SECOND QUARTER EXAMINATION

ENTREPRENEURSHIP
Name:___________________________________ Section: ____________ Date: ______ Score: ________
MULTIPLE CHOICE. Choose the letter that corresponds to your most accurate answer. Write your answer on the space provided
before each item number.
_____1. What do you call the form that you need to fill up to register your business in the BIR?
A. Form 1900 B. Form 1901 C. Form 1902 D. Form 1903
_____2. What do you call the types of books of account that includes journals, ledgers, or columnar books where you manually
document your business transactions?
A. Computerized books of account B. Loose-leaf books of account
C. Ledger books of account D. Manual books of account
_____3.Which of the following refers to the process of recording and organizing a business’s financial transactions?
A.Bookkeeping B. Business Recording C.Business Management D. Business Promotion
_____4. Which of the following refers to a framework by which the records of an organization are created and managed in a way that
supports a business.
A. Bookkeeping B. Business Recording C. Business Management D. Record Keeping
_____5. Which of the following refers to the documents that contain information relevant to business dealings which can be physical or
digital, which include meeting minutes, memoranda, employment contracts, accounting source documents and legal contracts?
A. Business Record B. Balance Sheet C.SCI D. SFP
____6. What do you call the two parts of the statement of financial position?
A. Assets & Liabilities B. Assets & Equity
C. Equity & Liabilities D. Value & Assets
_____7. What do you call the general term that refers to the company’s right to collect or claim payment?
A. Cash on delivery B. Inventories C. Prepayments D. Receivables
_____8. What do you remember about payables that refers to an obligation evidenced by a promissory note?
A. Account payables B. Accrued expenses
C. Notes payable D. Long-term liabilities
_____9. What do you call the net assets of the business?
A. Assets B. Equity C. Liabilities D. Value
_____10. What are the two kinds of payables?
A. Account & Notes payable B. Accrued & Notes payable
C. Long-term & Notes payable D. Money & Notes payable
_____11. What do you call the arrangements of the owner of the goods and the store owner who is not obligated to purchase the
goods?
A. Consignment arrangement B. Differentiated arrangement
C. Inventories arrangement D. Prepayments arrangement
_____12. What is the most important factor in financial statement analysis?
A. The most important aspect of business is understanding what drives your costs.
B. The most important aspect of business is understanding on other major liabilities.
C. The most important areas on a balance sheet are cash, accounts receivable, short-term investments, financial stability
and price skimming.
D. The most important areas on a balance sheet are cash, accounts receivable, short-term investments, property, plant,
equipment, and other major liabilities.
_____13. What are the three financial statements and why is important to understand them?
A. Balance sheet, elements, and the financial position,
B. Balance sheet, elements of financial position, and cash flows.
C. Income statement, balance sheet, and statement of cash flows.
Income statement, balance sheet, and elements of financial position.
______14. What is a statement that reports the results of operations of the business for one reporting period?
A. SCI B. SFP C. STP D. SIC
_____15. What do you call the transaction that increases assets and decreases liabilities leading to increase in equity?
A. expenses B. income C. revenue D. sales
_____16. What do you call the transaction that decrease assets and increase liabilities leading to decrease in equity?
A. expenses B. income C. revenue D. sales
_____17. Which of the following refers to the income generated from the primary operations of the business?
A. Expenses B. Gains C. Losses D. Revenues
_____18. Which of the following refers to the income derived from other activities of the business?
A. Expenses B. Gains C. Losses D. Revenues
_____19.Which of the following requirements do you need to register for a barangay business clearance?
A. Barangay Business Clearance B. Certificate of Land Title if rented
C. Certificate of registration from DTI D. One valid identification card

