A C C O U N T I N

G Q U I Z B O
W L
A QUIZ BEE FOR GRADE 12 STUDENTS ABOUT FUNDAMENTALS OF
ACCOUNTANCY, BUSINESS AND MANAGEMENT CHAPTERS 1-3
MECHANICS
 LET’S GET STARTED !

EASY ROUND
2 POINTS FOR EACH CORRECT ANSWER
1. DEFINED AS AN INFORMATION SYSTEM THAT
MEASURES, PROCESSES AND COMMUNICATES
14
2
15
10
11
12
13
36
15
8
9
74
BOARDS’
INFORMATION, WHICH ARE PRIMARILY FINANCIAL IN
NATURE ABOUT AN IDENTIFIABLE ENTITY FOR THE
PURPOSE OF MAKING ECONOMIC DECISIONS.

UP!!!
A.Summarizing
B.Accounting
C. Reporting
D. Business
Answer: B. Accounting
2. FRA LUCA PACIOLI IS THE AUTHOR OF SUMMA DE
14
2
15
10
11
12
13
3
5
6
8
9
17
4
ARITHMETICA, GEOMETRICA, PROPORTIONI ET

BOARDS’
PROPORTIONALITA IN 1904. BECAUSE OF THIS WORK
PACIOLI HAS BEEN REFERRED TO AS THE ____________

UP!!!
A.Father of Geometry
B.Father of Arithmetic
C. Father of Accounting
D. Franciscan Father
Answer: C. Father of Accounting
 14
2
15
10
11
12
13
36
15
8
9
74
3.WHAT ARE BEING ANALYZE IN THE FIRST STEP OF

BOARDS’
THE ACCOUNTING PROCESS ?

UP!!!
A.Financial Statemennts
B.Accounting System
C. Internal Control
D. Supporting Accounting Documents
Answer: D. Supporting
Accounting Documents
 14
2
15
10
11
12
13
36
15
8
9
74
4. THIS IS THE SIMPLEST FORM OF BUSINESS

BOARDS’
ORGANIZATION: ONLY ONE INDIVIDUAL OWNS THE
BUSINESS

UP!!!
A. Sole Proprietorship
B.Corporations
C. Service Companies
D. Partnership
Answer: A. Sole Proprietorship
 14
2
15
10
11
12
13
36
15
8
9
74
5. THIS ACCOUNTING STEP INVOLVES THE PREPARATION

BOARDS’
OF FINANCIAL SUMMARIES CALLED THE FINANCIAL
STATEMENTS.

UP!!!
A. Classifying
B.Interpreting
C. Summarizing
D. Reporting
Answer: D. Reporting
 14
2
15
10
11
12
13
36
15
8
9
74
6. ACCORDING TO THE PHILIPPINE ACCOUNTANCY ACT

BOARDS’
OF 2004 (RA 9298), THE PRACTICE OF ACCOUNTANCY
SHALL INCLUDE THE FOLLOWING, EXCEPT.

UP!!!
A.Education or Academe
B.International Organizations
C. Commerce and Industry
D. Public Accountancy
Answer: B. International Org.
 14
2
15
10
11
12
13
36
15
8
9
74
7. IT IS THE SELLING OF GOODS AND SERVICES

BOARDS’
DIRECTLY TO THE CONSUMERS OR END-USERS.

UP!!!
A. Manufacturing
B.Wholesaling
C. Retailing
D. Merchandising
Answer: C. Retailing
 14
2
15
10
11
12
13
36
15
8
9
74
8.THIS PHASE OF THE ACCOUNTING PROCESS INVOLVES

BOARDS’
WRITING THE EFFECTS OF THE TRANSACTIONS AND
EVENTS THAT HAVE BEEN ANALYZED.

UP!!!
A. Recording
B.Writing
C. Reporting
D. Classifying
Answer: A. Recording
 14
2
15
10
11
12
13
36
15
8
9
74
9. A PERIOD OF TIME, AT THE END OF WHICH

BOARDS’
FINANCIAL STATEMENTS ARE PREPARED.

UP!!!
A. Fiscal Period
B.Reporting Period
C. Accounting Period
D. Calendar Period
Answer: C. Accounting Period
 14
2
15
10
11
12
13
36
15
8
9
74
BOARDS’
10. THE BASIC ACCOUNTING EQUATION

UP!!!
A.A+L=E
B.E=A+L
C. A=L+E
D. C=A+B
Answer: C. A=L+E
 TAKING ON A HIGHER LEVEL

AVERAGE ROUND
3 POINTS FOR EACH CORRECT ANSWER
 16
17
18
19
14
20
2
15
10
11
12
13
36
15
8
9
74
1. WHICH OF THE FOLLOWING IS THE ACCURATE

BOARDS’
DIAGRAM OF THE ACCOUNTING PROCESS?

UP!!!
A. Analyzing, Recording, Classifying, Summarizing, Interpreting, Reporting
B. Analyzing, Recording, Classifying, Summarizing, Reporting, Interpreting
C. Analyzing, Classifying, Recording, Summarizing, Interpreting, Reporting
D. Classifying, Analyzing, Reporting, Summarizing, Recording, Interpreting

Answer: B. Analyzing, Recording, Classifying,

Summarizing, Reporting, Interpreting
 16
17
18
19
14
20
2
15
10
11
12
13
3
5
6
8
9
7
1
2. THE FIRST DESCRIPTION OF WHICH APPEARED MORE
4
THAN 500 YEARS AGO IN A MATHEMATICS BOOK
WRITTEN BY FRA LUCA PACIOLI. IT MEANS VALUE

A.
BOARDS’
RECEIVED AND VALUE PARTED WITH.

Recording
B.
C.
UP!!!
Accounting Information System
Double Entry System
D. Business Entity Concept
Answer: C. Double Entry System
 16
17
18
19
14
20
2
15
10
11
12
13
36
15
8
9
74
3. ACCOUNTING CONCEPT STATING THAT THERE IS A
NEED TO CLEARLY IDENTIFY THE ENTITY OR BUSINESS

BOARDS’
ENTITY FOR WHICH THE ACCOUNTING IS TO BE DONE.

