Republic of the Philippines

Department of Education
REGION III
SCHOOLS DIVISION OF CABANATUAN CITY
MARCIANO DEL ROSARIO MEMORIAL NATIONAL HIGH SCHOOL
Fundamentals of Accountancy, and Business Management1
Learning Assessment Sheet
Quiz # 1
Name:________________________________________
Section:_______________________________________

Learning Competency: Prepares the Adjusting Entries (ABM_FABM11-1Va-d-33). Use the sheet provided for your
answers.

PART 1
DIRECTIONS: Analyse and prepare the necessary adjusting entries at year end 2019 of the following independent
transactions. Show your solutions. {3 points each}

1. On December 01, 2019, Maria Company purchased supplies worth of P 12,000 from Ang Tiaga Supplies Trading.
At the end of the Month, only P 3,000 worth of supplies inventory on hand. The bookkeeper used the asset method in
recording the transaction.

2. On November 15,2019, VJK Company subscribed to the Globe services. The monthly fee of P 4,000 is paid every
15th of the month. The payment on December 15, 2019 has been recorded by a debit to utilities expense and credit to
Cash of P4,000.

3. Rochelle rendered catering services last December 15,2019. The contract price amounted to P 63,000. Since no
payment had been received yet, Rogers did not make any journal entry last Dec 15,2019.

4. On October 01,2019, Yamaha Piano Services received a P 300,000, 8 % note for selling an equipment not being
used anymore in the business. The note will be payable in one year.

5. On December 1, 2019, KGH Company paid P 36,000 to GCQ Insurance Co. as insurance premium for one year.
The bookkeeper recorded the payment with a debit to prepaid Insurance and credit to Cash for P 36,000.

Part 2

Directions: Solve the given problems. {3 points each}. Use the sheet provided for your answers.

1. A firm purchased equipment on May 1, 2019 for P 60,000. It is estimated that the equipment will have a P 6,000
residual value at the end of its ten-year useful life. Using the Straight line Method of Depreciation, what will be the
balance of the Accumulated Depreciation account on December 31,2021.

2. SM Company uses the allowance method in estimating doubtful accounts. During the first year of operations,
credit sales total P 1,300,000 but 60% of this amount have been collected. It is the policy of the company to set up 3% of
the outstanding receivables. For the current year, at what amount should Doubtful Account Expense be presented in the
income statement?

3. Aegean Airlines purchased a five year insurance policy for its airlines on June 1, 2019 for the amount of
P150,000 and debited it to an asset account. The company uses a calendar as its accounting period. Assuming that June
1 is the effective date of the policy, How much is the correct balance for the Prepaid Insurance account on December
31,2019.
 Republic of the Philippines
Department of Education
REGION III
SCHOOLS DIVISION OF CABANATUAN CITY
MARCIANO DEL ROSARIO MEMORIAL NATIONAL HIGH SCHOOL
Fundamentals of Accountancy, and Business Management
Prepares the Adjusting Entries
Performance # 1

Name:________________________________________
Section:_______________________________________

Learning Competency: Prepares the Adjusting Entries (ABM_FABM11-1Va-d-33)

Directions: Prepare adjusting entries and adjusted trial balance of SYQUIO General Services
{Adjusting entries: 3 points each}. Rubrics are attached as a guide for scores. Use the attached sheet for your
answers.

Praca General Services

Unadjusted Trial Balance
As of January 31,2020

Account Title Debit Credit

Cash ₱84,500
Accounts Receivable 12,300
Supplies 9,500
Prepaid Insurance 6,000
Office Equipment 24,000
Accounts Payable ₱12,200
Syquio, Capital 106,000
Syquio, Drawings 10,000
Service Revenue 45,200
Salaries Expense 14,000
Rent Expense 1,500
Utilities Expense 1,600
Total ₱163,400 ₱163,400

Additional information for adjustment:

a. Depreciation of Office Equipment, P 2000

b. Bad Debt expense is estimated at 2 % of the Accounts receivable balance.

c. The unused supplies balance is P 5,300

d. Unearned service revenue, 3000

e. The unexpired Insurance premium during the month, P5, 500,

 Account Title Debit Credit

Rubrics for Scoring - Trial Balance

Criteria NI Fair Good Excellent

(5) (10) (15) (20)
Concept Does not understand Does not understand Understands Shows clear
concepts in concepts in concepts in understanding of the
preparing trial preparing trial preparing trial concepts in
balance very well balance very well balance very well preparing a trial
with major errors with half errors. with few errors. balance

