Diagnostic Test Fabm 2 - Fabm2 PDF

lOMoARcPSD|46634563 Diagnostic test fabm 2 - fabm2 Bachelor of Science in Accountancy (Mabini National High School) Scan to open on Studocu Studocu is not sponsored or endorsed by any college or un...

lOMoARcPSD|46634563 Diagnostic test fabm 2 - fabm2 Bachelor of Science in Accountancy (Mabini National High School) Scan to open on Studocu Studocu is not sponsored or endorsed by any college or university Downloaded by Yukiba Akito ([email protected])  lOMoARcPSD|46634563 Fundamentals of Accountancy, Business, and Management 2 Stem Option: Read each item carefully. Choose the BEST answer and write it on your answer sheet. Use CAPITAL LETTER only. Erasure means wrong. 1. This statement includes the amounts of the company’s total assets, liabilities, and owner’s equity which in totality provides the condition of the company on a specific date. A. Statement of Financial Position B. Permanent account C. Statement of Comprehensive Income D. Contra Asset 2.Liabilities that do not fall due (paid, recognized as revenue) within one year after year-end date. A. Current Liability B. Liability C. Noncurrent liability D. All of the above 3. Happy Selling’s Accounts Receivable amounted to Php 500,000. Prepaid Expense and Unearned Income totaled Php 30,000 and Php 10,000 respectively. Cash balance amounted to Php 100,000 while Accounts Payable and Inventory totaled to Php 20,000 and Php 10,000 respectively. How much is the company’s Current liabilities? A. P 30, 000 B. P 60, 000 C. P 640, 000 D. P 340, 000 4. A form of the SFP that shows asset accounts first and then liabilities and owner’s equity accounts after A. Account Form B. Report Form C. Chart Form D. Title form 5. Company’s Total Liabilities and Equity amounted to P 285,000. Total noncurrent assets ended at P 85,000. Cash totaled P 50,000. Inventory amounted to P 100,000. Assuming the company had no other assets, how much is Accounts Receivable? A. P 85, 000 B. P 520, 000 C. P 50, 000 D. P 200, 000 6. Which Of the following account titles is an example of liability? A. Accrued Income B. Prepaid expenses C. Inventory D. Accrued expenses 7. At the end of the first month of operations for Juana’s Delivery Service, the business had the following accounts: Accounts Receivable, P 1,200; Prepaid Insurance, P 500; Equipment, P36, 200 and Cash, P40, 650. On the same date, Juana owed the following creditors: Nena’s Supply Company, P12, 000; Maria’s Equipment, P9, 500. The current assets for the Juana’s Delivery Service are. A. P 67, 350 B. P 50, 500 C. P 104, 350 D. P 42, 350 8. Contains the results of the company’s operations for a specific period of time which is called net income if it is a net positive result while a net loss if it is a net negative result. a. Statement of Financial Position B. Permanent account C. Statement of Comprehensive Income D. Contra Asset 9.This account is debited in order to record returns of customers or allowances for such returns A. Purchase Discount B. Sales Discount C. Sales Return D. Purchase Return 10.This account is used to record transportation costs of merchandise purchased by the company A. Contra Purchases B. Freight In C. Purchases D. Single Step 11.Learning is Fun Company generated revenues amounting to Php 100,000. Expenses for the year totaled Php 76,000. How much is the company’s net income for the year? A. P 176, 000 B. P 24, 000 C. 52, 500 D. P 24, 000 12. Happy Selling’s Sales amounted to Php 500,000. Sales returns and sales discounts amounted to Php 30,000 and Php 10,000 respectively. Purchases of the company totaled Php 100,000 while purchase returns and purchase discounts amounted to Php 20,000 and Php 10,000 respectively. How much is the company’s Net Sales? A. P 345, 000 B.P 525, 000 C. P 460, 000 D. P 320, 000 13. This statement is prepared prior to preparation of the Statement of Financial Position to be able to obtain the ending balance of the equity to be used in the SFP. a. Statement of Financial Position B. Permanent account C. Statement of Comprehensive Income D. Statement of Changes in Equity 14. An entity whose assets, liabilities, income and expenses are centered or owned by only one person. A. Sole proprietorship B. Partnership C. Corporation D. Cooperative 15. Which form of business organization puts the least risk on its owners? A. Sole proprietorship B. Partnership C. Corporation D. Cooperative. 16. Ending owner’s equity amounted to P70,000. Additional investments during the year amounted to P30,000. Withdrawals totaled P50,000. Compute for the company’s net income for the year assuming beginning equity is P10,000. Answer: P80,000 A. P 80, 000 B. P 90, 000 C. P 75, 000 D. P 85, 000 17. Provides an analysis of inflows and/or outflows of cash from/to operating, investing, and financing activities. A. Cash Flow Statement B. Indirect Statement C. Direct Statement D. Either A or B 18. Activities that are directly related to the main revenue-producing activities of the company such as cash from customers and cash paid to suppliers/employees. A. Operating Activities B. Investing Activities C. Financing Activities D. Beginning Activities 19. The balance of the cash account at the end of the accounting period computed using the beginning balance plus the net change in cash for the current period. a. Financial Cash Balance B. Beginning Cash Balance C. Net Change in Cash D. Ending Cash Balance 20. The process of evaluating risks, performance, financial health, and prospects of a business by subjecting financial statement data to computational and analytical techniques with the objective of making economic decisions. A. Financial Statement Analysis B. Vertical Analysis