FABM1 ANSWER KEY
Q1 WEEK 1
MELC #1
Activity 1
•
Sales of bakeshop products
•
Purchase of raw materials that will be used
in baking (e.g. flour, eggs)
•
Salaries of baker
•
Acquiring Business permits
•
Purchase of equipment for baking
Activity 2
1. B
2. D
3. D
4. D
5. B
MELC #2
Activity 1
1. C
2. A
3. B
4. D
5. E
Activity 2
1. Collection, recording, classification,
summarization, finalization, and reporting of
financial data.
2. Record transactions according to standards and
professional ethics.
3. Income statement, Balance Sheet, expense
account of the business
4. Providing financial reports to the owners, and
other stakeholders
5. Objective of the company. (expansion, profit,
stability)
MELC #4
Activity 1
1. b
2. a
3. c
4. b
5. c
Activity 4
1. Clay
2. Tablet
3. Daybook/Memos
4. Stewardship
MELC #7-8
Activity I
1. E 6.E
2. I 7.E
3. E 8.I
4. E 9.E
5. I 10.I
Activity II
1. b 6.d
2. a 7.d
3. c 8.d
4. b 9.a
5. c 10.c
Activity V
1. Government/E 6. Owners/I
2. Creditors/E 7. Bank/E
3. Employee/I 8. Academe/E
4. Customers/E 9. Stockholders
5. Management/I 10. Suppliers/E
Q1 WEEK 2
MELC 15-16
Activity1
Rent Expense: it should be included since the rent
is for the business.
2. Salary Expense: it should be included since it is
related to the operation of the business.
3. Utilities Expense (at home): should NOT be
included; it is a personal expense
4. Utilities Expense (at the store): should be
included; it is an expense of the business.
5. Insurance Expense: should be included since
insurance is for the business.
6. Withdrawals: should NOT be included since the
withdrawals is for personal use.
Activity 2
G 4. B 6. D 9. E
2. J 5. C 7. H 10. F
3. A 6. D 8. I