Yllana Bayview College Inc

Fundamentals of Accountancy, Business and Management I

Prelim Examination

NAME: ________________________________________________ DATE: ____________________

YEAR: _________________________________

I. Identification. (2pts)
1. An artificial being created by operation of law, having the right of succession and the
powers, attributes and properties expressly authorized by law or incident to its
existence. _____________________
2. An autonomous and duly registered association of persons, with a common bond of
interest, who have voluntarily joined together to achieve their social, economic, and
cultural needs and aspirations by making equitable contributions to the capital required,
patronizing their products and services and accepting a fair share of the risks and
benefits of the undertaking in accordance with universally accepted cooperative
principles. _____________________
3. The art of recording, classifying, summarizing in a significant manner and in terms of
money, transactions and events which are in part at least of a financial character and
interpreting the results thereof. _____________________
4. The branch of accounting concerned with the summary, analysis and reporting
of financial transactions pertaining to a business. _________________
5. This involves the writing down of business transaction in a systematic banner and in
order of their occurrence in the book or original entry called Journal.
____________________

II. Modified True of False. (2pts)

Write TRUE if the statement is True; If the statement is False, Write the Correct word and
underline the word or phrase which makes the statement false.
1. A corporation shall exist for a period not exceeding thirty (30) years from the date of
incorporation unless sooner dissolved or unless said period is extended.
______________
2. A Partnership is a voluntary contract between two or more competent persons to place
their money, effects, labor, and skill, or some or all of them, in lawful commerce or
business, with the understanding that there shall be no proportional sharing of the
profits and losses between them. ___________________________
3. Assets are a company's obligations—amounts the company
owes. __________________
4. Liabilities are things that a company owns and are sometimes referred to as the
resources of the company. ______________________
5. Matching Principle is an accounting principle which assumes that a company will
continue to exist long enough to carry out its objectives and commitments and will not
liquidate in the foreseeable future. ___________________

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 III. Identify whether it is an ASSET, LIABILITY, OWNER'S EQUITY, INCOME, EXPENSE (2pts)

1. Accounts Payable
2. Accounts Receivable
3. Accounts Receivable
4. Accrued Expense
5. Accumulated Depreciation
6. Angel Locsin, Drawing
7. Bonds Payable
8. Cash In Bank
9. Cash on Hand
10. Dental Income
11. Earned Income
12. Estimated Doubtful Accounts
13. Mortgage Payable
14. Nadine Lustre, Capital
15. Notes Payable
16. Petty Cash Fund
17. Prepaid Expense
18. Property, Plan, Equipment
19. Rent Expense
20. Rent Income
21. Salary Expense
22. Service Income
23. Supplies Expense
24. Unearned Income
25. Unused Supplies

IV. Fill in the blanks (2pts)

ASSETS LIABILITIES OWNER'S EQUITY

900,000.00 300,000.00 (1)
(2) 200,000.00 500,000.00
(3) 550,000.00 (250,000.00)
680,000.00 (4) 500,000.00
(5) (100,000.00) 500,000.00

TOTAL SCORE: 80

PERFECT SCORE: 80

PASSING SCORE: 60

YOUR SCORE: ___________

“Sometimes the questions are complicated and the answers are simple.”

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