_____20.Which of the following is NOT essential to start commencing a business in the Philippines?
A. Register for a Mayor’s Permit
B. Register for a Police Clearance
 C. Register Business Name in DTI
D. Register for a Barangay Business Clearance
_____21. Which of the following is NOT needed to register your business in BIR?
A. BIR Form 1901 B. BIR Form 1903 C.Books of account D. Certificate of Registration
_____22. Which of the following number of days is given by DTI as grace period for payment options on the application for the DTI
registration fee? A.3 days B. 4 days C. 6 days D. 7 days
_____23.Which of the following records includes copies of permits, registration and licenses of employees who need to do their jobs.
A. Customer’s Complaint B. Customers’s Record
C. Performance Review D. Employees accreditation certificates and licenses
______24. Which of the following is NOT an importance of good record keeping?
A. It protects the business B. It measures performance C.It maximizes income D. It gives more risk
_____25. How do financial statements help in decision-making?
A. It creates customer awareness
B. It attracts and protect the product.
C. It shows projected profitability over a period.
D. It shows projected and to control operating expenses.
_____26. What describes the main purpose of a statement of financial position?
A. A statement of financial position is commonly used to undertake the risk of new enterprises.
B. A statement of financial position is commonly used to assess the position of a business in terms of financial stability and
potential risk.
C. A statement of financial position is commonly used to assess the position of a business in terms of social, physical,
emotional aspects to take a risk.
D. A statement of financial position is commonly used to determine the new enterprises that are common in terms of
financial stability and potential risk.
____27. Which of the following is NOT a kind of assets?
A. Cash B. Inventories C. Value D. Property, Plant, and Equipment
____28 Which of the following is NOT a kind of liabilities?
A. Accrued expenses B. Payables C. Price Skimming D. Unearned income
____29. What is your understanding about financial statement?
A. It is a written records that illustrates the business activities and the financial performance of a company.
B. It is a written records that illustrates financial performance of a company and the environmental factor in
entrepreneurship.
C. It is a computerized records that illustrates the business activities and the financial performance of a company to ensure
the importance of financial statement.
D. It is a computerized records that illustrates the business activities and the financial performance of a company to know
the competition-based pricing, price skimming and value based pricing.
_____30. Why is it important to understand the elements of financial position?
A. The financial position helps the management to understand the performance of management.
B. The financial position helps the management to determine the new enterprises that are common in terms of financial
stability.
C. The financial position helps the management to determine the new enterprises that are common in terms of financial
stability and the company’s performance.
D. The financial position helps the management understand the company's performance in comparison to the other
businesses and the sector.
For numbers 31-42, refer to the given below. Prepare a balance sheet.
XYZ Company
Given:
A. Accounts Receivable 200,000

B. Bank Loan 150,000

C. Cash on Hand 250,500

D. Equity 536,000

E. Equity 425,000

F. Inventory 100,000

G. Notes Payable 100,000

H. Prepaid Expenses 25,000

I. Property 200,000

J. Rent 45,000

K. Total 831,000

L. Total 775,500

M. Utilities 55,500
 ASSETS CLAIMS

31. ______________________________________ 37. _________________________________________

32. ______________________________________ 38. _________________________________________
33. ______________________________________ 39. _________________________________________
34. ______________________________________ 40. _________________________________________
35. ______________________________________ Total Liabilities: 41. _____________________
42: _____________________________________

TOTAL ASSETS: TOTAL CLAIMS:

