COMPETENCY ASSESSMENT

ACC 111
1st Semester SY2022-2023

The University of Mindanao is adopting Outcome-Based Education; hence our curriculum is

designed to adhere to this type of education. We design an assessment to measure the
competency you gain from this course. In this subject, you will demonstrate the bookkeeping
skills or perform the accounting cycle's eight (8) steps. There will be two(2) parts in this
examination. Please read the instruction carefully before you start answering the problem. Below
is the summary of how your grades will be computed. Take note that the final exam is 35% (50%
is competency and 50% is MCQ).
  
Assessment methods Weights
 
  EXAMINATIONS
-Exam 1 to Exam 7 35%
 
  Final Exam 35% 70%
- MCQ (50%)
- Competency Assessments (50%)

CLASS PARTICIPATIONS  
- Quizzes/Assignments/Activity/Recitation 10%
- Practice Set/Research 20% 30%
  
TOTAL 100%

You will record the transactions of BOTIKA MAHARLIKA for the month of December 2021
using the special journals. The entity is a registered vatable entity. The business started its
operation in January 2021, and the transactions from January to November are already recorded.
Hence, a trial balance in November is provided that will serve as your chart of accounts. In
posting, you have to first post the trial balance of November followed by the transactions of
December 2021. The company uses the one invoicing system, and centralized the recording of
sales and purchases, therefore record the sales whether in cash or credit in the sales journal and
also purchases whether cash or on credit must be recorded in the purchase journal.

In Part 1 : Preparation of journal entries (2 hours:)

1. You are given 2 hours to journalize the transactions using the special journals. Round
your answers to the nearest peso.
2. You will be provided with the special journals for your answer sheet; use the prescribed
journals.
3. The trial balance of November 30 is the summary of recorded transactions from Jan. to
Nov. of 2021. All you have to do is to continue the recording of the transactions for the
month of December.
4. Once completed, submit your output to the proctor/teacher.
 5. Once you have submitted part 1, part 2 shall be given to you for you to complete the
accounting cycle.

(In the summary of transactions, there are items without amount. You will compute for the
amount to be recorded).

In Part 2: Completing the accounting cycle. (3 hours)

1. You will be provided with the corrected journal entries and an excel file for the answer
sheet in part 2.
2. Post the corrected entries to the general ledger (be sure that the first entry in the GL is
the Nov. 30 trial balance). Prepare the trial balance and the 10 cols worksheet. You can
immediately write the trial balance on the first 2 columns of the worksheet (no need to
provide another sheet for trial balance). Data for adjusting entries can be found in the
summary of transactions. All adjusting entries shall be recorded in the general journal
page 2. You can easily identify adjusting entries because it is dated Dec. 31, 2021. Leave
one space after each entry.
3. Record the adjusting entries in the appropriate journal, then post to the general ledger.
4. Prepare financial statements.
5. Record closing entries in the appropriate journal, then post to the general ledger. 
6. Prepare the post-closing trial balance.
7. Prepare reversing entries.

WHAT TO PASS IN PART 2

1. Updated General Ledger
2. Worksheet
3. Financial Statements
4. Post -Closing Trial Balance
5. Updated general journal

Please note that you will be graded using the rubric below.
Thank you for following the given instructions.

“Honesty costs nothing, lying could cost you everything!”

-Nishan Panwar
100%