ACCOUNTING QUIZ

BEE
IRR VI. Rules & Mechanics
 VI. 1 The academic quiz bee shall be utilizing SUREiPASS LMS and Zoom Conferencing.
 VI.2 There will be separate GCs for each Cup which shall include the working committees and
the official participants listed on the final masterlist only.
 VI.3 Two (2) devices are required for each participant during the event proper.
 VI.4 On the day of the event, all participants must join the Zoom meeting 30 minutes before
the scheduled time, to give them enough time to change their names on Zoom and for the
final discussion of the General Guidelines.
 VI.5 All participants shall be allowed to use basic calculator, ballpen, and a clean sheet of
paper for computations. They shall submit images of their scratch paper labeled with their
names in their respective GCs after the event.
 VI.6 Participants are not allowed to leave the Zoom. In case participants have missed a
certain question because of their absence, questions will not be repeated for their favor and
points foregone will not be considered part of their total scores.
 VI.7 PARTICIPANTS who will be caught CHEATING shall be automatically DISQUALIFIED on this
event.
 VI.8 In case of any questions or clarifications, the sole authority to answer or clarify
respectively, shall only be given to the partner review center designated by PICPA Isabela
Chapter. VI.9 Questions from the participants shall be entertained after the event through
the Zoom Chat Box Only.
TAXATION – EASY ROUND
1. Which of the following proceeds from a life insurance shall not be included in the
decedent’s gross estate?

A. Proceeds of life insurance, the estate of the decedent is designated as revocable

beneficiary
B. Proceeds of life insurance, the executor of the estate is designated as an irrevocable
beneficiary
C. Proceeds of life insurance the administrator is designated as beneficiary
D. Proceeds of life insurance the of the decedent is designated as irrevocable beneficiary

Answer: D
TAXATION – EASY ROUND
2. Andres, VAT-registered real estate dealer, transferred a parcel of land held for sale to his
son as gift on account of his graduation. For VAT purposes, the transfer is:
A. Not subject to VAT because it is gift.
B. Subject to VAT because it is a deemed sale transaction.
C. Not subject to VAT because it is subject to gift tax.
D. Subject to VAT because it is considered an actual sale.
Answer: B
TAXATION – EASY ROUND

3. Sale of silver and other metallic minerals by a VAT-registered taxpayer

to the BSP is subject to :
A. 12% VAT
B. 0% VAT
C. 3% OPT
D. Neither VAT nor 3% OPT
Answer: A
TAXATION – EASY ROUND

4. A lessor leases his 15 residential units for P14,500 per month and the other 15 residential
units for P15, 500 per month- During the taxable year, his accumulated gross receipts
amounted to P5, 400, 000. How much is the output— VAT?
a. 648,000
b. 334,800
c. 2,313,200
d. None of the choices.
Answer: D
TAXATION – EASY ROUND
5. Ms. Cyril is employed in MAPD Corporation and is also a part-time real estate agent for
a real estate broker. In addition to the SMW of P180, 000 she received from employer, she
likewise received P75,000 as commissions from her real estate dealings for the year 2018.
How much is the exempt income?
a. P255,000
b. P180,000
c. P75,000
d. None of the above
Answer: B
TAXATION – AVERAGE ROUND
NO. 1
Ube Paspas Bus is a common carrier by land. It os VAT-registered. During month if February
2017 it has the following gross receipts:
Transport of passengers P1,000,000
Transport of goods P1,500,000
Transport of cargoes P 500,000
How much if the common carrier’s tax payable?
a. 120,000
b. 90,000
c. 60,000
d. 30,000
 Answer: D (1mx3%)
 Vat (1.5M+.5M)x.12 =240K
TAXATION – AVERAGE ROUND
NO. 2
 Answer: B
TAXATION – AVERAGE ROUND
NO. 3
 Answer: D
TAXATION – AVERAGE ROUND
NO. 4
 Answer: B
TAXATION – AVERAGE ROUND
NO. 5
 Answer: A
TAXATION – DIFFICULT ROUND
NO. 1
 Answer: D
TAXATION – DIFFICULT ROUND
NO. 2
 Answer: A
TAXATION – DIFFICULT ROUND
NO. 3
 Answer: B
TAXATION – DIFFICULT ROUND
NO. 4
 Answer: B
AUDITING-Easy
No. 1

Which of the following is more difficult to evaluate objectively?

a. Presentation of financial statements in accordance with Philippine
Financial Reporting Standards.
b. Compliance with the Bureau of Internal Revenue regulations.
c. Efficiency and effectiveness of operations
d. All other choices are equally difficult.
Answer: C
AUDITING-Easy
No. 2

Answer: D
AUDITING-Easy
No. 3

 Answer: B
AUDITING-Easy
No. 4
 Answer: B
AUDITING-Easy
No. 5
 Answer: A
AUDITING-Average
No. 1

 Answer: D
AUDITING-Average
No. 2
 Answer: A
AUDITING-Average
No. 3
 Answer: C
AUDITING-Average
No. 4
Answer:A
AUDITING-Average
No. 5
Answer:A
AUDITING-Difficult
No. 1
 Answer: B
AUDITING-Difficult
No. 2
Answer: D

 Solution:
AUDITING-Difficult
No. 3
ANSWER: A

 Solution:
AUDITING-Difficult
No. 4
Answer: C

 Solution:
AUDITING-Difficult
No. 5
 Answer: C
FAR-Easy
No. 1
 Answer: B
FAR-Easy
No. 2
 Answer: B
FAR-Easy
No. 3
 Answer: C
FAR-Easy
No. 4
 Answer: D
FAR-Easy
No. 5
 Answer: A
FAR-Average
No. 1
 Answer: A
FAR-Average
No. 2
 Answer: A
FAR-Average
No. 3
 Answer: A
FAR-Average
No. 4
Answer: A
FAR-Average
No. 5
 Answer: D
FAR-Difficult
No. 1
 Answer: D
FAR-Difficult
No. 2
 Answer: B
FAR-Difficult
No. 3
 Answer: B
FAR-Difficult
No. 4
Answer: B
FAR-Difficult
No. 4
Answer: D
MAS-Easy
No. 1
 Answer: D
MAS-Easy
No. 2

 Answer: D
MAS-Easy
No. 3
 Answer:B
MAS-Easy
No. 4
 Answer:B
MAS-Easy
No. 5
Answer: C

 Solution:
MAS-Average
No. 1
 Answer: C
MAS-Average
No. 2
Answer: B

 Solution:
MAS-Average
No. 3
Answer: C

 Solution:
MAS-Average
No. 4
Answer: B
MAS-Average
No. 5
Answer: D
MAS-Difficult
No. 1
 Answer: D
MAS-Difficult
No. 2
Answer:C
MAS-Difficult
No. 3
Answer: C
MAS-Difficult
No. 4
 Answer:A
MAS-Difficult
No. 5
 Answer:A