4th Monthly Test in Computer 10

Name: ____________________________________ Grade and Section :___________________Date:

_______________

I. Identify the fundamental concept described by the statement. Write your answer on the space
provided. 2pts each
___________________ 1. A 12-month period which commences and ends on the months that are
considered as applicable or beneficial for the business.
___________________ 2. The official list of account titles used by a business entity to ensure uniformity
and consistency.
___________________ 3. The accounting tool used to prove the equality between the total debits and
total credits of the general ledger.
___________________ 4. This sets of procedures is performed every year-end of the accounting period
in order to bring the general ledger balances as closely and as
accurately as possible to the actual financial condition of a business.
___________________ 5. This represents the entire set of accounting steps performed during a
particular accounting period.
___________________ 6. The step performed after the transaction has been analyzed.
___________________ 7. This accounting item provides the basis for a transaction and its accounting
entries.
___________________ 8. This value is determined by the formula “Asset-Liabilities”.
___________________ 9. A temporary general ledger account in which the income and expense
accounts are summarized.
___________________ 10. The results of the year’s business operation that will create an increasing
effect on the Owner’s Capital.
II. Identify the following. Write A if it refers to asset, B if it refers to liabilities, C if it refers to
a capital account. Write your answer on the space provided. 1pt each
___________ 1. Petty Cash Fund for PhP 5, 000.
___________ 2. Account with supplier; balance of PhP 2, 000 due on Sept. 30, 2016.
___________ 3. Customer’s account with a balance of PhP 2, 000 due on Sept. 30, 2016.
___________ 4. Money borrowed from a bank; payable in two years; PhP 100,000.
___________ 5. Checking account maintained at WestBank; current balance PhP 10,000.
___________ 6. Payment of company car financing loan at Signet Motors – PhP 112,000.
___________ 7. PhP 20,000 transferred from cash register machine to cash safe.
___________ 8. 100 pieces of CD stocks; units cost is PhP 5.00; selling price is PhP 12.00.
___________ 9. PhP 75,000 personal money deposited under the business name.
___________ 10. Net loss of PhP 3,110 realized in 2015.
III. Underline the correct accounting terminology. 1pt each
1. (Contribution, Deduction) is a specific amount subtracted from an income.
2. (Fixed Asset, Current Asset), a non-consumable resource depreciated over its estimated life.
3. A period of coverage from July 01, 2016 to July 01, 2021 is a (short-term, long-term) plan.
4. An (investor, incorporator) contributes to the initial capital of a corporation.
5. A business (industry, entity) refers to a “being” that is separate from its owner/s.
6. (Resources, Profits) refers to the assets of the business.
7. A (single proprietor, investor) sets aside personal assets to put up its own business.
8. (Net of, On account) denotes that the purchase was made on credit.
9. (Profit, Benefit) is the difference between the actual cost of goods sold and the selling price.
10. (Transaction, Account Balance) refers to the latest figures reflected in the balance column.
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