Republic of the Philippines

Department of Education
Region II – CAGAYAN VALLEY
SCHOOLS DIVISION OF SANTIAGO CITY
DIVISORIA HIGH SCHOOL
Santiago City

LEARNER’S ASSESSMENT ACTIVITY

Fundamentals of Accountancy, Business and Management 2 - 11 ABM
WEEK 1

Direction: Choose the letter of the correct answer. Write the chosen letter on a separate sheet of paper.
1. A financial statement that reports the assets, liabilities, and equity of a company on a given date.
a. Strategy of financial position b. Statement of financial position
c. Solution of freedom position d. Solution of finance position
2. Their balances in this account remain intact from one accounting period to another.
a. Permanent Accounts b. Temporary Accounts c. Provisional d. Conditional account
3. These are presented under the assets portion of the SFP but are balances remain intact from one accounting period to another.
Permanent Accounts – as n name suggest, these accounts are permanent in the sense that
their balances remain intact from one accounting period to anothe
Permanent Accounts – as n name suggest, these accounts are permanent in the sense that
their balances remain intact from one accounting period to anothe
Permanent Accounts – as n name suggest, these accounts are permanent in the sense that
their balances remain intact from one accounting period to another.
Permanent Accounts – as n name suggest, these accounts are permanent in the sense that
their balances remain intact from one accounting period to another
Permanent Accounts – as n name suggest, these accounts are permanent in the sense that
their balances remain intact from one accounting period to another
Permanent Accounts – as n name suggest, these accounts are permanent in the sense that
their balances remain intact from one accounting period to another
a. Free Assets b. Permanent Accounts c. Accessible Assets d. Contra Assets
4. This is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the
entity.
a. Asset b. Liability c. Equity d. Justice
5. This is the present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from
the enterprise of resources embodying economic benefits.
a. Equity b. Asset c. Liability d. Benefit
6. This is the residual interest in the assets of the entity after deducting all the liabilities.
a. Equity b. Value c. Asset d. Liability
7. An increase in the net assets of the entity during an accounting period except for such increases caused by the contributions from
owners.
a. Expenses b. Income c. Cost d. Rate
8. A decrease in the net assets of the entity over an accounting period except for such decreases caused by the distributions to the owners.
a. Revenue b. Returns c. Profits d. Expense
Direction: Classify the following statement if they are under Current Liabilities or Non-current Liabilities. Write your answers
on a separate sheet of paper.
1. Trade Accounts Payable- are open accounts relating to purchase of goods and/or raw materials.
2. Long-term Debt - these accounts represent bank loans as a source of financing for the entity, long term debt can be span from 5 years to
almost 25 years, it also includes mortgage payable if certain properties are held as collateral for such loans.
3. Notes- payable- are evidence by a promissory note, notes payable will have principal amount, maturity date and interest rate.
4. Bonds Payable- are contracts of indebtedness sold to certain individuals.
5. Income tax Payable- is computed at 30% of the corporate income, for sole proprietors, however, their taxable income is subjected to
the graduated tax rates.

Prepared by: Checked:

R. Facros Street, P3-Divisoria, Santiago City

Email Add: divisoriahighschool@gmail.com
Contact Nos: 0917-124-1809 / 0917-508-8101 / 0917-162-2764
 Republic of the Philippines
Department of Education
Region II – CAGAYAN VALLEY
SCHOOLS DIVISION OF SANTIAGO CITY
DIVISORIA HIGH SCHOOL
Santiago City
ANGELIQUE M. HERNANDEZ JOEL S. DOMINGO
Subject teacher SHS Coordinator
Verified: Approved:
CLARISSA F. SOLIVEN RANDY B. MINA
MT-1/Assistant to the Principal Principal II

R. Facros Street, P3-Divisoria, Santiago City

Email Add: divisoriahighschool@gmail.com
Contact Nos: 0917-124-1809 / 0917-508-8101 / 0917-162-2764