Servite Catholic School
Poblacion 5, Laurel, Batangas
[email protected] 740-27-60
Name: _____________________________________________ Score: _________
Grade/Section: _____________ Date: ________ Parents signature: _________
MIDTERM EXAMINATION IN
FUNDAMENTALS OF ACCOUNTANCY BUSINESS AND MANAGEMENT 2
Test I. Determine if the following accounts are Assets, Liabilities, or Equity. Write A if it
is assets, L if Liabilities, or E if Equity on the blank before each number.
__________1. Capital
__________2. Accounts Receivables
__________3. Cash
_________ 4. Equipment
_________5. Notes payable
_________ 6. Mortgage payable
_________ 7. Notes Receivable
_________ 8. Property
_________ 9. Inventories
_________10. Long-term payable
TEST II. Identification. Identify what is being asked. Write your answer on the space
provided before each number.
_________________11. income derived from the other activities in the business.
_________________12. refers to rendering of professional services to clients or patients
like legal fees income for lawyers, accounting and auditing fees for
accountants, medical fees for doctors, dental fees for dentists, etc.
or income from the use of other entities of the resources of the
enterprise such as royalties income, rental income, interest income,
etc.
_________________13. income generated from the primary operations of the business.
_________________14. generally used to describe revenue derived from rendering of
services.
_________________15. is the total amount of the capital invested by the owner into a
business, affected by withdrawals made by the owner and the net
income or net loss that the business entity gained or incurred during
its operations. It is the residual interest after liabilities are deducted
from the assets
_________________16. It shows a company's financial condition as of a given period. It
shows the assets, liabilities, and equity of a business.
_________________17. These are things a business owns and are used to make goods
or render services, giving a business revenue.
_________________18. are obligations to other companies, such as debts, loans, and
other things that the business should pay.
_________________19. are the total amount that the company generates from selling
goods.
_________________20. is the total cost incurred in producing the goods sold to
customers
Test III. Solve the following problem. Write your answer at the back of your Test paper.
21-25 (5 pts)
Mary Hester’s Trading Company has Php 50,000 of capital at the beginning of a
reporting period. The entity earns Php 7,860 of income, and the owner withdraws
Php 1,500 from the capital account for the year ended of December 21, 2021.
Prepare the Statement of Changes in Equity
26-45(20 pts)
Presented below are the balances of MR merchandizing on December 31,2021
Prepare the report form of MR merchandizing’s Statement of Financial Position.
Cash- 25,000
Accounts Receivable- 14,000
Supplies- 2,300
Inventory- 46,300
Building- 2,734,000
Accumulated Depreciation-Building- 230,000
Furniture & Fixture- 60,000
Accumulated Depreciation - Furniture & Fixtures-
5,000
Accounts Payable- 340,000
Interest Payable- 187,600
Bonds Payable- 576,000
Ms. Han, Capital- 1,543,000
Test V. Essay (5pts)
46-50. Why do accountants need to prepare the Statement of Financial Position?
Prepared by:
MS. MARY HESTER A. DE LEON
FABM Teacher
Checked by:
SR. MARY ROWENA A. CAÑETE, OSM.
Principal
“Philippians 4:13 - “I can do all things through him who strengthens me.”
