Republic of the Philippines

Department of Education
Region III-CENTRAL LUZON
SCHOOLS DIVISION OF PAMPANGA
PORAC NATIONAL HIGH SCHOOL

FINAL EXAMINATION IN ACCOUNTING 1

S.Y. 2019-2020
(FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEENT 1)

Name: _______________________________________ Score: ______________________

Direction: Read each statement carefully. Choose and write the best answer on your answer sheet.
1. This refers to the earnings made by any business that is into rendering?
A. Interest Income C. Sales
B. Professional Fees D. Service Revenue
2. This represents the earning made by any business that is into selling goods or merchandise?
A. Interest Income C. Sales
B. Professional Fees D. Service Revenue
3-11 Analyze the debit and credit account of General Journal.
3. What is the debit account for Ms. Rose Anne Laquian who made intial contribution to the business by
depositing money in the company’s bank account, 1,000,000.00 as an initial investment?
A. Accounts Receivable C. Laquian, Capital
B. Cash D. Laquian, Drawing
4. What is the credit account for paid in advance rental for 6 months, 35,000.00
A. Accounts Receivable C. Notes Receivable
B. Cash D. Prepaid Expense
5. What is the debit and credit accounts for paid salary of employee, 7,500.00.
A. Accounts Receivable, Cash C. Salaries Expense,Accounts Receivable
B. Cash, Salaries Payable D. Salaries Expense,Cash
6. What is the debit and credit account for electric bill amounting to 6,900.00
A. Utilities Expense, Accounts Receivable C. Utilities Payable, Accounts Receivable
B. Utilities Expense, Cash D. Utilities Payable, Cash
7. What is the debit and credit account for received 20 bottles of alcohol from Jeric Capil Company
amounting to 1,500.00. payment term COD.
A. Inventory, Accounts Receivable C. Inventory, Notes Receivable
B. Inventory, Cash D. Supplies, Cash
8. What is the debit and credit account over the counter cash withdrawal by the owner, Jewel
Bumanlag for her personal expenses, 10,000.00
A. Bumanlag, Drawing, Cash C.Bumanlag, Withdrawal, Cash
B. Bumanlag, Drawing, Note Receivable D. Bumanlag Withdrawal, Note Receivable
9. What are the debit and credit account for delivered 200 pcs. Acer Laptop to Nessly Angeles
Corporation amounting to 5,000,000.00. Payment term 5/10, 2/20, n/30 in promissory note. Cost of
merchandise was 3,000,000.00.
A. Accounts Receivable, Sales, Cost of Sales, Inventory
B. Cash, Sales, Cost of Sales, Inventory
C. Note Receivable, , Sales, Cost of Sales, Inventory
D. Account Receivable, Cost of Sales, Cash, Inventory
10. what are the debit and credit account for sold 10 units of Yamaha Nmax to Ariel Lito Regala
Enterprise amounting to 1,050,000.00 .Payment term: 15 days . Cost of Merchandise was
800,000.00.
A. Accounts Receivable, Sales, Cost of Sales, Inventory
B. Cash, Sales, Cost of Sales, Inventory
C. Note Receivable, , Sales, Cost of Sales, Inventory
D. Account Receivable, Cost of Sales, Cash, Inventory
11. What are the debit and credit account for over the counter sale of 10 cabinets to Jonalyn
Bayotas Incorporation amounting to 100,000.00. Cost of merchandise was 60,000.00.
A. Accounts Receivable, Sales, Cost of Sales, Inventory
B. Cash, Sales, Cost of Sales, Inventory
C. Note Receivable, , Sales, Cost of Sales, Inventory
 D. Account Receivable, Cost of Sales, Cash, Inventory
12- 20 Compute the amount of each account.
12. Kimberly Amio Incorporated deposited 500,000.00 as initial investment, Paid in advance rental
for 9 months, 78,900.00.,Paid salary of employees 87,000.00 and Paid electric bill amounting to
50,000.00. Find the total amount of Cash?
A. 284,100.00 C. 441,900.00
B. 384, 100.00 D. 458,100.00
13. Fersan Trajano Business Enterprise with beginning capital of 350,000.00,Paid full payment
110,000.00 to Andrei Micko Mercado Mega Mall, Sold 50,000 worth of clothes to Carlo
Matawaran Mall Payment term COD, Delivered 60,000.00 worth of clothes to Arvin Lloyd Laxina
Metro Mall Payment term 15 days and Over the counter sales of 75,000.00 worth of clothes to
Pearl Mae Cura Mini Mall. Find the total amount of Cash?
A. 365,000.00 C. 425,000.00
