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Answers in Fundamentals of Accountancy, Business and Management 1
Answers in Fundamentals of Accountancy, Business and Management 1
FUNDAMENTALS OF
ACCOUNTANCY,
BUSINESS AND
MANAGEMENT 1
Name:
Grade and section: 11 ABM
Teacher:
WEEK 1 AND 2
LEARNING TASK 1 (pg. 8)
1. C
2. D
3. A
4. B
5. F
6. E
LEARNING TASK 2 (pg. 9)
1. True
2. True
3. True
4. False
5. True
LEARNING TASK 3 (pg. 9)
1. D
2. C
3. D
4. A
5. B
LEARNING TASK 1 (pg. 12-13)
1. D
2. C
3. D
4. B
5. C
LEARNING TASK 2 (pg. 13)
Case 1
- No business acquisition should be recorded at fair market
value. Instead, it should be recorded at the historical cost.
Case 2
- The assets and liabilities of the business are distinct from
those of the owner. The owner's personal expenses and
assets should be used to reduce the business's equity.
LEARNING TASK 3 (pg. 13-14)
1. B
2. D
3. A
4. F
5. E
6. C
LEARNING TASK 4 (pg. 14)
1. Seperate entity violated
2. Historical cost concept is violated3
3.verifiability is violated
4. Time period is violated
5. Actual basis of accounting is violated
6. Consistency concept is violated
7. Free from error and understandability is violated
8.materiality is violated
9. Reliability assumptions is violated
10. Prudence or conservatism is violated
WEEK 3-5
LEARNING TASK 1 (pg. 20)
Current Assets
- 110 Cash
- 120 Accounts Receivables
- 130 Notes Receivable
- 140 Inventory
- 150 Prepayments
Non- Current Assets
- 125 Allow for bad debts
- 160 Building
- 165 Accum-Deprn Bldg
Current Liabilities
- 210 Accounts Payable
- 220 Notes Payable
- 230 Interest Payable
- 260 Unearned Income
Non- Current Liabilities
- 240 Salaries Payable
- 250 Utilities Payable
Sales
- 410 Service Fees
- 420 Sales
- 430 Interest Income
- 440 Gains
Expenses
- 510 Cost of Sales
- 515 Freight-out
- 520 Salaries Expense
- 530 Utilities Expense
- 540 Bad Debts
- 545 Depreciation
- 550 Advertising Expense
- 560 Taxes and Licenses
- 570 Interest Expense
- 580 Miscellaneous Expense
Net Income (Loss)
- 590 Losses
ASSETS
DEBIT CREDIT
Cash
200,000
Cash 200,000
Equipment 40,000
Accounts Payable 20,000
Equipment 60,000
140,000 140,000
LEARNING TASK 2
Journal Entry
Date DESCRIPTION P DEBIT CREDIT
R
Check Issued 18 0 0 0 -
Accounts Payable 12 0 0 0 -
8 Cash 5 0 0 0 -
Customer's Computers 5 0 0 0 -
10 Accounts Receivable 1 7 5 0 -
Cash 7 0 4 0 -
Repair Income 8 8 0 0 -
12 Accounts Receivable 3 0 0 0 -
Accounts Payable 3 0 0 0 -
13 Repair Supplies 3 0 0 0 -
Check 3 0 0 0 -
14 Cash 8 0 0 0 -
Accounts Receivable 8 0 0 0 -
18 Salaries Expense 5 0 0 0 -
Cash 5 0 0 0 -
19 Partial Payment 9 0 0 0 -
Cash 9 0 0 0 -
20 Repaired Customer's 6 0 0 0 -
Computer
Income 6 0 0 0 -
Cash 1 5 0 0 -
Cash 5 0 0 0 -
LEARNING TASK 2
A. Journal Entries
2 Cash 200 0 0 0 -
4 Cash 30 0 0 0 -
Purchased Supplies 30 0 0 0 -
5 Cash 20 0 0 0 -
Rendered Supplies 20 0 0 0 -
7 Cash 10 0 0 0 -
Employee's Salaries 10 0 0 0 -
Gupitan Shop
Trial Balance
February 1, 2023
Account Titles Debit Credit
Cash 80,000
Furniture and Fixture 200,000
Supplies 30,000
Capital 300,000
Service Income 20,000
Salary Expense 10,000
P320,000 P320,000