6th Accounting Quiz Show Results.xlsx

	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T
1	Name		Nicole	Tesadomaryangel	Colaspatricia	leadelrosario021502@gmail.com	leadelrosario021502@gmail.com	Moonica 🌙	jhanylweirdness	A27K89C0	Javie	jenettetoong08	Jessa	Roda	Christian	Noralyn Bantugan	Baby Jayreal Gregana	Edilo55	Leonardo Mercader	Kenzel Lawas
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3	Score		4.17	6.25	60.42	18.75	2.08	18.75	10.42	18.75	25	25	41.67	14.58	62.5	68.75	10.42	27.08	37.5	52.08
4	Points		2	3	29	9	1	9	5	9	12	12	20	7	30	33	5	13	18	25
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7	Questions	Correct answers
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9	IAS 1 Presentation of Financial Statements sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current distinction, and the prescribed format of the statement of financial position. The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity, and a statement of cash flows.	False	True	False	True	False	True	True	True	True	False	True	True	True	True	False	True	True	True	True
10	Unpaid dividends are presented on the equity section of the statement of financial position.	False	True	True	True	False	True	False	True	False	False	False	True	True	False	False	False	False	False	False
11	If the partner has no agreement with regards to the distribution of losses and profits, losses shall be distributed to capitalist and industrial partners by way of their capital contribution (according to the ratio of original capital investments or in its absence, the ratio of the capital balances at the beginning of the year).	False	True	False	False	False	True	False	False	True	False	True	True	True	False	False	True	True	False	True
12	Financial statements are a structured representation with the objective of providing information about the financial position, financial performance, and cash flows of an entity that is useful to a wide range of users in making economic decisions.	True	False	True	True	False	True	False	True	True	False	True	False	True	False	True	True	True	True	False
13	Underwriters are usually investment bankers who have, except:	not guaranteed the sale of an issue by agreement to buy from the issuing corporation.	not guaranteed the sale of an issue by agreement to buy from the issuing corporation.	offered for sale the shares he has purchased from a controlling shareholder.	not guaranteed the sale of an issue by agreement to buy from the issuing corporation.	not guaranteed the sale of an issue by agreement to buy from the issuing corporation.	agreed, alone, or with others, to buy at stated terms an entire or substantial part of an issue of securities.	not guaranteed the sale of an issue by agreement to buy from the issuing corporation.	agreed, alone, or with others, to buy at stated terms an entire or substantial part of an issue of securities.	agreed, alone, or with others, to buy at stated terms an entire or substantial part of an issue of securities.	agreed, alone, or with others, to buy at stated terms an entire or substantial part of an issue of securities.	agreed, alone, or with others, to buy at stated terms an entire or substantial part of an issue of securities.	agreed, alone, or with others, to buy at stated terms an entire or substantial part of an issue of securities.	agreed, alone, or with others, to buy at stated terms an entire or substantial part of an issue of securities.	agreed, alone, or with others, to buy at stated terms an entire or substantial part of an issue of securities.	not guaranteed the sale of an issue by agreement to buy from the issuing corporation.	agreed, alone, or with others, to buy at stated terms an entire or substantial part of an issue of securities.	not guaranteed the sale of an issue by agreement to buy from the issuing corporation.	agreed, alone, or with others, to buy at stated terms an entire or substantial part of an issue of securities.	not guaranteed the sale of an issue by agreement to buy from the issuing corporation.
14	An accounting principle has _____________ if it can be implemented without undue complexity or cost.	Feasibility	Relevance	Relevance	Feasibility	Feasibility	Objectivity	Feasibility	Due care	Feasibility	Objectivity	Feasibility	Feasibility	Due care	Feasibility	Feasibility	Relevance	Feasibility	Relevance	Feasibility
15	A professional accountant should not allow bias, conflict of interest, or undue influence of others to override professional or business judgments.	Objectivity	Professional behavior	Professional competence and due care	Objectivity	Objectivity	Confidentiality	Confidentiality	Professional behavior	Professional competence and due care	Confidentiality	Objectivity	Professional competence and due care	Professional behavior	Objectivity	Objectivity	Professional behavior	Objectivity	Professional competence and due care	Professional competence and due care
16	A threat to what fundamental principle is created when a professional accountant in public practice competes directly with a client or has a joint venture or similar arrangement with a major competitor of a client?	Objectivity	Professional competence and due care	Confidentiality	Professional competence and due care	Professional behavior	Professional behavior	Confidentiality	Professional competence and due care	Objectivity	Professional competence and due care	Confidentiality	Professional behavior	Professional competence and due care	Professional behavior	Objectivity	Professional competence and due care	Objectivity	Professional behavior	Objectivity
17	If Jackie Inc. has an equity multiplier of 1.83, total asset turnover of 1.65, and a profit margin of 5.2 percent, what is its ROE (in percentage, rounded to whole no.)?	16	2500	0.1782	3	0.1782	1	17.82	6	10.97	9	17.82	3.15	2	16	35	1	16	1	9
18	If Jackie Inc. has an equity multiplier of 1.83, total asset turnover of 1.65, total assets of P500,000, and a profit margin of 5.2 percent (rounded to whole no.): How much is the total equity?	273224	700000	0.789	915000	0.1782	1	1.65	12660000	915000	273224	915000	273224	10	231875	273224	1009750	80000	273224	273224
