Republic of the Philippines

DEPARTMENT OF EDUCATION
Regional Office No. 02 (Cagayan Valley)
DIVISION OF TUGUEGARAO CITY
Telephone Numbers: (078) 255-1602, (078) 255-1618
E-mail Address: tuguegarao@deped.gov.ph
facebook.com/DepEdTuguegarao

LEARNING COMPETENCY WITH ONE CORRESPONDING MULTIPLE CHOICE QUESION

Name of Teacher: AR-JAY C. ROMERO

School: CAGAYAN NATIONAL HIGH SCHOOL
Name of School Head: NOEMIE O. OBCENA, Ph. D.

Subject: FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 2

Competencies Question
(Completed for First
Quarter)
Which of the following is not directly related to the measurement of
THE LEARNERS….. financial position in the balance sheet?
A. Asset
Identify the elements
B. liability
of SFP and describe C. Income
each of them; D. Equity

What do we call the obligations that are expected to be settled with

the use of current assets?
Classify the elements of A. Noncurrent Asset
SFP into current and B. Current Liability
noncurrent items; C. Liabilities
D. Noncurrent Liability

Cash on hand P100, 000

Cash in Bank 500, 000
Accounts Receivable 270, 000
Notes Receivable (nontrade)- P20,000 due in 1 yr 60, 000
Allowance for doubtful accounts 85, 000
Inventory 60, 000
Prepaid supplies 25, 000
Prepaid rent 50, 000
Land 1, 000, 000
Equipment 200, 000
Prepare the SFP of a Accumulated Depreciation- Equipment 50, 000
single proprietorship; Building 600, 000
Accumulated Depreciation- Building 100, 000
Accounts payable 350, 000
Notes Payable (nontrade) - P15, 000 due in 1 yr. 90, 000
Utilities Payable 45, 000
Interest Payable 120, 000
Salaries Payable 160, 000
Unearned Income 130, 000
What is the total amount of company’s current assets?
A. P980,000 C. P1, 150, 000
B. P940, 000 D. P1, 110, 000
 Republic of the Philippines
DEPARTMENT OF EDUCATION
Regional Office No. 02 (Cagayan Valley)
DIVISION OF TUGUEGARAO CITY
Telephone Numbers: (078) 255-1602, (078) 255-1618
E-mail Address: tuguegarao@deped.gov.ph
facebook.com/DepEdTuguegarao

What do we call the statement of financial position that is prepared

Prepare an SFP using
the report form and
the account form with
proper classification of
items as current and
noncurrent
Identify the elements
of SCI and describe
each of them;
in horizontal position?
A. Account form
B. Report form
C. Classified form
D. Unclassified form
Which of the following holds true about expenses?
A. It encompasses both revenue and gains
B. these are increases in economic benefits during the
period
C. It may either be current or noncurrent
D. It decreases the equity

Prepare an SCI of the
service business using
the single step
approach;
Prepare an SCI for the
Merchandising
business using the
multistep approach
Discuss the different
forms of business
organization;
What do we call the statement of comprehensive income that is
presents expenses by nature?
A. Single step approach C. classified presentation
B. Multi step approach D. unclassified presentation
What do we call the statement of comprehensive income that is
presents expenses by function?
A. Single step approach C. classified presentation
B. Multi step approach D. unclassified presentation
Which form of business organization is the simplest and easiest to
form?
A. Sole proprietorship
B. Partnership
C. Cooperative
D. Corporation

Find the missing:

Z, Capital Beg P220, 000
Additional investment 90, 000
Drawings ??????
Prepare an SCE for a
Z, Capital End P100, 000
single proprietorship
A. P410, 000 C. P210, 000
B. P310, 000 D. P10, 000

Which of the following is a cash inflow of an entity?

Discuss the A. Unearned Revenue C. Interest Expense
components and B. Accounts Receivable D. Notes Payable
structure of CFS;

The different transactions are as follows:

Prepare a CFS  Cash receipts from sale of goods - P600,000
 Cash paid for purchases of inventory - 60,000
 Republic of the Philippines
DEPARTMENT OF EDUCATION
Regional Office No. 02 (Cagayan Valley)
DIVISION OF TUGUEGARAO CITY
Telephone Numbers: (078) 255-1602, (078) 255-1618
E-mail Address: tuguegarao@deped.gov.ph
facebook.com/DepEdTuguegarao

 Cash paid for salaries expense - 50,000

 Cash paid for utilities expense - 40,000
 Cash paid for interest expense - 30,000
How much is the net cash from operating activities?
A. P420, 000 C. P410, 000
B. P400,000 D. P390,000

What do we call the ability of a business to pay its short term

Define the liabilities?
measurement levels, A. Operational Efficiency
namely, liquidity, B. Profitability
solvency, stability, and C. Solvency
profitability; D. Liquidity

Which method is used to compare financial statements in more than

Perform vertical and
horizontal analyses of
financial statements of
a single proprietorship ;
two accounting periods?
A. Horizontal Analysis
B. Vertical Analysis
C. Both A and B
D. Neither A nor B

Compute and interpret

financial ratios such as
current ratio, working
capital, gross profit
ratio, net profit ratio,
receivable turnover,
inventory turnover,
debt-to-equity ratio,
and the like
Which financial ratio is obtained by dividing the current assets
to current liabilities?
A. Current ratio
B. Debt Ratio
C. Quick Ratio
D. Working Capital