ACLC COLLEGE BALIUAG
POBLACION, BALIUAG, BULACAN
2nd SEMESTER S.Y. 2024 – 2025
Prelim Examination
NAME: ___________________________________ DATE: _____________
STUDENT NUMBER: _______________________ ROOM: ____________
INSTRUCTOR: _____________________________ TIME: ______________
PROCTOR: ________________________________ PERMIT NO.: ________
Subject Code: ACTG6141 (FINANCIAL ACCOUNTING & REPORTING)
Section: AI12A (6)
GENERAL INSTRUCTIONS:
1. Follow all instructions carefully. Failure to do so will warrant a substantial deduction from your
final score.
2. Write everything in non-red ink.
3. You are not allowed to leave your seat unless you are through with the exam. If you have any
questions, just raise your hand and the instructor or proctor will attend to you.
4. Talking to or looking at your seatmate (and his/her paper) is automatically considered as cheating
which is subject to a very serious penalty as stipulated in the student handbook.
5. Write all your answer in the test booklet. Tearing of test booklet leave is not allowed.
6. Mobile Phones are not allowed for computation.
I. IDENTIFICATION (2 POINTS EACH). Write the correct answer in the blank.
1. ___________________ is the universal language of business.
2. ___________________ is a service activity, whose function is to provide
quantitative information, primarily financial in nature, about economic entities, that
is intended to be useful in making economic decisions.
3. Accounting is an __________________ that measures business activities, processes
information into reports, and communicates the reports to decision-makers.
4. A key product of accounting is a set of _____________________.
5. ___________________ is the process of identifying, measuring, and
communicating economic information to permit informed judgment and decision
by users of the information.
6. ___________________ is the recognition or non-recognition of business activities
as accountable events.
7. ___________________ is the assigning of peso amounts to the accountable
economic transactions and events.
8. ___________________ is the process of preparing and distributing accounting
reports to potential users of accounting information.
9. ___________________ is the book being used for transactions that are considered
to be numerous and repetitive in a company in which a record concentrated for
such transactions is dedicated.
10. ___________________ is simply a list of open accounts in the general ledger. It
summarizes the net effect of the transactions in each account in the general ledger
for a particular period.
Prepared by: Joselito V. Maglaque Page 1 of 4
“All of you were baptized into Christ have clothed yourself with Christ.”
Galatians 3:27
ACLC COLLEGE BALIUAG
POBLACION, BALIUAG, BULACAN
2nd SEMESTER S.Y. 2024 – 2025
Prelim Examination
II. MATCHING TYPE (2 points each): Choose the letter of the correct answer.
1. This is a resource controlled by the entity as a result of past events and from which
future economic benefits are expected to flow to the entity.
a. Assets
b. Liability
c. Equity
d. Bonds payable
2. This is the amount of cast or cash equivalent that would have to be paid if the same or
equivalent asset was acquired currently.
a. Cash and Cash equivalent
b. Current cost
c. Assets
d. Liability
3. This is the residual interest in the aster of the entity after deducting all its liabilities.
a. Assets
b. Notes payable
c. Equity
d. Going Concern
4. These are decreases in economic benefits during the accounting period in the form of
outflows or depletions of assets or the incurring of liabilities that result in decreases in
equity, other than those relating to distributions to equity participants.
a. Long-term lease obligations
b. Notes payable
c. Pension obligations
d. Expenses
5. Do not have ready access to accounting information and rely heavily on the prepared
financial statements of the enterprise for their decision-making needs.
a. External Users
b. Internal Users
c. Going Concern
d. Accountant’s
6. FRSC is the successor of the Accounting Standards Council and created to establish
generally accepted accounting principles in the Philippines. What is FRSC?
a. Financial Revenue Standards Council
b. Financial Reporting Standards Council
c. Financial Regulation Standards Council
d. Financial Report Standards Council
Prepared by: Joselito V. Maglaque Page 2 of 4
“All of you were baptized into Christ have clothed yourself with Christ.”
Galatians 3:27
ACLC COLLEGE BALIUAG
POBLACION, BALIUAG, BULACAN
2nd SEMESTER S.Y. 2024 – 2025
Prelim Examination
7. This is the assumption that a business will continue to operate in the foreseeable
future.
a. Historical cost
b. Internal Users
c. Going Concern
d. External Users
8. This is the amount of cash or cash equivalent paid of the fair value of the consideration
given to acquire an asset at the time of acquisition.
a. Cost
b. Expense
c. Background Cost
d. Historical Cost
9. This are increases in economic benefits during the accounting period in the form of
inflows or enhancements of assets, or decreases of liabilities, that result in increases in
equity, other than those relating to contributions from equity participants.
a. Income
b. Expenses
c. Equity
d. Liabilities
10. Those who have ready access to accounting information for their decision-making
needs.
a. External Users
b. Internal Users
c. Pushers
d. Management
11. IASB has developed a set of uniform global accounting standards and promoted the use
and application of these standards. What is IASB?
a. Internal Accounting Standards Board
b. Internal Accountant Standards Board
c. International Accounting Standards Board
d. International Accountant Standards Board
12. IFRS has a series of pronouncements that serve as standards in the accounting
profession which is accepted globally. What is IFRS?
a. Internal Finance Reporting Standards
b. International Finance Reporting Standards
c. International Financial Regulations Standards
d. International Financial Reporting Standards
Prepared by: Joselito V. Maglaque Page 3 of 4
“All of you were baptized into Christ have clothed yourself with Christ.”
Galatians 3:27
ACLC COLLEGE BALIUAG
POBLACION, BALIUAG, BULACAN
2nd SEMESTER S.Y. 2024 – 2025
Prelim Examination
13. This is a present obligation of the entity arising from past events, the settlement of
which is expected to result in an outflow from the entity of resources embodying economic
benefits.
a. Liabilities
b. Assets
c. Equity
d. Cash & Cash Equivalent
14. This is the discounted value of the future net cash inflows that the item is expected to
generate in the normal course of business.
a. Present value
b. Future Value
c. Realizable value
d. No Value
15. This is the amount of cash or cash equivalent that could currently be obtained by selling
the asset in an orderly disposal.
a. Realizable value
b. Future value
c. Present value
d. No Value
End of the exam. God Bless You!
Prepared by: Joselito V. Maglaque Page 4 of 4
“All of you were baptized into Christ have clothed yourself with Christ.”
Galatians 3:27