Structure Heading is Correct heading and Correct heading and Correct heading and
incorrect, omitted double rule the total double rule the total double rule the total
double rule in total balance. Listing of balance. Listing of balance. Listing of
balance. Most of the accounts with 1-2 is accounts is properly accounts is properly
listed accounts is not properly entered entered with -3-4 entered with correct
entered incorrectly with -3-4 incorrect incorrect amounts in amounts in its debit
and most of its amounts in its debit its debit and credit and credit column.
amounts are not in and credit column column
proper debit and
credit column

Computations Total balance of Total balance of Total balance of Total balance of

debit and credit debit and credit debit and credit debit and credit
columns are columns are columns are columns are correct
incorrect due to incorrect due to 3-4 incorrect due to 1-2 and equal
major errors and not errors and not equal errors but equal
equal
 Republic of the Philippines
Department of Education
REGION III
SCHOOLS DIVISION OF CABANATUAN CITY
MARCIANO DEL ROSARIO MEMORIAL NATIONAL HIGH SCHOOL

Fundamentals of Accountancy, and Business Management1

Complete the Accounting Cycle
Learning Assessment Sheet
Quiz # 2

Name:________________________________________
Section:_______________________________________

Learning Competency with code: Complete the Accounting Cycle. ABM_FABM11- IVa-d -34

Part 1
Directions: Prepare the statement of financial performance using the information of adjusted trial
balance of Syquio General Services for the Month of January 31, 2020. Use the attached sheet for your
answers.

Syquio General Services

Adjusted Trial Balance
January 31, 2020

Account Title Debit Credit

Cash P 84,500
Accounts Receivable 12,054
Supplies 5,300

Prepaid Insurance 5,500

Office Equipment 24,000

Accumulated Depreciation P 2,000

Accounts Payable 12,200

Unearned Service Revenue 3,000

Syquio, Capital 106,000

Syquio, Drawings 10,000

Service Revenue 42,200

Salaries Expense 14,000

Rent Expense 1,500

Utilities Expense 1,600

Depreciation Expense- Office Equipment 2,000

Bad Debt Expense 246

Supplies Expense 4,200

Insurance Expense 500

Total P 165,400 P 165,400

 Republic of the Philippines
Department of Education
REGION III
SCHOOLS DIVISION OF CABANATUAN CITY
MARCIANO DEL ROSARIO MEMORIAL NATIONAL HIGH SCHOOL

Fundamentals of Accountancy, and Business Management

Complete the Accounting Cycle
Learning Assessment Sheet
Performance # 2

Name:________________________________________
Section:_______________________________________

Learning Competency with code: Complete the Accounting Cycle. ABM_FABM11- IVa-d -34

Directions: Prepare the complete accounting cycle of Mr. Memdoza for the month of January 2020. Use all the
information for the preparation below. Use the attached sheet for your answers.

Mr. Chandler Mendoza established Tax and Accounting services and had the following transactions for the month of
January 2020.

Jan 6 Kan Invested P 200,000 into the business

7 Received a charge Invoice from a supplier for the purchase of a desktop computer amounting
to P 33,000 on account. The computer is estimated to be useful for five years and have a
salvage value of 3,000 thereafter

9 Purchased supplies amounting to P 19,500 in cash.

13 Paid 12,000 insurance for 1 year.

15 Issued a service invoice for an amount of P 50,000 to a customer for services rendered on
account.
16 Received collections from customers on account, P 40,000

20 Paid P 20,000 as partial payment for purchase of equipment on account

22 Billed P 30,000 to customer for the services rendered

23 Borrowed P 15,000 from the bank

31 Paid P 16,000 for the salaries of employees

Kan withdrew P 11,000 from the business
Paid the bill of telephone amounting to P 2,500
Supplies remaining on hand worth P 12,000

Additional information for adjustment:

a. Depreciation of Office Equipment, P 500.
b. The unexpired Insurance premium during the month, P 11,000.

