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GOOD NEWS ACADEMY, INC.

#5 Quisumbing St., Trancoville, Baguio City

Fundamental of Accountancy, Business and Management

PRE-TEST

9:00 am -11:00 am

NAME: Date:

MATCHING TYPE. Match each account title with the correct Financial Statement. State if
it under the Balance Sheets or Income Statements then categorize as asset, liabilities,
owner’s equity, revenue or expenses. Read Carefully. (3 points each)

For Example. 1. Cash Answer: Balance Sheets - Assets

1. Building 35. Depreciation Expense
2. Cash 36. Accumulated Depreciation
3. Salaries payable 37. Furniture and Fixtures
4. Income tax payable 38. Drawing
5. Cost of Sales 39. Revenue
6. Drawing 40. Interest Income
7. Accounts Receivables 41. Accounts Payable
8. Allowable for Doubtful Accounts 42. Notes Payable
9. Notes Receivables 43. Doubtful Accounts Expense
10. Land 44. Interest Expense
11. Unearned Revenues 45. Inventories
12. Mortgage Payable 46. Unused Supplies
13. Loan Payable 47. Capital
14. Interest Receivable 48. Purchases
15. Taxes and Licenses Expense 49. Legal Expenses
16. Salaries Expense 50. Operating Expenses
17. Supplies Expense
18. Unused Supplies
19. Prepaid Rent
20. Trade Payables
21. Legal Expenses
22. Insurance Expense
23. Property Plant and Equipment
24. Office Supplies
25. Representation Expense
26. Office Equipment
27. Rent Expense
28. Equipment
29. Rent Expense
30. Service Revenue
31. Sales
32. Professional Fees
33. Utilities Expense
34. Cost of Sales
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II. Accounting Equation (Computational). Fill in the question marks below as

you apply the accounting equation.

A = L
+ C

1. 249,68 = + 207,300
0
2. = 250,000 + 400,000
3. 350,00 = 120,000 +
0
4. 620,00 = + 480,000
0
5. 175,00 = 50,000 +
0

III. IDENTIFICATION. Assets, Liabilities, Owner’s Equity, Balance Sheets,

Income Statement, Revenue, Expenses etc...

1. categories include cash and cash equivalents; accounts

receivable; inventory; prepaid expenses; and property and equipment.
2. is the cost of an asset used by a company in its
operations to produce revenues.
3. is the revenue a business earns from selling its goods and
services
4. the difference between a company's total assets and its
total liabilities.
5. refers to the responsibility for a company's debt or
other obligations.
6. It is a statement of revenues earned and the expenses
incurred for earning that revenue.
7. refers to the claims of the owners of the business
(shareholders) against the assets of the firm.
8. Money spent or cost incurred in an organization's efforts
to generate revenue
9. Fees earned from providing services 
10. Language of Business
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I can do all things through Christ who strengthens me. Philippians 4:13