B. 375,000.00 D. 585,000.00
14. Joana Manansala Laundry Services with beginning capital of 90,000.00, Rendered service to
Geen Alimurung amounting to 10,000.00 Payment Term: COD, Rendered service to to Crystel
Lumanlan amoutning to 25,000.00 Payment Term: 15 Days, Rendered service to Nicole Bayla
amounting to 30,0000 with note, Payment Term 5 days and paid employee’s salary of 2 employees
10,000.00. Find the total amount of Account Receivable?
A. 25,000.00 C. 115,000.00
B. 105 000.00 D. 145,000.00
15. Anne Catherine Timpug Salon with begining capital of 50,000.00, Rendered services to Angel
Maren Alzadon amounting to 5,000.00 Payment Term COD , Rendered services to Rica
Bernardo amounting to 6,000 Payment Term, made a fulllpayment of 25,000 of hair product from
Angela David Beauty Product Enterprise. Find the total amount of Service Revenues?
A. 6,000.00 C. 36,000.00
B. 11,000.00 D. 61,000.00
16. Paula Sagun Hotel with beginning capital of 1,500,000.00, Rendered service to Irvin Canlas
Company amounting to 25,000.00 Payment Term: COD, Rendered Service to Maribel
Alvarado Incorporated amounting to 20,000.00 Payment Term : 5 days, Rendered
service to Ric Layno Incorporation worth 100,000.00 with note Payment Term: 5 days, over
the counter cash withdrawal by the owner for her personal expense, 100,000.00. and Paid
water bill amounting to 5,600.00. Find the total amount of Cash?
A. 1,394,400.00 C. 1,539,400.00
B. 1,419,400.00 D. 1,645,000.00
17. Dra. Mikee Lapira Medical Service with beginning capital of 500,000.00, Received medical
equipment amounting to 200,000.00 from Anne Catherine Timpug Medical Company, Rendered
service to Ashly Rivera amounting 2,500.00 Payment Term: COD, Rendered service to Maribel
Alvarado amounting to 6,000.00 PaymentTerm: 5days with notes and Render service to
Ma. Gabriella Ignacio amounting to 5,000.00 Payment Term: 5 days. Find the total amount of
Note Receivable?
A. 2,500.00 C. 6,000.00
B. 5,000.00 D. 200,000.00
18. Dra. Paula Sagun Dental Service with beginning capital of 580,000.00, Received dental product
amounting to 190,900 from Christian Joseph Manguil, Rendered service to Winterlyn Llanita
Company amouting to 50,000.00 Payment Term: 5 Days with notes, Rendered Services to
Jevelyn Dalanon Consultation Company amounting to 65,000 Payment Term 10 days, and
Rendered services to Carl Justine Lansangan Engineering Company amounting to 85,000
Payment Term: COD. Find the total amount of Cash?
A. 389,100.00 C. 524,100.00
B. 474,100.00 D. 589,100.00
19. Raiza Vallejos Corporation with beginning capital 200,000.00, Paid electric bill amounting to
6,000.00, Purchase laptop from Christine Brillante Computer Company amounting to 25,000.00,
Paid Salary Employee 8,000.00, Paid water bill amounting to 4,500.00 and Paid in advance rental for
6 months 75,000.00. Find the total amount of Utilities Expense?
A. 10,500.00 C. 81,500.00
B. 75,000.00 D. 189,500.00
20. Joseph Vincent Pineda Corporation with beginning capital 350,000.00, Paid in advance rental for 9
months amounting to 45,000.00, Paid in advance load for 4 months amounting 6,400.00, Paid
in
advance insurance amounting to 80,000.00, Paid salary of employees 24,000.00, Paid electric
bill amounting 10,000.00 and Paid water bill amounting to 12,000.00. Find the total amount
of Prepaid Expense?
A. 125,000.00 C. 172,600.00
B. 131,400.00 D. 177,400.00
 21-29 Identify the following trial Balance.
21. Cash 15,000.00, Account Receivable 25,000, Loan Payable 10,000.00, Offie Equipment
23,000.00, Rica Mallari Capital 100,000.00 and Note Payable 23,450. What is the trial balance debit
account?
A. 40,000.00 C. 163,000.00
B. 63,000.00 D. 196,450.00
22. Unused Suppies 45,000.00, Furniture and Fixture 42,450, Petty Cash 20,000, Kristela Manlulu
Capital 49,890 and Kristela Manlulu Drawing 10,000.00. What is the trial balance debit account?
A. 65,000.00 C. 107,450.00
B. 87,450.00 D. 117,450.00
23. Service Revenue 56,000.00, Currencies 23,450.00, Accounts Payable 23,500.00, Salaries
Payable 24,500.00 and Land 500,000.00. What is the trial balance debit account?
A. 556,000.00 C. 579,500.00
B. 579,450.00 D. 627,450.00
