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6th Accounting Quiz Show With Answers.pdf

  2. 2. Are you ready to win?
  3. 3. I'm your host for today! EDGARDO LAMADRID, CPA "ED"
  4. 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. 5. 2ND ACCOUNTING QUIZ SHOW WINNER Host Bulacan Polytechnic College
  6. 6. 3RD ACCOUNTING QUIZ SHOW WINNER Host Monja National University - Manila
  7. 7. 4TH ACCOUNTING QUIZ SHOW WINNER Host RJ Bulacan State University
  8. 8. RG 5TH ACCOUNTING QUIZ SHOW WINNER Host Javie Jessa Bulacan State University DFCAMCLP DFCAMCLP
  10. 10. QUIZ MECHANICS The questions will be answered on the 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. 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. 12. EASY LEVEL True or False
  13. 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. 14. False IAS I did not prescribe a required format for the statement of financial position. Answer
  15. 15. 2. Unpaid dividends are presented on the equity section of the statement of financial position. True or False
  16. 16. False Presented under liabilities. Answer
  17. 17. 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
  18. 18. False Industrial partners who contributed purely for their services are not liable for losses. Answer
  19. 19. 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
  20. 20. True Answer
  21. 21. AVERAGE LEVEL Multiple Choice
  22. 22. 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.
  23. 23. B. Underwriters guarantee the sale of an issue. Answer
  24. 24. 6. An accounting principle has _____________ if it can be implemented without undue complexity or cost. a. Objectivity b. Relevance c. Feasibility d. Due care
  25. 25. C. Feasibility Answer
  26. 26. 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
  27. 27. B. Objectivity Answer
  28. 28. 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
  29. 29. B. Objectivity Answer
  30. 30. DIFFICULT LEVEL Identification
  31. 31. 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.)?
  32. 32. B. 16% Equity Multiplier =Total Assets/Total Equity Asset Turnover = Net Sales/Total Assets Profit Margin =Sales - Expense/Sales Answer
  33. 33. 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?
  34. 34. 10. Equity Multiplier =Total Assets/Total Equity =500,000/1.83=273,224 11. Asset Turnover = Net Sales/Total Assets = 500,000*1.65 = 825,000 12. Average total assets = P500,000 (given) 13. Profit Margin =Sales - Expense/Sales = P825,000 -(P825,000*5.2%)=782,100 Answer
  35. 35. 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?
  36. 36. 14. Total assets 734 Total current liabilities (110) Total noncurrent liabilities (296) Share capital (57) Treasury 1 RE P272 billion or 272,000,000,000 15. 25% under CREATE law 16. P100 million Answer
  37. 37. 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?
  38. 38. 17. NWC = Current Assets - Current Liabilities 1,965 = 7,425 - 5460 Current ratio = 7,425/5460 = 1.36 18. Quick ratio = (7,425-2,170)/5460 = 0.96 Answer
  39. 39. 19. Rhea Mae Co. had the following account balances at December 31, 2021. Cash in bank P1,000,000 Cash budgeted 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?
  40. 40. 19. P9,000,000 Answer
  41. 41. 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?
  42. 42. 20. P660,000 Undeposited collections 60k Metrobank 500k Money market 100k Total P660k Answer