19	If Jackie Inc. has an equity multiplier of 1.83, total asset turnover of 1.65, total assets of P500,000, and a profit margin of 5.2 percent (rounded to whole no.): How much are the net sales?	825000	25000	15.68	825000	0.1782	1	0.17	650000	825000	26000	303030.30	825000	26000	825000	825000	20980	26000	287273	825000
20	If Jackie Inc. has an equity multiplier of 1.83, total asset turnover of 1.65, total assets of P500,000, and a profit margin of 5.2 percent (rounded to whole no.): How much are the average total assets?	500000	325	0.581	500000	0.1782	1	1.8	500000	2600000	303030	500000	500000	26000	250000	500000	500000	250000	500000	165000
21	If Jackie Inc. has an equity multiplier of 1.83, total asset turnover of 1.65, total assets of P500,000, and a profit margin of 5.2 percent (rounded to whole no.): How much are the net income?	782100	31000	0.352	2600000	0.1782	1	500000	580000	4340000	26000	260000	158654	26000	21450	158653	303030	80000	14938	4290000
22	Marie Equity Ventures, a vertically integrated company engaged in power generation, distribution, and energy supply, is one of the largest private power producers in the Philippines. The Generation Group harnesses power from a right-mix portfolio of renewable (hydro, geothermal and solar) and non-renewable (coal and oil) sources through its 46 generation facilities across the country. The company’s hydro group is the pioneering industry leader in the development of small to medium hydroelectric plants over the past 39 years. On December 31, 2021, the total revenue of MEV is P223.93 billion with selected normal balances of accounts as follow (in billions): Cash 148 Trade and other receivables 48 Inventories 32 Derivatives 1 Other current assets 25 Total current assets 254 Total assets 734 Total current liabilities 110 Total noncurrent liabilities 296 Share capital 57 Treasury shares 1 How much are the retained earnings as of December 31, 2021?	272000000000	9723	14.85	272	0.1782	0.1782	988	650	966000000000	58000000000	1000	270	223000000000	270000000000	520930000000	38000000000	16000000000	268000000000	3704666491
23	Marie Equity Ventures, a vertically integrated company engaged in power generation, distribution, and energy supply, is one of the largest private power producers in the Philippines. The Generation Group harnesses power from a right-mix portfolio of renewable (hydro, geothermal and solar) and non-renewable (coal and oil) sources through its 46 generation facilities across the country. The company’s hydro group is the pioneering industry leader in the development of small to medium hydroelectric plants over the past 39 years. On December 31, 2021, the total revenue of MEV is P223.93 billion with selected normal balances of accounts as follow (in billions): Cash 148 Trade and other receivables 48 Inventories 32 Derivatives 1 Other current assets 25 Total current assets 254 Total assets 734 Total current liabilities 110 Total noncurrent liabilities 296 Share capital 57 Treasury shares 1 How much is the applicable income tax rate for this corporation (in %)?	25	1000	0.75	.25	0.1782	0.1782	35	5000	1.83	20	5630	30	25	25	0	18.62	14	25	20
24	Marie Equity Ventures, a vertically integrated company engaged in power generation, distribution, and energy supply, is one of the largest private power producers in the Philippines. The Generation Group harnesses power from a right-mix portfolio of renewable (hydro, geothermal and solar) and non-renewable (coal and oil) sources through its 46 generation facilities across the country. The company’s hydro group is the pioneering industry leader in the development of small to medium hydroelectric plants over the past 39 years. On December 31, 2021, the total revenue of MEV is P223.93 billion with selected normal balances of accounts as follow (in billions): Cash 148 Trade and other receivables 48 Inventories 32 Derivatives 1 Other current assets 25 Total current assets 254 Total assets 734 Total current liabilities 110 Total noncurrent liabilities 296 Share capital 57 Treasury shares 1 In order to qualify for the 20% income tax rate, the total assets of the corporation shall not exceed by how much?	100000000	5000	0.14	100000000	0.1782	0.1782	6	125000	2790000000	100000000	10000	10000000	734000000000	100000000	100000000	7005000	642000000000	100000000	100000000
25	Mahinay Co. has a net working capital of P1,965, current liabilities of P5,460, and inventory amounting to P2,170. Round to 2 decimal places. What is the current ratio?	1.36	500	0.78	1.36	0.1782	0.1782	1.7	0.29	2.5	0.76	1.36	1.36	19.65	1.36	1.36	1.76	64.03	1.36	1.36
26	Mahinay Co. has a net working capital of P1,965, current liabilities of P5,460, and inventory amounting to P2,170. Round to 2 decimal places. What is the quick ratio?	0.96	25000	0.36	0.96	0.1782	0.1782	1.8	0.11	0.03	0.36	7424.61	0.96	21.70	0.96	0.96	1.36	24.28	0.97	0.96
27	Rhea Mae Co. had the following account balances at December 31, 2021. Cash in bank P1,000,000 Cash budgeted for bonds payable due on 2,000,000 July 30, 2022 Time deposit 2,000,000 Savings deposit budgeted for dividends 4,000,000 payable on June 30, 2022 The total amount to be reported on Rhea's cash and cash equivalents as of December 31, 2021 is?	9000000	30000	0.82	9000000	0.1782	0.1782	9000000	526	7000000	9000000	1500000	9000000	9000000	9000000	3000000	5000000	1000000	7000000	9000000
28	On December 31, 2021, John Co. has a debit balance in its cash and cash equivalents the analyses of which are shown in the table below. Undeposited collections 60,000 Cash in Metrobank checking account 500,000 Cash in Unionbank (overdraft) (100,000) Undeposited NSF check received from a customer 100,000 dated December 28, 2021 Undeposited check from a customer dated 60,000 January 2, 2022 Money market instruments (90 days) 100,000 Restricted cash (foreign bank) 200,000 IOUs from employees 90,000 Sinking fund 100,000 The cash and cash equivalents to be reported as of December 31, 2021 amount to?	660000	10000	0.42	660000	0.1782	0.1782	9150000	658200	660	750000	230000	760000	1110000	660000	660000	960000	760000	960000	760000
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