Name: Score:

Grade Level & Section: Date:

SUMMATIVE TEST IN ABM 1

Test I: Matching Type. Write the letter of the correct answer on the space provided before the number.
Part I. History of Accounting. Match Column A to Column B.
1. Beginning of Modern Accounting a. Cradle of Civilization
2. Mass production and great importance of fixed assets b. 14th Century
3. Father of Accounting c. Luca Pacioli
4. Double-Entry Bookkeeping d. Industrial Revolution
5. Clay Tablet e. 19th Century

Part II. Major Accounts. Find your answers in the box below and write the letter of the correct answer on
the space provided before the number.
a. Cash f. Accrued Liabilities k. Commission Revenue
b. Accounts Receivable g. Unearned revenue l. Professional Fees
c. Advances to employees h. Interest Payable m. Rent Expense
d. Interest Receivable i. Bonds Payable n. Miscellaneous Expense
e. Notes Payable j. Mortgage Payable o. Salaries Expense

1. Expense incurred from the services provided by employees which includes compensation,
th
13 month pay, allowances and other benefits.
2. It is legal obligation evidences by certificate of indebtedness which obtained by the
business in substantial amount for the purpose of financing the acquisition of assets needed for its
operations.
3. It includes coins, bills, checks, money orders, bank deposits, commercial paper and drafts.
4. Income earned but not yet collected which accrued charges from credit of the business.
5. A long term Debt of the business which supported by a security of certain assets to the creditor.
6. Obligation arising from advance payment from customer before providing services or delivering
the goods.
7. Claims against customers arising from sale of goods and services on credit.
8. Used space, equipment or other assets which should be paid by the business.
9. Earned through a certain percentage of sales.
10. Obligation arising from acquiring assets and services on account evidenced by promissory note.
11. Earned by the doctor, teacher or accountant for services rendered.
12. Charges from borrowed funds which is already incurred but not yet paid.

Prepared by:
LHINEVER T. GILHANG ----- SST I / Subject Teacher
 13. Small expenses that which are not classified to other expenses by the business.
14. Amount owed from acquiring services arising from expenses incurred by the business.
15. Claims charges against the borrowed money, goods or services of debtors.
Part III. Journal and Ledger
________1. Journal in which all cash payments are recorded.
________2. The journal in which all cash receipts are recorded.
________3. The subsidiary ledger containing the individual accounts with customers (debtor).
________4. Journal designed to be used for recording a single type of transaction.
________5. The subsidiary ledger containing the individual accounts with the suppliers (creditors).
________6. The journal in which all sales of merchandise on account are recorded.
________7. The journal in which all items purchased on account are recorded.
________8. The two-column form used for entries that do not “fit” in any of the special journals.
________9. The primary ledger, when used in conjunction with the subsidiary ledgers, that contains all of
the statement of financial position and income statement accounts.
________10. A ledger containing individual accounts with a common characteristic.
a. Accounts Payable Subsidiary Ledger f. General Ledger
b. Accounts Receivable Subsidiary Ledger g. Purchases Journal
c. Cash Payments Journal h. Sales Journal
d. Cash Receipts Journal i. Special Journals
e. General Journal j. Subsidiary Ledgers
Test II. Fill me in!
Part I. Compute.
Instructions: Compute for the missing elements.
ASSET LIABILITIES OWNER’S EQUITY
a. 460,000.00 120,000.00
b. 200,000.00 649,250.00
c. 1,025,600.00 852,450.00
d. 965,837.00 500,750.00
e. 650,395.00 125,654.00
f. 1,405,367.00 453,879.00
g. 1,336,780.00 265,980.00
h. 2,450,060.00 257,870.00
i. 786,905.00 560,324
j. 1,334,650.00 650,340
Part II. Identify and write the format of the following book of accounts. Complete the information on each
book of account. Fill in those that are in red. (5 points)

1.
G1
Date Particulars Ref

Test III: Enumeration

Prepared by:
LHINEVER T. GILHANG ----- SST I / Subject Teacher
1. List down the five major accounts. (5 points)
a.
b.
c.
d.
e.

BONUS POINTS

Instructions: Read each question/ situation carefully and answer them with the application of what
you learned with this subject. (5 points each)
1. Mr. Macato, owner of a bakery, didn’t expect the sudden popularity of his business. Without much
planning, he decided to double the amount of products his store produce daily. To his dismay, though, this
resulted to some problems, like doubled amounts of money to buy for ingredients, or the capacity of the
workers to produce twice the normal amount they yield. A friend suggested that he needs to start
incorporating proper accounting system. Give at least three benefits Mr. Macato would have if he followed
his friend’s advice.
2. Write a short reflection about how important accounting is to our economy. What do you think would
happen if the concept of accounting was never created? How do you think will it affect the lives of an
ordinary student like you?

Prepared by:
LHINEVER T. GILHANG ----- SST I / Subject Teacher