FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT I

PERIODICAL TEST
Name: _________________________________________________ Score: _________________
Year & Section: _________________________________ Date: ________________
I. IDENTIFICATION

Directions: Read carefully and write the correct answers. Wrong spelling means wrong.
Financial Statement Current Assets Liabilities Sales Journal

Assets Inventories Loans Payable Income Gain Special Journal

Salaries Expense Accounts Payable Equity Chart of Accounts

Journal Cash Utilities Payable Account Title Nominal Account

Losses Intangible Asset Ledger Real Account T-Account Debit and Credit

1. Any asset which can reasonably be expected to be sold, consumed, or exhausted through the
normal operations of a business within 12 months. _______________________________
2. It is the output or product of accountant in accounting process.
____________________________
3. Coins, currencies check and bank deposits that are readily available for use in the conduct of
business operations. _______________________
4. Is an obligation that arises from purchase of an asset or services on credit.
____________________________
5. It is the process of bookkeeping entries are laid out in a way that resembles a T-shape.
___________________________
6. It is the Temporary Accounts witch are closed at the end of every accounting period.
__________________________
7. Unpaid obligations of the business entity. _________________________
8. Refers to cash inflows or expected cash inflows that arise from the performance of service,
selling of goods or other incidental activities. _________________________
9. Represents the name of the ledger account being analyzed. _____________________
10. These are Accounting Jargons. __________________________
11. It is the permanent accounts and their balances are not closed at the end of the accounting period.
____________________________
12. Journal that are used to record transactions of a similar nature. __________________________
13. Listing of all accounts used in the general ledger of an organization.
________________________
14. A present economic resources controlled by the entity as a result of past event.
_________________________
15. The journal where only sales on account (credit sales) are recorded. ____________________
16. Goods or assets are readily available for sales. ______________________
17. Chronological record (arranged according to time of occurrence) of business transactions.
_____________________
18. The collection of all accounts for an accounting information system. More formalized and tracks
5 key accounting item; A, L, OE, R AND E. ____________________________
19. Obligations to pay the services used such as electricity, water, and telephone bills.
__________________________
20. It is a general increase in the value of an asset or property. And it arises if the current price of
something is higher than the original purchase price. _________________________
21. It is the Net Worth of the business entity. It is the equal to the amount invested by the owner plus
any amount earned or less any amount of loss incurred by the business. __________________
22. Assets that have no physical substance such as patents, trademarks, copyrights, license and
franchises. __________________________
23. All payments made to employees or workers for their services to the business entity.
_______________________
24. A decrease in net income that is outside the normal operations of the business.
____________________
25. The accounting equation is _________________________

II. MULTIPLE CHOICE

Directions: Read the question carefully. Encircle your best answer.

1. Amount owed to employees for hours worked but not yet paid.
a. Notes Payable c. Wages Payable
b. Interest Payable d. Accounts Payable

2. Recording transactions in the journal.

a. Journal c. Journal Entry
b. Journalizing d. Posting

3. Assets, Expenses and Withdrawal normally have _______________.

a. Credit Balance c. No normal Balance
b. Debit Balance d. Sometimes Credit, Sometimes Debit

4. A n event is said to be an economic event.

a. When it affects entity’s assets, liabilities and / or equity
b. When it increases entity’s assets, liabilities and /or equity
c. When it decreases entity’s assets, liabilities and / or equity
d. When it affects entity’s assets, liabilities only
5. It refers to a series of sequential step or procedures performed to accomplish the
accounting process.
a. Accounting Process c. Accounting Procedure
b. Accounting System d. Accounting Cycle

6. Liabilities, equity and Income accounts normally have ___________________.

a. Debit Balance c. No Normal Balance
b. Credit Balance d. Sometimes Debit, sometimes Credit

7. If the assets amounted to 120,000 and the liabilities worth 75,000. How much is the
owner’s Equity?
a. 195,000 c. 75,000
b. 120,000 d. 45,000

8. When the company receives cash from the payment of customers. What account is to be
Debited?
a. Owner’s Equity c. Accounts Receivable
b. Accounts Payable d. Cash

9. If the company pays bank loan, which account is to be credited.

a. Accounts Payable c. Notes Payable
b. Accounts Receivable d. Loans Payable

10. Which of the following is not correct regarding the rules of debit and credit?
a. An increase in asset is recorded as debit.
b. An decrease in liability is recorded as credit.
c. An increase in income is recorded as credit.
d. A decrease in capital is recorded as debit.

11. In which side of the T- account will an increase in liability be recorded?

a. Debit c. Left
b. Credit d. It is not recorded on the T- account

12. Which of the following account balances is normally shown on the debit side of the trial
balance?
a. Capital c. Expense
b. Revenue d. Liability

13. Which of the following transactions would result to a decrease in capital?

a. Additional investment of cash by the owner
b. Receipt of the internet bill for the month
c. Borrowing of cash from the bank
d. Collection of an account from a customer

14. Which of the following is an example of a permanent account?

a. Service Revenue c. Prepaid Expense
b. Utilities Expense d. Salaries Expense

15. All of the following are permanent accounts, except

a. Equipment c. Accrued Expense
b. Utilities Expense d. Salaries Expense

16. It is a list of all account titles used by the organization in recording transactions.
 a. Chart of Accounts c. Worksheet
b. Trial Balance d. Ledger

17. If total asset is 200,000 and the capital is 50,000, what is the amount of total liabilities?
a. 250,000 c. 150,000
b. 200,000 d. 50,000

18. A collection of accounts receivable will result to a debit to which of the following
accounts?
a. Accounts Receivable c. Cash
b. Service Revenue d. Utilities Payable

