Republic of the Philippines

Department of Education
REGION IV-A CALABARZON
SCHOOLS DIVISION OF IMUS CITY
Gen. Pantaleon Garcia Senior High School
Pedro Reyes St. Malagasang 1-G, City of Imus, Cavite
FUNDAMENTALS OF ACCOUNTANCY BUSINESS AND MANAGEMENT I
REMEDIATION PROGRAM FOR STUDENTS WITH LOW PERCENTAGE OF SUBMISSION

Name: ____________________________ Grade and Section: _____________

Quarter 3 Week 1 The Accounting History, Definition, and Nature

Most Essential Learning Competencies:
1. describe the nature of accounting ABM_FABM11-IIIa-2
2. narrate the history/origin of accounting ABM_FABM11-IIIa-4

I. Directions: Kindly identify the following events using IDENTIFYING, RECORDING

or COMMUNICATING as an element of accounting. (Write the letter before the
number, use UPPERCASE LETTER)

1. Joe will no doubt start his business by putting P1,500,000 of his own personal money buying
shares of Direct Delivery's common stock.
a. Identifying
b. Recording
c. Communicating

2. Direct Delivery will need to buy a sturdy, dependable delivery vehicle in an amount of
P200,000 as an additional fund and recorded.
a. Identifying
b. Recording
c. Communicating

3. The business will begin earning P 40,000 for delivery fees and billing clients for delivering
their parcels of P 30,000 on account and recording.
a. Identifying
b. Recording
c. Communicating

4. The business will be collecting the fees that were earned.

a. Identifying
b. Recording
c. Communicating

5. The business will incur expenses in operating the business, such as a salary for Joe,
expenses associated with the delivery vehicle, advertising, etc.
a. Identifying
b. Recording
c. Communicating
 II. Directions: Kindly put a letter “Y” if the transactions conform as an accounting
transaction and a letter “X” if not. (Write the letter before the number, use
UPPERCASE LETTER)

6. Joe earned additional P 20,000 on their share at Direct Delivery, Inc.

7. He bought P 4,500 office supplies.
8. The employee salary was due last January 15, 2018.
9. The business will be collecting the fees that were earned.
10. The business will incur expenses in operating the business, such as a rent expense, electricity
expenses, water, and others.
11. He had a P200,000 back up on his account.

III. Directions: Choose the BEST answer from the given choices. (Write the letter before the number,
use UPPERCASE LETTER)
12. Beginning of Modern Accounting
a. Cradle of Civilization
b. 19th Century
c. Industrial Revolution

13. Mass production and great importance of fixed assets

a. Cradle of Civilization
b. 19th Century
c. Industrial Revolution

14. Father of Accounting

a. Devin Pascoli
b. Fra Luca Pacioli
c. Amatino Manucci

15. Double-Entry Bookkeeping

a. Industrial Revolution
b. Cradle of Civilization
c. 14th Century

Quarter 3 Week 2 Accounting Concepts and Principles Accounting History, Definition, and Nature
Most Essential Learning Competencies:
1. explain the varied accounting concepts and principles ABM_FABM11-IIIb-c-15
2. solve exercises on accounting principles as applied in various ABM_FABM11-IIIb-c-
16

I. Directions: Let’s apply the basic accounting concepts and principles. Kindly identify the
concept or principle that corresponds to each statement. (Write the letter before the
number, use UPPERCASE LETTER)
1. During the year, you started a business of selling personalized mugs and T-shirt. You opened
a separate bank account for the business and deposited your initial investment of Php
250,000.00 to this account.
a. Separate entity concept
b. Historical cost
c. Objectivity concept

2. The business acquired a printing machine. The regular selling price is Php 100,000.00;
however, you were able to acquire it at a discounted price of Php 90,000.00. You will record
the machine at its acquisition cost of Php 90,000.00
a. Separate entity concept
b. Historical cost
c. Objectivity concept

3. The business acquired initial inventory of mugs and T-shirt for the total cost of Php
50,000.00. You will record the cost as an asset (i.e., inventory) rather than as expense.
a. Separate entity concept
b. Matching Concept
c. Accrual basis

4. The inventories were sold on credit for Php 300,000.00. You will immediately record the
credit sales as accounts receivable rather than waiting for them to be collected.
a. Separate entity concept
b. Matching Concept
c. Accrual basis

5. Also, you will now record the Php 50,000.00 cost of inventory as expense
a. Separate entity concept
b. Matching Concept
c. Accrual basis

II. Directions: Choose the best accounting concept and principle, based on the given
definition or statement. (Write the letter before the number, use UPPERCASE
LETTER)

6. “All relevant information should be included in the financial reports.”

a. Objectivity principle
b. Disclosure principle
c. Conservatism principle

7. “In case of doubt, assets and income should not be overstated.”

