REPUBLIC OF THE PHILIPPINES

DEPARTMENT OF EDUCATION
DIVISION OF CABADBARAN CITY

NORTHERN MINDANAO COLLEGES, INC.

Atega Street, Barangay 11 Poblacion, Cabadbaran City
8605 Agusan del Norte, Region XIII
NON-SECTARIAN
1946

FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 2

Prelim Examination

Name : ________________________________________
Grade and Section : ________________________________________
Date : ________________________________________

I. IDENTIFICATION: Identify the following:

_______________ 1. A form of the SFP that shows asset accounts first and then
liabilities and owner’s equity accounts after.
________________ 2. It is a resource with economic value that an individual,
corporation, or country owns or controls with the expectation that it will provide a future
benefit.
________________ 3. It is something a person of company owes, usually a sum of
money. Recorded on the right side of the balance sheet and includes loans, accounts
payable, mortgages, and deferred revenues.
________________ 4. It is essentially the owner’s rights to the assets of the business.
________________ 5. Assets that can be realized (collected, sold, used up) one year
after year-end date. Examples include Cash, Accounts Receivable, Merchandise
Inventory, Prepaid Expense, etc.
________________ 6. Assets that cannot be realized (collected, sold, used up) one
year after yearend date. Examples include Property, Plant and Equipment (equipment,
furniture, building, land), Long Term investments, Intangible Assets etc.
________________ 7. A form of the SFP that shows assets on the left side and
liabilities and owner’s equity on the right side just like the debit and credit balances of an
account.
________________ 8. Liabilities that fall due (paid, recognized as revenue) within one
year after yearend date. Examples include Notes Payable, Accounts Payable, Accrued
Expenses (example: Utilities Payable), Unearned Income, etc.
________________ 9. Liabilities that do not fall due (paid, recognized as revenue)
within one year after year-end date. Examples include Loans Payable, Mortgage
Payable, etc.
________________ 10. It includes the name of the company, name of the statement,
and the date covered. The date of the statement of financial position is “as at” or “as of”
the end of the period (e.g. As of December 31, 2020).
________________ 11. Also known as the balance sheet. This statement includes the
amounts of the company’s total assets, liabilities, and owner’s equity which in totality
provides the condition of the company on a specific date.
________________ 12. These accounts are permanent in a sense that their balances
remain intact from one accounting period to another.
________________ 13. These are accounts that are presented under the assets
portion
of the SFP but are reductions to the company’s assets. These include Allowance for
Doubtful Accounts and Accumulated Depreciation.
________________ 14. An equation that consists of Assets = Liabilities + Owner’s
Equity
________________ 15. It is the other term of Capital
________________ 16. An example of an assets which is to be received by the vendor
or seller.
________________ 17. An example of a liabilities which the owner of the business
issues a promissory note to the seller.

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________________ 18. An example of Owner’s Equity account which the owner of the
business withdrew a money or an equipment from the business for personal use.

II. On a separate sheet Illustrate the following:

19-21 Illustrate the Trial Balance

22-24 Illustrate the Account Form of Statement of Financial Position

25-27 Illustrate the Report Form of Statement of Financial Position

III. Solve the following problems and show your solution:

28. Learning is Fun Company had current assets amounting to Php 100,000.
Noncurrent assets for the year totaled Php 76,000. How much is the company’s total
assets?

29. Happy Selling Company’s total liabilities amounted Php 10,000. Total equity had an
ending balance of Php 20,000. How much is total assets?

30. Company’s Total Liabilities and Equity amounted to Php 285,000. Total noncurrent
assets ended at Php 85,000. Cash totaled Php50,000. Inventory amounted to
Php100,000. Assuming the company had no other assets, how much is Accounts
Receivable?

Prepared by: Approved by:

BRIAN REYES GANGCA ABEGAIL R. BARROQUILLO, M.A.

Subject Teacher Principal
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