EASY 1. Which ONE of the following statements best describes the carrying amount of an asset? A.

The cost (or an amount substituted for cost) of the asset less its residual value B. The amount at which the asset is recognized in the statement of financial position after deducting any accumulated depreciation and accumulated impairment losses C. The higher of the asset's net selling price and its value in use D. The fair value of the asset at the date of a revaluation less any subsequent accumulated impairment losses Question 1 - B 2. Speed of computer mouse is measured in which unit? Mickey 3. Please enter the missing figure: 4, 5, 8, 17, 44, Correct answer: 125 Explanation: The difference between the numbers follows the series 1,3,9,27,81 4. Commercial na may tagline na Sa bukid walang papel, ikiskis mo sa pilapil - Joy Tissue 5. Based on R.A. 9298, how many years can a partner who survived the death or withdrawal of other partner(s) continue to practice under the partnership name after becoming a sole practitioner? a. 1 year b. 2 years c. 3 years d. Indefinite period of time ANSWER: B 6. At the end of a banquet 10 people shake hands with each other. How many handshakes will there be in total? Correct answer: 45 7. The longest river in the world - Nile 8. New York is popularly known as the city of - Skyscrapers 9. You were engaged to examine the accounts of Power Play Corp. as of December 31, 2007 and your audit disclosed the following: The cash counted on December 31, 2007 included two customers checks amounting to P5,000 both dated in January 2008. These checks were recorded in the books in December and were accepted for deposit by the bank on due dates. The adjusting entry is: Debit Credit a. Cash in bank 5,000 Cash on hand 5,000 b. Accounts receivable 5,000 Cash 5,000 c. Cash 5,000 Accounts receivable 5,000 d. Accounts receivable 5,000 Sales 5,000 ANSWER: B 10. Full name of Barbie - Barbara Millicent Roberts BONUS: 11. Entomology is the science that studies - Insects 12. What is the proper accounting for credit card sales if the credit card company is

Affiliated with a bank bank a. Sale on account b. Sale on account c. Cash sale d. Cash sale ANSWER: D

Not affiliated with a Cash sales Sale on account Cash sale Sale on account

13. The day before the day before yesterday is three days after Saturday. What day is it today? Friday 14. The Japanese call their country as Nippon 15. Which number should come next in the series: 1, 3, 6, 10, 15, 21 AVERAGE 1. What kind of animal is a lurcher a. fish b. dog c. cat d. none of the above ANS: B 2. There is a unique number of which the square and the cube together use all digits from 0 up to 9 exactly once. Which number is this? ANS: 69 3. Which of the following statements would least likely appear in an auditor's engagement letter? a. Fees for our services are based on our regular per diem rates, plus travel and other out-of-pocket expenses. b. During the course of our audit we may observe opportunities for economy in, or improved controls over, your operations. c. Our engagement is subject to the risk that material errors or fraud, including defalcations, if they exist, will not be detected d. After performing our preliminary analytical procedures we will discuss with you the other procedures we consider necessary to complete the engagement. ANSWER: D. 4. Barack Obamas birthday is on which date? August 4, 1961 5. Ginagawa mo noon sa pangalan mo at pangalan ng crush mo pala malaman kung compatible kayo F.L.A.M.E.S. 6. The White Company set up a defined benefit postemployment plan with effect from 1 January 20X7. In the first year the expected return on plan assets was PHP5,000, the actual return on plan assets was PHP4,000, the current service cost was PHP12,000 and White's contributions paid into the plan were PHP7,500. What is the net expense to be recognized in profit or loss for the year ended 31 December 20X7, according to IAS19 Employee benefits? A PHP8,000 B PHP3,500 C PHP7,000 D PHP2,500 Question 6 - C The amounts to be recognized as an expense in profit or loss are the current service cost less the expected return on plan assets. See IAS19 para 61. Note that the difference between the expected and the actual return on plan assets is an actuarial loss, while the employer contributions increase plan assets. 7. I have a 5 scoop ice cream cone. Each of my 5 scoops is a different flavor of ice cream. The five flavors are blueberry,

