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Final Exam in Fundamental of Accounting, Business and Management 2 Grade 12 Name: - Date: - Section: - Score

This document appears to be a practice exam for a final in Fundamentals of Accounting, Business, and Management. It contains 15 identification questions testing key accounting terms and 10 multiple choice questions testing accounting concepts. The exam covers topics like assets, liabilities, equity, the accounting equation, forms of business organization, financial statements, and cash flow. It is assessing the student's knowledge of fundamental accounting principles and concepts.

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733 views2 pages

Final Exam in Fundamental of Accounting, Business and Management 2 Grade 12 Name: - Date: - Section: - Score

This document appears to be a practice exam for a final in Fundamentals of Accounting, Business, and Management. It contains 15 identification questions testing key accounting terms and 10 multiple choice questions testing accounting concepts. The exam covers topics like assets, liabilities, equity, the accounting equation, forms of business organization, financial statements, and cash flow. It is assessing the student's knowledge of fundamental accounting principles and concepts.

Uploaded by

Leyla
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Final Exam in Fundamental of Accounting, Business and Management 2

Grade 12

Name:__________________________________ Date:_____________
Section:_____________ Score:_____________

Identification: Write the correct answer in the space provided.

____________________1.Assets that cannot be realized collected, sold, used up to one year after year end date.

____________________2. Also known as the Income statement.

____________________3. One engages in trading the goods above cost or at a profit.

____________________4.Refer to gross receipts of the business from the sale of merchandise.

___________________5.An income generated from the primary operations of the business.

___________________6.Are income generated from the primapry operations of the business.

___________________7.Related to the primary operations of the business.

___________________8.The transporation cost of the goods bought for sale.

___________________9.It is a business owned by many shareholders and ownership is expressed in terms of shares of
stocks.

__________________10.It is owned by partners who pooled together their resources to achieve mutual goal.

__________________11.The very first investment of the owners of the company.

__________________12.It provides an anlaysis of inflows and outflows of cash flow operating,investing and financing
activities.

_________________13.Derived from the main revenue.

_________________14.Derived from the acquisition of fixed assets and cash proceeds for the disposal of non current
assets.

_________________15.Derived from cash transaction with equity owners creditors.

II. Multiple choice

1._______________ the net assets of the business.

a.sales b.equity c.inventory d.PPE

2.___________are resources with future benefits that is within the control of the company.

a.assets b.inventory c. equity d. accounts receivables

3._______________ these are claims of creditor.

a.assets b.liabilities c.equity daccounts receivables

4._____________ the sum of liabvilities and owners equity.

a.accounting equation b.capital c.liabilities d.assets

5.What fom of business organization is characterized by only one owner?

a.sole proprietor b.partnership c.cooperative d.corporation

6.What form of business is owned by many shareholders?

a. Partnership b.cooperative c.corporation d.sole proprietorship

7.What is being deducted from the owners capital?


a.expenses b.sales c.purchases d.drawing

8.What is being added to the owner’s capital?

a.net sales b.interest income c.inventory d.purchase

9.What financial statement shows the real accounts?

a.statement of cash flow b.Statement of Financial Position c.Statement of Comprehensive Income


d.Statement of Changes in Equity

10.What financial statement show the cash in and cash out flow.

a.statement of cash flow b.Statement of Financial Position c.Statement of Comprehensive Income


d.Statement of Changes in Equity

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