GRADE 11 QUIZ BEE QUESTIONS

**CONFIDENTIAL**
EASY
1. Non-profit organizations earn profit for the benefit of its shareholders.

2. External auditors work within an organization as employees, while internal auditors

are independent of the organizations they audit.

3. Accounting provides qualitative information, primarily financial in nature, about

businesses that intend to be useful in making economic decisions among alternative
courses of action.

4. Liquidation is the process of converting non-cash assets to cash.

5. A merchandising business is any business that uses raw materials, parts, and
components to assemble finished goods.

6. Assets are resources that are within the control of the entity from which financial
gains or benefits are anticipated.

7. Equity is the amount of ownership an owner has in his/her business after subtracting
assets from equity.

8. The “Dual Effect” concept states that every transaction influences a maximum of two
specific business accounts.

9. Based on Accrual accounting, income is recorded upon the receipt or disbursement

of payment.

10. Matching principle dictates that companies report expenses at the same time as the
revenues they are related to.

AVERAGE
1. It is a branch of accounting concerned with summary, analysis, and reporting of
business transactions and financial statements.
a. Management accounting c. Auditing
b. Financial accounting d. Cost accounting
2. Under the accrual basis of accounting, revenues are reported in the accounting
period when which of the following occurs?
a. When cash is collected
b. When it is incurred
c. When cash is disbursed
d. When services or goods are delivered

3. The personal transactions of the owner of a company will not appear on the
company's accounting books because of which principle?
a. Going concern
b. Matching
c. Accrual
d. Business entity

4. Which principle permits a business to transgress an accounting policy when the

amounts are irrelevant?
a. Completeness
b. Materiality
c. Going concern
d. Periodicity

5. Which principle is associated with the assumption that the company will continue
on long enough to carry out its objectives and commitments?
a. Time period
b. Going concern
c. Completeness
d. Accrual

6. The option that will report less profit and greater expense should be chosen
when the accountant must decide between two viable options. Which principle or
rule is the foundation for this?
a. Completeness
b. Faithful representation
c. Prudence
d. Alternatives
 7. On March 13, Ana borrowed P500 cash from her friend and immediately went to
the grocery store to buy some cleaning supplies. On the same day, she was able
to render the service to her client. She collected the payment from her customer
on March 18. Based on Matching principle, when should the P500 expense be
recorded?
a. On March 13 because it is the date when she paid and bought the supplies
b. On March 13 because it is the date when she rendered the services
c. On March 18 because it is the date when she collected the payment
d. It should not be recorded yet because she has not paid her friend yet

8. 2M Company has P700,000 worth of Assets. Liabilities are 40% of Owner’s

Equity. What is the total amount of liabilities?
a. P500,000 c. P300,000
b. P400,000 d. P200,000

9. Company A had a total Assets of P500,000, 75% of which comes from Liabilities.
How much was the total Equity?
a. P375,000
b. P285,714
c. P400,000
d. None of the choices

10. The beginning balance of assets amounts to P300,000 and the Owner’s Equity is
50% of Assets beginning and also equal to 1/3 of Assets ending. The Liabilities
decreased by P100,000. How much is the change in Equity?
a. P350,000
b. P250,000
c. P150,000
d. None of the choices

DIFFICULT
1. What is the complete title of the Luca Pacioli book that introduced the systematic
approach to accounting?

2. The Owner’s Equity beginning amounts to P30,000 and it is 15% of Assets

beginning. Assets decreased by P20,000 and Owner’s Equity increased by
P10,000. How much is the ending balance of Liabilities?

3. The ending balance of assets is 325,000. The increase in assets is 25%. If the
increase in the amount of assets is equal to the beginning liabilities, what is the
beginning balance of the owner’s equity?
4. At the beginning of 2022, the assets of 1P Company were P240,000 and its
ending owner’s equity was P200,000. During the 2022 operational year, assets
increased to 360,000 and liabilities increased by 30,000. How much is the total
liabilities?

5. During the year, liabilities increased by an amount equal to 16.8% of the ending
equity and assets increased by 120,000. Assets at year-end amounted to
700,000 which is 140% of ending equity. Beginning equity is 4/5 of beginning
assets. How much is the change in liabilities?