MADDELA MARVELOUS GRACE CHRISTIAN SCHOOL INC.
National Hi-way, Buenavista, Maddela, Quirino
Email add: mgcs_maddela@[Link]
CP #: +63-906-186-0907
TABLE OF SPECIFICATION
SECOND PERIODICAL TEST
FUNDAMENTALS OF ACCOUNTANCY AND BUSINESS MANAGEMENT
Grade-12
S.Y.2019-2020
Number Item Percentage
OBJECTIVES of Items Placement (%)
ACQUIRING KNOWLEDGE
Identify the types of bank account 5 1,2,3,4,5
normally maintained by a business
Identify checks 5 6,7,8,9,10
Identify and understand the content of 5 11,12,13,14,15
a bank statement
Describe the nature of a bank 5 16,17,18,19,20
reconciliation statement
Identify common reconciling items 4 21,22,23,24
Define income and business taxation 4 25,26,27,28
and its principles and processes
Explain the items in the computation 4 29,30,31,32
of gross taxable income and tax due
Explain the principles and purposes of 4 33,34,35,36
taxation
MAKING MEANING
Differentiate the journal from the 3 37,38,39
general ledger
Determine the normal balance of an 3 40,41,42
account
Determine the balances of accounts 3 43,44,45
using the T-account
Differentiate a savings account from a 3 46,47,48
checking account
Analyze the effects of the identified 3 49,50,51
reconciling items
Distinguish the different BIR Forms 3 52,53,54
during annual income tax return
TRANSFER
Prepare a bank reconciliation 2 55,56
statement
Compute the gross taxable income 2 57,58
and tax due
Prepare journal entries to record basic
business transactions 2 59,60
TOTAL 60 100%
Prepared:
JEROME M. ALCANTARA
Teacher
Checked by
LIRIO C. CONSOLACION DAYANARA B. LAPITAN GENELYN [Link]
AC/Dep’t Head High School AC/Dep’t Head Elementary AC/Guidance Counselor
Noted by
STIHL Q. JUANITO
School Principal
MADDELA MARVELOUS GRACE CHRISTIAN SCHOOL INC.
National Hi-way, Buenavista, Maddela, Quirino
Email add: mgcs_maddela@[Link]
CP #: +63-906-186-0907
SECOND PERIODICAL TEST
FUNDAMENTALS OF ACCOUNTANCY AND BUSINESS MANAGEMENT
Grade-12
S.Y.2019-2010
NAME:__________________________________ SCORE:________ DATE:___________
ENCIRCLE THAT CORRESPOND TO YOUR BEST ANSWER.
1. The bank holds money on behalf of the account holder
A. Deposit account C. Money market account
B. Checking account D. Savings account
2. Held at a bank or other financial institution in order to provide quick access to funds
A. Checking account C. Savings account
B. Money market account D. Term deposit
3. Has a relatively high rate of interest and when the client needs to withdraw money short notice or
no notice is needed.
A. Term deposit C. Money market account
C. Savings account D. Checking account
4. An account which is maintained by a bank cannot be used directly as money and is suitable for
saving money.
A. Checking account C. Term deposit
B. Money market account D. Savings account
5. Cannot be withdrawn for a certain term or period of time, when the term is over, money can be
withdrawn or held for another term.
A. Savings account C. Savings account
B. Term deposit D. Money market account
6. Identify the number 9 part of check?
A. Net Deposit C. Coins
B. Date D. Bills
7. Identify the number 1 part of check?
A. Bills C. Amount
B. Total D. Date
8. Identify the number 2 part of check?
A. Cash C. Bills
B. Date D. Coins
9. Identify the number 8 part of check?
A. Date C. Coins
B. Total D. Other checks
10. Identify the number 5 part of check?
A. Amount C. Net deposit
B. Other checks D. Coins
11. These items occurred too close to the cut-off date of the bank statement and so do not appear on
the statement.
[Link] items C. Bank charges
B. Direct debits D. Unpresented cheques
12. They are payments made directly through the bank.
A. Dishonoured cheques C. Direct debits
B. Credit transfers / direct credits [Link] allowed by the bank
13. They are money received from customers directly through the banking system
A. Bank charges C. Uncredited items
B. Credit transfers / direct credits D. Direct debits
14. They are cheques deposited but subsequently returned by the bank due to the failure of the
drawer to pay.
