1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND EASY QUESTION NO. 1

Marketing is a process which aims at (easy)

a. Production
b. Satisfaction of customer needs
c. Selling products
d. Profit Making

Answer: B
1ST ACCOUNTING AND BUSINESS QUIZ BEE
FINAL ROUND EASY QUESTION NO. 2

Which level of management is responsible for establishing a vision for the organization, developing broad
plans and strategies, and directing subordinate managers? (easy)
a. first level managers
b. middle managers
c. executive managers
d. second level managers

Answer: C

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND EASY QUESTION NO. 3

According to the law of ____, the higher the price, the larger the quantity produced.

Answer: Supply

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND EASY QUESTION NO. 4

Enumerate the four (4) main areas of practice that the CPA profession can engage in

Answer: Public, Private, Academe, and Government

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND EASY QUESTION NO. 5

RA No. __________ is the law regulating the practice of accountancy in the Philippines.

ANSWER: 9298

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND EASY QUESTION NO. 6

Tip Corporation wishes to sell a machine used in its operations. Fit Company offered to pay P 23,000 cash and
a P69,000 note. Other information:

TIP
Machine Cost P 160,000
Accum. Depreciation 60,000
Fair Value 92,000

How much is the amount of gain or (loss) on disposal of machinery to be recognized by Fit?

ANSWER: P 8,000 loss

 1ST ACCOUNTING AND BUSINESS QUIZ BEE
FINAL ROUND EASY QUESTION NO. 7
Which influential thought leader is known as the father of scientific management?
a. Dale Carnegie
b. Frederick W. Taylor
c. W. Edwards Deming
d. Peter F. Drucker

ANSWER: B
1ST ACCOUNTING AND BUSINESS QUIZ BEE
FINAL ROUND EASY QUESTION NO. 8
It is any activity or benefit offered for sale that is essentially intangible and does not result in the ownership of
anything.

Answer: Service

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND EASY QUESTION NO. 9

It is an increase in economic benefit during the accounting period in the form of an inflow or increase of asset
or decrease of liability that results in increase in equity, other than contribution from equity participants

ANSWER: Income

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND EASY QUESTION NO. 10

Which of the following is not an underlying accounting assumption?

a. Going Concern
b. Materiality
c. Monetary Unit
d. Accounting entity

ANSWER: B

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND AVERAGE QUESTION NO. 1

Bibi Company provided the following data for the current year:
Inventory, January 1 2,000,000
Purchases 7,500,000
Purchase returns and allowances 500,000
Inventory on December 31 2,800,000
Gross profit rate on net sales 20%
What s the amount of gross sales for the current year?

ANSWER: P7,750,000
SOLUTION: (2,000 + 7,500 – 500 – 2,800)/80%

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND AVERAGE QUESTION NO. 2

Which of the following is not a reason why the division of labor enhances productivity?
a. It increases worker skill and dexterity
b. It saves time lost in changing tasks.
c. It encourages labor-saving inventions.
d. It requires strict management control over worker time and motion.
ANSWER: D

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND AVERAGE QUESTION NO. 3

Jericho Company showed net income of P480,000 for the year. Selling expenses were equal to 15% of sales
and also 25% of cost of goods sold. All expenses were 13% of sales

What s the gross profit for the year?

ANSWER: P1,600,000

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND AVERAGE QUESTION NO. 4

The resources of an economic system, called Factors of Production are grouped into four categories which are
a. traditional, command, market, and mixed.
b. land, capital, labor, and entrepreneurs.
c. monopoly, oligopoly, private, and government.
d. local, central, national, and global.

ANSWER: B

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND AVERAGE QUESTION NO. 5

Enumerate the four (4) enhancing qualitative characteristics

Answer: Understandability, comparability, verifiability, and timeliness

1ST ACCOUNTING AND BUSINESS QUIZ BEE
FINAL ROUND AVERAGE QUESTION NO. 6

A(n) is a name, term, sign, symbol, or design, or a combination of these that identifies the maker or seller of a
product or service.

ANSWER: Brand

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND AVERAGE QUESTION NO. 7

X, Y, and Z wanted to form a partnership with capital ratio of 6:7:13 respectively. Y contributed a piece of land
with book value of P300,000 . The land was immediately sold for P515,000 and P200,000 mortgage from the
land was assumed by the partnership. How much must Z contribute?

