ACADEMIC QUIZ BEE

G 11- ABM

EASY TYPE

1. The process of Identifying, Recording and Communicating economic events of an organization to

interested.
a. Economy b. Accounting c. Accountancy d. Recording
2. This involves selecting economic events that are relevant to particular business transactions.
a. Identifying b. Communicating c. Recording c. Accounting
3. This involves keeping a chronological diary of events that are measured in pesos.
a. Identifying b. Communicating c. Recording c. Accounting
4. Occurs through the preparation and distribution of financial and other accounting reports.
a. Identifying b. Communicating c. Recording c. Accounting
5. Accounting is a systematic Recording of financial transactions and the presentation of the
related information to appropriate.
a. Accounting theory b. Accountancy theory c. Finance theory d. financial theory
6. Who is the father of Accounting?
a. Luca Pacol b. Luca Pacioli c. Luca Paci d. Luca Pacoli
7. Financial statements are to be divided into specific time intervals
a. Time period b. Time Accounting c. Time Principle d. Time period principle
8. Amounts are stated into a single monetary unit.
a. Monetary unit b. monetary principle c. monetary unit principle d. monetary accounting
9. Financial statements must be presented with supporting evidence.
a. Object principle b. objectivity principle c. object cost d. objectivity
10. Accounts should be recorded initially at cost.
a. Costing b. cost objectivity c. costing principle d. cost

MEDIUM TYPE
1. Assets that can be realized one year after year-end date.
a.Current assets b. current liabilities c. current accounts payable d. current notes receivable
2. Investments made by the company that are intended to be sold immediately.
a. Long term b. short term c. medium term d. long and medium term
3. Expenses that are incurred but not yet paid.
a. Salaries expenses b. taxes expenses c. notes expenses c. accrued expenses
4. A brief explanation of transaction which appears on the line below the credit title.
a. Accredited column b. credited column c. credit column d. debit column
5. Used to record all transactions involving cash payments.
a. Cash sales Journal b. Cash Receipts Journal c. Cash Disbursement Journal d. Purchase Jourmal
DIFFICULT TYPE
1. Full name of the Father of Accounting.
Fra. Luca Bartolomeo de Pacioli