WorksheetsAccounting Quiz Bee-Review #6
Total questions: 30
Worksheet time: 18mins
The Philippine Institute of Certified Public Accountants of PICPA is a non-stock, non-profit organization duly recognized by the Professional Regulation Commission (PRC) as the accredited Integrated Professional Organization (AIPO) for accountancy in the Philippines.
True
False
The financial statements that reports the revenues and expenses for a period of time such as a year or a month is the ___.
Balance sheet
Income statement
Statement of cash flows
Bank reconciliation
Under the accrual basis of accounting, expenses are reported in the accounting period when the ___.
cash is paid
expense matches the revenues or is used up
The accounting profession was recognized in 1896 with the establishment of the professional title of certified public accountant (CPA)
True
False
Whi published the textbook called Summa de Arithmetica, Geometria, Proportioni et Proportionalita and also known as the Father of Accounting?
Leonardo da Vinci
Isaac Newton
Luca Pacioli
Johannes Kepler
Which of the following is an agricultural product?
Tea
Milk
Coffee
Fruit Juice
The value-added tax (VAT) accrues on the sale of service upon the occurence of ___.
completion of the sevice by the supplier to the customer
payment by the customer of the complete price of the service
payment by the customer of any part of the service
Issuance of a statement of account by the supplier to the customer
If the uncertain tax treatment must be measured, then it should be measured using...
the most likely amount
the expected value
either the most likely amount or the expected value
both the most likely amount and the unexpected value
Which of the following is nota value-added tax (VAT) exempt transactions?
Services non-bank financial intermediaries performing quasi-banking functions, and other non-bank financial intermediaries
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
Membership fees collected on a purely reimbursement basis by homeowners' associations
sale of gold to the Banko 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?
Retrospective application
Retrospective restatement
Prospective application
Prospective restatement
What are the four phases of accounting?
Recording-summarizing-classifying-interpreting
Recording-classifying-summarizing-interpreting
Recording-interpreting-summarizing-classifying
Recording-classifying-interpreting-summarizing
It is the ability to quantify assets, liabilities, and the equity in terms of a unit measure. It also assumes the stability of pesos.
Materiality
cost principle/historical cost
monetary unit assumption
accrual basis
In accounting the term debit is used to indicate:
increase in liability and equity
decrease in liability and equity
increase in asset and liability
ecrease in asset and liability
Branch of accounting that focused on the allocation of the resources and funds of the national government
Government accounting
tax accounting
management accounting
auditing
Which of the following items has no effects in owner's equity/capital?
incurring expenses
withdrawals of owners
acquisition of land
earning revenues
A revenue or income____.
increases asset and equity/capital
increases assets and liabilities
increases assets and decreases equity/capital
no effects
This is prepared to check the equality of debits and credits
T-account
balance sheet
ledger
trial balance
An investment by the owner in the business increases the ___
asset and equity/capital
assets and liabilities
Liabi and equity/capitallities
assets only
The decrease in the usefulness of property and equipment as time passes is called___.
contra-assets
consumption
deterioration
depreciation
What type of account is prepaid expense?
expense
current assets
non-current assets
property, plant and equipment
ABM Company has current assets of P120,000 and non current assets of 75,000. Total liabilities of 110,000. What is the amount of ABM's owners equity?
P75,000
P85,000
P95,000
P125,000
It shows the financial performanc of the business for a period.e and the results of operation
Balance sheet/statement of financial position
Profit or loss statement/income statement
statement of changes in owner's equity
Notes to financial statement
Last year, the owner's equity amount was P85,000 as of January 1. during the year, the owner has a total expenses of P265,000 and owner's withdrawal of P20,000. How much is the owner's equity/capital at the end of the year?
P40,000
P80,000
P120,000
P200,000
The following are the data from XYZ co.
Cash P72,400; Furniture & fixtures P84,700; Accounts receivable P6,800; accounts payable P15,900; supplies on hand P16,200; Loans payable P24,100; building P800,000; Notes payable(short term) P20,000. How much is the total current assets?
P180,100
P115,400
P79,200
P95,400
The following are the data from XYZ co.
Cash P72,400; Furniture & Fixtures P84,700; Accounts Receivable P6,800; Accounts payable P15,900; supplies on hand P16,200; Loans payable P24,100; Building P800,000; Notes payable (short term) P20,000
How much is the total current liabilities
P60,000
P15,900
P35,900
P20,000
What is the effect of this transaction?
Acquisition of machineries and equipment on account.
increase in assets, increase in capital
increase in assets, increase in liabilities
increase in assets
decrease in assets, decrease in capital
What is the effect of this transaction?
increase in assets, increase in capital
increase in assets, increase in liability
increase in assets, decrease in liabilities
decrease in assets, decrease in capital
What is the journal entry of this transaction?
Performed services to customers on account/credit for P42,000 and received a promissory notes from them.
Debit: accounts payable, P42,000
Credit: service revenue P42,000
Debit: accounts receivable P42,000
Credit: Service Revenue P42,000
Debit: Notes payable P42,000
Credit: Service revenue P42,000
Debit: Notes receivable P42,000
Credit: Service Revenue P42,000
What is the journal entry when the company makes sales of P500,000 of which P300,000 is paid in cash and P200,000 was sold on credit?
P300,000 debit in cash; P200,000 debit in accounts receivable; P500,000 credit in sales revenue
P300,000 credit in cash; P200,000 credit in accounts receivable; P500,000 debit in sales revenue
P300,000 debit in cash; P200,000 debit in accounts payable; P500,000 credit in sales revenue
P300,000 credit in cash P200,000 credit in accounts payable; P500,000 debit in sales revenue
Company A used P3,000 worth of office supplies this year but the costs were not paid until next year. which of the following would result of this transaction?
an expense of P3,000 recorded on next year's income statement
there is P3,000 credit in cash on the balance sheet
an accrued expense of P3,000 is recorded as current liabilities on the balance sheet
none of these