A. Uncredited items [Link] debits
B. Bank charges D. Dishonoured cheques
15. They are interest received for deposits or fixed deposits.
A. Dishonoured cheques C. Direct debits
B. Credit transfers / direct credits [Link] allowed by the bank
16. It is a cheque which has not yet matured within the current accounting period
A. Post-dated cheque C. Errors made by the bank
B. Stale cheque D. Bank overdrafts
17. The presentation of the bank reconciliation statement can be: the same as those needed for a debit
balance, but begins with a negative figure, or the opposite of those needed for a debit balance.
A. Errors made by the bank C. Bank overdrafts
B. Stale cheque D. Post-dated cheque
18. It is a cheque which has been drawn for more than 6 months but has not yet gone through the
bank of the drawee.
A. Post-dated cheque C. Errors made by the bank
B. Bank overdrafts D. Stale cheque
19. They are standing instructions from the firm to the bank to make regular payments
A. Standing orders C. Bank overdrafts
B. Stale cheque D. Uncredited items
20. They are charges made by the bank to the company for banking services used
A. Post-dated cheque C. Bank charges
B. Bank overdrafts D. Stale cheque
21. These are additions made by the bank to the depositor’s bank account but not yet recorded by the
depositor.
A. Credit memos C. Deposit in transit
B. Debit memos D. Outstanding checks
22. These are checks drawn and released to payees but not yet encashed with the bank.
A. Bank errors C. Book errors
B. Outstanding checks D. Credit memos
23. Deposits already made but not yet received by the bank, or received by the bank but not yet
credited to the depositors bank account
A. Bank errors C. Deposits in transit
B. Book errors D. Debit memos
24. These are deductions made by the bank to the depositor’s bank account but yet recorded by the
depositor.
A. Deposits in transit C. Debit memos
B. Outstanding checks D. Bank errors
25. The process by which a government, through its lawmaking body, imposes charges on its
inhabitants to raise money for public use.
A. Legislative C. Constitution
B. Taxation D. Inherent power
26. Tax on a person’s income derived from employment, business, trade, practice of profession, or
from property, after deductions allowed under the law.
A. Income tax C. Value added tax
B. Business tax D. Withholding tax
27. Tax on the production, sale, or consumption of goods and services, leasing of property, or other
business activities.
A. Withholding tax C. Value added tax
B. Income tax D. Business tax
28. A Filipino citizen residing permanently in the Philippines.
A. Non-resident citizen C. Resident citizen
B. Resident alien D. Non-resident citizen
29. Additional compensation mandated by the law to be given to rank-and-file employees.
A. 13TH month pay C. De minimis benefits
B. Christmas bonus D. Fixed or variable allowances
30. Additional compensation provided to the employee at the discretion of the employer.
A. De minimis benefits C. Fixed or variable allowances
B. 13 month pay
th
D. Christmas bonus
31. Other forms of benefits that are of relatively small value and are given to employees to promote
health, goodwill, contentment and work efficiency.
A. Fixed or variable allowances C. De minimis benefits
B. Christmas bonus D. 13th month pay
32. The allowance represents a reimbursement for necessary expenses incurred in the pursuit of
trade, business or profession.
A. Christmas bonus C. 13th month pay
B. Fixed or variable allowances D. De minimis benefits
33. The right of the government to appropriate private property for particular uses to promote public
welfare
A. Eminent domain C. Police power
B. Power of taxation D. Levy
34. The power of the government to enact laws to promote peace and order, public welfare, security,
health and safety.
A. Collection C. Tax exemption
B. Police power D. Tax avoidance
35. A fixed amount charged to all persons residing within a specified territory irrespective of their
occupation or property.
A. National tax C. Poll tax
B. Property tax D. Ad valorem
36. Tax which the taxpayer must pay and cannot shift to another.
A. Progressive tax C. Direct tax
B. Local tax D. Indirect tax
37. Known as the book of original entries
A. Ledger C. Balance sheet
B. Journal D. Income statement
38. Known as the book of secondary entries
A. Income statement C. Ledger
B. Journal D. Income statement
39. Contains all the accounts appearing in the trial balance
A. General journal C. Account title
B. Subsidiary ledger D. General ledger
Determine the normal balance of the following Account Titles
Write A if the account title is credit and write B if it is credit.
