Name:____________________________________________

Date:_______________ Name:____________________________________________
Date:_______________
A. Directions: Match the words given with the appropriate definition for each item.
Directions: Match the words given with the appropriate definition for each item.

1. Accounting A. Exchanges of goods or services between/among

System two or more entities or some other event having an 1. Accounting A. Exchanges of goods or services between/among
2. Debit economic impact on a business enterprise. System two or more entities or some other event having an
3. Credit B. An accounting record used to list a particular type 2. Debit economic impact on a business enterprise.
4. Transactions of frequently recurring transaction. 3. Credit B. An accounting record used to list a particular type
5. Double-Entry C. A record used to classify and summarize the effects 4. Transactions of frequently recurring transaction.
Accounting of transactions 5. Double-Entry C. A record used to classify and summarize the effects
6. Journal Entry D. An entry on the right side of an account. Accounting of transactions
7. Journals E. A record used as the basis for analyzing and 6. Journal Entry D. An entry on the right side of an account.
8. Accounting recording transactions. Examples include invoices, 7. Journals E. A record used as the basis for analyzing and
Process (or check stubs, and receipts. 8. Accounting recording transactions. Examples include invoices,
cycle) F. A collection of accounts maintained by a business. Process (or check stubs, and receipts.
9. Special G. Procedures used for analyzing, recording, cycle) F. A collection of accounts maintained by a business.
Journals classifying, and summarizing the information to be 9. Special G. Procedures used for analyzing, recording,
10. General presented in accounting reports. H. An entry on the Journals classifying, and summarizing the information to be
Journal left side of an account. 10. General presented in accounting reports. H. An entry on the
11. Account I. Procedures and methods used, including data Journal left side of an account.
12. Ledger processing equipment, to collect and report accounting 11. Account I. Procedures and methods used, including data
13. Posting data. 12. Ledger processing equipment, to collect and report accounting
14. General Ledger J. An accounting record used to record all business 13. Posting data.
15. Subsidiary activities for which a special journal is not maintained. 14. General J. An accounting record used to record all business
Ledgers K. The process of summarizing transactions by Ledger activities for which a special journal is not maintained.
transferring amounts from the journals to the ledger 15. Subsidiary K. The process of summarizing transactions by
accounts. Ledgers transferring amounts from the journals to the ledger
L. The grouping of supporting accounts that in total accounts.
equal the balance of a control account in the general L. The grouping of supporting accounts that in total
ledger. equal the balance of a control account in the general
M. The general ledger account that summarizes the ledger.
detailed information in a subsidiary ledger. M. The general ledger account that summarizes the
N. A collection of all the accounts used by a business detailed information in a subsidiary ledger.
that could appear on the financial statements. N. A collection of all the accounts used by a business
O. A system of recording transactions in a way that that could appear on the financial statements.
maintains the equality of the accounting equation. O. A system of recording transactions in a way that
P. Records in which transactions are first entered, maintains the equality of the accounting equation.
providing a chronological record of business activity. P. Records in which transactions are first entered,
Q. The recording of a transaction in which debits providing a chronological record of business activity.
equal credits. It usually includes a date and an Q. The recording of a transaction in which debits
explanation of the transaction. equal credits. It usually includes a date and an
explanation of the transaction.
B. Financial Statements
1. Using the following (scrambled) accounts, prepare a balance sheet for ABC, a retail company, for the year ending in
December 31, 2014. Assume that these are the only Balance Sheet Accounts.

2. Prepare a multi-step income statement for the retail company, ABC, for the year ending December 31, 2014 given the information below:

1. A-Mart’s current assets are PHP___________________.

2. A-Mart’s current liabilities are
PHP___________________.
3. A-Mart’s total assets are PHP___________________.
4. A-Mart’s total liabilities are PHP____________________.
5. A-Mart’s total stockholder’s equity is
PHP___________________.
B. Financial Statements
1. Using the following (scrambled) accounts, prepare a balance
sheet for ABC, a retail company, for the year ending in
December 31, 2014. Assume that these are the only Balance
Sheet Accounts.

2. Prepare a multi-step income statement for the retail company,

ABC, for the year ending December 31, 2014 given the
information below:

1. A-Mart’s current assets are PHP___________________.

2. A-Mart’s current liabilities are
PHP___________________.
3. A-Mart’s total assets are PHP___________________.
4. A-Mart’s total liabilities are PHP____________________.
5. A-Mart’s total stockholder’s equity is
PHP___________________.