36. _____________________________________

___43. How would you differentiate between Loose-leaf books of account and computerized books of account?
A. Loose-leaf books of account are handwritten and computerized books of account are computerized system of bookkeeping that
is usually common for businesses with complex operations.
B. Loose-leaf books of account are printed instead of being handwritten and computerized books of account are computerized
system of bookkeeping that is usually common for businesses with complex operations.
C. Loose-leaf books of account are handwritten instead of being printed and computerized books of account are computerized
system of bookkeeping that is usually common for businesses with complex operations.
D. Loose-leaf books of account are handwritten printed using Microsoft excel and computerized books of account are
computerized system of bookkeeping that is usually common for businesses with complex operations.
_____44. What can you point out about the purpose of registering a business?
A. It signifies that your business is a properly registered business.
B. It signifies that your business is not properly registered business.
A. It signifies that you are a legitimate business, which secures your reputation in the industry and country.
B. It signifies that you are an illegitimate business, which secures your reputation in the industry and country.
______45.All of the following are documents under Customers’ Records EXCEPT?
A. Personal Details B. Product Inquiries C. Product Purchase D. Staff Performance
_____46. Mr. Lucina would like to make it easier to repeat advertisements and plan future advertisingcampaigns which of the following
records will he refer to?
A.Details of advertising campaigns and success B.Quotes given and won C.Insurance policies D.Customer’s record
_____47. Sir Elmer keeps copies of all the invoices, receipts and payments as well as the files of all vendors, payroll and bank
statements and also keep all these files and receipts in paper form.Which of the following task did he perform?
A. file and upload receipts
B. enter unpaid bills from vendors
C. prepare and send invoices & vouchers
D. record and reconcile financial transactions
_____48. Which of the following is the purpose of a Balance Sheet?
A. Give an idea of the company’s financial position
B. Display what the company owns
C. Show how much it owes
D. All of the above
____49. What is the function and purpose of DTI in the business industry in the Philippines?
A. The DTI is the primary agency in the promotion and development of MMMEs together with BIR.
B. The DTI is the primary agency in the promotion and development of MSMEs.
C. The DTI is the primary agency in the promotion and development of MMMEs through the provision of various assistance
and interventions, financing, marketing and promotion, human resource development, product development, and
advocacy.
D. The DTI is the primary agency in the promotion and development of MSMEs through the provision of various assistance
and interventions, financing, marketing and promotion, human resource development, product development, and
advocacy.
_____50.Mr. Contaoi needs to resort to a business loan from bank to cover the expenses for the expansion of his business,he
presented an accurate and organized business record to the bank he intends to borrow.Will the bank lend him the amount
he needs?
A. Yes,constant record keeping helps you as a business owner to track the performance of your business
B.Yes,proper record keeping gives him vision on which of your product is moving in sales
C.Yes,proper record keeping gives him a clear direction to aid your business decisions
D. Yes,proper record keeping of your business helps him stand a better chance to getting a loan
____51.Mrs. Yukee,the major stockholder of ABC Company assessed her staffs perfomance and agreements with her
employees with rules and regulations of her,wich of the following practices did she execute?
A.Customers’ Complaint B. Customers’ Review C.Employees’ Performance Review D. Quotes given and won
 ___52.The total current liabilities of Company XYZ includes Accounts Payable(450,000) ,Salaries Payable(18,000) & Interest
Payable(90,000) if the total Owner’s Equity is P1.226,500,Which of the following amounts would be the company’s total
assets at the end of the year?
A. P4,784,500 B. P3,784,500 C.P2,784,500 D.P1,784,500
_____53. Miss Perez,part owner of XYZ company found out that at the end of the fiscal year in 2018,her Equity is P1,226,500 and that
her current liability is P558,000 and she declared the company’s assets as P1,784,500.Was her declaration correct?
A. Yes,because Equity + Liability=Asset
B. Yes,because Equity-Liability=Assets
C. No,because Liabiltiy+Asset=Equity
D. None of the above
_____54. A business owner declared his total asset of ₱ 200,000.00 and with some total liabilities of ₱ 150,000.00. How much is his
owner’s equity? A. ₱ 49,000.00 B. ₱ 50,000.00 C. ₱ 55,000.00 D. ₱ 150,000.00
_____55.Supposed you are the finance officer of a certain company and your tasked is to determine account balances for every
account title such as cash, account receivables and others matters pertaining to the finances of your company.Which of
the following would be the proper arrangement of the procedure you are going to execute?
I.Add all the debit side to generate total debit II.Add all the credit side to generate total credit.
III.Subtract total debit to the total credit. IV.Determine the balance of each account.
A.I,II,III,IV B.II,III,IV,I C.III,IV,I,II D.IV,I,II,III
_____56. Which of the following scenarios will happen in ABC company if its current liabilities and revenues will continue to rise and
grow? A.The assets will decrease B.The assets will increase C. The assets will not be affected D. None of the above
_____57. Why is the Statement of Comprehensive Income significant to the business?
A.It shows the revenue generated by operating the business. B.It shows the costs spent to generate the revenue
C.It shows the income D.All of the above
_____58. How do we prepare a balance sheet?
A.by adding the liabilities and equity B.by adding the claims and liabilities
C.by adding the total assets and total claims D.by adding the total assets and total liabilities
_____59. How would you explain the importance of Income Statement?
A. Income statement helps you understand the health and prospects of your business.
B. Income statement assesses the profit or loss of a business over a period of time.
C. Income statement provides a complete picture of a company’s financial position.
D. All of the above
_____60. How would you interpret the table below?
Table 1b. Projected Cost and Sales
Day 1 Day 2 Day 3 Day 4 Day 5

