FABM 1-Answer Sheet-Q1 - Summative Test
FABM 1-Answer Sheet-Q1 - Summative Test
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.
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 4 Borrowed additional cash from RCBC 60,000 with 10% interest for additional
operating expenses of the business.
July 10 Purchased additional equipment worth 75,000 but paying only 30,000 cash and
balance 45,000 payable in 5 monthly installments.