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.

1. 8TH
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
TOP

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

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

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

9. 6TH
ACCOUNTING
QUIZ SHOW
WINNER Noralyn
Host
PUP Sta Maria Bulacan

10. 7TH
ACCOUNTING
QUIZ SHOW
WINNER Christian
Host
University of Caloocan City

11. TODAY'SPARTICIPANTS

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. 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. EASY
LEVEL
True or False

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. 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. 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. 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. AVERAGE
LEVEL
Multiple Choice

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. 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. 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. DIFFICULT
LEVEL
Identification

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. 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. 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. 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?

29. THANK YOU
FOR JOINING!