Fundamentals of

Accounting, Business
and Management 2
GINA T. RIVERA, M.B.A.
Master Teacher I
CHAPTER I:
STATEMENT OF FINANCIAL
POSITION
 Identify
the elements of the SFP and
describe each of them
 Classify
the elements of the SFP into
current and noncurrent items
 Prepare the SFP of a single proprietorship
 Prepare the SFP using the Report Form and
the Account Form with the proper
classification of items as current and non
current
GROUP ACTIVITY: 1

identify the word using

the scrambled letter
given and the meaning
of the word…
1.
THE AMOUNT REPORTED ON
THE BALANCE SHEET ARE AS OF
_________ IN TIME

NITPO
2. RESOURCES

SSSTAE
3. OBLIGATIONS

EITILASIBIL
4.SALES ON ACCOUNT THAT
HAS NOT BEEN COLLECTED

LVEIECAERB
5. MERCHANDISE ON HAND

NYTRIEONV
6.THE TOTAL DEPRECIATION
SINCE THE ASSET WAS
ACQUIRED IS ______________
DEPRECIATION

ELUAUTCCDAM
7. AMOUNTS OWED FOR
GOODS AND SERVICES
RECEIVED ON ACCOUNT ARE
ACOUNTS

LAABEPY
8.A CORPORATIONS OWNER’S
EQUITY IS REFERED TO AS
__________________’S EQUITY

THEROLKODSCS
9. THE CUMULATIVE AMOUNTOF
CORPORATIONS EARNINGS LESS
ITS CUMULATIVE DIVIDENDS IS
_____________ EARNINGS

TDERAIEN
 10. THE COMPANY PAID THE
INSURANCE PREMIUMS IN ADVANCE
SHOULD REPORT IN THE UNEXPIRED
COST IN THE ACCOUNT OF
“________________ INSURANCE”

EAPDRIP
11.A SMALL AMOUNT OF CASH
AVAILABLE TO MAKE SMALL
OUTLAYS IS KNOWN AS THE
“_________________ CASH
FUND”

TYPET
12.INVENTORY IS REPORTED
AS ___________ ASSETS

NTRUCER
13.PATENTS, TRADEMARKS,
COPYRIGHT AND GOODWILL
AREEXAMPLES OF
______________ ASSETS

BALEGITNIN
14.INVENTORIES ARE OFTEN
REPORTED AT A LOWER COST
OR AT ________________
VALUE

KATMER
 15. THE ACCUMULATED
DEPRECIATION AND ALLOWANCE
FOR DOUBTFUL ACCOUNTS ARE
ALSO CALLED _________-ASSET
ACCOUNT

TROCAN
GROUP ACTIVITY: 2

SELECT THE CORRECT

ANSWER FOR THE
FOLLOWING QUESTIONS…
TIME IS UP!!!!

SCORE TALLYING…

GOODLUCK…..