Republic of the Philippines

DEPARMENT OF EDUCATION
Regional Office VIII
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Fundamental Accountancy, Business and Management II

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

Teacher:______________________________________Date:_______________________Score: ___________

I- Choose the letter of the best answer. Write the chosen letter on a separate sheet of paper.

1.) Expenses can be define as

a.) Increases in owner’s equity
b.) Decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or
incurrences of liabilities that result in decreases in equity
c.) Decreases in owner’s equity
d.) Inflow of an assets from delivering or producing goods or rendering services
2.) When an entity pays employees for the services, the effect is in increase in
a.) Expenses
b.) Assets
c.) Income
d.) Liabilities
3.) A current asset which includes coins, currencies and bank deposits is called
a.) Cash equivalent
b.) Notes recievable
c.) Accounts recievable
d.) Cash
4.) When the proprietorship withdraw cash or other assets, the withdrawal account is
a.) Debited
b.) Credited
c.) Debit and credited
d.) Not affected
5.) Which of the following equation is correct?
a.) Assets + Capital = Liabilities
b.) Liabilities – Capital = Assets
c.) Capital = Assets + Liabilities
d.) Capital = Assets – Liabilities

II. FINANCIAL STATEMENTS.

Cash 25,000
Accounts Receivable 1,000
Supplies 200
Building 15,000
Equipment 15,300
Accounts Payable 3,000
Suzanne Gomez, Capital 50,000
Suzanne Gomez, Withdrawal 800
Sales of service 6,000
Salary expense 1,200
Advertising expense 300
Supply expense 200

Required:

1. Prepare Trial Balance

2. Statement of Comprehensive Income
3. Statement of Financial Statement
4. Statement of Closing Entries

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)