a. Objectivity principle
b. Disclosure principle
c. Conservatism principle
8. "Assume that the company will continue indefinitely.”
a. Objectivity principle
b. Cost principle
c. Going concern principle

9. “All transactions should be supported by unbiased evidence.”

a. Objectivity principle
 b. Cost principle
c. Going concern principle

10. “Expenses should be recorded in the period when the revenue is generated.”
a. Time period
b. Cost principle
c. Going concern principle
Quarter 3 Week 3: The Accounting Equation
Most Essential Learning Competencies:
1. illustrate the accounting equation ABM_FABM11-IIIb-c-17
2. perform operations involving simple cases with the use of accounting equation
ABM_FABM11-IIIb-c-18

Directions: Choose the letter corresponding to the correct answer for each of the questions provided
below. (Write the letter before the number, use UPPERCASE LETTER).

1. It is the resources of company used for operations.

a. Asset
b. Equity
c. Liability

2. Total assets are Php 89, 000 and total liabilities are Php 23,500. Calculate the value of
owner’s equity.
a. Php 65,500
b. Php 89,000
c. Php 12,500
d. Php 23,500

3. It is the residual interest in the assets of the entity after deducting all its liabilities.
a. Asset
b. Equity/Capital
c. Liability

4. Liabilities total is Php 11,200 and the owner’s equity is valued at Php 47,500. Calculate the
value of the business assets.
a. 36,300
b. 11,200
c. 58,700
d. 47,500

5. Use the following information to calculate the value of the owner’s equity: Equipment Php
454, Inventory Php 131, Cash Php 654, Trade payables Php 646.
a. Php 1,239
b. Php 876
c. Php 646
d. Php 593
 6. Which of the following is an asset?
a. Mortgage
b. A bank loans
c. Amount owing to suppliers
d. Inventory bought on credit

7. Which of the following is NOT TRUE?

a. Assets = Liabilities + Owner’s equity
b. Assets = Liabilities – Owner’s equity
c. Owner’s equity = Assets – Liabilities
d. Liabilities = Assets – Owner’s equity

8. Asset is defined as:

a. the debt of the business
b. the profit accumulated in the business.
c. the possessions owned and used by the business.

9. Differentiate between Owners’ Equity and Liabilities

a. Owners’ Equity represents the possessions in a business and Liabilities represents
income in the business.
b. Owners’ Equity represents the net worth of a business and Liabilities represent the
debt in a business.
c. Owners’ Equity represent the debts in a business and Liabilities represent the
business's net worth.

10. Assets are NOT resources owned by or owed to the business.

a. True
b. False
Quarter 3 Week 5: Book of Accounts
Directions: Choose the letter corresponding to the correct answer for each of the questions provided
below. (Write the letter before the number, use UPPERCASE LETTER).
Most Essential Learning Competencies:
1. identify the uses of the two books of accounts ABM_FABM11-IIIf-22
2. illustrate the format of a general and special journals ABM_FABM11-IIIf-23

1. Mandates that all businesses or persons, required by law, to pay internal revenue taxes shall
keep permanently bound books of accounts for registration or stamping.
a. Department of Tourism
b. National Bureau of Investigation
c. Bureau of Internal Revenue

2. Are records in which all accounts and transactions of business are maintained on a regular
basis.
a. Bookkeeping Records
b. Accounting Records
c. Book of Accounts
3. Functions as a financial diary. It is used to record chronologically as they occur. It is
commonly referred to as the boo of original entry.
a. Journal
b. Ledger

4. The following are uses of journal EXCEPT.

a. It provides a systematic and chronological record of transactions.
b. It simplifies the ledger as some details in the journal need not be written in the ledger.
c. It provides detailed information about assets, liabilities, and owner’s equity of the
business.

5. Looks like a two-column columnar notebook, is the journal used to record all other business
transactions not recorded in the special journals.
a. General Journal
b. Special Journal
c. Subsidiary Journal

6. Is a collective record of individual accounts used by the business. It is used to sort all entries
made in the journal in chronological order and to group all transactions that affect individual
accounts to facilitate the preparation of financial statements
a. Journal
b. Ledger

7. The following are uses of ledger EXCEPT.

a. It assists management in monitoring business performance through information in
individual ledger accounts.
b. It ensures that the double-entry bookkeeping system is observed when recording
transactions.
c. It serves as a tool for auditors to track the flow of business transactions for a given
period.

8. Debit information is on the left and Credit information is on the right.

a. True
b. False

9. There are three types of journals.

a. True
b. False

10. Name of customer or supplier should be written in subsidiary ledger.

a. True
b. False
Reflective Question 1.
Why are transactions identified, analyzed, and measured before recording them in the chart of
accounts?

Reflective Question 2.
Why is it important to study Assets, Liabilities, and Capital/Equity? How do these concepts impact
us to create better business/accounting decisions?

Prepared by:

MR. PAULO MIGUEL A. CARPIO

FABM I Subject Teacher