12

FUNDAMENTALS OF
ACCOUNTANCY, BUSINESS,
AND MANAGEMENT 2

Name:
Grade Level & Section:
Score:
 Name: ________________________________ Grade Level at Strand: __________

Quarter 2
FUNDAMENTALS of ABM II

QUIZ NO. 1
TEST I. The accountant of Luisya Tan Hardware was tasked to perform monthly bank reconciliation.
She downloaded the company’s October 31 bank statement that showed a balance of P32,400. She
also printed the cash ledger from the company’s computerized accounting system. It contains the
ending balance of P 8,350. She also found the following reconciling items (10 points):

a. The bank statement showed a bank service fee of P800.

b. The bank collected P1,500 from a notes receivable for Luisya Tan Hardware. Also, a
collection of P250 was charged.
c. Deposits in transit, P51,000.
d. Checks outstanding, P79,100.
e. The accountant found a check issued to Screw Corp. for P4,500 that cleared the bank
but wasn’t in the cash ledger.

Required: Prepare a Bank Reconciliation Statement

TEST II. Multiple Choice

Direction: Choose the letter of the best answer.
1. This is a document typically sent by the bank to the account holder every end of the month.
a. Check b. passbook
c. bank statement d. bank reconciliation statement
2. These are charges by the bank to the depositor for its handling of reordering checks.
a. bank service charges b. check printing charges
c. NSF check d. book errors
3. These are rejected checks by the customer’s banks due to insufficiency of funds.
a. bank service charges b. check printing charges
c. NSF check d. book errors
4. This is a fee deducted from the account as a result of mailing a bank statement by the bank.
a. bank service charges b. check printing charges
c. NSF check d. book errors
5. A procedure wherein the cash balance per book is reconciled with the balance per bank
statement.
a. Check b. passbook
c. bank statement d. bank reconciliation statement
 QUIZ NO. 2
Multiple Choice
Direction: Encircle the letter of the correct answer.
6. A citizen of the Philippines that is physically present abroad and is required to pay income tax.
a. Alien b. Non-resident Citizen
c. Resident Citizen d. Foreign corporation
7. A non-Filipino citizen taxable on income derived from sources within the Philippines.
a. Alien b. Non-resident Citizen
c. Resident Citizen d. Foreign corporation
8. A citizen residing in the Philippines that is taxable on income derived from sources within and
even outside the Philippines.
a. Alien b. Non-resident Citizen
c. Resident Citizen d. Foreign corporation
9. The following are required to file income tax return EXCEPT.
a. Resident Citizen b. An individual who is a minimum wage earner
c. Non-resident Citizen d. Aliens
10. The following are not required to file Income Tax Return EXCEPT.
a. An individual earning purely compensation income whose taxable income for the year
doesn’t exceed P250,000
b. An individual whose income tax has been withheld correctly by his employer.
c. An individual who is a minimum wage earner.
d. None of the above.
11. The following should be excluded from Gross Income in determining the Taxable income
EXCEPT.
a. 13th month pay not exceeding P90,000 b. Compensation Income
c. Prizes and awards in sport competition c. GSIS and other contributions
12. It is the total cash and non-cash payments that an employer gives to an employee for
its service rendered for the company
a. Compensation Income b. Business Income
c. Taxable Income c. Gross Income

13. Which of the following is an inclusion to Gross Income of an individual?

a. 13 month pay and other benefits not exceeding P90,000
b. Pensions
c. Medicare
d. Income derived by foreign government
14. The following are exclusions to an individual’s Gross Income EXCEPT.
a. GSIS
b. Compensation Income
c. Income derived from the exercise of profession
d. Income derived from the conduct of trade or business
15. Taxpayers who derived income solely from compensation are required to file BIR Form
____________.
a. 2316 b. 1700 c. 1701 d. 1702
 QUIZ NO. 3

A. Direction: Using the BIR withholding tax table, compute for the withholding income tax deduction
of the following individuals (Provide solutions). (5 POINTS EACH)

Taxpayer Monthly gross compensation(net of

mandatory contributions)
Vice 19,000
Bayani 32,000
Luis 45,000

QUIZ NO. 4

Directions: Answer the following questions. Write your answer on a separate sheet of paper.
(10 points each)

1. How is monthly withholding income tax determined?

2. How is a pure compensation earner taxed?

“What lies behind us and what lies before us are tiny matters compared to what lies within
us.”
Oliver Holmes
Prepared by:
MA. JEMARIS M. SOLIS
Subject Teacher