SAN PEDRO APARTADO NATIONAL HIGH SCHOOL

Alcala, Pangasinan 2425

TABLE OF SPECIFICATION
FOR THE SECOND SEMESTER

SUBJECT: FABM 1 GRADE: GRADE 11 GRADING PERIOD: FIRST QUARTER SCHOOL YEAR: 2018-2019

ITEM PLACEMENT K
R U A A E C E
y
No. of No. TEST ITEMS
CONTENT Learning CODE Teaching of A
Competencies Day Items n
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e
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1. 1. define ABM_FABM11- 1 2 1. Which of the following is not a step in the 1. D
INTRODUCTION accounting IIIa-1 accounting process?
TO a. Identification
ACCOUNTING b. Communication
c. Recording
d. Verification
2. The following statements about accounting process 2. D
is true EXCEPT
a. The accounting process consists of identifying
economic events, recording these events, and
communicating these events to external users
only.
b. The accounting process consists of identifying
economic events, recording these events, and
communicating these events to internal and
external users.
c. The accounting process consists of identifying
economic events, recording these events, and
communicating these events to internal users
only.
d. A and c only
2. describe the ABM_FABM11- 1 2 3. Which nature of accounting best emphasizes that 3. C
nature of IIIa-2 accounting is not the objective?
accounting a. Accounting is an art.
b. Accounting deals with financial information and
transactions.
c. Accounting is a means not an end.
d. Accounting is a process.
4. It is a nature of accounting which entails creativity
and skills to help us attain some objectives.
a. Accounting is an art.
b. Accounting deals with financial information and 4. A.
transactions.
c. Accounting is a means not an end.
d. Accounting is a process.
3. explain the ABM_FABM11- 1 2 5. Which of the following does NOT show one of the 5. D.
functions of IIIa-3 main functions of accounting?
accounting in a. Fred prepared a report to be submitted to the
business taxing authorities.
b. John recorded the purchase of an equipment
in the accounting books immediately after
purchase.
c. Jason prepares financial reports monthly for the
company’s stakeholders.
d. Allen canvassed the price of sewing machine to
be used in the company’s operations.
6. Julie, the chief accountant of Jollibee is preparing
for a meeting with the top management. This
meeting is done monthly to evaluate the
performance of the company. Which step of the
accounting process is most likely being done?
a. Recording
b. Communication 6. C.
c. Identification
d. Classification
4. narrate the ABM_FABM11- 1 2 7. Who is considered as the father of modern 7. B
history/origin of IIIa-4 accounting?
accounting a. Queen Victoria
b. Luca Pacioli
c. Augustus
d. Suetonius
8. The history of accounting covers a very long period. 8. C.
Which of the following statements regarding the
history of accounting is NOT correct?
 a. PAS and PFRS are the standards followed by
accountants in performing their profession in the
present day.
b. It is believed that accounting was being used as
early as the days of the ancient Mesopotamia.
c. During the fourteenth century Italy, the use of
the single-entry bookkeeping became
widespread due to the work of Luca Pacioli.
d. The modern profession of chartered
accountants originated in Scotland.
2. BRANCHES OF 1. differentiate ABM_FABM11- 2 5 9. This branch of accounting deals with financial 9. A
ACCOUNTING the branches of IIIa-5 transactions of a business.
accounting a. Financial Accounting
b. Management Accounting
c. Cost Accounting
d. Government Accounting
10. This branch of accounting focuses on creating
value for the business by providing information used 10. B
in the financial accounting and management
accounting fields.
a. Accounting Education
b. Cost Accounting
c. Tax Accounting
d. Auditing
11. Information produced by this branch of accounting
aims to educate students in the field of
accountancy. 11. A
a. Accounting Education
b. Accounting Research
c. Financial Accounting
d. Management Accounting
12. It examines and evaluates financial statements of a
company independently.
a. Auditing
b. Cost Accounting
c. Financial Accounting 12. A
d. Government Accounting
13. Reports generated by this branch of accounting
depend on the requests of management.
a. Financial accounting
b. Management accounting
c. Cost accounting
d. Government accounting 13. B
 ABM_FABM11- 2 4 14. Which of the following is not a role of a 14. C
2. explain the IIIa-6 management accountant?
kind/type of a. Assists in the preparation of general-purpose
services financial statements.
rendered in b. Monitors spending and financial control.
each of these c. Conducts internal business audits.
branches d. Explains the impact of the competitive
landscape.
15. Which government agency is responsible for the
safekeeping of the national funds of the 15. A
government?
a. Bureau of Treasury
b. Department of Budget and Management
c. Commission on Audit
d. Bureau of Internal Revenue
16. The role of the Commission on Audit in the 16. B.
Government Accounting process includes
a. Efficient and sound utilization of government
funds
b. Keeping and updating the accounting books of
the government
c. Management and distribution of government
funds
d. Safekeeping of the national funds
17. Which of the following is a purpose of auditing? 17. C.
a. To ensure that the financial statements are free
from errors
b. To check the presentation of the financial
statements
c. To enhance credibility of the financial
statements
d. None of the above
3. USERS OF 1. define ABM_FABM11- 2 4 18. Which among the following is considered an 18. C.
ACCOUNTING external users IIIa-7 external user of accounting information?
INFORMATION and gives a. Production Supervisor
examples b. Beth, an employee who granted a loan to the
company
c. Marie, a financial analyst trying to find the value
of a business
d. Chief Operating Officer
19. This group of users of accounting information
invested resources to the company with the hopes
of earning acceptable returns.
 a. Creditors 19. C
b. Government
c. Potential investors
d. Owners or stockholders
20. Which of the following does NOT fall under the
category of customer?
a. Daniel, a client of MNT Auditing Firm.
b. Banjo, a regular purchaser of deodorant in Aling
Nelia’s Sari-Sari Store. 20. C
c. Ryan, an individual collecting annual payments
from Company XYZ.
d. Jerome, a loyal gamer in Net X Computer Shop.
21. Of all external users, which group would least likely
examine a company’s financial statements?
a. General Public
b. Government
c. Creditors
d. Customers

