SAINT BENILDE INTERNATIONAL SCHOOL (CALAMBA) INC.

Crossing, Calamba City, Laguna

HIGH SCHOOL DEPARTMENT

SECOND MONTHLY TEST

Bookkeeping

NAME: ______________________________ SCORE: _______/50=_______________

LEVEL AND SECTION: _________________ DATE: ____________________________
TEACHER: Mr. Jeremy Y. Cabillo PARENT’S SIGNATURE: _____________

I. IDENTIFICATION: 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’s
equity resulting from the operations and other activities of the
business.
_____________________3. It refers to the residual interest in
the assets of a business entity that remains after deducting the
entity’s liabilities.
_____________________4. Debts or obligations owed by one
entity to another entity payable in money, goods or services.
_____________________5. It is the decrease in owner’s
equity resulting from the cost of goods, fixed assets, and
services and supplies consumed in the operations of a
business.
_____________________6. It is the decrease in owner’s
equity resulting from withdrawals made by the owner.
_____________________7. It is the increase in owner’s
equity resulting from additional share of cash and/or other
properties from the owner.
_____________________8. It is the mathematical expression
of the relationship of property and property rights.
_____________________9. It refers to any event or condition
that must be recorded in the books of a business because of
its effect on the financial condition of the business.
_____________________10. It is the method of accounting
that records income in the period earned and records
expenses once incurred.

III. MATCHING TYPE: Match the definition in column A with the concept in column B.
Write the letter of your answer on the blank before each number.

A B
______11. significance of an item a. Conservatism
______12. revenues are recognized slower than expense b. Accounting Period
______13. business is separated from the owner c. Materiality
______14. the business will continue operating and will not close d. Business Entity
______15. operations can be separated into periods e. Going Concern
______16. measurement of monetary value f. Cost
______17. recording transactions as they occur even without cash g. Comparability
______18. same accounting method should be applied h. Accrual
______19. allows comparison of financial statements i. Money Measurement
______20. assets should be recorded at acquisition cost j. Consistency
 k. Matching Concept

II. ENUMERATION: Give examples of the following accounts.

A. Assets D. Revenue

21. _______________________________ 27. _____________________________

22. _______________________________ 28. _____________________________

B. Liabilities E. Expense

23. _______________________________ 29. _____________________________

24. _______________________________ 30. _____________________________

C. Owner’s Equity

25. _______________________________
26. _______________________________

IV. PROBLEM SOLVING Solve the following accounting problems. Show your complete
solution. Put a double rule below your final answer. Otherwise,
it will not be considered.

31-35. LIMBAG Printing Press has the following accounts:

- Prepaid Expense: Php 30,000 Solution:

- Machinery: Php 20,000
- Cash: Php 10,000

What is the total amount of its assets?

36-40. FARMVILLE Strawberry Farm has the following items in it:

- Land: Php 1,000,000 Solution:

- Machinery: Php 20,000
- Cash: Php 10,000
- Loan: Php 500,000

How much is the owner’s equity of the business?

41-45. Find the amount of the property owned by a business that has the following accounts:

- Accounts Payable: Php 50,000 Solution:

- Revenue: Php 120,000
- Expenses: Php 80,000
- Drawings: Php 20,000
- Investments: Php 50,000
- Beginning Capital: Php 50,000
How much is the property of the business?

46-50. Compute for the ending balance of the ASSETS, LIABILITIES and OWNER’S EQUITY
of the business with the following amount of transactions which occurred in its
accounting period:

Cash on Hand: 50,000 Notes Payable: 25,000

Cash in Bank: 150,000 Revenue: 200,000
Land: 1,000,000 Drawings: 50,000
Prepaid Expense: 75,000 Beginning Capital: 950,000
Accounts Payable: 50,000 Additional Investments 100,000
Show your solution using the Accounting Equation.