C. Horizontal Analysis D. Both A and B 21. If current assets are ₱270,000 and total assets are ₱810,000, what percentage of total assets are current assets? A. 3.5 percent B. 30 percent C. 25 percent D. 33 percent 22. A firm had owner’s capital of ₱150,000 in 2013 and ₱187,500 in 2013. The increase in owner’s capital from 2013 to 2014 is A. 12.5 percent. B. 20 percent. C. 25 percent. D. 125 percent 23. The relationship is expressed in terms of a percentage, a rate, or a simple proportion A. Ratio Analysis B. Vertical Analysis C. Horizontal Analysis D. Financial Analysis 24. An entry that involved two accounts only, one debit and one credit is called. A. Simple Entry B. Compound Entry C. Complex Entry D. All of the above 25. The bank or other financial institution where the cheque can be presented for payment A. Drawee B. Drawer C. Payee D. Payor Downloaded by Yukiba Akito ([email protected])  lOMoARcPSD|46634563 Downloaded by Yukiba Akito ([email protected])  lOMoARcPSD|46634563 b. Both A and B c. Neither A nor B Downloaded by Yukiba Akito ([email protected])  lOMoARcPSD|46634563 16. D. Both A and B 17. A firm had owner’s capital of ₱150,000 in 2013 and ₱187,500 in 2013. The increase in owner’s capital from 2013 to 2014 is A. 12.5 percent. B. 20 percent. C. 25 percent. D. 125 percent 18. The relationship is expressed in terms of a percentage, a rate, or a simple proportion A. Ratio Analysis B. Vertical Analysis C. Horizontal Analysis D. Financial Analysis 19. Which of the following is/are the importance of using a journal a. The journal shows all information concerning a particular transaction. b. The journal provides a chronological record of all the financial events in the business over time. c. Both A and B d. Neither A nor B 20. An entry that involved two accounts only, one debit and one credit is called. A. Simple Entry B. Compound Entry C. Complex Entry D. All of the above 21. Which of the following is the correct journal entry of the following independent transactions: Butch Auto Repair purchased a building for his business at a cost of P500, 000. Butch paid P300, 000 and for the balance he issued a promissory note payable 60 days after. a. Building 500,000 Cash 300,000 Note Payable 200,000 b. Building 300,000 Cash 200,000 Note Payable 500,000 c. Building 500,000 Note Payable 200,000 d. Building 500,000 Note Payable 300,000 22. These are intended to provide an incentive for the depositor to save money. A. Savings Account B. Current Account C. Checking Account D. Withdrawal Account 23. The bank or other financial institution where the cheque can be presented for payment A. Drawee B. Drawer C. Payee D. Payor 24. It is a report which compares the bank balance as per company's accounting records with the balance stated in the bank statement. a. Time lags B. Financial Analysis Statement C. Errors D. B a n k R e c o n c i l i a ti on Statement Downloaded by Luchie Mae Picci o (p ic ci o lu c hie m ae @ g m a il. c om ) Downloaded by Yukiba Akito ([email protected])  lOMoARcPSD|46634563 25. Fees that are deducted from the bank statement for the bank's processing of the checking account activity A. Bank Service Charges B. Bank Errors C. NSF check D. Errors 26. Who are required to pay income tax in the Philippines? a. A non-resident citizen is taxable only on income earned in the Philippines b. An OFW is taxable on income earned outside the Philippines. c. A domestic corporation is taxable only on income derived from sources inside the Philippines. d. A foreign corporation is taxable on the income derived inside and outside the Philippines. 27. A compensation-earner who at the same time is engaged in business or practice of profession. A. Individual Income Earner B. Mixed Income Earner C. Couple Income Earner D. None of the above 28. Which of the following governing the tax law in the Philippines? a. National Internal Revenue Code of 1997 B. Republic Act of 1987 C. National Income Revenue Code of 1987 D. Executive Order 2107 29. It is defined as the tax on the net income, or the entire income realized in one taxable year. A. Income Tax B. BIR tax C. Taxation D. Gross Income 30. A BIR form file by a business taxpayer who are engage in sole/single proprietorship. A. BIR Form 1701 B. BIR Form 1700 C. BIR Form 2307 D. BIR Form 2300 31. Prizes and winnings are generally subject to what percent withholding tax except those that are tax exempt based on specific criteria in the law. A. 20% B. 15% C. 12% D. 10% 32. A form prepared by the buyer and sent to the seller to document the order and agreed upon terms of the purchase. A. Purchase Order B. Delivery Receipts C. Sales Invoice D. Official Receipts 33. It is used to document cash transaction. A. Purchase Order B. Delivery Receipts C. Sales Invoice D. Official Receipt 34. The following are kinds of bank forms EXCEPT A. Deposit slip B. Withdrawal slip C. Bank checks D. Subsidiary Slip 35. Amounts that are already received and recorded by the company but are not yet recorded by the bank. A. Deposit in transit B. Check Printing Charges C. Outstanding checks D. None of the above. Republic of the Philippines DEPARTMENT OF EDUCATION Region IV - A CALABARZON Division of Rizal KASIGLAHAN VILLAGE SENIOR HIGH SCHOOL San Jose, Rodriguez, Rizal S.Y. 2018 - 2019 ANSWER KEY: 1 A 11 D 21 D 31 A 2 C 12 C 22 C 32 B 3 A 13 D 23 A 33 A 4 B 14 A 24 C 34 A Downloaded by Luchie Downloaded Mae Piccio by Yukiba ([email protected]) Akito ([email protected])  lOMoARcPSD|46634563 5 C 15 C 25 A 35 A 6 D 16 A 26 A 36 A 7 D 17 A 27 A 37 A 8 C 18 A 28 A 38 D 9 C 19 D 29 D 39 D 10 B 20 A 30 A 40 A Prepared by : RICHARD B. HIDALGO Subject Teacher Downloaded by Yukiba Akito ([email protected])