ELIMINATION

ROUND
 THE INVENTOR OF
DOUBLE-ENTRY
BOOKKEEPING IS

A. NAPOLEON
B. LUCA PACIOLI
C. JAQUES SAVARY
D. AMATINO MANUCCI
D. AMATINO MANUCCI
 WHEN WAS FERDINAND
MARCOS FIRST SWORN IN AS
PRESIDENT OF THE
PHILIPPINES?

A. JANUARY 1, 1964
B. APRIL 6, 1966
C. AUGUST 3, 1968
D. DECEMBER 30, 1965
D. DECEMBER 30, 1965
THE SEEDS OF PHILIPPINE ACCOUNTANCY AS A
RECOGNIZED PROFESSION WERE PLANTED ON
____________ WHEN ACT NO. 3105 WAS
APPROVED BY SIXTH LEGISLATURE.

A. MARCH 12, 1928

B. MARCH 17, 1928
C. MARCH 19,1928
D. MARCH 28,1928
B. MARCH 17, 1928
DOCTRINE OF CONVENIENCE

A. NEUTRALITY
B. RELEVANCE
C. MATERIALITY
D. COMPARABILITY
C. MATERIALITY
WHICH IS THE FAMOUS SAYING OF RENE
DISCARTES?

A. COGITO, ERGO SUM

B. PRAEMONITUS, PRAEMUNITIS.
C. QUOD ERAT DEMONSTRANDUM.
D. SAWLES WARDE.
A. COGITO,
ERGO SUM
 PAS 28

A. INVESTMENT IN EQUITY
SECURITIES
B. INVESTMENT IN ASSOCIATES
C. INVESTMENT IN DEBT SECURITIES
D. INVESTMENTS
B. INVESTMENT IN
ASSOCIATES
 WHAT DID MICHAEL
FARADAY DISCOVER IN
1845?

A. BUNSEN BURNER
B. DIAMAGNETISM
C. LAWS OF ELECTROLYSIS
D. CURIUM
B. DIAMAGNETISM
USE ACCOUNTS RECEIVABLE METHOD
(5% ARE DOUBTFUL OF COLLECTION)

ACCOUNTS RECEIVABLE 1,200,000

ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS 45,000 (DEBIT)
CREDIT SALES 7,000,000

WHAT IS THE UNCOLLECTIBLE ACCOUNT EXPENSE TO BE

RECOGNIZED?

A. 105,000
B. 45,000
C. 65,000
D. 60,000
A. 105,000
MAGNA CARTA FOR
MICRO, SMALL AND
MEDIUM ENTERPRISES :

A. R.A 9501
B. R.A. 3105
C. R.A. 9777
D. R.A. 9298
A. R.A 9501
WHEN DID MICHAEL
FARADAY DIE?

A. APRIL 15, 1896

B. JUNE 12, 1878
C. AUGUST 25, 1867
D. NOVEMBER 14, 1872
C. AUGUST 25, 1867
WATERED SHARES CAN BE
RECOGNIZED AND IS
ALLOWED?
A. TRUE
B. FALSE
C. CANNOT BE ASCERTAIN
D. IT DEPENDS
B. FALSE
CONCEPTUAL FRAMEWORK
ENCOMPASSES
PROSPECTUSES?

A. TRUE
B. FALSE
C. CANNOR BE ASCERTAIN
D. IT DEPENDS
A. TRUE
 WHICH IS THE MOST FAMOUS
INVENTION OF THOMAS ALVA
EDISON?

A. PROJECTOR
B. RADIO
C. TELEPHONE
D. ELECTRIC BULB
D. ELECTRIC BULB
 PAYMENT OF ACCOUNTS
RECEIVABLE BY ISSUANCE OF
NOTES IS A TYPE OF TRANSACTION
THAT GIVE RISE TO

A. SOURCE OF ASSET
B. EXCHANGE OF ASSET
C. EXCHANGE OF CLAIMS
D. USE OF ASSET
C. EXCHANGE OF
CLAIMS
 THIS IS ALSO CALLED
REFERENCE BOOK

A. GENERAL JOURNAL
B. GENERAL LEDGER
C. BOTH A AND B
D. NONE OF THE ABOVE
B. GENERAL
LEDGER
ANDRES SORIANO IS A TYCOON OF WHAT
FAMOUS CONGLOMERATE?

A. SAN MIGUEL CORPORATION

B. PUREFOODS CORPORATION
C. CENTRAL BANK OF THE PHILIPPINES
D. PUREGOLD DUTY FREE, INC.
A. SAN MIGUEL
CORPORATION
CALLABLE SHARES DIFFERS FROM REDEEMABLE SHARES.
IN WHAT WAY?

A. IT IS CALLABLE IF IT IS ON THE PREFERENCE OF THE

ISSUING ENTITY, AND REDEEMABLE IF IT IS ON THE
PREFERENCE OF THE INVESTOR
B. IT IS CALLABLE IF IT IS ON THE PREFERENCE OF THE
INVESTOR AND REDEEMABLE IF IT IS ON THE PREFERENCE
OF THE ISSUING ENTITY
C. BOTH PREFERENCE OF ISSUING ENTITY
D. BOTH PREFERENCE OF THE INVESTOR
A. IT IS CALLABLE IF IT IS ON THE
PREFERENCE OF THE ISSUING
ENTITY, AND REDEEMABLE IF IT
IS ON THE PREFERENCE OF THE
INVESTOR
WHICH OF THE FOLLOWING DOES
NOT RECOGNIZE DEPRECIATION
EXPENSE?

A. COST METHOD
B. REVALUATION METHOD
C. FAIR VALUE MODEL
D. BOTH B AND C
C. FAIR VALUE
MODEL
INTEREST ON DRAWINGS IS ACCOUNTED FOR
AS ________ TO PARTNER'S DRAWINGS.

A. DEBIT
B. CREDIT
C. NOT ACCOUNTED IF PARTNER'S EQUITY
D. EITHER A OR C
A. DEBIT
HOW WAS THOMAS ALVA EDISON
KNOWN?
A. WHITE KNIGHT
B. THE KNIGHT IN SHINING ARMOUR
C. THE WIZARD OF MENLO PARK
D. THE MONARCH OF ALL THAT HE
SURVEYED
C. THE WIZARD OF
MENLO PARK