chocolate, strawberry, vanilla and bubble gum. You don't know what order my ice cream flavors are from top to bottom. However, here are some clues to see if you can figure out what flavors are from top to bottom: 1. The bottom flavor has 10 letters. 2. The vanilla scoop touches both the chocolate and blueberry scoop. 3. Vanilla is below the chocolate scoop but above the bubblegum scoop. Can you apply some logic to figure out the order of scoops by flavor? ANSWER: Chocolate Vanilla Blueberry Bubblegum Strawberry 8. Ang bigboy, texas, at tarzan ay mga uri ng ano? Bubblegum 9. WHO ( World Health Organization) is located at Geneva 10. The physical inventory of Pangasinan Company on December 31, 2009 showed merchandise with a cost of P4,000,000 was on hand at that date. You also discovered the following items were all excluded from the count: a. Merchandise costing P160,000 , which was held by Pangasinan on consignment. The consignor is a subsidiary. b. A special machine, fabricated to order for a customer costing P 400,000 was finished and specifically segregated in the back part of the shipping room on December 31, 2009. The customer was billed on that date and the machine excluded from inventory although it was shipped on January 4, 2010. c. Merchandise costing P 80,000 which was shipped by Pangasinan f.o.b destination to a customer on December 31, 2009. The customer expects to receive the merchandise on January 3, 2010. d. Merchandise costing P 120,000 which was shipped by Pangasinan f.o.b shipping point to a customer on December 29, 2009 e. Merchandise costing P 50,000 shipped by a vendor F.O.B shipping point on December 28, 2009 and receive by Pangasinan on January 10, 2010. The corrected balance of Pangasinans inventory should be a. P 4,530,000 c. P 4,480,000 b. P 4,130,000 d. P 4,690,000 ANSWER: B BONUS: 11. Title ng kantang may linyang O ang galling galling mong bugaw, mas kadiri ka pa sa langaw Multong Bakla 12. Which countries men use the most deodorant? Japan 13. Roxy Company had the following information relating to its account receivble: Accounts receivable at 12/31/2008 P 1,300,000 Credit sales for 2009 5,400,000 Collection from customers for 2009, excluding recovery 4,750,000 Accounts written off 9/30/2009 125,000 Collection of accounts written off in prior year ( customer credit was

not re established) 25,000 Estimated uncollectible receivables per aging of receivables at 12/31/2009 165,000 On December 31, 2009 the amortized cost of accounts receivables is a. P 1,825,000 c. P 1,635,000 b. P 1,800,000 d. P 1,600,000 ANSWER: D 14. Using the digits 1 up to 9, two numbers must be made. The product of these two numbers should be as large as possible. All digits must be used exactly once. Which are the requested two numbers? ANS: The digits of the requested two numbers obviously form descending sequences. Furthermore, if you have two pairs of numbers with equal sums, the pair of which the numbers have the smallest absolute difference, is the one of which the numbers have the largest product. Using this knowledge, the two numbers can easily be constructed by placing the digits one by one, starting with 9 and ending with 1: 9 96 964 9642 9642 -> -> -> -> 8 87 875 8753 87531 Conclusion: the requested two numbers are 9642 and 87531 (and the product of these two numbers is 843973902). 15. In which sport do players take long and short corners - Hockey DIFFICULT 1. A school bus travels from Manila to Batangas. There are 4 children in the bus. And each child has 4 backpacks with him. There are 4 dogs sitting in each backpack. And every dog has 4 puppies with her. All these dogs have 4 legs, with 4 toes at each leg. What is the total number of toes in the bus? ANS: The total number of toes is 5170. The puppies: 4 children 4 backpacks 4 dogs 4 puppies 4 legs 4 toes = 4096 Plus the dogs: 4 children 4 backpacks 4 dogs 4 legs 4 toes = 1024 Plus the children: 4 children 2 legs 5 toes = 40 Plus the driver of the school bus: 2 legs 5 toes = 10 ------- + Which results in a total number of toes: 5170 2. During the year ended 31 December 20X8 the following events occurred at The Gosling Company: (1) It was decided to write off PHP80,000 from inventory which was over two years old as it was obsolete. (2) Sales of PHP60,000 had been omitted from the financial statements for the year to 31 December 20X7. According to IAS8 Accounting policies, changes in accounting estimates and errors, how much should be shown as a prior period adjustment in Gosling's financial statements for the year to 31 December 20X8? A PHP60,000 B PHP140,000 C PHP80,000 D PHP20,000 Question 2 - A The correct answer is PHP60,000. IAS8 para 32's list of examples of changes in accounting estimates includes inventory obsolescence.

