NOTRE DAME-SIENA COLLEGE OF POLOMOLOK

Polomolok, South Cotabato

FIRST SEMESTER
School Year 2021-2022

LEARNING MODULE IN FUNDAMENTALS OF ACCOUNTING

PRELIM EXAM
TEST 1 MULTIPLE CHOICE (2pts each)

1. Accountants employed in business organizations as chief accountant, accounting clerk, or

controller are said to be engaged in
a. Financial Accounting b. Public Accounting
c. Government Accounting d. Private Accounting

2. What is the usual accounting period?

a. Six months b. Twelve months
c. Three months d. Two years

3. What is the real objective of the financial statements?

a. For taxation of the business
b. To know the properties of the business
c. To help the economy
d. To help the users to make decisions

4. Creditors are interested in the financial statements because:

a. They become owners of the business
b. They become employees of the business
c. They will get the payment of the loans at maturity
d. They will earn dividends

5. Income of a service business is derived from:

a. Buying and selling goods b. Service rendered to everybody
c. Getting commissions d. Transforming raw materials to finished
products

6. In the business entity concept, the money of the business is treated as:
a. The money of the business and the owner
b. The money of the owner only
c. The money of the business only
d. The money of the employees

7. A fiscal period is a period of:

a. Six months b. Twelve months
c. Three months d. One month
8. The property of the owners become a common fund in:
a. Single Proprietorship b. Partnership
c. Corporation d. Agency

9. People engage in business for:

a. Hobby b. Fun
c. Recreation d. Profit

10. SM Supermarket is engaged in:

a. Service b. Merchandising
c. Manufacturing d. Retailing

11. Transportation business is engaged in:

a. Service b. Merchandising
c. Manufacturing d. Cooperative

12. Anne’s Sari-Sari Store is engaged in:

a. Merchandising b. Service
c. Manufacturing d. Cooperative

13. Market vendors are engaged in:

a. Service b. Merchandising
c. Manufacturing d. Agency

14. Investors are interested in the financial statements to know:

a. The assets of the business
b. The obligations of the business
c. The rate of return of their money
d. To get their share of the income

15. Theaters are engaged in selling:

a. Services b. Goods
c. Merchandising d. Manufacturing

TEST II Classify the following liabilities into current and long term (2pts each)

Current Long term

1. Accounts payable
2. Notes payable
3. Unearned rent income
4. Interest payable
5. Bonds payable
6. Notes payable – due in three years
7. Unearned commission
8. Mortgage payable
9. Withholding taxes payable
 10. SSS premium payable
11. Salaries payable
12. PhilHealth commission
13. Taxes and licenses payable
14. Utilities payable
15. Accrued salaries expense
16. Unearned interest income
17. Accrued taxes expense
18. Due to Mr. Reyes
19. Installment accounts payable due in
six months
20. Accrued commission expense

TEST III For 30 pts

Miss Adelaida Garcia invested assets amounting to P160,000. She never bought anything on
account.

Questions: Determine the following:

1. Assets
2. Liabilities
3. Owner’s Equity
4. Accounting equation applicable to this.

Note: The answer should be fully handwritten in a yellow paper or a bond paper with the full
name, course and year as a heading. Submit the image (portrait view) of the paper in google
classroom (code: iiafc6w).

*Messenger and Google Meet will be used for consultancy.

Assessment Tools
Quality of Writing
Answer it clearly.
Test 1: 30 points
Test 2: 40 points
Test 3: 30 points

Teacher’s name : Jireh M. Bartolome, CPA

Contact number : 09128772361
Email Address : bartolomejireh2020@gmail.com
FB/Messenger Account : Jireh M. Bartolome

NOTE: All students must join our gclass and group chat for submission of activities and
assignments and for the upcoming announcements.