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FABM 1 Answer Sheet Q1 W5

1. The document is a quiz on accounting fundamentals that covers topics like the accounting equation, journals, ledgers, and different types of business transactions. 2. It contains 10 true/false questions, 10 multiple choice questions, and 5 questions asking students to identify the special journal applicable for given transactions. 3. The questions test students' understanding of concepts like the two basic accounting books, the purpose of journals and ledgers, how transactions are recorded, and which special journal is used to record different types of business events.

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Florante De Leon
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422 views2 pages

FABM 1 Answer Sheet Q1 W5

1. The document is a quiz on accounting fundamentals that covers topics like the accounting equation, journals, ledgers, and different types of business transactions. 2. It contains 10 true/false questions, 10 multiple choice questions, and 5 questions asking students to identify the special journal applicable for given transactions. 3. The questions test students' understanding of concepts like the two basic accounting books, the purpose of journals and ledgers, how transactions are recorded, and which special journal is used to record different types of business events.

Uploaded by

Florante De Leon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Answer Sheet in Fundamentals of Accountancy, Business and Management 1

Quarter1 Week 5

Name: ________________________________________ Score: ____________________


Grade/Section: _______________________________

Week 5
I. Lesson: Accounting Equation
II. Learning Competencies: ABM_FABM11-IIIf-22
III. Content/Assessment

A. True or False. Write True if the statement is correct and False if incorrect. Write
your answer in the space provided before each number.

__________1. The two books of accounts are the Debit and Credit.

__________2. The ledger is also called the book of original entries.

__________3. If the business does not utilize special journals, all its transactions are
recorded in the general journal.

__________4. There are seven (7) special journals being used by the business entity if they
have voluminous transactions.

__________5. Transactions are first recorded in the general journal.

__________6. A company that uses the general ledger does not need to use a subsidiary
ledger.

__________7. You record sales in a special journal called sales journal.

__________8. Payments are usually recorded in the purchase journal.

__________9. There are three (3) types of ledgers.

__________10. The process of recording in the journal is posting

B. Multiple Choice. Choose the letter that correspond to your answer. Write your
answer in the space provided before each number.

____1. Business transactions are initially recorded in the

a. Journal b. ledger c. scrap paper d. Notebook


____2. Which of the following is not a special journal?

a. Sales journal b. Purchase journal c. Ledger d. cash receipt journal


____3. Journals are used in recording process called
a. Posting b. Journalizing c. Poster d. Journaling

____4. Transactions are recorded in the journal


a. Alphabetically b. chronologically c. By date d. Eagerly

____5. Mr. K borrowed money from the bank. The transaction is recorded in
a. Sales journal b. Cash receipt journal c. Purchase journal d. A & B
____6. Mr X sold merchandise on account. The transaction is recorded in
a. Sales journal b. Cash receipt journal c. Purchase journal d. A & B
____7. Special journal is compose of ___________ books
a. 4 b. 3 c. 2 d. 1
____8. All the controlling accounts in the general ledger have accounts in the
a. Subsidiary ledger b. Ledger account c. General journal d. A & B.
____9. Contains all the accounts appearing in the trial balance
a. General ledger b. General journal c. General manager d. A & B
____10. It provides a breakdown of the controlling accounts in the general ledger
a. Subsidiary ledger b. Ledger account c. General journal d. A & B.

C. Identify what special journal is applicable for the following transactions. Write
your answer in the space provided before each number.

________________1. Received and collected Php. 12,000 from a customer as a full


settlement of account.
________________2. Purchase 250 units of merchandise to be sold in the store
amounting to 250,000

________________3. Sold 150 units of merchandise to Mr. Z, Php. 150,000


________________4. Paid Salary of Sales Staff, Php. 17,500

________________5. Sold 75 units of merchandise to Mr. X for Php. 75,000 payable


45 days after delivery.

If you have any questions


or concerns about the matter
above, please do not hesitate
to contact me: Mr. Florante P. De Leon,
FB Messenger:
https://m.me/florante.deleon

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