Republic of the Philippines

POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

O PEN U NIVER SITY S YSTE M
Sta. Mesa, Manila

ACCO 3043 - COST ACCOUNTING

MIDTERM EXAMINATION
First Semester, Academic Year 2019-2020
Name (SN, GN, MN) Course, Year, and Section Campus/Branch

Mobile Number E-Mail Address Birthday

S P E C I F I C I N S T R U C T I O N S
Select the correct answer for each of the following questions. Mark only one answer for each item by encircling the letter
of your choice on this questionnaire. Work independently. Strictly no erasures allowed. Use black ink only. Friction pen,
any form of communication, and any form of cheating will mean a 5.00 final grade.

F I L L I N T H E B L A N K S
Use the first letter as your guide.

Compute for net income under financial and management accounting.

Financial Accounting Management Accounting

1. S ____________________________________ Sales
Less: 2. C ___________________________________ Less: 5. V ___________________________________
3. G ___________________________________ 6. C ___________________________________
Less: 4. O ___________________________________ Less: 7. F ___________________________________
Net Income Net Income

Identify the four perspective of the balanced scorecard.

8. F _________________________________________ 10. L ________________________________________

9. C _________________________________________ 11. I ________________________________________

P R O B L E M S O L V I N G

Use the following information which were taken from the accounting records of Kadenang Ginto Company for the
just completed year to answer items 12 to 15:

Administrative expenses ₱ 600,000 Raw materials inventory, beginning ₱ 160,000

Direct labor 800,000 Raw materials inventory, ending 280,000
Finished goods inventory, beginning 480,000 Sales 3,960,000
Finished goods inventory, ending 640,000 Selling expenses 560,000
Manufacturing overhead 920,000 Work in process inventory, beginning 280,000
Purchases of raw materials 480,000 Work in process inventory, ending 200,000

12. How much is the cost of the raw materials used in production during the year? _______________________________

13. How much is the cost of goods manufactured (finished) for the year? ______________________________________

14. How much is the cost of goods sold for the year? ______________________________________________________

15. How much is the operating income for the year? _______________________________________________________
Use the following information to prepare Ebee Barney Company’s financial statements for the year ending
December 31, 2019 to answer items 16 to 35:

Mortgage Payable ₱ 69,444 Rent Expense ₱ 5,771

Salaries Expense 14,428 Accounts Payable 5,000
Services Revenue 28,633 Equipment 144,289
Cash 6,944 Ebee Barney, Drawing 1,441
Utilities Expense 1,827 Accounts Receivable 27,778
Ebee Barney, Capital, January 1, 2019 81,115 Notes Payable 18,285

Ebee Barney Company

Income Statement
For the year ending December 31, 2019

Revenues:
16. ₱ 28,633
Less Expenses:
17. ₱ 14,428
18. 19.

Utilities Expense 20. 22,025

21. ₱ 6,608

Ebee Barney Company

Statement of Changes in Equity
For the year ending December 31, 2019

22. 23. ₱

Add: Net Income 24.

Less: Ebee Barney, Drawing 25.
Ebee Barney, Capital, December 31, 2019 ₱ 86,281

Ebee Barney Company

Balance Sheet
As of December 31, 2019

Assets:
26. ₱ 6,944
Accounts Receivable 27.
28. 29.
Total Assets ₱ 179,010

Liabilities:
Accounts Payable 30. ₱
31. 32.
33. 34.
Total Liabilities ₱ 92,729
Owner’s Equity:
Ebee Barney, Capital, December 31, 2019 86,281
Total Liabilities and Owner’s Equity 35. ₱