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1st Accounting Quiz Show - AccountingUpgrade.com.pdf

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1st Accounting Quiz Show - AccountingUpgrade.com.pdf

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This accounting quiz show aims to help students, graduates, and entrepreneurs review their knowledge, memory, and agility in accounting topics they have already learned to.

You can check our previous video tutorials and exams at https://www.youtube.com/channel/UC-KdQWKi_fuiISAJC7obQ4g

Don't forget to subscribe to get notified of our future tutorials.

Accounting Quiz Show Details:

Date and time: 7:00 PM PHT every Friday, may change depending on various circumstances.

Please subscribe to our YouTube channel to keep updated on the event - https://www.youtube.com/channel/UC-KdQWKi_fuiISAJC7obQ4g

Venue: Online
Prize: P200 Gcash for every quiz

Official Rules of the Accounting Quiz Show:
1. The quiz will be held on Zoom and will be live-streamed via the Youtube channel.
2. The participant with the highest score will be declared the winner.
3. There are 10 questions divided into:
Easy - 3
Medium - 3
Difficult - 4
4. Random topics on basic and financial accounting.
5. Participants will be given enough time to answer a question, depending on the difficulty of the questionnaire. A timer will be set by the host for each question. Once the timer stops, their answer will not be acknowledged anymore by the host.
6. For easier checking, Google Forms will be used by the participants to submit their answers.
7. The host will announce the correct answer including those participants who submitted a correct answer.
8. 1 point will be earned for each question.
9. The winner of the show will be announced at the end of the quiz.

This accounting quiz show aims to help students, graduates, and entrepreneurs review their knowledge, memory, and agility in accounting topics they have already learned to.

You can check our previous video tutorials and exams at https://www.youtube.com/channel/UC-KdQWKi_fuiISAJC7obQ4g

Don't forget to subscribe to get notified of our future tutorials.

Accounting Quiz Show Details:

Date and time: 7:00 PM PHT every Friday, may change depending on various circumstances.

Please subscribe to our YouTube channel to keep updated on the event - https://www.youtube.com/channel/UC-KdQWKi_fuiISAJC7obQ4g

Venue: Online
Prize: P200 Gcash for every quiz

Official Rules of the Accounting Quiz Show:
1. The quiz will be held on Zoom and will be live-streamed via the Youtube channel.
2. The participant with the highest score will be declared the winner.
3. There are 10 questions divided into:
Easy - 3
Medium - 3
Difficult - 4
4. Random topics on basic and financial accounting.
5. Participants will be given enough time to answer a question, depending on the difficulty of the questionnaire. A timer will be set by the host for each question. Once the timer stops, their answer will not be acknowledged anymore by the host.
6. For easier checking, Google Forms will be used by the participants to submit their answers.
7. The host will announce the correct answer including those participants who submitted a correct answer.
8. 1 point will be earned for each question.
9. The winner of the show will be announced at the end of the quiz.

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1st Accounting Quiz Show - AccountingUpgrade.com.pdf

  1. 1. 1ST ACCOUNTING QUIZ SHOW EDGARDO LAMADRID, CPA Host
  2. 2. Are you ready to win?
  3. 3. I'm your host for today! EDGARDO LAMADRID, CPA "ED"
  4. 4. SHILLA STI College Novaliches Knowledge is the treasure that no one can get.
  5. 5. MARIENELLE Saint Paul of Professional Studies Our beliefs become our destiny.
  6. 6. JOHN Ateneo De Naga University Opportunity comes once. So better take the most out of it while you can.
  7. 7. NESTOR Bicol State College of Applied Sciences and Technology Quitters never win.
  8. 8. MARJ The University of Manila
  9. 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. 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. 11. EASY LEVEL True or False
  12. 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. 13. True That is the exact definition of accounting according to the Accounting Standards Council. 1.
  14. 14. 2. Luca Pacioli is the father of modern accounting. True or False
  15. 15. True 2. Luca Pacioli was the first to publish a detailed material regarding double-entry bookkeeping.
  16. 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. 17. False 3. It is not a Commission of Accountancy but instead Board of Accountancy.
  18. 18. AVERAGE LEVEL Multiple Choice
  19. 19. 4. Which of the following accounts is increased by a credit? A. Accounts Receivable B. Service Income C. Withdrawal D. Warranty Expense
  20. 20. B. Service Income The normal balance of revenue is in credit. When there is a new revenue recorded, service income is credited.
  21. 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. 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. 23. 6. The elements of financial position include the following, except. A. Assets B. Liabilities C. Equity D. Reserves
  24. 24. D. Reserves
  25. 25. DIFFICULT LEVEL Identification
  26. 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. 27. Professional Behavior
  28. 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. 29. Accounting Conventions
  30. 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. 31. P2,500 Other revenue items pertain to 2021 and not for 2022.
  32. 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. 33. P700,000 Fund to be used in 2014 is noncurrent asset while the bank overdraft is a current liability.
  34. 34. THANK YOU FOR JOINING!

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