3. Title ng kantang may linyang Unti-unitng tumitila, ikaw riy magpapaalam na ANSWER: Tuwing umuulan at kapiling ka 4. A child is considered gifted if his IQ is over _______ - 130 5. When the auditor has to determine the need to use the work of an expert, he would consider the following except: a. The cost of using the services of an expert. b. The quantity and quality of other audit evidence available. c. The materiality of the financial statement item being considered d. The risk of misstatement based on the nature and complexity of the matter being considered. ANSWER: A 6. Sa portion na ito ng isang gag show sumikat si Isko Salvador bilang Brod Pete Ang Dating Doon 7. Two friends, Alex and Bob, go to a bookshop, together with their sons Peter and Tim. All four of them buy some books; each book costs a whole amount in shillings. When they leave the bookshop, they notice that both fathers have spent 21 shillings more than their respective sons. Moreover, each of them paid per book the same amount of shillings as books that he bought. The difference between the number of books of Alex and Peter is five. Who is the father of Tim? ANS: For each father-son couple holds: the father bought x books of x shillings, the son bought y books of y shillings. The difference between their expenses is 21 shillings, thus x2 - y2 = 21. Since x and y are whole numbers (each book costs a whole amount of shillings), there are two possible solutions: (x=5, y=2) or (x=11, y=10). Because the difference between Alex and Peter is 5 books, this means that father Alex bought 5 books and son Peter 10. This means that the other son, Tim, bought 2 books, and that his father is Alex. 8. What is the 9th astrological sign in the Zodiac, known for adaptability? - Sagittarius 9. Sa pelikulang ito binigkas ang mga katagang Akala mo lang wala .. pero meron! Meron!! Bata Bata Paano ka Ginawa? 10. Clyde Tonbaugh discovered what planet in 1930 Pluto BONUS 11. Mount Everest was named after Sir George Everest 12. How should trade discounts be dealt with when valuing inventories at the lower of cost and net realizable value (NRV) according to IAS2 Inventories? (select one answer) A Added to cost B Ignored C Deducted in arriving at NRV D Deducted from cost Question 12 - D 13. Kung si Sharon Cuneta ay Megastar, sino ang tinaguriang Diamond Star? Maricel Soriano 14. If you suffer from epistaxis what is wrong Nosebleed

15. There are 6 pails, 3 of the pails are filled with water. Can you move only one pail and make a pattern of: full pail, empty pail, full pail, empty pail, full pail, empty pail? nd th -Pour all water from the 2 pail to the 5 pail. NCR Questions 1. Regional Vice President for Communications South of the NFJPIA NCRC is from what school? PUP-Taguig 2. Theme of the Mr. and Ms Ambassador of Goodwill 2012 of the NCR is Unveiling the beauty of Piscean astrology 3. Who among the NCR EOs was featured as Captain America in the poster of the Accountants Assemble? Rodel Tria 4. What was the theme of the 3 Presidents Meeting held at University of Perpetual Help System Dalta? Pagbibigay-Daan para sa maayos at masayang pagsasamahan 5. When was the birthday of the Secretary of the NFJPIA NCRC, Karmina Mari Ramos? Complete date. =June 22, 1992 6. As of November 6, 2012 2:33 AM, how many friends do NFJPIA NCR has in facebook? =2920 7. How many people are there in the cover photo of the NFJPIA NCR in their facebook account? 10 8. The 4 Executive Officers Cup will be held at UE-Cal
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