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8th Accounting Quiz Show (1).pdf

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8th Accounting Quiz Show (1).pdf

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This is the slides that we used for the 8th Accounting Quiz Show as hosted by AccountingUpgrade.com.

Follow and subscribe us on YouTube to join our next quiz shows. Link here:

https://youtube.com/c/accountingupgrade

Come on guys, let's test your knowledge and agility on answering the quizzes.

This is the slides that we used for the 8th Accounting Quiz Show as hosted by AccountingUpgrade.com.

Follow and subscribe us on YouTube to join our next quiz shows. Link here:

https://youtube.com/c/accountingupgrade

Come on guys, let's test your knowledge and agility on answering the quizzes.

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8th Accounting Quiz Show (1).pdf

  1. 1. 8TH 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. 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 TOP
  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. 5TH ACCOUNTING QUIZ SHOW WINNER RG Host Javie Jessa Bulacan State University DFCAMCLP DFCAMCLP
  9. 9. 6TH ACCOUNTING QUIZ SHOW WINNER Noralyn Host PUP Sta Maria Bulacan
  10. 10. 7TH ACCOUNTING QUIZ SHOW WINNER Christian Host University of Caloocan City
  11. 11. TODAY'SPARTICIPANTS
  12. 12. 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.
  13. 13. QUIZ CATEGORIES There are 3 rounds: Average Level Difficult Level Easy Level True or False Multiple Choices Identification 1 point 2 points 3 points
  14. 14. EASY LEVEL True or False
  15. 15. Under Section 186 of the Negotiable Instruments Law, "a check must be presented for payment within a reasonable time after its issue or the drawer will be discharged from liability thereon to the extent of the loss caused by the delay." By current banking practice, a check becomes stale after more than six (6) months, or 180 days. 1. True or False
  16. 16. 2. An imprest fund system used to manage petty cash transactions has the following entries: a. A check is drawn to establish the fund - Dr. Petty cash, Cr. Cash in bank b. Payment of expenses out of the fund - Dr. Expenses, Cr. Petty cash c. Replenishment or increase of the fund - Dr. Petty cash, Cr. Cash in bank True or False
  17. 17. 3, A fluctuating fund fund system used to manage petty cash transactions has the following entries: a. A check is drawn to establish the fund - Dr. Petty cash, Cr. Cash in bank b. Payment of expenses out of the fund - memo only c. Replenishment or increase of the fund - Dr. Expenses, Cr. Petty cash True or False
  18. 18. 4. Certified checks are those stamped by the bank indicating sufficiency of fund. These checks shall not be included anymore in the total outstanding checks since these are no longer outstanding. True or False
  19. 19. AVERAGE LEVEL Multiple Choice
  20. 20. 5. This is a practice used to conceal a cash shortage wherein a check is drawn against a first bank and deposited to the second bank to cover the shortage. a. Lapping b. Kiting c. Window dressing d. Replenishment
  21. 21. 6. A practice wherein an entity open their books even beyond the end of the accounting period for the purpose of showing better financial reports. a. Lapping b. Kiting c. Window dressing d. Replenishment
  22. 22. 7. At the end of the period, Romeo Co. had three cash accounts on a bank. The 1st bank account is for payment of employee payrol, the 2nd bank account is for payment of bond sinking fund, and the 3rd one is overdrawn. a. The 1st account should be reported as current asset, 2nd account as noncurrent asset, and 3rd account as a current liability. b. The 1st and 2nd account to be reported separately as current asset and liability, respectively, and the 3rd one also as current asset. c. The 1st and 2nd bank account to be reported as noncurrent asset. d. The 1st and 2nd bank account to be reported as current asset net of the overdraft. e. All of the above. f. None of the above.
  23. 23. DIFFICULT LEVEL Identification
  24. 24. 8. Michelle Co. sold its almost 3 towers in a deal to investors worth P30 million. The cell towers were sold to Kenzel and Jeonard as part of the company's sale and leaseback strategy and which is also aligned with the DICT guidelines for the common tower policy. The sale is expected to generate significant earnings accretion each year. As of May 30, 2022, the P35 million cash balance per book of Michelle Co. doesn't include the following items. Petty cash fund 10,000 Savings account - BPI 50,000 Bond sinking fund 90,000 Receivables from employees 10,000 Checking account - BPI (overdraft) 50,000 Checking account in a bank closed by BSP 30,000 Checking account - Mizuho Bank 60,000 Short term deposits 100,000 Meanwhile, as of May 30, 2022, there is still a P200,000 outstanding check per bank statement. How much is the cash and cash equivalents of Michelle Co. as of May 30, 2022?
  25. 25. 9. Michelle Co. sold its almost 3 towers in a deal to investors worth P30 million. The cell towers were sold to Kenzel and Jeonard as part of the company's sale and leaseback strategy and which is also aligned with the DICT guidelines for the common tower policy. The sale is expected to generate significant earnings accretion each year. As of May 30, 2022, the P35 million cash balance per book of Michelle Co. doesn't include the following items. Petty cash fund 10,000 Savings account - BPI 50,000 Bond sinking fund 90,000 Receivables from employees 10,000 Checking account - BPI (overdraft) 50,000 Checking account in a bank closed by BSP 30,000 Checking account - Mizuho Bank 60,000 Short term deposits 100,000 Meanwhile, as of May 30, 2022, there is still a P200,000 outstanding check per bank statement. DICT as mentioned on this case pertains to?
  26. 26. Outstanding checks amounting to P50,000 (including P25,000 certified checks). Deposits in transit amounting to P100,000. Customer note collected by the bank as part of their check collection agreement last December 31, 2021 amounting to P100,000. NSF check amounting to P150,000 was received from customer on May 30, 2022. Bank service charge for May amounting to P2,000. Amount incorrectly credited by the bank to Rapidoo - P20. 10. Rapidoo.Ph Inc. (aka Rapidoo) is a new entrant in the online aggregator business currently servicing local food and courier deliveries B2B2C or business-to-business-to-consumer. The main competitors of Rapidoo are Grab and FoodPanda. Figures and cash strategies are not actual and for educational purposes only. On May 31, 2022, the balance per book of Rapidoo is P1 million before adjusting any data below. 1. 2. 3. 4. 5. 6. How much is the adjusted book balance as of May 31, 2022.
  27. 27. Leonardo Co. has the following overhead information as of May 31, 2022. Total overhead cost incurred P30,000 Budgeted fixed overhead P7,125 Total standard overhead rate per machine hour (MH) P4.90 Standard variable overhead rate per MH P3.00 Standard MHs allows for the units manufactured 3,600 11. What is the standard fixed factory overhead rate per MH? 12. What is the denominator activity level that was used to set the fixed overhead application rate?
  28. 28. THANK YOU FOR JOINING!

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