Use the following Charts of Accounts:

Mendoza Taxes and Accounting Services
CHART OF ACCOUNTS

Code ASSETS Code EQUITY

101 Cash 301 Mendoza, Capital
111 Accounts Receivable 311 Mendoza, Drawing
121 Supplies
131 Prepaid Insurance INCOME
151 Office Equipment 401 Service Revenue
152 Accumulated Depreciation- Office Equipment
EXPENSES
LIABILITIES 501 Salaries Expense
201 Accounts Payable 511 Supplies Expense
202 Notes Payable 512 Utilities Expense
211 Loans Payable 513 Insurance Expense
514 Depreciation Expense
601 Income and Expense Summary

Rubrics for Scoring Income Statement

Criteria NI Fair Good Excellent
(3) (5) (8) (10)

Concept Does not understand Does not understand Understands Shows clear
concepts in preparing concepts in preparing concepts in preparing understanding of the
trial balance and with trial balance very trial balance very concepts in
Major errors well with half errors. well with few errors. preparing Income
statement

Structure Heading is incorrect; Correct heading and Correct heading and Correct heading and
DOUBLE RULE in DOUBLE RULE the DOUBLE RULE the DOUBLE RULE the
total balance is total balance. Listing total balance. Listing total balance. Listing
omitted. Most of the of account titles with of account titles is of account titles is
listed accounts and 1-2 is not properly properly entered with properly entered
amounts is entered entered with -3-4 -3-4 incorrect with correct
incorrectly incorrect amounts amounts amounts

Computations Obtained incorrect Obtained incorrect Obtained incorrect Obtained correct net
net income/loss due net income/loss due net income/loss due income/loss
to major errors to 3-4 errors to 1-2 errors
Rubrics for Scoring Statement of Financial Position

Criteria NI Fair Good Excellent

(5) (10) (15) (20)

Concept Does not understand Does not understand Understands Shows clear
concepts in concepts in concepts in understanding of the
preparing trial preparing trial preparing trial concepts in
balance very well balance very well balance very well preparing income
with Major errors with half errors. with few errors. statement
Structure Incorrect heading Correct heading and Correct heading and Correct heading and
and DOUBLE DOUBLE RULE DOUBLE RULE DOUBLE RULE
RULE total balance the total balance. the total balance. the total balance.
is omitted. Most of Listing of accounts Listing of accounts Listing of accounts
the listed accounts with 1-2 is not is properly entered is properly entered
and amounts is properly entered with -3-4 incorrect with correct
entered incorrectly with -3-4 incorrect amounts amounts
amounts
Computations Obtained incorrect Obtained incorrect Obtained incorrect Obtained correct
answer due to major answer due to 3-4 answer due to 1-2 answer. Assets vs.
errors. Assets vs. errors. Assets vs. errors. Assets vs. liabilities & owner’s
liabilities & owner’s liabilities & owner’s liabilities & owner’s equity is equal
equity is not equal equity is not equal equity is equal

Answer Sheets for Income Statement

Account Title Debit Credit

 ANSWER SHEETS FOR ADJUSTING ENTRIES

General Journal
GJ-1
Date Account Title and Explanation PR Debit Credit

Answer sheet for Statement of Financial Position

Account Title Debit Credit

 Republic of the Philippines
Department of Education
REGION III
SCHOOLS DIVISION OF CABANATUAN CITY
MARCIANO DEL ROSARIO MEMORIAL NATIONAL HIGH SCHOOL
Fundamentals of Accountancy, and Business Management1
Nature of Transactions in a Merchandising Business
Learning Assessment Sheet
Quiz # 3

Name:________________________________________
Section:_______________________________________

Learning Competency with code: Describes the nature of transactions in a merchandising business
ABM_FABM11- IVe-j -35

Part 1
Directions: Answer the following questions (10 points). Write your answers on the space provided.

1. What distinguishes a merchandising business from a service business? (3points)

_____________________________________________________________________________________________
_____________________________________________________________________________________________
_____________________________________________________________________________________________

Describe the operation of a merchandising business (5points)

_____________________________________________________________________________________________
_____________________________________________________________________________________________
_____________________________________________________________________________________________
_____________________________________________________________________________________________
_____________________________________________________________________________________________

2. Give two (2) examples of a merchandising business.

_____________________________________________________________________________________________
_____________________________________________________________________________________________
_____________________________________________________________________________________________

Part 2

Direction: Complete (fill-out) the missing item in the formula/s below:

1. Beginning Inventory (BI) +Cost of Goods Purchased (COGP) = ______________________________________

2 Cost of goods available for sale (CGAS) - Ending Inventory (EI) = ____________________________________

3 Sales - Cost of Goods Sold (COGS) = ___________________________________________________________

4 Gross Profit - Operating Expenses = ____________________________________________________________

5 Cost of Goods Available for Sale (CGAS) - Cost of Goods Purchased (COGP) =
___________________________________________________________________________________________

Republic of the Philippines

Department of Education
REGION III
SCHOOLS DIVISION OF CABANATUAN CITY
MARCIANO DEL ROSARIO MEMORIAL NATIONAL HIGH SCHOOL

Fundamentals of Accountancy, and Business Management1

RECORDING TRANSACTIONS OF A MERCHANDISING
Learning Assessment Sheet
Quiz # 4
Name:________________________________________
Section:_______________________________________

Learning Competency with code : Records transactions of a merchandising business in the general and special
journals (ABM_FABM_11-IVe-j-36)

Perpetual Inventory Recording System of a Merchandising Business

The following Chart of Accounts are used by J and T Trading Company Store using the Perpetual Method

101 Cash 400 Sales

110 Accounts Receivable 410 Sales Discounts
120 Supplies 420 Sales Returns and Allowances
130 Merchandise Inventory 500 Cost of Sales
140 Office Equipment 610 Salaries Expense
210 Accounts Payable 620 Freight Out
220 Notes Payable 630 Advertising Expense
101 Cash 400 Sales
310 J&T, Capital 640 Rent Expense
320 J&T, Drawings 650 Utilities Expense
330 Income Summary

Journalize the following transactions: use the separate sheet attached for your answers.

J and T Trading Company’s transactions for March 2020 were as follows:

1 The business registered as a single proprietorship and Jaynielle Lopez invested P40,000
2 Bought computer equipment for P10,000 cash
Bought merchandise on account from Andrew Supplies Company, P15,900 with terms: 2/10, n/30
3 Bought office supplies for P700
4 Sold merchandise on account to LB Leverage Company P15,200 FOB Destination, terms: 2/10, n/30.Cost of
merchandise P12,160
5 Paid P200 freight for March 4 sale
6 Received credit memo from Andrew Supplies Company for merchandise return, P300
11 Paid Andrew Supply Company
13 Collected from LB Leverage Company
14 Bought merchandise from E Perol Enterprises, P13,400
15 Paid salaries of P1,500
16 Borrowed money from CIM Bank, signed a promissory note for P12,000
17 Received refund from a supplier on cash purchase on March 14, P500
18 Bought merchandise from Mia Lovella Distributors, P14,200 FOB Shipping point , terms: 2/10, n/30
20 Paid freight on March 18 purchase, P700
23 Sold merchandise to Foggia’s Merchandise for P16,400. Cost of merchandise:P12,000
26 Bought merchandise from My Souki, P12,300
27 Paid Mia Lovella Distributors on March 18 purchase, P9,000 No allowed discount on partial payment
28 Jaynielle Lopez withdrew cash from the business, P2,008
29 Made refund to Foggia’s Merchandise for a defective merchandise, P900
30 Sold Merchandise to Collete’s Creations, P13,700, with terms 2/10, n/30. Cost of merchandise:P9,000
Paid the following: Advertising P1,000, Utilities, P400, Rent P3,500, Salaries P1,500.

General Journal – Perpetual Method

GJ-1
Date Account Title and Explanation Ref Debit Credit
Part 2
The following Chart of Accounts are used by J and T Trading Company using the Periodic Method

101 Cash 401 Sales

102 Accounts Receivable 402 Sales Discounts

103 Office Supplies 420 Sales Returns and

Allowances
130 Inventory 501 Purchases

104 Computer Equipment 502 Purchases Returns and

Allowances
201 Accounts Payable 503 Purchase Discounts

202 Notes Payable 504 Freight In

301 J&T, Capital 605 Salaries Expense

302 J&T, Drawing 601 Freight Out

330 Income Summary 602 Advertising Expense

603 Utilities Expense

604 Rent Expense

Journalize the following transactions. Use the sheet provided for your answers.
J&T Trading Company’s transactions for March 2020 were as follows:
1 The business registered as a single proprietorship and Jaynielle Lopez invested P40,000

2 Bought computer equipment for P10,000 cash

Bought merchandise on account from Andrew Supplies Company, P15,900 with terms: 2/10, n/30

3 Bought office supplies for P700

4 Sold merchandise on account to LB Leverage Company P15,200 FOB Destination, terms: 2/10, n/30.Ref.
SI#0001

5 Paid P200 freight for March 4 sale

6 Received credit memo from Andrew Supplies Company for merchandise return, P300

11 Paid Andrew Supply Company

13 Collected from LB Leverage Company

14 Bought merchandise from E Perol Enterprises, P13,400

15 Paid salaries of P1,500

16 Borrowed money from CIM Bank, signed a promissory note for P12,000

17 Received refund from a supplier on cash purchase on March 14, P500

18 Bought merchandise from Mia Lovella Distributors, P14,200 FOB Shipping point , terms: 2/10, n/30
20 Paid freight on March 18 purchase, P700

23 Sold merchandise to Foggia’s Merchandise for P16,400.

26 Bought merchandise from My Souki, P12,300

27 Paid Mia Lovella Distributors on March 18 purchase, P9,000 No allowed discount on partial payment

28 Jaynielle Lopez withdrew cash from the business, P2,008

29 Made refund to Foggia’s Merchandise for a defective merchandise, P900.

30 Sold Merchandise to Collete’s Creations, P13,700, with terms 2/10, n/30.Ref. SI#0002
Paid the following: Advertising P1,000, Utilities, P400, Rent P3,500, Salaries P1,500.

General Journal – Periodic Method

GJ-1
Date Account Title and Explanation Ref Debit Credit
 Republic of the Philippines
Department of Education
REGION III
SCHOOLS DIVISION OF CABANATUAN CITY
MARCIANO DEL ROSARIO MEMORIAL NATIONAL HIGH SCHOOL

Fundamentals of Accountancy, and Business Management1

Learning Assessment Sheet
Performance # 3
Name:________________________________________
Section:_______________________________________

Learning Competency with code:

Records transactions of a merchandising business in the general and special journals (ABM_FABM_11-IVe-j-36)
Directions: Record the transactions of J&T Trading Company in the Special Journals. Use the sheet provided for
your answers.

J&T Trading Company’s transactions for March 2020 were as follows:

1 The business registered as a single proprietorship and Jaynielle Lopez invested P40,000
2 Bought computer equipment for P10,000 cash
Bought merchandise on account from Andrew Supplies Company, P15,900 with terms: 2/10, n/30
3 Bought office supplies for P700
4 Sold merchandise on account to LB Leverage Company P15,200 FOB Destination, terms: 2/10, n/30.Ref.
SI#0001
5 Paid P200 freight for March 4 sale
6 Received credit memo from Andrew Supplies Company for merchandise return, P300
11 Paid Andrew Supply Company
13 Collected from LB Leverage Company
14 Bought merchandise from E Perol Enterprises, P13,400
15 Paid salaries of P1,500
16 Borrowed money from CIM Bank, signed a promissory note for P12,000
17 Received refund from a supplier on cash purchase on March 14, P500
18 Bought merchandise from Mia Lovella Distributors, P14,200 FOB Shipping point , terms: 2/10, n/30
20 Paid freight on March 18 purchase, P700
23 Sold merchandise to Foggia’s Merchandise for P16,400.
26 Bought merchandise from My Souki, P12,300
27 Paid Mia Lovella Distributors on March 18 purchase, P9,000 No allowed discount on partial payment
28 Jaynielle Lopez withdrew cash from the business, P2,008
29 Made refund to Foggia’s Merchandise for a defective merchandise, P900
30 Sold Merchandise to Collete’s Creations, P13,700, with terms 2/10, n/30.Ref/. SI#0002 53
Paid the following: Advertising P1,000, Utilities, P400, Rent P3,500, Salaries P1,500
Sales Journal
Date Account Debited Invoice No. Ref Dr.Accounts
Receivable
& Cr. Sales

2020
March 4 0001

30 0002

Cash Receipts Journal

Date Account Ref Dr. Cr. Cr. Sales Cr. Other

Credited Cash Accounts Accounts
Receivable

March 1

13

16

17

23

Purchases Journal
Date Account Terms Ref Debit
Credited MerchandiseInventory
Credit
AccountsPayable
2020

March 2

18

Cash Payments Journal

Date Check No. Account Ref Dr. Dr. Other Cr. Cash
Debited Accounts Accounts
Payable
2020
March 2

11
14

15

20

26

27

28

29

30

General Journal
GJ-1
Date Account Title and Explanation Ref Debit Credit
 Republic of the Philippines
Department of Education
REGION III
SCHOOLS DIVISION OF CABANATUAN CITY
MARCIANO DEL ROSARIO MEMORIAL NATIONAL HIGH SCHOOL
Fundamentals of Accountancy, and Business Management1
Learning Assessment Sheet
Name:________________________________________
Section:_______________________________________

Learning Competencies with code:

1. The learner completes the accounting cycle of a merchandising business (ABM_FABM11-IVe-j-40)
2. The learner prepares the Statement of Cost of Goods Sold and Gross Profit (ABM_FABM11- IVe-j-41)
Part I.
Directions: Arrange the jumbled words and use those words to fill out the box to reveal the eight steps of the
Accounting Cycle. Use the space provided for your answers.
1. GNIZRUOJLINA = __________________________________

2. LRTAI NCBAAEL = __________________________________

3. IIAALNNCF TTTMEEANSS = __________________________________

4. LIONCGS ETH KSOOB = __________________________________

5. IONSSCATTNAR = __________________________________

6. JAUIGDNTS LJAOUNR EEISRTN = __________________________________

7. OEESTWKRH = __________________________________

8. SOTNPIG = __________________________________

Part II. IDENTIFY THE FINANCIAL STATEMENT

Directions: Identify which financial statement each account title is used. Write “SFP” if it is under the Statement of
Financial Position, “SCO” for Statement in Changes in Owner’s Equity or “SCI” for Statement of Comprehensive
Income.
______________________1. Sales Returns and Allowances

______________________2. Merchandise Inventory, end

 ______________________3. Utilities Expense

______________________4. Owner, Capital – beginning

______________________5. Accounts Receivable

_____________________6. Accounts Payable

_____________________7. Cost of Goods Sold

_____________________8. Sales Discount

_____________________9. Owner, Drawings

_____________________10. Freight Out

Republic of the Philippines

Department of Education
REGION III
SCHOOLS DIVISION OF CABANATUAN CITY
MARCIANO DEL ROSARIO MEMORIAL NATIONAL HIGH SCHOOL
Fundamentals of Accountancy, and Business Management1
Learning Assessment Sheet
Performance # 4

Name:________________________________________
Section:_______________________________________

Learning Competencies with code:

1. The learner completes the accounting cycle of a merchandising business (ABM_FABM11-IVe-j-40)
2. The learner prepares the Statement of Cost of Goods Sold and Gross Profit (ABM_FABM11- IVe-j-41)
PREPARE FINANCIAL REPORTS (PERIODIC INVENTORY SYSTEM)
Directions: Using the trial balance of Aling Maria Merchandising for December 31, 2020 under periodic inventory
system, prepare the following:
1. Schedule of Cost of Goods Sold
2. Income Statement
3. Statement of Changes in Owner’s Equity
4. Statement of Financial Position

MARIA MERCHANDISING
Adjusted Trial Balance
December 31, 2020
Account Titles Dr Cr
Cash ₱ 45,180
Accounts Receivable 24,700
Store Supplies 800
Store Equipment 15,000
Accounts Payable ₱ 11,000
Notes Payable 15,000
Maria, Capital 80,000
Maria, Drawings 5,000
Sales 67,200
Sales Returns and Allowances 800
Sales Discount 320
 Purchases 70,900

Purchase Returns and Allowances 880

Purchase Discount 320

Freight In 850

Salaries Expense 5,000

Utilities Expense 700

Freight Out 650

Rent Expense 2,500

Advertising Expense 2,000

Total ₱ 174,400 ₱ 174,400

Additional Information: The physical count conducted on December 31, 2020 revealed that merchandise inventory
amounted to ₱ 17,830.

Schedule of Cost of Goods Sold

Income Statement
Statement of Changes in Owner’s Equity

Statement of Financial Position

Rubrics for scoring.
CRITERIA REQUIREMENTS
Schedule of Statement of Statement of Statement of SCORES
Cost of Goods Financial Changes in Financial
Sold Performance Owner’s Position
Equity

1. CONCEPT
Shows clear
understanding of
the principles in
preparing the
required financial
report.
2. STRUCTURE
Classified all
account titles to its
proper financial
statement.
Observed proper
listing of account
titles and amounts
are transferred
correctly. (one
point each account
title)

3.COMPUTATIO
N
Use correct
computation and
obtained correct
total balances.

Net Purchases (2)

• Total Goods
Available for Sale
(2)
• Cost of Goods
Sold (3)

• Net Sales (2)

• Gross Profit (2)
• Net Income (3)
• Lim, Capital –
end (3)

Total Assets (3)

• Total Liabilities
and Owner’s
Equity (3)