Entrepreneurship

Unit Test

Score:

Name of the student: _________________________________ Date: _____________________

Course & Year: ________________________________________ Class Schedule: ______________

Part I
Direction: Make a horizontal analysis

AMOUNT Difference Favorable or Percentage

Unfavorable
2020 2021
Sales 1,000,000.00 1,020,000.00

Cost of Goods 50% of sale 50% of sale

Sold
Gross profit

Deduct: Other (200,000.00) 20% of Cost of

operating Goods Sold
expenses
Net Income

Should the business continue or not?

Part II
Journalizing

Chart of Accounts

Assets Liabilities Owner’s Equity

Property, Plant and Equipment Accounts payable STII, Capital
Land Notes payable
Account Receivable Mortgage payable
Merchandise Inventory
Cash in Bank

Direction: Make a journal entry of each business transaction.

Jan. 01, 2018 Bought a land to James cash amounted to 5,000,000.00

Jan. 02, 2018 Purchase merchandise inventory to Noel on account amounted to 2,000,000.00

Jan. 03, 2018 Paid the debt to Noel from January 02 transaction amounted to 1,000,000.00

Jan. 04, 2018 Purchase delivery equipment to Cris cash amounted to 3,000,000.00
Direction: Identify the following things either real property or personal property. Write your answer on the space
provided before the number.

_____________________1. Chair
_____________________2. Land
_____________________3. Building
_____________________4. Television
_____________________5. Laptop
_____________________6. Electric fan
_____________________7. Delivery van
_____________________8. House and Lot
_____________________9. Washing machine
_____________________10. Jewelries