Aug. 15 Aug. 16 Aug. 17 Aug. 18 Aug. 19

Sales 7,000 5,000 6,500 8,000 8,500

Expenses 5,000 2,500 5,000 6,500 6,000

Net income/Loss 2,000 2,500 1,500 1,500 2,500

A. Table 1b shows the projected cost and sales of the business. It can be seen that the total sales is 35,000 and the total
expenses is equal to 25,000. Therefore, the profit is 5,000.
B. Table 1b shows the projected cost and sales of the business. It can be seen that the total sales is 35,000 and the total
expenses is equal to 25,000. Therefore, the profit is 10,000.
C. Table 1b shows the projected cost and sales of the business. It can be seen that the total sales is 35,000 and the total
expenses is equal to 25,000. Therefore, the profit is 15,000.
D. Table 1b shows the projected cost and sales of the business. It can be seen that the total sales is 35,000 and the total
expenses is equal to 25,000. Therefore, the profit is 20,000.

EML/EML/CGC/SVO/FMS/JPMP
 Republic of the Philippines

Region I
La Union Schools Division Office
DOÑA FRANCISCA LACSAMANA DE ORTEGA
MEMORIAL NATIONAL HIGH SCHOOL
San Blas, Bangar, La Union
Tel. No.: (072) 607-5134; Email Address: [email protected]

SECOND QUARTER EXAMINATION

ENTREPRENEURSHIP
Name:_______________________________ Section: ____________ Date: ______Score: ________
MULTIPLE CHOICE. Choose the letter that corresponds to your most accurate answer.
Write your answer on the space provided before each item number.
_____1. What do you call the form that you need to fill up to register your business in the
BIR?
A. Form 1900 B. Form 1901 C. Form 1902 D. Form 1903
_____2. What do you call the types of books of account that includes journals, ledgers, or
columnar books where you manually document your business transactions?
A. Computerized books of account B. Loose-leaf books of account
C. Ledger books of account D. Manual books of account

_____3.Which of the following refers to the process of recording and organizing a

business’s financial transactions?

A. Bookkeeping B. Business Recording

C.Business Management D. Business Promotion
_____4. Which of the following refers to a framework by which the records of an
organization are created and managed in a way that supports a business.

A. Bookkeeping B. Business Recording

C. Business Management D. Record Keeping
_____5. Which of the following refers to the documents that contain information relevant
to business dealings which can be physical or digital, which include meeting minutes,
memoranda, employment contracts, accounting source documents and legal contracts?

B. Business Record B. Balance Sheet C.SCI D. SFP

____6. What do you call the two parts of the statement of financial position?
A. Assets & Liabilities B. Assets & Equity
C. Equity & Liabilities D. Value & Assets
_____7. What do you call the general term that refers to the company’s right to collect or
claim payment?
B. Cash on delivery B. Inventories C. Prepayments D. Receivables
_____8. What do you remember about payables that refers to an obligation evidenced by
a promissory note?
A. Account payables B. Accrued expenses
C. Notes payable D. Long-term liabilities
_____9. What do you call the net assets of the business?
B. Assets B. Equity C. Liabilities D. Value

_____10. What are the two kinds of payables?

A. Account & Notes payable B. Accrued & Notes payable
C. Long-term & Notes payable C. Money & Notes payable
_____11. What do you call the arrangements of the owner of the goods and the store
owner who is not obligated to purchase the goods?
 A. Consignment arrangement B. Differentiated arrangement
C. Inventories arrangement D. Prepayments arrangement
_____12. What is the most important factor in financial statement analysis?
E. The most important aspect of business is understanding what drives your costs.
F. The most important aspect of business is understanding on other major
liabilities.
G. The most important areas on a balance sheet are cash, accounts receivable,
short-term investments, financial stability and price skimming.
H. The most important areas on a balance sheet are cash, accounts receivable,
short-term investments, property, plant, equipment, and other major liabilities.
_____13. What are the three financial statements and why is important to understand
them?
D. Balance sheet, elements, and the financial position,
E. Balance sheet, elements of financial position, and cash flows.
F. Income statement, balance sheet, and statement of cash flows.
Income statement, balance sheet, and elements of financial position.

