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WorksheetsACCOUNTING GAME SHOW - Easy Round
Total questions: 10
Worksheet time: 3mins
True or False. The Philippine Institute of Certified Public Accountants (CPAs) or PICPA is a non-stock, non-profit organization duly recognized and accredited by the Professional Regulation Commission (PRC) as the Accredited Integrated Professional Organization (AIPO) for Accountancy in the Philippines.
True
False
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the
A. Balance Sheet
B. Income Statement
C. Statement Of Cash Flows
Under the accrual basis of accounting, expenses are reported in the accounting period when the
A. Cash Is Paid
B. Expense Matches The Revenues Or Is Used Up
True or False. The accounting profession was recognized in 1896 with the establishment of the professional title of certified public accountant (CPA).
True
False
Who published the textbook called Summa de Arithmetica, Geometria, Proportioni et Proportionalita and also known as the Father of Accounting?
A. Leonardo Da Vinci
B. Isaac Newton
C. Luca Pacioli
D. Johannes Kepler
Which of the following is an agricultural product?
A. Tea
B. Milk
C. Coffee
D. Fruit Juice
The value-added tax (VAT) accrues on the sale of service upon the occurrence of
A. Completion of the service by the supplier to the customer.
B. Payment by the customer of the complete price of the service.
C. Payment by the customer of any part of the service.
D. Issuance of a statement of account by the supplier to the customer.
Under IFRIC 23, if the uncertain tax treatment must be measured, then it should be measured using:
A. The most likely amount
B. The expected value
C. Either the most likely amount or the expected value
D. Both the most likely amount and the expected value
Which of the following is not a value-added tax (VAT)-exempt transaction?
A. Services non-bank financial intermediaries performing quasi-banking functions, and other non-bank financial intermediaries
B. Sale of real property not primarily held for lease in the ordinary course of trade or business but used in the business of the seller
C. Membership fees collected on a purely reimbursement basis by homeowners’ associations
D. Sale of gold to the Bangko Sentral ng Pilipinas
Which term below means “applying a new accounting policy to transactions, other events and conditions as if that policy had always been applied”?
A. Retrospective application
B. Retrospective restatement
C. Prospective application
D. Prospective restatement
