This is the official slides used in AccountingUpgrade.com 6th Accounting Quiz Show.

1. 6TH
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. 1ST ACCOUNTING
QUIZ SHOW WINNERS
Host
NESTOR
JOHN
JAIA
Bicol State College of Applied Science
and Technology
Ateneo De Naga University
Garcia College of Technology

5. 2ND
ACCOUNTING
QUIZ SHOW
WINNER
Host
Bulacan Polytechnic College

6. 3RD
ACCOUNTING
QUIZ SHOW
WINNER
Host
Monja
National University - Manila

7. 4TH
ACCOUNTING
QUIZ SHOW
WINNER
Host
RJ
Bulacan State University

8. RG
5TH
ACCOUNTING
QUIZ SHOW
WINNER
Host
Javie
Jessa Bulacan State
University
DFCAMCLP
DFCAMCLP

9. TODAY'SPARTICIPANTS

10. QUIZ MECHANICS
The questions will be answered on the
accountingupgrade.com website.
A timer will be set to answer each question.
Tie-breaking questions will be provided, as
necessary.
All answers will be automatically checked and will
be given a corresponding point for each correct
answer.

11. QUIZ CATEGORIES
There are 3 rounds:
Average Level Difficult Level
Easy Level
True or False Multiple Choices Identification
1 point 2 points 3 points

12. EASY
LEVEL
True or False

13. IAS 1 Presentation of Financial Statements sets out the overall requirements
for financial statements, including how they should be structured, the
minimum requirements for their content and overriding concepts such as
going concern, the accrual basis of accounting and the current/non-current
distinction, and the prescribed format of the statement of financial position.
The standard requires a complete set of financial statements to comprise a
statement of financial position, a statement of profit or loss and other
comprehensive income, a statement of changes in equity and a statement of
cash flows.
1.
True or False

14. 2. Unpaid dividends are presented on
the equity section of the statement of
financial position.
True or False

15. 3. If the partner has no agreement with regards to
distribution of losses and profits, losses shall be
distributed to capitalist and industrial partners by
way of their capital contribution (according to the
ratio of original capital investments or in its
absence, the ratio of the capital balances at the
beginning of the year).
True or False

16. 4. Financial statements are a structured
representation with the objective of providing
information about the financial position, financial
performance, and cash flows of an entity that is useful
to a wide range of users in making economic
decisions.
True or False

17. AVERAGE
LEVEL
Multiple Choice

18. 5. Underwriters are usually investment bankers who have,
except:
a. agreed, alone, or with others, to buy at stated terms an
entire or substantial part of an issue of securities.
b. not guaranteed the sale of an issue by agreement to
buy from the issuing corporation.
c. offered for sale the shares he has purchased from a
controlling shareholder.
d. agreed to use his or her best efforts to market all or
part of an issue.

19. 6. An accounting principle has _____________ if
it can be implemented without undue
complexity or cost.
a. Objectivity
b. Relevance
c. Feasibility
d. Due care

20. 7. A professional accountant should not allow bias,
conflict of interest, or undue influence of others to
override professional or business judgments.
a. Professional behavior
b. Objectivity
c. Professional competence and due care
d. Confidentiality

21. 8. A threat to what fundamental principle is created when a
professional accountant in public practice competes directly
with a client or has a joint venture or similar arrangement with
a major competitor of a client?
a. Professional behavior
b. Objectivity
c. Professional competence and due care
d. Confidentiality

22. DIFFICULT
LEVEL
Identification

23. 9. If Jackie Inc. has an equity
multiplier of 1.83, total asset turnover
of 1.65, and a profit margin of 5.2
percent, what is its ROE (in
percentage, rounded to whole no.)?

24. If Jackie Inc. has an equity multiplier of 1.83, total
asset turnover of 1.65, total assets of P500,000, and a
profit margin of 5.2 percent (rounded to whole no.):
10. How much is the total equity?
11. How much is the net sales?
12. How much is the average total assets?
13. How much is the net income?

25. Marie Equity Ventures, a vertically integrated company engaged in power generation, distribution, and energy supply, is one of
the largest private power producers in the Philippines. The Generation Group harnesses power from a right-mix portfolio of
renewable (hydro, geothermal and solar) and non-renewable (coal and oil) sources through its 46 generation facilities across the
country. The company’s hydro group is the pioneering industry leader in the development of small to medium hydroelectric
plants over the past 39 years.
On December 31, 2021, the total revenue of MEV is P223.93 billion with selected normal balances of accounts as follow (in
billions):
Cash 148
Trade and other receivables 48
Inventories 32
Derivatives 1
Other current assets 25
Total current assets 254
Total assets 734
Total current liabilities 110
Total noncurrent liabilities 296
Share capital 57
Treasury shares 1
14. How much is the retained earnings as of December 31, 2021?
15. How much is the applicable income tax rate for this corporation (in %?
16. In order to quality for the 20% income tax rate, the total assets of the corporation shall not exceed by how much?

26. Mahinay Co. has a net working capital of P1,965,
current liabilities of P5,460, and inventory
amounting to P2,170. Round to 2 decimal places.
17. What is the current ratio?
18. What is the quick ratio?

27. 19. Rhea Mae Co. had the following account balances at December 31, 2021.
Cash in bank P1,000,000
Cash set aside for bonds payable due on 2,000,000
July 30, 2022
Time deposit 2,000,000
Savings deposit budgeted for dividends 4,000,000
payable on June 30, 2022
The total amount to be reported on Rhea's cash and cash equivalents as of December 31,
2021 is?

28. 20. On December 31, 2021, John Co. has a debit balance in its cash and cash equivalents the analyses of
which are shown in the table below.
Undeposited collections 60,000
Cash in Metrobank checking account 500,000
Cash in Unionbank (overdraft) (100,000)
Undeposited NSF check received from a customer 100,000
dated December 28, 2021
Undeposited check from a customer dated 60,000
January 2, 2022
Money market instruments (90 days) 100,000
Restricted cash (foreign bank) 200,000
IOUs from employees 90,000
Sinking fund 100,000
The cash and cash equivalents to be reported as of December 31, 2021 amount to?

30. GET A FREE
J.CO DONUT
Host
FOR THE ONE WHO REFERRED
MOST FRIENDS TO THIS EVENT.

31. THANK YOU
FOR JOINING!