40. Accounts payable
41. Cost of goods sold
42. ABM Company, Drawings
Determine the balance of the following Account Titles
Debit Credit
Cash 150,000 300,000
Accounts payable 500,000 1,360,00
Cost of goods sold 756,000 2,500,000
43. Total cash
A.150,000 C. (150,000)
B. 450,000 D. (450,000)
44. Total accounts payable
A. 500,000 C. 1,360,000
B. 860,000 D. (860,000)
45. Total cost of goods sold
A. 756,000 C. 1,744,000
B. 2,500,000 D. (1,744,000)
46. Is a bank account that earns modest interest rate and is intended to encourage savings?
A. Savings account C. ATM
B. Time deposit d. Checking account
47. Is a bank account wherein the depositor can write checks?
A. Basic checking account C. Current account
B. Savings account D. Check book
48. Time deposit is evidence by?
A. Certificate of deposit C. Checking account
B. Bank statement D. Savings account
49. What is the effect on ending balance of cash is understatement in book debit.
A. Overstatement C. Debit
B. Understatement D. Credit
50. What is the effect on ending balance of cash if there is overstatement in book credit?
A. Credit C. Debit
B. Overstatement D. Understatement
51. What is the effect on ending cash balance if there is understatement in book credit?
A. Debit C. Understatement
B. Overstatement D. Credit
52. The annual income tax return applicable to individual tax payers who are engaged in
trade/business or the practice of profession including those with mixed income.
A. BIR Form No. 1701 C. Tax identification number
B. BIR Form No. 1701Q D. Withholding tax
53. Every taxpayer is required to register once with the BIR and obtain one____.
A. Withholding tax C. BIR Form 1701Q
B. BIR Form No. 1710 d. Tax identification number
54. Self-employed individuals are required to file quarterly returns for their estimated income tax
liability through _____.
A. BIR Form No. 1701 C. Tax identification number
B. BIR Form No. 1701Q D. Withholding tax
55. You received your July 2016 bank statement. The July 31, 2016 cash balance in your accounting
books is Php 300,000 while the cash balance shown on the bank statement is Php 430,000. You
determined the following reconciling items.
a. credit memo Php 190,000
b. debit Php 30,000
c. deposit in transit Php 50,000
d. outstanding checks Php 20,000
The adjusted balance of the book is?
A. Php 460,000 C. Php 480,000
B. Php 450,000 D. Php 470,000
56. You received your August 2016 bank statement. The August 31,2016 cash balance in your
accounting books is Php 520,000 while the cash balance shown on the bank statement is Php 410,000.
You determined the following information.
a. Check no. 235 for Php 45,000 issued to a supplier is not yet presented to the bank for payment.
b. A Php 205,000 check deposit, with deposit no. 0989, is not yet credited to your account.
c. A customer deposited Php 60,000 to your bank account. You have not yet recorded this collection
of account receivable in your accounting books.
d. The bank paid Php 10,000 monthly mobile phone charges directly out of your account.
The adjusted balance of the bank is?
A. Php 560,000 C. Php 580,000
B. Php570,000 D. Php 590,000
Let's say Employee A is married with one dependent, and has a basic monthly pay of P300,000. Based
on the tables of government contributions, Employee A will pay:
P581.30 - SSS contribution (View SSS contribution table)
P312.50 - PhilHealth contribution (View PhilHealth contribution table)
P100 - Pag-IBIG contribution
57. How much is the taxable income?
A. 299,066.2 C. 299, 060.2
B.299, 106.2 D. 299, 016.2
58. How much is the tax due?
A. 9,813.24 C. 9,812.04
B. 9,801.24 D. 9,803.24
Write the journal entry of the following business transactions.
59. ABM Company invested Cash 500,000 and Equipment 1,500,000.
60. Paid monthly salaries of the employees worth 135,000.
Prepared:
JEROME M. ALCANTARA
Teacher
