Republic of the Philippines

DEPARMENT OF EDUCATION
Regional Office VIII
Division of Catbalogan City
Fundamental Accountancy, Business and Management II

NAME:_______________________________________ Yr.&Sec.____________________ Rating: __________

Teacher:______________________________________Date:_______________________Score: ___________

I- Multiple choice. Select the best answer to the question.

A. TRUE B. FALSE

1. Revenue increases owner’s equity account.

2. Expenses decreases
3. Liability decreases
4. Additional investment decreases owner’s equity account
5. Losses decrease owner’s equity account.
6. Beginning capital is capital at the beginning of the period
7. Net loss as added to drawing account before it is deducted to the capital beginning and additional
investment
8. The normal balance of Revenue is Credit
9. The normal balance of Expense is debit.
10. The income amount in the statement of changes in owner’s equity is the same amount as the income
from the SCI for the same period.

II. Direction: Compute for the statement of Changes in Equity. For you to answer the unknown correctly, try
to recall what increases and decreases owner’s equity account.
NOTE:
Make Statement in Owner’s Equity in formal form for 2005&2007

Year CAPITAL ADDITIONAL DRAWINGS PROFIT CAPITAL

BEGINNING INVESTMENT ENDING
2005 1 50,000 25,000 7,000 85,000 1
2006 2 35,000 75,000 2 (20,000) 77,500
2007 3 80,000 20,000 10,000 3 105,000
2008 4 250,000 4 75,000 200,000 425,000
2009 5 5 38,000 120,000 250,000 263,000

Announcement:

Deadline of submission of exam online through Messenger is on MONDAY 6:00PM ONLY (October
25, 2021).Failure to submit on time will take another set of exam.
CLEAR PICTURE OF ANSWER SHEET.(1 PC OF YELLOW PAPER).
Deadline of submission of Hard Copy is on Friday (October 29, 2021)

GODBLESS & GOODLUCK!!!!