Department of Education

National Capital Region

Schools Division of Taguig City and Pateros

BLESSED LAND ACADEMY OF TAGUIG INC.

#12 14 St. Zone 6B. Lower Bicutan, Taguig City

2nd Quarter Examination in Fundamentals of Accounting 11

Name: Score:
Grade / Section: Date:

TEST I. (MULTIPLE CHOICE)

Read each question carefully and encircle the best answer.

_ __1. Which of the following is an information system?

A. Accounting B. Marketing C. Finance D. Economics
__ _2. Which of the following is an example of an external user?
A. Employees B. Customers C. Management D. Owners
__ _3. Accounting deals with transactions and what kind of information?
A. Entrepreneurial B. Economical C. Financial D. Ethical
_ __4. What type of users makes use of general-purpose financial statement.
A. Internal users B. Outside users C. External users D. All of the above
_ __5. Which of the following nature of accounting follows, except one?
A. Accounting is a service activity. B. Accounting is a means and not an end.
C. Accounting is an art. D. Accounting is a process.
__ _6. Which of the following definition of accounting by American Accounting Association includes the
following phases except?
A. Identifying B. Measuring C. Summarizing D. Communicating
__ _7. What is an accounting?
A. Legislative system B. Business system C. Economic system D. Information system
___8. Accounting is a service activity. Its function is to provide quantitative information, primarily financial in
nature, about economic entities, that is intended to be useful in making, what kind of decisions?
A. Qualitative B. Economic C. Informative D. Legislative
_ __9. Which of the following is an example of external users?
A. Managers B. Stockholders C. Customers D. Employees
_ __10. What kind of individuals/organizations does not manage or work for a company but uses its financial
information?
A. Internal users B. External users C. Local users D. Foreign users
11. Which of the following is a component of Statement of Financial Position?
A. Liabilities B. Income C. Expenses D. Revenue
12. Where does income can be found in this financial statement.
A. Balance Sheet B. Statement of Cash Flows
C. Income Statement D. Changes in Equity
13. Which of the following is not a part of a financial statement?
A. Liabilities B. Income C. Expenses D. Revenue
14. Which of the following affect the owners’ equity account except?
A. Income B. Withdrawal C. Investment D. Liability
15. Which of the following is a liability of an enterprise?
A. Cash in the office drawer B. Building owned by the enterprise
C. Services earned D. Money borrowed from a bank
16. What kind of account is deducted to property, plant, and equipment.
A. Land B. Depreciation Expense
C. Accumulated Depreciation D. Liabilities
17. Which of the following is not a contra account?
A. Freight in B. Sales Discount C. Sales Returns D. Depreciation
 18. What kind of data of principal from notes receivable that is to be received within one year of the
balance sheet date?
A. Current Liabilities B. Noncurrent Liabilities
C. Current Assets D. Liabilities
19. What portion of the notes receivable that is not due within one year of the balance sheet date is
reported as?
A. Current Liabilities B. Noncurrent Assets C. Current Assets D. Liabilities
20. What is the classification of an inventory?
A. Current Liabilities B. Noncurrent Liabilities C. Current Assets D. Liabilities

Test II. Finders Keepers:

The following are jumbled letters, arrange them to form a correct word.

1. GNTIACNCOU 2. SACIOTNTRAN 3. GINYIFNTIED 4. FROAMNIOTIN

5. GINDORCER 6. SNOISICED 7. MANEAGENTM 8. KOOBINGPEEK

9. NOMUNCOMICITA 10. ECRIDSROT

Test III. True/False:

Write the word True if the statement is correct otherwise write the word False if it is not. Write your
answer on the space provided.
_____1. Accounting is the process of identifying, measuring and communicating economic decisions.
_____2. The accounting processes are in the following order: recording, identification and communicating.
_____3. Internal users are users within the business.
_____4. Accounting is an art, a service activity and also a process.
_____5. Example of an internal user of a Fast-food chain is manager of bank.
_____6. Luca Pacioli is the Father of Accountancy
_____7. The AICPA mentioned four phases of accounting in its definition namely: recording, classifying,
summarizing and communicating.
_____8. Accounting deals with financial statements and transactions.
_____9. Double -entry bookkeeping was introduced in the 19th Century.
_____10. Example of internal user of a Bookkeeping Company is the owner
 BLESSED LAND ACADEMY OF TAGUIG INC.
#12 14th ST. PUROK 6B, LOWER BICUTAN, TAGUIG CITY
Contact Nos. 781-5006/837-1934/09193603332

2nd Quarter (Fundamentals of Accounting)

TABLE OF SPECIFICATIONS Grade 11 - Hebrew

Topics Objectives Item Placement

Terminologies of Accounting Define different terminologies of
accounting 1 - 20
Introduction to Fundamentals Enumerate the fundamentals of
21 - 30
accounting
Steps in Accounting Enumerate the steps of accounting 31 - 50

Prepared by: Approved by:

Lowie Jay R. Narito Mr. Ruchel R. Cahanap

Subject Teacher School Principal