24. Bianca Marie Camaya Drawing 35,600.00, Building 250,000.00, Intangible Aseset 65,000.00,
Unearned Revenues 34,500.00, Utilities Payable 16,000.00 and Rent Payable 23,500.00. What is the
trial balance debit account?
A. 74,000.00 C. 315,000.00
B. 250,000.00 D. 350,600.00
25. James Reid Capital 100,500.00, Coin 10,000.00, Cheque 15,600.00, Notes Payable 23, 450.00,
Accounts Receivable 16,500.00 and Interest Receivable 12,560.00. What is the trial balance debit
account?
A. 54,660.00 C. 155,160.00
B. 139,560.00 D. 178,610.00
26. Service Revenue 154,300.00, Daniella Padilla Drawing 23,460.00, Salaries Expense 23,450,
Salaries Payable 16,500.00, Rent Expense 21,200.00 and Accounts Payable 23,590.00 What is the
trial balance debit account?
A. 23,460.00 C. 68,110.00
B. 44,650.00 D. 222,410.00
27. Utilities Expense 39,800.00, Furniture and Fixture 16,430.00, Sales 89,100, Cost of Sales
23,450.00, Accounts Payable 18,760.00 and Note Payable 23, 970.00. What is the trial balance credit
account?
A. 42,730.00 C. 82,530.00
B. 63,250.00 D. 131,830.00
28.Alfred Vargas Capital 153,890.00, Taxes and Licenses Expense 13,850.00, Inventory 78,650.00,
Sales Discount 24, 650 and Mortgage Payable 250,000.00. What is the trial balance credit account?
A. 403,890.00 C. 428,540.00
B. 417,740.00 D. 442,390.00
29. Enchong Dee Capital 180,700.00, Interest Payable 40,980.00, Loan Payable 43,900.00, Sales
189,530, Utilities Expense 54,320 and Salaries Expense 27,650.00. What is the trial balance credit
account?
A. 84,880.00 C. 455,110.00
B. 265,580.00 D. 537,080.00
30-38 Identify the following adjusting entries.
30. Purchased aircon from Tricia Mae Villanueva Aircon Company for office use. Payment Term: COD,
30,000.00. What is the one month depreciation of aircon with estimated life of 5 years?
A. Depreciation Expense- Office Equipment, Accounts Receivable
B. Depreciation Expense- Office Equipment, Accumulated Depreciation- Office Equipment
C. Depreciation Expense- Office Equipment, Cash
D. Depreciation Expense- Office Equipment- Notes Receivable
31. Paid in advance rental for 9 months ,18,000.00. What is the accrual of one month rent?
A. Rental Expense, Cash C. Rental Payable, Cash
B. Rental Expense, Prepaid Expense D. Rental Payble, Prepaid Expense
32. Paid salary of employees 24,000.00. What is the accrue employees salary?
A. Salaries Expense, Accounts Receivable C. Salaries Expense, Notes Receivable
B. Salaries Expense, Cash D. Salaries Expense- Salries Payable
33. Paid in advance insurance for 11 months. What is the accrual of one month insurance?
A. Insurance Expense, Accounts Receivable C. Insurance Expense, Notes Receivable
B. Insurance Expense, Cash D. Insurance Expense, Prepaid Expense
34. Paid in advance load for 5 months. What is the accrual of one month Load?
A. Load Expense, Cash C. Load Expense, Prepaid Expense
B. Load Expense, Notes Receivable D. Load Payble, Prepaid Expense\
35. Purchased laptop from Piolo Pascual for office use. Payment Term: COD, 45,000.00. What is the one
month depreciation of laptop with estimated life of 5 years?
A. Depreciation Expense- Office Equipment, Accumulated Depreciation- Office Equipment
 B. Depreciation Expense- Office Equipment, Cash
C. Depreciation Expense- Office Equipment, Depreciation Payable
D. Depreciation Expense- Office Equipment- Notes Receivable
36.Sam Milby made initial contribution to the business by donating his 300 sq. meters land amounting to
500,000.00 as initial investment. What is the one month depreciation of land with estimated life of 30 years?
A. Accumulated Depreciation- Land, Depreciation Expense- Land
B. Depreciation Expense- Land, Accounts Receivable
C. Depreciation Expense- Land, Accumulated Depreciation- Land
D. Depreciation Payable- Land, Depreciation Expense- Land
37. Eric Santos made initial contribution to the business by donating his building amounting to 500,000.00
as initial investment. What is the one month depreciation of building with estimated life of 25 years?
A. Accumulated Depreciation- Building, Depreciation Expense- Building
B. Accumulated Depreciation- Building, Depreciation Payable- Building