21. A.

2. define internal ABM_FABM11- 2 4 22. Which among the following is NOT considered an 22. C.
users and give IIIa-8 internal user of accounting information?
examples a. Owners of business
b. Senior partners of an audit firm
c. Suppliers
d. Field workers
23. Management consists of the following
a. Board of directors, supervisors, top 23. B.
management, laborers
b. Top management, board of directors, middle
managers, supervisors
c. Top management, supervisors, field workers,
board of directors
d. Owners, top management, middle managers,
supervisors, laborers
24. These internal users of accounting information are
viewed as the brains of the company.
a. Management
b. Employees
 c. Owners or Stockholders
d. Board of Directors
25. Danilo is a professor in the BS Accountancy 24. A
program of the University of the Philippines. He is
also a stockholder of Everest Company. In the point
of view of Everest Company, Danilo is an
a. External user
b. Internal user
c. A and b
d. None of the above 25. B.
3. identify the ABM_FABM11- 1 2 26. Employees are mainly concerned with 26. C
type of IIIa-9 a. The company’s ability to provide other
decisions made employment opportunities
by each group b. The management’s plan to expand the
of users company to yield more revenues
c. The company’s ability to pay salaries
d. The company’s ability to pay obligations when
they become due
27. What is most likely to happen when companies are
experiencing financial difficulties?
a. Employees are motivated to work to achieve
the company’s goals.
b. Creditors will be more willing to lend to the
company to help overcome its financial 27. D.
difficulties.
c. Researchers will lose interest in the company
since they mostly study companies that are
successful.
d. Investors will postpone or cancel their
investments.
4. describe the ABM_FABM11- 1 2 28. Which of the following information in a company’s 28. D.
type of IIIa-10 financial statements concerns creditors?
information I - Amount of profit
needed by II - Borrowings of a company
each group of III - Assets of a company
users a. I only
b. I and II only
c. II and III only
d. All of the above
29. Customers look at a company’s financial statements
a. To see if it will be beneficial to build a long-term 29. A.
relationship with the company.
 b. To help members of the academe to gather
data for educational purposes.
c. To decide whether or not they will lend
resources to the company.
d. To estimate the potential returns if he or she
plans to transact with the company.
4. FORMS OF 1. differentiate ABM_FABM11- 1 2 30. Type of business organization that can only be 30. B.
BUSINESS the forms of IIIb-11 formed for the purpose of generating profit.
ORGANIZATIONS business a. Sole proprietorship
organization b. Partnership
c. Corporation
d. Cooperative
31. An artificial being created by operation of law that
is separate and distinct from its owners.
a. Sole proprietorship
b. Partnership 31. C.
c. Corporation
d. Cooperative
2. identify the ABM_FABM11- 1 2 32. All of the following are advantages of a sole 32. C
advantages IIIb-12 proprietorship, except
and a. The owner has full control of the business.
disadvantages b. All the profits of the business belong to the
of each form owner.
c. A sole proprietorship can operate under
fictitious or trade names.
d. Taxation of a sole proprietorship is simple.
33. A cooperative can be established for the following
purposes, except
a. To develop expertise and skill among its
members. 33. B
b. To provide services for charitable purposes.
c. To insure against losses of the members.
d. To promote and advance the economic, social,
and educational status of the members
