1.
1ST
ACCOUNTING
QUIZ SHOW
EDGARDO LAMADRID, CPA
Host

2.
Are you ready
to win?

3.
I'm your host for today!
EDGARDO LAMADRID, CPA
"ED"

4.
SHILLA
STI College Novaliches
Knowledge is the treasure that
no one can get.

5.
MARIENELLE
Saint Paul of Professional
Studies
Our beliefs become our destiny.

6.
JOHN
Ateneo De Naga University
Opportunity comes once. So better
take the most out of it while you can.

7.
NESTOR
Bicol State College of
Applied Sciences and
Technology
Quitters never win.

8.
MARJ
The University of Manila

9.
QUIZ CATEGORIES
There are 3 rounds:
Average Level Difficult Level
Easy Level
True or False Multiple Choices Identification
1 point for correct answer from each questions from any round.

10.
QUIZ MECHANICS
Read the questions carefully.
Submit your answers in the specified time per
question.
Questions will be presented by the host and you
will provide your answer on the Accounting
Upgrade website.
The person who has the highest points is the
winner.

11.
EASY
LEVEL
True or False

12.
According to the Accounting Standards
Council, accounting is a service activity.
Its function is to provide quantitative
information, primarily financial in
nature, about economic entities, that is
intended to be useful in making
economic decisions.
1.
True or False

13.
True
That is the exact definition of
accounting according to the
Accounting Standards
Council.
1.

14.
2. Luca Pacioli is the
father of modern
accounting.
True or False

15.
True
2. Luca Pacioli was the first to
publish a detailed material
regarding double-entry
bookkeeping.

16.
3. A professional accountant is defined
as an individual who holds a valid
certificate issued by the Commission of
Accountancy, whether they are in
public practice, commerce and
industry, academe, or government.
True or False

17.
False
3. It is not a Commission of
Accountancy but instead Board
of Accountancy.

18.
AVERAGE
LEVEL
Multiple Choice

19.
4. Which of the following accounts is
increased by a credit?
A. Accounts
Receivable
B. Service
Income
C. Withdrawal D. Warranty
Expense

20.
B. Service Income
The normal balance of revenue is
in credit. When there is a new
revenue recorded, service
income is credited.

21.
5. Which of the following accounts is
increased by a debit?
A. Warranty
Payable
B. Allowance
for Doubtful
Accounts
C. Reserves D. Computer
Equipment

22.
D. Computer Equipment
The normal balance of assets is in
debit. When there is a new asset
acquired, an asset account is
debited.

23.
6. The elements of financial position
include the following, except.
A. Assets B. Liabilities C. Equity D. Reserves

24.
D. Reserves

25.
DIFFICULT
LEVEL
Identification

26.
7. This principle requires a
professional accountant to act
in a manner consistent with
good reputation of the
profession and refrain from any
conduct which might bring
discredit to the profession.

27.
Professional Behavior

28.
8. The normative attitudes or
ideas of the accounting
profession as to what ought to
represent a good accounting
practice and which modify the
application of accounting
principles are ___________?
D.
Future cost

29.
Accounting
Conventions

30.
9. The following transactions were completed by Medina Company.
a. Collected cash from clients on January 2022 amounting to P5,000
for January 2022 sales.
b. Paid commissions to shoppers amounting to P200 last February
2022 for December 2021 sales.
c. Sold P500 groceries and P2,000 spoons last December 2021 and
January 2022, respectively.
d. Handshaked a possible sale of groceries amounting to P100 to
Clara Company on February 2022.
e. Sold on credit groceries amounting to P500 to Gina Company last
March 2022.
How much is the total revenue on 2022?

31.
P2,500
Other revenue items pertain
to 2021 and not for 2022.

32.
10. Gem Company has the following reported balances on its March 31, 2022
balances.
Cash 100,000
Accounts receivable 200,000
Inventory at store 100,000
Inventory on consignment to May 300,000
Company net of 25% margin of May Co.
Cash for retirement of bonds in 2014 400,000
Bank overdraft 500,000
How much should be reported as total current assets as of March 31, 2022?
D.
Future cost

33.
P700,000
Fund to be used in 2014 is
noncurrent asset while the bank
overdraft is a current liability.

34.
THANK YOU
FOR JOINING!