A.Recording
B.
C.
UP!!!
Accounting Information System
Double Entry System
D. Business Entity Concept
Answer: D. Business Entity Concept
 16
17
18
19
14
20
2
15
10
11
12
13
3
5
6
8
9
7
1
4.USER OF FINANCIAL STATEMENTS THAT IS INTERESTED
4
TO DETERMINE STABILITY AND PROFITABILITY OF
EMPLOYERS AND THE ABILITY TO PAY SALARIES AND

BOARDS’
FRINNGE BENEFITS.

A. Investors

UP!!!
B. Management
C. Employees
D. Government
Answer: C. Employees
 16
17
18
19
14
20
2
15
10
11
12
13
13
5
6
8
9
7
5. ONE COMPONENT OF FINANCIAL STATEMENTS THAT
4
PROVIDES INFORMATION ABOUT RESULTS OF OPERATION
WHETHER THE BUSINESS GENERATES NET INCOME/NET

BOARDS’
LOSS.

A. Income Statement

UP!!!
B. Cash Flows
C. Balance Sheet
D. Retained Earnings
Answer: A. Income Statement
 16
17
18
19
14
20
2
15
10
11
12
13
36
15
8
9
74
6. LISTED BELOW ARE THE EXAMPLES OF SERVICE

BOARDS’
BUSINESS EXCEPT ONE.

A.
UP!!!
Philippine Airlines
B.Sky Cable
C.Makati Medical Center
D. Isuzu Motors Corporation
Answer: D. Isuzu Motors Corp.
 16
17
18
19
14
20
2
15
10
11
12
13
36
15
8
9
74
7. A BUSINESS OWNED BY FIVE OR MORE PERSONS AND
IS REQUIRED TO BE REGISTERED WITH SEC.

BOARDS’
A. Corporation

UP!!!
B. Sole Proprietorship
C. Partnership
D. Manufacturing
Answer: A. Corporation
 16
17
18
19
14
20
15
10
11
12
13
8. EXAMINATION AND CHECKING OF ACCOUNTS OR
2
3
5
6
8
9
7
4
1
FINANCIAL RECORDS TO VERIFY THEIR CORRECTNESS,
DONE BY AUDITORS WHO ARE EMPLOYEES OF THE

BOARDS’
ENTITY BEING AUDITED.

A. External Auditing

UP!!!
B. Internal Auditing
C. Public Accounting
D. Auditing
Answer: B. Internal Auditing
 16
17
18
19
14
20
2
15
10
11
12
13
36
15
8
9
74
9. ONE SELF-IMPOSED BY PROFESSIONALS EVEN ABOVE
THE REQUIREMENTS OF THE LAW FOR BEING MEMBER OF
A CERTAIN PROFESSION.

BOARDS’
A. Profession

UP!!!
B. General Ethics
C. Professional Ethics
D. Code of Ethics
Answer: C. Professional Ethics
 16
17
18
19
14
20
2
15
10
11
12
13
36
15
8
9
74
10. TYPE OF BUSINESS THAT CONVERTS RAW MATERIALS
INTO FINISHED GOODS BY APPLYING DIRECT LABOR AND
OVERHEAD.

BOARDS’
A. Maufacturing

UP!!!
B. Trading
C. Merchandising
D. Servicing
Answer: A. Manufacturing
 DOWN TO OUR LAST ROUND

DIFFICULT
5 POINTS FOR EACH CORRECT ANSWER
 16
17
18
19
14
20
2
15
10
11
12
13
13
5
6
8
9
7
4
1. THIS CYCLE OF OPERATION BELONGS TO WHAT
TYPE OF BUSINESS?

BOARDS’
UP!!!
Answer: Manufacturing
 16
17
18
19
14
20
2
15
10
11
12
13
36
15
8
9
74
2. THE OPERATING CYCLE FOR MERCHANDISING
BUSINESS IS.

BOARDS’
UP!!!
 16
17
18
19
14
20
2
15
10
11
12
13
36
15
8
9
74
3. IF THE TOTAL ASSETS OF THE BUSINESS IS 20000 AND
ITS EQUITY AMOUNTING TO 15000 WHAT IS ITS TOTAL
LIABILITIES ?

BOARDS’
UP!!!
Answer: A=L+E 5000
 16
17
18
19
14
20
15
10
11
12
13
3
5
6
12
8
9
7
4
4. A PROFESSIONAL ACCOUNTANT’S RESPONSIBILITY IS
NOT EXCLUSIVE TO SATISFYING THE NEEDS OF AN
INDIVIDUAL CLIENT OR EMPLOYER BUT ARE HEAVILY

BOARDS’
DETERMINED BY THE ?

UP!!!
Answer: Public Interest
 16
17
18
19
14
20
2
15
10
11
12
13
36
15
8
9
74
5. WHAT ARE THE 3 ELEMENTS THAT COMPRISES THE
BALANCE SHEET OR STATEMENT OF FINANCIAL POSITION
?

BOARDS’
UP!!!
Answer: Assets, Liabilities, Equity