5. Type of 1. compare and ABM_FABM11- 2 5 34. Which of the following is NOT considered a service 34. D
business contrast the IIIb-13 company?
according to types of business a. Beauty salon
Activities according to b. Carwash business
activities c. Bus company
d. Bakeshop
35. Which of the following is considered a 35. D
merchandising company?
a. National Bookstore
 b. SM Hypermarket
c. Marco’s Convenience Store
d. All of the above
36. These companies use raw materials, components,
or parts which are processed using machines, 36. C.
computers, and labor to create their own products.
a. Service companies
b. Merchandising companies
c. Manufacturing companies
d. Partnerships
37. Which of the following statements regarding
merchandising companies is FALSE?
a. Merchandising companies provide tangible
products 37. C.
b. Merchandising companies may sell directly
either to customers or retailers
c. Merchandising companies buy raw materials,
convert them into finished goods, and sell the
goods to customers.
d. Merchandising companies generally incur less
cost relative to other types of business as they
consume less conversion time and effort
38. Which of the following statements regarding service
companies is correct?
a. Service companies are firms that generally use
their employees to provide tangible products to
customers.
b. Service companies basically provide almost the
same services to their customers.
c. Service companies are firms that generally use
their employees to provide intangible products 38. C.
or services to customers.
d. A department store may be considered a
service company because the sales ladies assist
the customers in buying merchandise.
2. identify the ABM_FABM11- 1 2 39. One of the advantages of manufacturing 39. D.
advantages, IIIb-14 companies is
disadvantages, a. Existence of inventory
and business b. Capital outlay
requirements of c. High conversion costs
each type d. Quality control
40. The disadvantage of running a service company 40. C.
are the following, except
 a. Inability to standardize services as services
performed vary from one client to another
b. Existence of inventory
c. The reliance on highly skilled and motivated
employees
d. Maintaining human capital
6. Accounting 1. explain the ABM_FABM11- 2 5 41. This accounting principle assumes that the 41. B
Concepts and varied IIIb-c-15 company has an indefinite life.
Principles accounting a. Time period principle
concepts and b. Going concern principle
principles c. Business entity principle
d. Matching principle
42. The accounting guideline that requires financial
statement information to be supported by 42. D
independent, unbiased evidence other than
someone's belief or opinion is the:
a. Business entity principle
b. Monetary unit principle
c. Going-concern principle
d. Objectivity principle
43. The principle that requires every business to be
accounted for separately and distinctly from its
owner or owners is known as the:
a. Objectivity principle 43. B
b. Business entity principle
c. Going-concern principle
d. Revenue recognition principle
44. Which of the following accounting principles would
require that all goods and services purchased be
recorded at cost?
a. Going-concern principle
b. Materiality principle 44. C
c. Cost principle
d. Business entity principle
45. A Philippine company should report financial
statements in pesos.
a. Cost principle
b. Monetary unit principle
c. Materiality principle
d. Matching principle 45. B
 2. solve ABM_FABM11- 2 5
exercises on IIIb-c-16
accounting
principles as
applied in
various cases
TOTAL 23 50 15 10 10 5 5 5

Prepared by: Checked by: Noted by:

MARILYN N. TAMAYO REYNALDO M. CAPALES ARLENE A. ABIANG

SHS-Teacher II SHS Asst. Principal II Principal III