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  • FABM 1-Answer Sheet-Q1 - Summative Test

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    Florante De Leon
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    This document provides an accounting test for a student. It includes: 1) An identification section requiring the student to match accounting terms to their definitions. 2) A worksheet section requiring the student to journalize business transactions for a cleaning service and prepare related accounting statements. 3) Transactions include investing cash and equipment in the business, paying expenses, purchasing supplies, borrowing money, receiving payment for services, and withdrawing cash. 4) The student is asked to journalize the transactions, post entries to ledger accounts, prepare a trial balance, and financial statements including an income statement, statement of owner's equity, and balance sheet.

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    FABM 1-Answer Sheet-Q1- Summative Test

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    This document provides an accounting test for a student. It includes: 1) An identification section requiring the student to match accounting terms to their definitions. 2) A worksheet section requiring the student to journalize business transactions for a cleaning service and prepare related accounting statements. 3) Transactions include investing cash and equipment in the business, paying expenses, purchasing supplies, borrowing money, receiving payment for services, and withdrawing cash. 4) The student is asked to journalize the transactions, post entries to ledger accounts, prepare a trial balance, and financial statements including an income statement, statement of owner's equity, and balance sheet.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    1K views2 pages

    FABM 1-Answer Sheet-Q1 - Summative Test

    Uploaded by

    Florante De Leon
    This document provides an accounting test for a student. It includes: 1) An identification section requiring the student to match accounting terms to their definitions. 2) A worksheet section requiring the student to journalize business transactions for a cleaning service and prepare related accounting statements. 3) Transactions include investing cash and equipment in the business, paying expenses, purchasing supplies, borrowing money, receiving payment for services, and withdrawing cash. 4) The student is asked to journalize the transactions, post entries to ledger accounts, prepare a trial balance, and financial statements including an income statement, statement of owner's equity, and balance sheet.

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    of 2

    Answer Sheet in Fundamentals of Accountancy, Business and Management 1

    Quarter1
    Summative Test
    Name: ________________________________________ Score: ____________________
    Grade/Section: _______________________________
    I. Lesson: Accounting Cycle of a Service Business
    II. Learning Competencies: ABM_FABM11-IIIg-j-26-29
    III. Content/Assessment
    General Direction: This is 80-item test, read each direction written in every type of test.

    Part I. Identification.

    Direction: Identify what is being described in the following and write your answer on the
    space provided. Choose your answer from the given text box below.

    _________ 1. These are the finance records, ledger and journals that compose the
    company’s accounts.
    _________ 2. A chronological record of all company’s transactions listed by date. Also
    referred to us Book of Original Entry.
    _________ 3. Typically displays the transaction’s date, account titles and explanations,
    references and respective amounts of corresponding accounts.
    _________ 4. Grouping of all accounts (assets, liabilities, and equity) with their balances.
    _________ 5. Grouping of all accounts of a company showing its respective outstanding
    balances also called as the book of final entry.
    _________ 6. Kind of journal which is used by large companies for recurring transactions
    such as sales on account and purchases of merchandise on account.
    _________ 7. Provides more detailed individual balances of accounts such as accounts
    receivable and accounts payable.
    _________ 8. Defined as a resource that is owned or controlled by a company that can be
    used to provide a future economic benefit.
    _________ 9. Defined as debts owed to other companies or creditors claim on a company’s
    asset.
    _________ 10. These assets include goodwill, patents, and websites that can’t be touched.

    Books of Accounts Special Journal


    Journal Subsidiary Ledger
    General Journal Asset
    General Ledger Liabilities
    Ledger Intangible Asset
    Part II. Worksheet

    Direction: Journalize the following transactions, please refer to the given chart of account
    for the correct reference number. Don’t forget to write the date and explanation
    for each transaction (40pts).

    Chart of Accounts
    Asset Owner's Equity
    101 Cash 301 Capital
    102 Office Supplies 302 Service Income
    103 Equipment 303 Withdrawal
    104 Prepaid Rent
    105 Accounts Receivable

    Liabilities Expenses
    201 Accounts Payable 401 Interest Expense
    402 Taxes and Licenses

    Prepare journal entries in the general journal for the following business transactions for the
    month of July 2018 of Nhilo Kho Cleaning Services.

    July 1 Nhilo invested cash amounting 250,000 and equipment worth 180,000 in his
    Nhilo Kho Cleaning Services.

    July 2 Paid 20,000 for all the necessary business taxes and licenses to operate her
    business

    July 3 Purchased office supplies worth 15,000 for cash.

    July 4 Borrowed additional cash from RCBC 60,000 with 10% interest for additional
    operating expenses of the business.

    July 8 Paid 26,000 for two months rental in advance.

    July 10 Purchased additional equipment worth 75,000 but paying only 30,000 cash and
    balance 45,000 payable in 5 monthly installments.

    July 12 Received cash for the cleaning services amounting to 75,000.

    July 15 Rendered services on account amounting to 55,000

    July 25 Collected cash from customer on account, 45,000

    July 30 Withdrew cash for personal use 12,000


    If you have any questions
    or concerns about the matter
    Required. above, please do not hesitate
    to contact me: Mr. Florante P. De Leon,
    1. Prepare Journal Entries FB Messenger:
    https://m.me/florante.deleon
    2. Post the entries to the ledger accounts
    3. Trial Balance
    4. Prepare income statement, statement of changes in owner’s equity and balance
    sheet

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