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WorksheetsKARERA: Quiz Bee Final Round [JUNIORS]
Total questions: 50
Worksheet time: 28mins
(a)
Increase assets, Increase liabilities
Increase assets, Decrease equity
Decrease assets, Increase liabilities
Increase assets, Decrease Assets
Both statements are true
Both statements are false
Only Statement I is correct
Only Statement II is correct
Unearned Sales
Accrued Salaries
Other Comprehensive Income
Inventory Variance
Prior Period Error
Change in Accounting Policy
Change in Accounting Estimate
Initial Adoption of an Accounting Policy
(a)
What is the proper order of the following steps in the accounting cycle and preparation of the
financial statements, EXCLUDING the optional steps?
III, II, I, IV, IX, VII, VI
III, II, I, VIII, IV, IX, VII
III, II, I, IX, IV, VII
III, II, I, IX, IV, VII, V
Unlimited liability for owners
Double taxation of income
Mutual agency among partners
Ability to raise capital through issuing shares
Supplies used
Financing costs
Other Comprehensive Income
Inventory Variance
(a)
(a)
Debit Freight In; Credit Cash
Debit Accounts Payable; Credit Cash
Credit Cash; Debit Accounts Receivable
Debit Accounts Payable; Debit Freight Out
(a)
Cash Short/Over
Financing Cost
Other Comprehensive Income
None of the choices
(a)
(a)
(a)
Asset Account
Contra Asset Account
Liability Account
Contra Liability Account
What is the amount of inventory to be reported by HAPPY Company as of December 31, 2024
(a)
(a)
(a)
(a)
Statement I is incorrect
Statement II is incorrect
Statement I and II are incorrect
Statement I, II, and III are incorrect
Specific performance may not be possible in this civil obligation
A, an architect, obliges herself to draw the house of B on June 27, 2003
C, a builder, obliges herself to give his only hammer to D on August 16, 2002
E, a carpenter, obliges himself to give one of his saws to F on July 1, 2019
G, a registrar of deeds, obliges herself to effect registration of H’s parcel of land on September 26, 2019
Essential element of an obligation refers to the object that must be rendered by the proper party
(a)
Law
Norm
Quasi-Contract
Moral Obligation
Receiption
Cognition
Expedition
Manifestation
An obligation is a juridical necessity
to give
to do
not to do
all choices are correct
A period with a suspensive effect
I will support you beginning January 1 of next year
I will support you if A dies of TB
I will support you until January 1 of next year
I will support you if A marries B
(a)
Pure Obligation
Conditional Obligation
Obligation with a Period
None of the given choice
Novation
Confusion / Merger
Compensation
Condonation
The passengers can sue Y for:
Culpa Aquiliana
Culpa Contractual
Culpa Criminal
None of the choices
(a)
(a)
Principal; after
Principal; before
Substitute; before
None of the choices is correct
C
X
Both c and X
Neither C nor X
The passengers can sue X and Y for:
Culpa Aquiliana
Culpa Contractual
Culpa Criminal
None of the choices
Which of the following contracts is voidable?
(a)
Suspensive period
Resolutory period
Indefinite period
Legal period
Specific Performance
Substitute Performance
Exact Performance
Replacement Performance
The pedestrian can sue X and Y for:
Culpa Aquiliana
Culpa Contractual
Culpa Criminal
None of the choices
(a)
(a)
(a)
What kind of standard of care should you normally exhibit?
Ordinary Diligence
Diligence of a good father of a family
Extraordinary Diligence
Diligence of a father of a good family
