 50,000 cash in the business.

1 Rented office space and paid Php 900 cash for the August rent.
3 Purchased exploration equipment for Php 20,000 by paying Php 10,000 cash and agreeing to pay the balace
2 months.
5 Purchased office supplies by paying Php 2,000 cash.
6 Completed exploration work and immediately collected Php 500 cash for the work.
8 Purchased Php 1,250 of office equipment on credit.
15 Completed exploration work on credit in the amount of Php 7,000
18 Purchased Php 800 of office supplies on credit.
20 Paid cash for the office equipment purchased on August 8.
24 Billed a client Php 2,500 for work completed; the balance is due in 30 days.
28 Received Php5,000 cash for the work completed on August 15.
30 Paid the assistant’s salary of Php 2,000 cash for this month.
30 Paid Php 230 cash for this month’s utility bill.
30 Garcia withdrew Php 1,150 cash from the business for personal use.

No amount of exams will prepare you for life.”

― Anthony T. Hincks

PREPARED BY:
GLADYS ANGELA B. VALDEMORO
SHST - II
NOTED BY:

LOUIE D. ASUNCION .
SHST–IV/SCHOOL TEACHER
 Republic of the Philippines
DEPARTMENT OF EDUCATION
Region V-Bicol
Division of Masbate
AMADOR BELLO HIGH SCHOOL
Gangao, Baleno, Masbate
1st Semester, S/Y 2018-2019

KEY ANSWERS
Fundamental of Accounting, Business and Management 1

I. TRUE OR FALSE II. MULTIPLE CHOICE III. MATCHING TYPE

1. F 11. A 21. C 31. G
2. T 12. C 22. D 32. J
3. T 13. D 23. A 33. A
4. T 14. A 24. B 34. B
5 F 15. D 25. B 35. C
6 F 16. C 26. A 36. D
7 F 17. B 27. C 37. H
8 F 18. D 28. B 38. I
9 T 19. C 29. A OR C 39. E
10. F 20. B 30. D 40. F