19. This is prepared every time a transaction is made.

a. Journal Entry c. Trial Balance
b. Financial Statements d. Worksheet

20. The journal is also known as

a. Book of Original Entry c. Trial Balance
b. Book of Account d. Worksheet

21. Posting is the process of transferring information from the _______________ to

___________________
a. Ledger ; Journal c. Trial Balance ; Worksheet
b. Journal ; Ledger d. Worksheet ; Financial Statement

22. The accounting equation may be expressed as any of the following, except
a. Assets = Liabilities + Capital
b. Liabilities = Assets – Capital
c. Capital = Assets – Liabilities
d. Assets = Liabilities – Capital

23. Which of the following is not likely to occur in the accounting equation?
Assets = Liabilities Capital
a. + 0 +
b. - - 0
c. + - 0
d. 0 + -

24. The amount of assets consumed or services used in the process of earning a revenue
a. Income c. Expenses
b. Assets d. Liabilities

25. Which of the following is not an asset?

a. Cash c. Land
b. Prepaid Expense d. Depreciation
III. TRUE OR FALSE
Directions: Draw Heart if the statement is True and Moon if the statement is False.
____________1. All transactions are entered in accounting records of the business organization.
____________2. It is possible that a transaction will affect only the asset side of the equation.
____________3. The process of transferring information from the journal to the ledger is called
posting.
____________4. An increase in asset is recorded on the debit side of the T-Account.
____________5. The normal balance of an account is the side where increases are recorded.
____________6. A decrease in liability is recorded as credit.
____________7. The double entry system states that for every debit there must be a
corresponding credit.
____________8. A chart of accounts is a listing of all the account tittles used by the business
recording transactions.
____________9. Only temporary accounts are closed at the end of accounting period.
____________10. If 5650 has been as 6550, a transposition error has been committed.
____________11. Throughout the accounting process, assets must be equal to liabilities and
equity.
____________12. If in any case the equation is not balance, there are no errors or mistakes in
recording the transactions.
____________13. An event is said to be an economic event when it affects entity’s assets,
liabilities and /or equity.
____________14. Book of accounts summarizes the increases and decreases of each account.
____________15. At least one account must be affected by the transaction.

IV.

d./

BUSINESS MATHEMATICS FRACTIONS, DECIMALS AND PERCENTAGES

FIRST QUIZ
Name: _________________________________________________ Score: _________________
Year & Section: _________________________________ Date: ________________

I. Fill in the blank, write the correct answer.

1. A number representing a part of a _________________ is called a fraction.
2. To change a fraction to a percent, first divide the numerator by the denominator to obtain a decimal
number. Then multiply the decimal number by 100 and add a ___________ sign.
3. To change a decimal number to a percent, multiply the decimal number by ______________ and add a
percent sign.
4. To change a percent to a decimal number, divide the number by 100 and _______________ to percent
sign.
5. The word percent comes from the latin word means __________________________________.

II. Multiple Choice: Read and understand each item very carefully. Then, encircle the letter of the
correct answer.

1. What is the decimal form of 3/5?

a. 0.6 c. 0.7
b. 0.65 d. 0.75
2. Which of the following is equivalent to 9/25?
a. 0.32 c. 0.36
b. 0.34 d. 0.40
3. What is the percent form of 4/10?
a. 4% c. 400%
b. 40% d. 4000%
4. Which is the percent for 3/8?
a. 0.375% c. 37.5%
b. 3.75% d. 375%
5. What is the percent form of 21/30?
a. 58% c. 65%
b. 60% d. 70%
6. Which is the fraction for 0.32?
a. 1/8 c. 8/25
b. 2/30 d. 2/3

7. What is 0.65 as a fraction in lowest term?

a. 13/20 c. 65/100
b. 13/40 d. 65/1000
8. Which is the fraction for 0.434?
a. 216/500 c. 218/500
b. 217/500 d. 219/500
9. Which of the following is equivalent to 0.35?
a. 3.5% c. 350%
 b. 35% d. 355%
10. Express 8.2 in percent form.
a. 820% c. 8.2%
b. 82% d. 0.82%
11. Express 35% as a fraction in lowest term.
a. 7/20 c. 9/20
b. 8/20 d. 12/20
12. A camera is discounted at 60% of its regular price. Which value is equivalent to 60%.
a. 3/4 c. 3/6
b. 3/5 d. 3/7
13. If you were to convert 99% in decimal form, what does it looks like?
a. 0.9 c. 9.9
b. 0.99 d. 9.99
14. Due to Covid-19 pandemic, only 24% of the previous students did not enrolled in a particular school.
What is 24% in decimal form?
a. 0.24 c. 0.0024
b. 0.024 d. 0.00024
15. If you were to convert 70% in decimal form, what does it looks like?
a. 0.7 c. 0.007
b. 0.07 d. 0.0007

. 

III. Complete me!

Complete the table below. Write the corresponding equivalents in the box.

Fraction Decimal Percent

1. 1/5

2. 3/20

3. 9/100

4. 0.4

5. 0.12
 6. 5.4

7. 34%

8. 115%

9. 4.5%

10. 144%

11. 32/10

12. 0.81

13. 9/10

14. 1.25

15. 24/25

IV. Problem Solving

Read and analyze the problem carefully. Answer it by showing your complete solutions.
Mary treated her friends Trisha, Ellen and Beatrice in a
pizza parlor. She Ordered 2 large pizzas. Each pizza was
sliced into 12. If the girls ate ¾ of the pizzas and Mary
brought home the remaining slices for her sisters, how
many slices of pizza did her sister receive? Express
your answer in fraction, decimal and percent form.
Solutions: Right here your answer!