QUIZ TIME
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ACCOUNTING 1
Directions:
1.
Write down your answers on your yellow paper.
2.
Strictly no opening of notes.
3.
Strictly no talking to classmates
4.
Not following instructions will not be accepted
regardless if the answer is correct.
5.
Questions will be flashed for 45 seconds.
QUIZ TIME
QUIZ TIME
Quiz Categories
YES / NO
TRUE / FALSE
IDENTIFICATION
MULTIPLE CHOICE
PART ONE
YES / NO
QUESTION 1
Equity is the
residual interest in
the assets of an
entity after
deducting all its
liabilities.
YES / NO
QUESTION 2
Nominal accounts
are permanent
accounts with
balances carried
forward to the next
accounting period.
YES / NO
QUESTION 3
The normal balance
of expense is credit.
YES / NO
QUESTION 4
Account balance is
the difference
between the total
debits and the total
credits of each
account.
YES / NO
QUESTION 5
Cash is any item
used as standard
medium of
exchange that the
bank will accept at
face value.
YES / NO
QUESTION 6
Losses are
decreases in
economic benefits
during the
accounting period
in the form of
outflows .
YES / NO
QUESTION 7
Accounts payable
are claims against
customer arising
from sale of goods
or service on
account in an
ordinary course of
business
YES / NO
QUESTION 8
Prepaid expenses are
expenses paid in
advance such as
prepaid load, prepaid
rent, and prepaid
insurance.
YES / NO
QUESTION 9
Assets are resources
controlled by the
entity as a result of
past events and from
which future benefits
are expected to flow
to the entity.
YES / NO
QUESTION 10
Increase in Equity
=
Decrease in
Liabilities
PART TWO
EAST CORDALE SCHOOL
QUIZ TIME
TRUE
or
FALSE
QUESTION 2
Global warming is
a condition where
there is an excess
of carbon dioxide.
PART TWO
PART TWO
EAST CORDALE SCHOOL
QUIZ TIME
MULTIPLE CHOICE
QUESTION 3
My sister got sad yesterday.
We ___________ to buy her the cake she requested.
A
Forget
C
Was forgetting
B
Forgot
D
Have forgotten
EAST CORDALE SCHOOL
QUIZ TIME
MULTIPLE CHOICE
QUESTION 3
My sister got sad yesterday.
We ___________ to buy her the cake she requested.
A
Forget
C
Was forgetting
B
Forgot
D
Have forgotten
EAST CORDALE SCHOOL
QUIZ TIME
FILL IN THE BLANKS
QUESTION 4
The difference between
“principal” and “principle” is
PART THREE
DIFFICULT ROUND
EAST CORDALE SCHOOL
ENUMERATION
QUIZ TIME
1
2
QUESTION 5
List the four
main branches of
science.
3
4
EAST CORDALE SCHOOL
QUIZ TIME
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