CARTHEL SCIENCE EDUCATIONAL FOUNDATION, INC.

San Vicente, San Manuel, Tarlac

Academic Year 2021 – 2022

FUNDAMENTALS OF ABM 2
Quarter 2 – Final Examination

Name: Strand:
Grade Level: Date:
Part 1. (15 points) Multiple Choice. Encircle the letter of the best answer.
1. Taxation is the process by which our 7. The burden of taxation should be proportionate
government raises income to pay its necessary to the ability of the taxpayer to pay it. What
_________. principle is this?
A. Taxes C. Income A. Administrative Feasibility
B. Expenses D. Assets B. Fiscal Adequacy
C. Theoretical Justice
2. This is a kind of income received by employees D. None of the above
working in different companies. This is often in
the form of salaries, bonuses, and allowances. 8. This is the power of our government to make
A. Police power laws that will promote public health, morals,
B. Passive income safety, and welfare of the people.
C. Compensation income A. Police power
D. Gross Income B. Eminent Domain
C. Administrative Feasibility
3. The primary purpose of taxation is to provide D. People Power
the proper needed to run the government.
A. Expense C. Assets 9. Jonathan is married and a non-resident citizen
B. Compensation D. Funding with one qualified child. How much is his total
exemptions?
4. This is the power of the government to take A. 0 C. 50,000
private property, upon payment of just B. 25,000 D. 75,000
compensation, to be used for a public purpose.
A. Police power 10. Mr. Acer is an NRA-NETB, single, and has four
B. Eminent Domain dependent children. How much is his total
C. Administrative Feasibility personal exemption?
D. People Power A. 0 C. 50,000
B. 150,000 D. 125,000
5. The power of the government to collect taxes
that will be used to finance the different projects 11. Mr. Blaze, a resident citizen permanently living
needed by the people. in Manila, supports his wife and minor daughter
A. Police Power who are now permanently residing in Japan.
B. Eminent Domain How much is his total basic personal
C. Administrative Feasibility exemption?
D. People Power A. 0 C. 50,000
B. 75,000 D. 100,000
6. These are amounts that can be deducted to
certain individuals from their gross income 12. Ms. Joanna, a resident citizen, supports her
before it will be subjected to the income tax. stepfather and three stepbrothers. How much is
A. Income tax her total personal exemption?
B. Eminent Domain A. 0 C. 125,000
C. Personal Exemption B. 50,000 D. 200,000
D. Compensation
13. Jonathan is married and a non-resident citizen
with one qualified child. How much is his total 15. Mr. JM is a resident citizen and has two
exemptions? children at the start of the year. During the year,
A. 0 C. 50,000 the eldest child married, the second child died
B. 25,000 D. 75,000 in an accident, and his wife gave birth to their
third child. How much is his total exemption?
14. Mr. Juan is a resident citizen with two legally A. 50,000 C. 100,000
adopted and three naturally adopted children. B. 75,000 D. 125,000
How much is his exemption?
A. 0 C. 100,000
B. 50,000 D. 75,000

Part 2. (15 Points) Directions: Write the letter “T” if the statement is correct and “F” if it is incorrect. Write the
answer in the space provided before each number.

_________1. Bank reconciliation statements are _________8. Bills that are collected by the bank on
prepared to reconcile the difference between cash behalf of the customer is one of the reasons why
book and bank balance. differences arise between reciprocal accounts.
_________2. Bank reconciliation statement is _________9. Checks paid to the suppliers but not
prepared by the account holder. yet presented to the bank is one of the reasons why
_________3. Bank reconciliation statement keeps differences arise on reciprocal accounts.
the record of transactions between the bank and _________10. Reciprocal accounts should always
current account holder. be equal.
_________4. A business receives a bank statement _________11. Deposits in transit are amounts
and updates its cash book. already received and recorded by the company,
_________5. Notes collected from the clients on recorded by the bank.
the company’s behalf in a bank statement would _________12. Checks written during the last few
cause the balance of the bank more than the days of the month plus a few older checks are likely
balance of the book. to be among the good checks.
_________6. A bank reconciliation statement is a _________13. Fees deducted from the bank
statement showing the causes of difference statement for the bank's processing of the checking
between the cash book and the passbook balance. account activity are called Banking fees
_________7. Bank reconciliation statement detects _________14. NSF means ‘Not Safe Funding’.
errors which have been committed. _________15. Bank Check printing charges occur
when a company arranges for its bank to handle
the reordering of its checks.

Part 3. (15 Points). Compute for Tax of an individual. Place your answer at the back of this page. Box your final
answer.
Jacqueline Cruz generated annual compensation income of ₱ 455,000, net of statutory payments. Tax
exempt 13th month pay and other bonuses – ₱ 30,000. Determine the tax due of Jacqueline Cruz based on
the following possible tax status of Jacqueline:
a. Jacqueline is single with no dependent.

b. Jacqueline is single with one qualified dependent.

c. Jacqueline is married with one qualified dependent.

d. Jacqueline is married with three qualified dependents.

Part 4. (15 Points). Compute for the Bank Reconciliation Statement. Place your answer at the back of this
page. Box your final answer.

For the month of May 2019, Tope Company issued the following checks as recorded in its Cash
Disbursement Journal:

Check Date Check No Payee Amount

5/2/2019 1256 Jane 2,000
5/10/2019 1257 May 300
5/15/2019 1528 Nicole 4,500
5/18/2019 1259 Kathy 8,700
5/30/2019 1260 Perry 1,200

As per the bank statement received by Tope, the following checks were presented and paid by the
bank:

Check No Payee Amount

1256 Jane 2,000
1259 Kathy 8,700
1260 Perry 1,200

Required: Identify outstanding checks as of end of May 2019.

“Life is like ACCOUNTING Everything must be in BALANCE”

Prepared by:

Zeus Gregor R. Malicdem, CIE

Subject Teacher

Checked by:

Jessica P. Malicdem, MA.Ed.

School Principal

Approved by:

Natalia A. Grantos, R.N., MA.N, Ph.D.

Executive Dean