______14. What is a statement that reports the results of operations of the business for
one reporting period?
A. SCI B. SFP C. STP D. SIC
_____15. What do you call the transaction that increases assets and decreases liabilities
leading to increase in equity?
A. expenses B. income C. revenue D. sales
_____16. What do you call the transaction that decrease assets and increase liabilities
leading to decrease in equity?
A. expenses B. income C. revenue D. sales
_____17. Which of the following refers to the income generated from the primary
operations of the business?
A. Expenses B. Gains C. Losses D. Revenues
_____18. Which of the following refers to the income derived from other activities of the
business?
B. Expenses B. Gains C. Losses D. Revenues
_____19.Which of the following requirements do you need to register for a barangay
business clearance?
A. Barangay Business Clearance B. Certificate of Land Title if rented
C. Certificate of registration from DTI D. One valid identification card

_____20.Which of the following is NOT essential to start commencing a business in the

Philippines?
E. Register for a Mayor’s Permit
F. Register for a Police Clearance
G. Register Business Name in DTI
H. Register for a Barangay Business Clearance
_____21. Which of the following is NOT needed to register your business in BIR?
B. BIR Form 1901 B. BIR Form 1903
C. Books of account D. Certificate of Registration
_____22. Which of the following number of days is given by DTI as grace period for
payment options on the application for the DTI registration fee?
A. 3 days B. 4 days C. 6 days D. 7 days
_____23.Which of the following records includes copies of permits, registration and
licenses of employees who need to do their jobs.
B. Customer’s Complaint B.Customers’s Record
C. Performance Review D. Employees accreditation certificates and licenses
______24. Which of the following is NOT an importance of good record keeping?
B. It protects the business B. It measures performance
 C.It maximizes income D. It gives more risk
_____25. How do financial statements help in decision-making?
E. It creates customer awareness
F. It attracts and protect the product.
G. It shows projected profitability over a period.
H. It shows projected and to control operating expenses.
_____26. What describes the main purpose of a statement of financial position?
E. A statement of financial position is commonly used to undertake the risk of new
enterprises.
F. A statement of financial position is commonly used to assess the position of a
business in terms of financial stability and potential risk.
G. A statement of financial position is commonly used to assess the position of a
business in terms of social, physical, emotional aspects to take a risk.
H. A statement of financial position is commonly used to determine the new
enterprises that are common in terms of financial stability and potential risk.
____27. Which of the following is NOT a kind of assets?
A. Cash B. Inventories
C. Value D. Property, Plant, and Equipment

_____28 Which of the following is NOT a kind of liabilities?

A. Accrued expenses B. Payables
C. Price Skimming D. Unearned income
_____29. What is your understanding about financial statement?
E. It is a written records that illustrates the business activities and the financial
performance of a company.
F. It is a written records that illustrates financial performance of a company and
the environmental factor in entrepreneurship.
G. It is a computerized records that illustrates the business activities and the
financial performance of a company to ensure the importance of financial
statement.
H. It is a computerized records that illustrates the business activities and the
financial performance of a company to know the competition-based pricing,
price skimming and value based pricing.
_____30. Why is it important to understand the elements of financial position?
E. The financial position helps the management to understand the performance
of management.
F. The financial position helps the management to determine the new enterprises
that are common in terms of financial stability.
G. The financial position helps the management to determine the new enterprises
that are common in terms of financial stability and the company’s
performance.
H. The financial position helps the management understand the company's
performance in comparison to the other businesses and the sector.
_

