Math Excellence Academy of Binalonan, Inc.

Canarvacanan, Binalonan, Pangasinan

Region I
Division II

Name: Date:
Grade & Section: Score:
Post-Test
Directions: Read the questions and consider the options carefully. Write the correct answer before the number.
1. It is the process of identifying, recording, and communicating economic events of an organization to
interested users?
a. Bookkeeping c. Marketing
b. Financing d. Accounting
2. What is the company’s total earnings, also called as the net profit?
a. Net Income c. Company’s Profit
b. Company Earnings d. Net Revenue
3. It is the process of recording financial transactions?
a. Bookkeeping c. Recording
b. Financing d. Accounting
4. The collection of all assets, liability, owner’s equity, revenue, and expense account?
a. General Journal c. General Ledger
b. General Partnership d. General Principle
5. What are the fixed variable, accrued or day-to-day costs that a business may occur through its
operations?
a. Equity c. Expenses
b. Income d. Sales
6. What is the book containing original entry of daily financial transactions?
a. Ledger c. Journal
b. General entry d. Balance Sheet
7. He is considered as the father of modern accounting.
a. Devin Pascoli c. Billy Sheehan
b. John Petrucci d. Fra Luca Pacioli
8. What is the financial report that summarizes a company’s assets, liabilities and owner or shareholder
equity?
a. Journal c. Recording
b. Ledger d. Balance Sheet
9. It refers to the recording of expense that is already incurred but not yet paid
a. Accrual c. Posting
b. Deferral d. Reversal
10. A list of accounts used by a business.
a. Graphic organizer c. Cash flows
b. Table of contents d. Chart of accounts
11. It is a business that is owned by two or more individuals.
a. partner c. stakeholder
b. member d. partnership
12. A booklet containing preprinted bank checks.
a. passbook c. Check book
b. ATM d. credit card
13. what is the structured representation of an entity’s financial position and results of its operation.
a. financial statements c. statement of comprehensive income
b. report form d. income statement
14. This form contains assets, liabilities, and equity that is presented in a horizontal manner.
a. organization on account c. framework
b. Account form d. format
15. The process of evaluating and interpreting an entity’s financial statements to assess its financial health
for the purpose of better economic decisions.
a. financial activity d. financing
b. financial ratios c. financial statement analysis
16. The lot which the building of the business has been constructed.
a. land c. lease
b. building d. rent
17. The basic storage of information in accounting.
a. Drawee c. report
 b. stock d. Account
18. It is a report issued by a bank that shows the deposits and withdrawals during the period of a depositor’s
bank account.
a. Auditing c. deposit slip
b. bank statement d. bank account
19. This refers to the accounting for the government and its instrumentalities.
a. Government accounting c. managerial accounting
b. administrative accounting d. all of the above
20. The structure owned by a business for use of its operations.
a. building c. rent
b. land d. firm
21. It is a tax on a person’s income derived from employment, business, trade, practice of profession, or
property.
a. income c. tax
b. Income tax d. payable tax
22. It is called as because it resembles the letter “T.”
a. ledger c. balance sheet
b. T-account d. journal
23. Information that is timely and if it is available to users in time to be able to influence their decisions.
a. timeliness c. relevant
b. validity d. untimely
24. It represents the funds entrusted by a depositor to a bank for safekeeping.
a. bank account c. credit card
b. passbook d. ATM
25. A process by which a government, through a lawmaking body, imposes charges on its inhabitants to raise
money for public use.
a. bill c. deposits
b. income d. taxation
26. It refers to teaching accounting and accounting related subjects in an organized learning environment.
a. business finance c. organization management
b. accounting education d. accounting math
27. It is the errors committed by banks
a. bank error c. bank mistake error
b. syntax error d. all of the above
28. A mandatory contributions imposed upon persons and property for the support of the government.
a. deposits c. payables
b. Taxes d. credits
29. An analytical device used to facilitate the gathering of data for adjustments, and to the preparation of
financial statements.
a. Worksheet c. ledger
b. balance sheet d. journal
30. Which are the following is an advantage of a sole proprietorship
a. unlimited liability c. difficulty in raising funds
b. You are the Only Boss d. the sole owner have a partner in the business

“Be strong and courageous. Do not be afraid or terrified because of them

for the Lord your God goes with you; He will never leave you nor forsake you.”
Deuteronomy 31:6