Professional Documents
Culture Documents
1-1.
1.
2.
3.
4.
5.
e
a
g
b, d
f
6.
7.
8.
9.
10.
f
i
a
b, c
h
g
k
r
p
t
6.
7.
8.
9.
10.
f, k
d
a
e
j
1-2.
1.
2.
3.
4.
5.
11.
12.
13.
14.
15.
o
h
u
i
p
MC11
MC21
MC31
MC2
MC3
MC4
MC5
MC6
MC7
MC8
MC9
MC10
D
B
B
B
C
B
C
A
C
MC12
MC13
MC14
MC15
MC16
MC17
MC18
MC19
MC20
C
C
C
D
C
A
C
D
D
MC22
MC23
MC24
MC25
MC26
MC27
MC28
MC29
MC30
C
C
B
C
C
A
D
C
D
MC32
MC33
MC34
C
A
A
MC1
MC2
C
C
MC11
MC12
CHAPTER 2
CASH AND CASH EQUIVALENTS
MULTIPLE CHOICE QUESTIONS
Theory
C
MC21
B
MC22
B
A
MC3
MC4
MC5
MC6
MC7
MC8
MC9
MC10
D
D
D
D
A
A
D
B
Problems
MC29
MC30
MC31
MC32
C
D
C
B
MC33
MC34
MC35
MC36
MC37
MC38
D
B
C
B
A
D
MC39
MC40
B
B
MC41
MC42
MC43
MC44
MC45
MC46
B
B
A
C
B
B
MC47
MC48
MC49
MC50
MC51
MC52
D
D
C
D
B
D
MC53
MC54
MC55
MC56
B
A
D
C
MC13
MC14
MC15
MC16
MC17
MC18
MC19
MC20
D
C
D
A
C
C
C
B
MC23
MC24
MC25
MC26
MC27
MC28
B
D
B
D
D
A
CHAPTER 3 - RECEIVABLES
3-1.
a.
b.
Accounts Receivable
Receivables from Employees (part of non-trade receivables) current assets
c.
d.
e.
f.
g.
h.
Advances to Suppliers Current assets or deduction from Accounts Payable to the same supplier
Accounts Receivable
Customers Accounts with Credit Balances Current Liabilities
Cost of merchandise must be included in inventories
Accounts Receivable
Subscriptions Receivable current asset if collectible within 12 months; otherwise, non-current asset or
deduction from Shareholders Equity
i. Other Non-Trade Receivables Current asset or non-current asset depending on terms of payment
j. Advances to Suppliers Current Assets
k. Suppliers Accounts with Debit Balances or Advances to Suppliers Current assets
l. Accounts Receivable
m. Claims for Income Tax Refund Current Assets
n. Accounts Receivable, amount of loan presented separately as part of liabilities
o. Accounts Receivable
p. Not recognized anymore (for write off)
MULTIPLE CHOICE QUESTIONS
Theory
MC1
MC2
MC3
MC4
MC5
MC6
MC7
MC8
MC9
MC10
A
B
A
A
C
A
D
A
A
C
Problems
MC19
B
MC20
D
MC21
MC22
MC23
MC24
MC25
MC26
MC27
MC28
MC29
C
B
A
D
D
C
D
B
B
MC30
MC31
MC32
MC33
MC34
MC35
MC36
MC37
A
A
B
D
C
C
C
B
MC38
MC39
MC40
MC41
A
C
B
B
MC11
MC12
MC13
MC14
MC15
MC16
MC17
MC18
C
C
A
C
A
D
A
C
MC42
MC43
MC44
MC45
*
Date
July 1,
July 1,
July 1,
July 1,
July 1,
D
C
A
D
2012
2013
2014
2015
2016
Annual payment
902,500
902,500
902,500
902,500
Interest income
11% x 2,800,000=308,000
11% x 2,205,500=242,605
11% x 1,545,605=170,017
902,500-813,122=89,378
Reduction in principal
902,500-308,000=594,500
902,500-242,605=659,895
902,500-170,017=732,483
813,122
CHAPTER 4
INVENTORIES
PROBLEMS
4-1.