For numbers 31-42, refer to the given below. Prepare a balance sheet.
XYZ Company
Given:
N. Accounts 200,000
Receivable

O. Bank Loan 150,000

P. Cash on Hand 250,500

Q. Equity 536,000
 R. Equity 425,000

S. Inventory 100,000

T. Notes Payable 100,000

U. Prepaid Expenses 25,000

V. Property 200,000

W. Rent 45,000

X. Total 831,000

Y. Total 775,500

Z. Utilities 55,500

ASSETS CLAIMS

31. 37.
______________________________________ _________________________________________

32. 38.
______________________________________ _________________________________________

33. 39.
______________________________________ _________________________________________

34. 40.
______________________________________ _________________________________________

35. Total Liabilities: 41.

______________________________________ _____________________

42: _____________________________________

TOTAL ASSETS: TOTAL CLAIMS:

36.
_____________________________________

___43. How would you differentiate between Loose-leaf books of account and
computerized books of account?
E. Loose-leaf books of account are handwritten and computerized books of
account are computerized system of bookkeeping that is usually common for
businesses with complex operations.
F. Loose-leaf books of account are printed instead of being handwritten and
computerized books of account are computerized system of bookkeeping that is
usually common for businesses with complex operations.
G. Loose-leaf books of account are handwritten instead of being printed and
computerized books of account are computerized system of bookkeeping that is
usually common for businesses with complex operations.
H. Loose-leaf books of account are handwritten printed using Microsoft excel and
computerized books of account are computerized system of bookkeeping that is
usually common for businesses with complex operations.
_____44. What can you point out about the purpose of registering a business?
 A. It signifies that your business is a properly registered business.
B. It signifies that your business is not properly registered business.
A. It signifies that you are a legitimate business, which secures your reputation in
the industry and country.
B. It signifies that you are an illegitimate business, which secures your reputation
in the industry and country.

______45.All of the following are documents under Customers’ Records EXCEPT?

B. Personal Details B. Product Inquiries
C. Product Purchase D. Staff Performance
_____46. Mr. Lucina would like to make it easier to repeat advertisements and plan future
advertisingcampaigns which of the following records will he refer to?
A. Details of advertising campaigns and success
B. Quotes given and won
C. Insurance policies
D. Customer’s record
_____47. Sir Elmer keeps copies of all the invoices, reciepts and payments as well as the
files of all vendors, payroll and bank statements and also keep all these files and
reciepts in paper form.Which of the following task did he perform?
A. file and upload receipts
B. enter unpaid bills from vendors
C. prepare and send invoices & vouchers
D. record and reconcile financial transactions
_____48. Which of the following is the purpose of a Balance Sheet?
E. Give an idea of the company’s financial position
F. Display what the company owns
G. Show how much it owes
H. All of the above
____49. What is the function and purpose of DTI in the business industry in the
Philippines?
E. The DTI is the primary agency in the promotion and development of MMMEs
together with BIR.
F. The DTI is the primary agency in the promotion and development of MSMEs.
G. The DTI is the primary agency in the promotion and development of MMMEs
through the provision of various assistance and interventions, financing,
marketing and promotion, human resource development, product development,
and advocacy.
H. The DTI is the primary agency in the promotion and development of MSMEs
through the provision of various assistance and interventions, financing,
marketing and promotion, human resource development, product development,
and advocacy.
_____50.Mr. Contaoi needs to resort to a business loan from bank to cover the expenses
for the expansion of his business,he presented an accurate and organized
business record to the bank he intends to borrow.Will the bank lend him the
amount he needs?

