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REGION III
SCHOOLS DIVISION OF TARLAC PROVINCE
ANAO HIGH SCHOOL
FUNDAMENTALS OF ACCOUNTANCY, BUSINESS & MANAGEMENT 2
Summative Test No. 1
Name: _________________________________________________ Date: _________________
Grade & Section: _______________________________________ Score: ________________
Part I. Fill in the blanks with the correct answers. Choose the letter of your answers from the box. All answers
should be in capital letters.
II. Multiple choice. Use the following information to answer questions 16-20 below:
In addition, beginning merchandise inventory was 55,000 and ending inventory was 35,000.
20. If beginning and ending inventories were ignored in computing profit, then profit would be
a. Understated by 55,000 b. overstated by 20,000 c. understated by 35,000 d. understated by 20,000
III. Problems. Presented below are accounts of NuBear Merchandising for December 31, 2017.
Cash P ?
Account Receivable ` 59,400
Allowance for Bad Debts 5,000
Notes Receivable 39,600
Interest Receivable 5,000
Merchandise Inventory 247,500
Prepaid Insurance 6,000
Office Supplies 30,000
Delivery Equipment 225,000
Accum.Dep-Delivery Equipment 72,000
Furniture and Fixtures 180,000
Accum. Dep.-Furniture & Fixtures 67,500
Accounts Payable 45,000
Accrued Expenses 8,000
Notes payable (due in 3 years) 105,000
N, Capital ?
N,Drawing 50,000
During the year, the owner made an additional investment of P 20,000 and withdrawals amounting to 50,000. N,
capital beginning is P 617,600. Net income for the year is P 75,000.
Required: 1. Prepared the SFP and determine the amount of cash. (10 points)
2. Prepare the Statement of Changes in Owners Equity (SoCE). (10 points)
IV. Problem. Mr. Carlo Perez established a consultancy firm. The following data are taken from the records of C.
Perez Consultancy Services for the year 2017. (10 points)
PREPARED BY:
GLAIZA D. FLORES
TEACHER II NOTED: