Name: _______________________

Republic of the Philippines

Department of Education
REGION VI – WESTERN VISAYAS
SCHOOLS DIVISION OF ILOILO
AJUY NATIONAL HIGH SCHOOL
Fundamentals of Accounting and Business Management 1
Summative Examination
Direction: Use the questionnaire as your answer sheet. Pass it together with your Black Notebook
next delivery and retrieval schedule.
I. Identification (Write your answer before the number)
1. In the event of conflict between the economic substance of a transaction and its legal
form, the economic substance shall prevail. This concept is known as _________.
2. A professional accountant should be straightforward and honest in all professional and
business relationships. This is in consonance with the fundamental principle of?
3. This principle states that acquired assets should be recorded at their cost and not at
what management thinks the are worth as at the reporting date.
4. It is called as the language of business.
5. Term use to record debts of a business.
6. Assets less liabilities is equal to _______.
7. Account title where the Unearned Revenue falls.
8. The listing of the accounts used by the company to their financial reports are called ___.
9. Loans payable and mortgage payable are examples of ______.
10. Amounts due from thirds parties supported by promissory notes are called ______.
11. Capital and drawings fall under the account of _________.
12. When the business entity receives payment before providing its customers with the
goods or services, the amounts received are recorded in _____.
13. When an entity acquires a machine for cash, the cash account will ________.
14. The purchase of inventories on account will _______ the inventories.
15. When a proprietor withdraws cash, the equity capital will _______.
16. When an entity pays employees for their service, the Salaries payable will ______.
17. When paying depts, entity’s cash account will _______.
18. When inventories are sold, inventories account will ________.
19. When purchasing office supplies on account, payables will ______.
20. When an entity collected its receivables, the accounts receivable will _______.
21. One of the employees used some of the office supply, the office supply account will ___.
22. Cash accounts fall under the ______ category.
23. Accounts payable fall under the _______ category.
24. Office supplies fall under the __________ category.
25. Mortgage payable fall under the _______ category.
26. Cash in bank fall under the _______ category.
27. Notes payable fall under the _______ category.
28. Revenues fall under the _______ category.
29. Capital fall under the _______ category.
30. Salaries payable fall under the _______ category.
II. Essay (Use the back part of the paper for your answer.)
1. Explain the accounting process. (10 points)
2. Explain the 3 major accounts of accounting. (5 points)
III. Bonus Question (5 points) : What is the complete name of your FABM teacher?