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Midterm Examination in Fundamentals of Accountancy Business Ang Management 2

This document appears to be a midterm exam from a Fundamentals of Accountancy, Business, and Management course. The exam contains two tests - the first asks students to classify 30 accounts as assets, liabilities, or owner's equity. The second asks students to identify accounting terms. The exam was prepared by an instructor named Joan Mae A. Villegas at Aurora Pioneers Memorial College in the Philippines.

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Joan Mae Angot - Villegas
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301 views1 page

Midterm Examination in Fundamentals of Accountancy Business Ang Management 2

This document appears to be a midterm exam from a Fundamentals of Accountancy, Business, and Management course. The exam contains two tests - the first asks students to classify 30 accounts as assets, liabilities, or owner's equity. The second asks students to identify accounting terms. The exam was prepared by an instructor named Joan Mae A. Villegas at Aurora Pioneers Memorial College in the Philippines.

Uploaded by

Joan Mae Angot - Villegas
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Department of Education

REGION IX
Western Mindanao
A urora P ioneers M emor ial C ollege
(FORMERLY: Cebuano Barracks Institute )
Bonifacio St. Pob. Aurora Zamboanga Del Sur
Tel. No. : (062) 331-2332

MIDTERM EXAMINATION IN
FUNDAMENTALS OF ACCOUNTANCY BUSINESS ANG MANAGEMENT 2

Name:_______________________________Section:_____________Date:______________

TEST 1 – Classify each of the accounts listed below as asset, liability, or


owner’s equity. Write your answer on the space provided before the number.

__________1. Account Receivable


__________2. Accounts Payable
__________3. Supplies
__________4. Computer Equipment
__________5. Mary Fatima, Capital
__________6. Accumulated Depreciation – Computer Equipment
__________7. Prepaid Insurance
__________8. Interest Payable
__________9. Notes Payable
__________10. Cash
__________11. Buildings
__________12. Mortgage Payable
__________13. Land
__________14. Salaries Payable
__________15. Mary Fatima, Drawing

TEST 2 – Identification
______________16. This covers the withdrawal of cash or any form of asset from the
business.
______________17. This pertains to debt secured from a financial institution by
mortgage or lien on real estate of the business or its proprietorship.
______________18. This refers to amount due to providers of water, electricity,
telephone and other basic services.
______________19. This covers loans obtained by the business from financial
institutions or private individuals and entities supported by promissory notes.
______________20. This refers to the debt of the business due to purchases of
products or services that are to be paid on a future date.
______________21. This is a deduction except for land from property,plant and
equipment.
______________22. These pertains to tables, chairs, cabinets, counters and other
types of furniture used in the business.
______________23. This refers to office equipment such as computer set, printer,
air conditioner, and delivery equipment.
______________24. These include various office or shop supplied that are necessary
in the operation of the business.
______________25. This is a contra account against accounts receivable
______________26. This pertains to claims of the business from customers for sales
of products or rendering of services.
______________27. This includes claims of the business from customers and third
parties that are evidenced by formal instruments of credit such as promissory
notes.
______________28. These include stocks of companies listed in the stock exchange
and are readily convertible into cash.
______________29. This refers to currencies, checks, money orders, bank deposits,
and other money equivalents.
______________30. What is the title of the module?

♦♦♦♦♦ GOD BLESSED♦♦♦♦♦

Prepared by:

Joan Mae A. Villegas

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