A. Yes,constant record keeping helps you as a business owner to track the

performance of your business

B.Yes,proper record keeping gives him vision on which of your product is moving in
sales

C.Yes,proper record keeping gives him a clear direction to aid your business
decisions
 D. Yes,proper record keeping of your business helps him stand a better chance to
getting a loan

____51.Mrs. Yukee,the major stockholder of ABC Company assessed her staffs

perfomance and agreements with her employees with rules and regulations of
her,wich of the following practices did she execute?
A. Customers’ Complaint B. Customers’ Review
B. Employees’ Performance Review D. Quotes given and won
___52.The total current liabilities of Company XYZ includes Accounts
Payable(450,000) ,Salaries Payable(18,000) & Interest Payable(90,000) if the
total Owner’s Equity is P1.226,500,Which of the following amounts would be the
company’s total assets at the end of the year?
B. P4,784,500 B. P3,784,500 C.P2,784,500 D.P1,784,500
_____53. Miss Perez,part owner of XYZ company found out that at the end of the fiscal
year in 2018,her Equity is P1,226,500 and that her current liability is P558,000 and she
declared the company’s assets as P1,784,500.Was her declaration correct?
E. Yes,because Equity + Liability=Asset
F. Yes,because Equity-Liability=Assets
G. No,because Liabiltiy+Asset=Equity
H. None of the above
_____54. A business owner declared his total asset of ₱ 200,000.00 and with some total
liabilities of ₱ 150,000.00. How much is his owner’s equity?

A. ₱ 49,000.00 B. ₱ 50,000.00

C. ₱ 55,000.00 D. ₱ 150,000.00

_____55.Supposed you are the finance officer of a certain company and your tasked is to
determine account balances for every account title such as cash, account
receivables and others matters pertaining to the finances of your company.Which of
the following would be the proper arrangement of the procedure you are going to
execute??

I.Add all the debit side to generate total debit

II.Add all the credit side to generate total credit.

III.Subtract total debit to the total credit.

IV.Determine the balance of each account.

A.I,II,III,IV B.II,III,IV,I C.III,IV,I,II D.IV,I,II,III

_____56. Which of the following scenarios will happen in ABC company if its current
liabilities and revenues will continue to rise and grow?
A. The assets will decrease B.The assets will increase
C. The assets will not be affected D. None of the above
_____57. Why is the Statement of Comprehensive Income significant to the business?
A. It shows the revenue generated by operating the business.
B. It shows the costs spent to generate the revenue
C. It shows the income
D. All of the above
_____58. How do we prepare a balance sheet?
A. by adding the liabilities and equity
B. by adding the claims and liabilities
C. by adding the total assets and total claims
D. by adding the total assets and total liabilities
_____59. How would you explain the importance of Income Statement?
 E. Income statement helps you understand the health and prospects of your
business.
F. Income statement assesses the profit or loss of a business over a period of
time.
G. Income statement provides a complete picture of a company’s financial
position.
H. All of the above
_____60. How would you interpret the table below?
Table 1b. Projected Cost and Sales

Day 1 Day 2 Day 3 Day 4 Day 5

Aug. 15 Aug. 16 Aug. 17 Aug. 18 Aug. 19

Sales 7,000 5,000 6,500 8,000 8,500

Expenses 5,000 2,500 5,000 6,500 6,000

Net 2,000 2,500 1,500 1,500 2,500

income/Loss

A. Table 1b shows the projected cost and sales of the business. It can be seen that
the total sales is 35,000 and the total expenses is equal to 25,000. Therefore, the
profit is 5,000.
B. Table 1b shows the projected cost and sales of the business. It can be seen that
the total sales is 35,000 and the total expenses is equal to 25,000. Therefore, the
profit is 10,000.
C. Table 1b shows the projected cost and sales of the business. It can be seen that
the total sales is 35,000 and the total expenses is equal to 25,000. Therefore, the
profit is 15,000.
D. Table 1b shows the projected cost and sales of the business. It can be seen that
the total sales is 35,000 and the total expenses is equal to 25,000. Therefore, the
profit is 20,000.
Prepared by:

DIOSEL I. CAMAT EDWIN M. LUCINA CLEMART G. CONTAOI

Teacher II Teacher III Teacher I

SHERYL ANN V. ORDINARIO FLORENCIO M. SANTOS

Teacher I Teacher III

Checked by:

YVES JILL M. YUKEE,MAT-MATHEMATICS

MT II

Reviewed and verified by:

GINA M. PEREZ,MAEd
HT III-MAPEH/OIC-SHS ASSISTANT PRINCIPAL II

Noted
JIMA N. ESCOBAR,ED.D
SSP IV