NORTHERN MINDANAO COLLEGES INC.

Atega St., Brgy. 11 Poblacion, Cabadbaran City, Agusan del Norte

PRELIM EXAMINATION
Fundamentals of Accountancy, Business and Management 1 SCORE
Name : Grade & Section:
Subject Teacher: Date:

I. Answer the following directly. Use separate sheet if necessary. (10 points each)

1. What is accounting?

2. What are the four financial statements?

3. What is the basic function of accounting in business?

4. What are the different types of business organization? Describe the scope of each branch
briefly.

5. What are the types of business according to business activity or operation? Give
examples of each type.

II. Find the missing amounts. Show your computation using the Accounting Equation.

ASSETS (₱) LIABILITIES (₱) OWNER’S EQUITY (₱)

21,588, 283 987,485
1,996,679 1,310,222
2,791, 386 967,143
4,708, 223 2,055,132
1,123,000 1,956, 547

III.Identify the following asset, liability and owner’s equity accounts.

________________ 1. Tables, chairs, curtains, lighting fixtures and wall decors.

________________ 2. Typewriter, air-conditioner, calculator, filing, cabinet, computer, electric
fan, trucks, cares used in business.
________________ 3. Debts arising from acquisition of services on account.
________________ 4. An obligation to pay utility companies for services received from them.
________________ 5. Lot used by the business on which a building can be constructed.
________________ 6. Debts arising from purchase of an asset on account evidenced by a
promissory note.
________________ 7. Long-term debt of the business with security or collateral in the form of
real properties.
 NORTHERN MINDANAO COLLEGES INC.
Atega St., Brgy. 11 Poblacion, Cabadbaran City, Agusan del Norte
________________ 8. An account bearing the name of the owner representing the original and
additional investment of the owner of the business increased by the amount of net income
earned during the year.
________________ 9. It represents the withdrawal made by the owner of the business in cash or
other assets.
________________10. An account representing the amounts owed by charge customers.

Prepared by: Checked by:

BRIAN REYES GANGCA ENGR. EVA M. OLOFERNES

SHS Teacher Basic Education Principal