Name:_____________________________________

Name:_____________________________________ Grade&Section: ____________________________

Grade&Section: ____________________________ Date______________________________________
Date______________________________________
THIRD PERIODICAL SUMMATIVE TEST IN FABM 2
THIRD PERIODICAL SUMMATIVE TEST IN FABM 2 S.Y. 2023-2024
S.Y. 2023-2024
TEST I – Preparation of SCI and SFP
TEST I – Preparation of SCI and SFP

Edlyn Eye Specialist

Edlyn Eye Specialist

2. Prepare an Account Form and Report Form, the

1. Prepare an Account Form and Report Form, the SFP for Drak Knight Inc. As of December 1, 2014;
SFP for Drak Knight Inc. As of December 1, 2014; a business owned by B. Wayne. Inorder to find the
a business owned by B. Wayne. Inorder to find the OE, used the accounting equation.
OE, used the accounting equation.
Accounts Receivable P3,100
Accounts Receivable P3,100 Accounts Payable 18,000
Accounts Payable 18,000 Office Supplies 900
Office Supplies 900 Cash 4,300
Cash 4,300 Office Equipment 11,600
Office Equipment 11,600 Shop Equipment 3,100
Shop Equipment 3,100 Bank Loan 25,000
Bank Loan 25,000 Mortgage Payable 52,000
Mortgage Payable 52,000 Building 135,000
Building 135,000 Land 46,000
Land 46,000
 B. Classification of Assets
1. Current Assets
2. Non-current Assets

C. Classification of Liabilities
1. Current Liabilities
2. Non-current liabilities

D. Examples of Current Assets.

1. Cash and cash equivalent
2. Trade Accounts Receivable
3. Notes Receivable

Test II:
1.current – Liabilities
2.current – Asset
3.non-current – Asset
4.non-current – Liabilities
5. Equity
6.current – Asset
7.non-current – Asset
8.non-current – Liabilities
9.current – Liabilities
10.Equity

Test III:
Additional Activities
1. Php210,000
2. Php 140,000
3. Php350,000
4. Php200,000
5. Php350,000

Answer Key:

Test I:
A. Statement of Financial Position usually consist of the
following types of accounts.
1. Permanent Account
2. Temporary Account
3. Contra-asset Account