Sta.

Cruz Institute
Sta. Cruz, Ilocos Sur
S.Y. 2021-2022

GRADE LEVEL: GRADE 11

SUBJECT: FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMNT 2
QUARTER: First Quarter (Week 1 and 2)
MODULE NO.: 1
LESSON TITLE: STATEMENT OF FINANCIAL POSITION

NAME: GRADE AND SECTION:

EVALUATION:

I. MODIFIED TRUE OR FALSE: Read each sentence carefully and determine if the statement is
true or false. Write true if the statement is correct and write false if the statement is incorrect
and write the correct answer to make the statement correct. Write your answer to the space
provided.

____1. The SFP provides readers with the information as to the company’s financial position as of a
specific date.

____2. Asset = liabilities + owner’s equity is the governing equation of the SFP.

____3. Asset is an element of the SFP that has a normal balance of credit.

____4. Debit means to increase an account.

____5. T-account is a representation of the general ledger account used in teaching accounting.

____6. An entry on the opposite side of the normal balance of an account means to decrease the
account by the amount entered.

____7. The normal balance of liabilities and owner’s equity is credit.

____8. The normal balance of notes receivable is debit.

____9. Credit means to decrease an account.

____10. The normal balance of unearned income is debit.

II. MATCHING TYPE: match the account on the table with the appropriate elements of the SFP
below.

Long-term payable Owner’s capital

Notes payable Unearned income

Property, plants and equipment Notes receivable

Accounts receivable Accrued expense

Accounts payable Prepaid expense

Cash Inventory
 ASSETS LIABILITIES EQUITY

ENRICH:

1. What is the benefit for you as an ABM student having the knowledge of reading and interpreting
the STATEMENT OF FINANCIAL POSITION of a business enterprise? And how will you apply your
knowledge in SFP in your future decision if you enter the world of business venturing?
 EXECUTE:

1. Problem Solving:

Post-closing Trial Balance

December 31, 2020

Debit Credit

Cash in bank 100,000

Accounts receivable 480,000

Allowance for bad debts 5,000

Prepaid rent 10,000

Office equipment 660,000

Accumulated depreciation
-office equipment 60,000

Salaries payable 30,000

Accounts payable 240,000

Fred Leyes, Capital 915,000

________________ ________________
TOTAL P1,250,000 P1,250,000

Requirement: From the post-closing trial balance of LEYES SERVICE GRAFIX as of December 31, 2020,
prepare a STATEMENT OF FINANCIAL POSITION.

a. Report form
b. Account form