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4th Weekly Assessment in FABM1

Quiz by SNDS Rudy Aquino

Grade 11
Fundamentals of Accountancy, Business and Management 1
Philippines Curriculum: SHS Specialized Subjects (MELC)

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10 questions
Show answers
  • Q1

    These are the structured representation of an entity’s financial position and results of its operation. It is the end product of the accounting process.

    financial statements

    bank statements

    balance sheets

    statement of accounts

    30s
  • Q2

    Closing an account means you have to zero out that account, needless to say, it will start with the balance of zero for the next accounting period.

    true
    false
    True or False
    30s
  • Q3

    There are journal entries made at the beginning of the next accounting period to reverse or cancel out adjusting entries made at the end of the previous accounting period.

    journal entries

    closing entries

    adjusting entries

    reversing entries

    30s
  • Q4

    Below are the steps of the accounting cycle: 

    A. Unadjusted trial balance

    B. Journalizing transactions

    C. Adjusted Trial Balance

    D. Posting to the ledger

    E. Analysis of the business transactions

    F. Adjusting Entries 

    Which is the 1st step? 

    Users enter free text
    Type an Answer
    30s
  • Q5

    Below are the steps of the accounting cycle: 

    A. Unadjusted trial balance

    B. Journalizing transactions

    C. Adjusted Trial Balance

    D. Posting to the ledger

    E. Analysis of the business transactions

    F. Adjusting Entries 

    Which is the 2nd step? 

    Users enter free text
    Type an Answer
    30s
  • Q6

    Below are the steps of the accounting cycle: 

    A. Unadjusted trial balance

    B. Journalizing transactions

    C. Adjusted Trial Balance

    D. Posting to the ledger

    E. Analysis of the business transactions

    F. Adjusting Entries 

    Which is the 3rd step? 

    Users enter free text
    Type an Answer
    30s
  • Q7

    Below are the steps of the accounting cycle: 

    A. Unadjusted trial balance

    B. Journalizing transactions

    C. Adjusted Trial Balance

    D. Posting to the ledger

    E. Analysis of the business transactions

    F. Adjusting Entries 

    Which is the 4th step? 

    Users enter free text
    Type an Answer
    30s
  • Q8

    Below are the steps of the accounting cycle: 

    A. Unadjusted trial balance

    B. Journalizing transactions

    C. Adjusted Trial Balance

    D. Posting to the ledger

    E. Analysis of the business transactions

    F. Adjusting Entries 

    Which is the 5th step? 

    Users enter free text
    Type an Answer
    30s
  • Q9

    Below are the steps of the accounting cycle: 

    A. Unadjusted trial balance

    B. Journalizing transactions

    C. Adjusted Trial Balance

    D. Posting to the ledger

    E. Analysis of the business transactions

    F. Adjusting Entries 

    Which is the 6th step? 

    Users enter free text
    Type an Answer
    30s
  • Q10

    After adjusted trial balance,  which of the following is the 7th step? 

    Preparation of financial statements

    Reversing Entries

    Closing entries

    Post-closing trial balance

    30s

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