Answer: P585,000
Solution: (515,000 – 200,000) x 13/7

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND AVERAGE QUESTION NO. 8
A company has outstanding accounts receivable of P6.5 million as of year end and sales on credit during the
year totaling P24 million. There is also a debit balance of P12,000 in the allowance for credit losses. If the
company estimates that 8% of its receivables will be uncollected, what will be the amount of bad debt expense
recognized for the year?

Answer: 532,000
 1ST ACCOUNTING AND BUSINESS QUIZ BEE
FINAL ROUND AVERAGE QUESTION NO. 9

How many shares are unissued given the following:

Total number of ordinary shares authorized 250,000

Ordinary Share Capital (P2 par) 200,000
Subscribed Share Capital 10,000
Treasury Shares (unit cost of P30) 157,500
Share Premium- Ordinary 20,000

Answer: 155,250

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND AVERAGE QUESTION NO. 10

Cash in Bank (book) 150,000

Cash in Bank (bank statement) 120,000
Bank Charges 5,000
Outstanding Checks 15,000
Deposit in transit 50,000
Bank Credit Memo (not recorded in the books) 12,000
Error in book ?

How much s the book error? State if it is an over or understatement

Answer: 2,000

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND DIFFICULT QUESTION NO. 1

It is the amount of one product that must be given up in order to produce an additional unit of product.

ANSWER: Opportunity Cost

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND DIFFICULT QUESTION NO. 2

Serifini Ltd’s accountant extracted the following data from the company’s accountingrecords for the year ended
30 June 2002:
Sales 729,500
Direct Labor 142,000
Purchases- raw materials 240,000
Selling Expenses 50,000
Administrative Expenses 60,000
Inventory, beginning
Raw Materials 64,000
WIP 50,000
Fnished Goods 96,000
Inventory, end
Raw Materials 56,000
WIP 48,000
Finished Goods 104,000

What was the company’s cost of goods sold for the year?
Answer: 540,200

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND DIFFICULT QUESTION NO. 3

In which depreciation method iis residual value not a factor in determining depreciation charge in the early
years of the life of an asset?
a. Straight line
b. Service hours
c. Productive output
d. Declining balance

Answer: D

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND DIFFICULT QUESTION NO. 4

The transactions for Party Town Inc. for the year 2018 have been recorded in the books. Adjusting entries were
prepared for the following:
- A birthday party was arranged in December. The customer will pay P200 next year
- Borrowed P20,000 by signing a 12%, 2 year note on July 1, 2018.
- Employee wages of P750 for December will be paid in January
- Advertising cost of P135 for December will be paid in January

The above adjusting entries will increase/decrease the net income by

Answer: P1,885
1ST ACCOUNTING AND BUSINESS QUIZ BEE
FINAL ROUND DIFFICULT QUESTION NO. 5

Who publishes standards in a series of pronouncements called “IFRS”? (Abbreviation is accepted)

Answer: IASB
Solution:

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND DIFFICULT QUESTION NO. 6

The invisible barrier that prevents women from advancing in the workplace is known as what?
a. the glass slipper
b. the gender divide
c. the glass ceiling
d. the discrimination wall

Answer: C

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND DIFFICULT QUESTION NO. 7

The following information was taken from Com PB Company’s accounting records for the current year:

Increase in raw materials inventory                    150,000

Decrease in finished goods inventory                350,000
Raw materials purchased                        4,300,000
Direct labor Payroll                            2,000,000
Factory Overhead                            3,000,000
Freight Out                                450,000
There was no work in process inventory at the beginning or end of the year. What is the cost of goods sold for
the current year?

Answer: 9,500,000

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND DIFFICULT QUESTION NO. 8
In the RST partnership, Ron's capital is $80,000, Stella's is $75,000, and Tiffany's is $50,000.They share
income in a 3:2:1 ratio, respectively. Tiffany is retiring from the partnership. Tiffany is paid $60,000. How much
did Ron’s capital increase or decrease due to the retirement?

Answer: P 6,000 decrease

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND DIFFICULT QUESTION NO. 9
Shue, a partner in the Financial Brokers Partnership, has a 30 percent share in partnership profits and losses. Shue's capital
account had a net decrease of $100,000 during 2008. During2008, Shue withdrew $240,000 as withdrawals and
contributed equipment valued at $50,000 to the partnership. What was the net income of the Financial Brokers Partnership for
2008 provided the two other partners will each receive a salary of $1,500 per month ?

Answer: 336,000

1ST ACCOUNTING AND BUSINESS QUIZ BEE

FINAL ROUND DIFFICULT QUESTION NO. 10
Information is ___(?)___ is the omission or misstatement could influence the economic decision that users
make on the basis of the financial information about the entity

Answer: material