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SAINT BENILDE INTERNATIONAL SCHOOL (CALAMBA) INC.Crossing, Calamba City, LagnaHI!H SCHOOL DE"ARTMENT

SECOND MONTHL# TEST

Boo$$%%&ing

NAME' SCORE' *+ LE-EL AND SECTION' DATE'  TEACHER' Mr. %r%my #. Cabillo "ARENT/S SI!NAT0RE'  

 

I. IDENTI1ICATION' Write on the blank what is being described in each number.

 _____________________1. An economic resource that is

expected to be of benefit in the future.

 _____________________2. It is the gross increase in owner’sequit resulting from the operations and other acti!ities of the

business.

 _____________________". It refers to the residual interest in

the assets of a business entit that remains after deducting the

entit’s liabilities.

 _____________________#. $ebts or obligations owed b one

entit to another entit paable in mone% goods or ser!ices.

 _____________________&. It is the decrease in owner’s

equit resulting from the cost of goods% fixed assets% and

ser!ices and supplies consumed in the operations of abusiness.

 _____________________'. It is the decrease in owner’s

equit resulting from withdrawals made b the owner.

 _____________________(. It is the increase in owner’s

equit resulting from additional share of cash and)or other 

properties from the owner.

 _____________________*. It is the mathematical expression

of the relationship of propert and propert rights.

 _____________________+. It refers to an e!ent or condition

that must be recorded in the books of a business because of 

its effect on the financial condition of the business.

 _____________________1,. It is the method of accounting

that records income in the period earned and records

expenses once incurred.

III. MATCHIN! T#"E' Mat23 t3% 4%5inition in 2olmn A 6it3 t3% 2on2%&t in 2olmn B.7rit% t3% l%tt%r o5 yor ans6%r on t3% blan$ b%5or% %a23 nmb%r.

A B

 ______11. significance of an item a. -onser!atism ______12. re!enues are recognied slower than expense b. Accounting /eriod ______1". business is separated from the owner c. 0aterialit ______1#. the business will continue operating and will not close d. usiness ntit ______1&. operations can be separated into periods e. 3oing -oncern ______1'. measurement of monetar !alue f. -ost ______1(. recording transactions as the occur e!en without cash g. -omparabilit ______1*. same accounting method should be applied h. Accrual ______1+. allows comparison of financial statements i. 0one 0easurement ______2,. assets should be recorded at acquisition cost 4. -onsistenc

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k. 0atching -oncept

II. EN0MERATION' !i8% %9am&l%s o5 t3% 5ollo6ing a22onts.

 A. Assets $. 5e!enue

21. _______________________________ 2(. _____________________________ 22. _______________________________ 2*. _____________________________ 

. 6iabilities . xpense

2". _______________________________ 2+. _____________________________ 2#. _______________________________ ",. _____________________________ 

-. 7wner’s quit

2&. _______________________________ 2'. _______________________________ 

I-. "ROBLEM SOL-IN! Sol8% t3% 5ollo6ing a22onting &robl%ms. S3o6 yor 2om&l%t%soltion. "t a 4obl% rl% b%lo6 yor 5inal ans6%r. Ot3%r6is%,it 6ill not b% 2onsi4%r%4.

"18"&. 6I0A3 /rinting /ress has the following accounts9

8 /repaid xpense9 /hp ",%,,, :olution98 0achiner9 /hp 2,%,,,8 -ash9 /hp 1,%,,,

What is the total amount of its assets;

"'8#,. <A50=I66 :trawberr <arm has the following items in it9

8 6and9 /hp 1%,,,%,,, :olution98 0achiner9 /hp 2,%,,,8 -ash9 /hp 1,%,,,8 6oan9 /hp &,,%,,,

>ow much is the owner’s equit of the business;

#18#&. <ind the amount of the propert owned b a business that has the following accounts9

8 Accounts /aable9 /hp &,%,,, :olution98 5e!enue9 /hp 12,%,,,8 xpenses9 /hp *,%,,,8 $rawings9 /hp 2,%,,,8 In!estments9 /hp &,%,,,8 eginning -apital9 /hp &,%,,,

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>ow much is the propert of the business;

#'8&,. -ompute for the ending balance of the A::?:% 6IAI6I?I: and 7W@5’: BI?C

of the business with the following amount of transactions which occurred in itsaccounting period9

-ash on >and9 &,%,,,-ash in ank9 1&,%,,,6and9 1%,,,%,,,/repaid xpense9 (&%,,,

 Accounts /aable9 &,%,,,

@otes /aable9 2&%,,,5e!enue9 2,,%,,,$rawings9 &,%,,,eginning -apital9 +&,%,,,

 Additional In!estments 1,,%,,,

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:how our solution using the Accounting quation.