C. Depreciation Expense- Building, Accounts Receivable

D. Depreciation Expense- Building, Accumulated Depreciation- Building
38. Purchased furniture and Fixture from Enrique Gil Company for office use. Payment Term: COD,
85,000.00. What is the one month depreciation of furniture and fixture with estimated life of 5 years?
A. Accumulated Depreciation- Furniture & Fixture, Depreciation Expense- Furniture & Fixture
B. Accumulated Depreciation- Furniture & Fixture, Depreciation Payable- Furniture & Fixture
C. Depreciation Expense- Furniture & Fixture, Accounts Receivable
D. Depreciation Expense- Furniture & Fixture, Accumulated Depreciation- Furniture & Fixture
39. What is T- Account?
A. General Journal C. Statement of Cash Flow
B. General Ledger D. Work Sheet
40. What is the another term for General Ledger?
A. Book of Adjusting Entries C. Book of Final Entries
B. Book of Closing Entries D. Book of Trial Balance
41. This shows the financial condition/ Position of a business as of a given period.
A. Income Statement C. Statement of Change in Owner’s Equity
B. Statement of Cash Flow D. Statement of Financial Position
42. This shows of the result of operation for a given period.
A. Income Statement C. Statement of Change in Owner’s Equity
B. Statement of Cash Flow D. Statement of Financial Position
43. This shows the change of capital as result of additional investment or withdrawals by the owner.
A. Income Statement C. Statement of Change in Owner’s Equity
B. Statement of Cash Flow D. Statement of Financial Position
44. This summarizes the cash receipt and cash disbursement for the accounting period.
A. Income Statement C. Statement of Change in Owner’s Equity
B. Statement of Cash Flow D. Statement of Financial Position
45. What are the accounts in Operating Activities?
I. Cash paid for the office equipment (COD) III. Cash paid to suppliers
II. Cash paid to employees IV. Cash receivedfrom customer
A. I. II, III C. I, III,IV
B. I, II, IV D. II, III, IV
46. What are the accounts in Net Cash used from Financing Activities?
I. Cash Beginning III. Cash paid for rent
II. Cash Ending IV. Net change in cash
A. I. II, III C. I, III,IV
B. I, II, IV D. I and IV
47. What are the accounts in Financing Activities?
I. Owner’s Contributions III. Owner’s Purchase
II. Owner’s Payment IV. Owner’s Withdrawal
A. I and II C. I and IV
B. I and III D. II and III
48. What are the accounts in Statement of Financial Position?
I. Assets III. Owner’s Equity
II. Liabilities IV. Sales
A. I. II, III C. I, III,IV
B. I, II, IV D. II, III, IV
49. What are the accounts of Income Statement?
I. Capital III. Payable
II.Expenses IV. Sales
A. I and II C. II and III
 B. I and III D. II and IV
50 Compute the Gross Profit.
50. Sales 122,710.00, Sales Return & Allowances 1,320.00, Sales Discount 825.00, Cost of Sales
34,850.00. What is the Gross Profit?
A. 85,715.00 C. 87,035.00
B. 86,540.00 D. 120,565.00
Nothing’s too small for GOD The Lord is righteous in all His ways, gracious in all His works.
-Psalm 145:17