(HAMSTER COMPANY)
Include
Goods displayed in the store
Exclude
Balance
2,800,000
2,205,500
1,545,605
813,122
-0-
Theory
MC1
MC2
MC3
MC4
MC5
D
A
D
D
D
MC6
MC7
MC8
MC9
MC10
Problems
MC22
MC23
MC24
MC25
MC26
MC27
D
C
A
B
D
B
MC28
MC29
MC30
MC31
C
B
C
C
MC32
MC33
MC34
C
B
MC35
MC36
MC37
C
C
C
MC38
MC39
MC40
A
A
D
A
A
MC11
MC12
MC13
MC14
MC15
C
A
A
C
D
MC16
MC17
MC18
MC19
MC20
MC21
A
D
D
C
D
D
MC41
MC42
MC43
MC44
A
C
MC45
CHAPTER 5
PROPERTY, PLANT AND EQUIPMENT
MULTIPLE CHOICE QUESTIONS
Theory
MC1
MC11
MC2
MC12
MC3
MC13
MC4
MC14
MC5
MC15
MC6
MC16
MC7
MC17
MC8
MC18
MC9
MC19
MC20
MC1
B
0
Problems
MC36
D
MC37
C
MC38
D
MC39
D
MC40
C
MC41
MC42
MC43
MC44
MC45
MC46
MC2
1
MC2
2
MC2
3
MC2
4
MC2
5
MC2
6
MC2
7
MC2
8
MC2
9
MC3
0
D
B
D
B
D
MC3
1
MC3
2
MC3
3
MC3
4
MC3
5
D
C
C
C
D
D
C
A
C
B
MC47
MC48
MC49
MC50
MC51
D
C
A
MC52
MC53
MC54
MC55
B
A
MC56
MC57
MC58
MC59
MC60
A
D
D
C
MC61
MC62
C
A
MC63
MC64
MC65
MC66
MC67
MC68
MC69
MC70
D
C
B
B
MC71
MC72
MC73
D
C
MC74
MC75
CHAPTER 6
INTANGIBLE ASSETS
PROBLEMS
6-1.
(Daydream Corporation)
a.
Expense, cost of internally developed publishing title is not allowed to be capitalized.
b.
c.
d.
e.
f.
g.
h.
i.
j.
k.
l.
m.
n.
o.
p.
q.
r.
MC1
MC2
MC3
MC4
MC5
D
D
C
B
B
Problems
MC21
MC22
MC23
MC24
MC25
D
C
C
B
B
MC26
MC27
MC28
MC29
MC30
MC31
MC32
MC33
MC34
MC35
MC36
MC37
MC38
MC39
MC40
MC41
MC42
MC43
MC44
MC45
MC46
C
C
B
A
C
C
A
A
C
B
C
D
A
B
B
C
C
A
C
B
Intangible
Expense
Intangible
Intangible
Prepaid expense
With alternative use, PPE; otherwise, unrecoverable cost, R and D
Charged to RE
Expense
Intangible
Intangible
Expense
Expense, copyright shall be written off in profit or loss
Expense
Expense
PPE
Expense
Expense
MULTIPLE CHOICE QUESTIONS
Theory
MC6
A
MC11 B
MC16
MC7
C
MC12 D
MC17
MC8
D
MC13 B
MC18
MC9
B
MC14 D
MC19
MC10 D
MC15 C
MC20
expense
B
A
B
D
C
Theory
MC1
MC2
MC3
MC4
MC5
CHAPTER 7
INVESTMENTS IN EQUITY SECURITIES AND DEBT SECURITIES
B
B
C
A
C
Problems
MC18
MC19
MC20
MC21
B
B
C
D
MC22
MC23
MC24
MC25
MC26
MC27
MC28
MC29
MC30
MC31
A
C
D
C
B
B
B
A
B
A
MC32
MC33
A
B
MC34
MC35
MC36
A
C
B
MC37
MC38
MC39
MC40
C
B
B
A
MC41
MC42
C
C
MC43
MC44
C
B
MC45
MC46
MC47
MC48
MC49
D
B
D
C
MC50
MC6
MC7
MC8
MC9
MC10
D
B
A
A
B
MC11
MC12
MC13
MC14
MC15
B
C
A
C
C
MC16
MC17
B
D
CHAPTER 8
INVESTMENT PROPERTY, OTHER NONCURRENT FINANCIAL ASSETS
AND NONCURRENT ASSETS HELD FOR SALE
8-1.
Investment Property
(a), (b), (c), (e), (g), (o), (r) with option to or not to report as investment property
(d)
(f)
(h)
(i)
(j)
(k)
(l)
(m)
(n)
(p)
(q)
MC1
MC2
MC3
MC4
MC5
MC6
MC7
MC8
C
C
B
A
B
C
C
D
MC17
MC18
MC19
MC20
MC21
MC22
MC23
MC24
MC25
B
A
D
D
C
A
D
D
C
MC26
MC27
MC28
MC29
B
D
B
C
MC1
MC2
MC3
MC4
MC5
MC6
MC7
B
D
C
D
D
B
B
MC15
MC16
MC17
MC18
C
C
C
A
MULTIPLE CHOICE
MC9
B
MC10
A
MC11
B
MC12
A
MC13
D
MC14
B
MC15
C
MC16
A
10M + 20M = 30M
Revaluation surplus is credited; transfer is from owner-occupied property.
20,000,000 15,000,000
18,000,000 x 39/40 = 17,550,000; depreciation = 18,000,000/40 = 450,000
FV = 20,000,000; gain = 20,000,000 18,000,000 = 2,000,000
110,000 (115,000 80,000) = 75,000
9.0M 1.5M = 7.5M which is lower than carrying amount of 8.0M
(9,200,000 1,300,000) 7,500,000 = 400,000
2,000,000 x 0.7972 = 1,594,400
1,594,400 x 12% x 6/12 = 95,664; 1,594,400 + 95,664 = 1,690,064
100,000 + (200,000 160,000) = 140,000
40,000 (108,000 87,000) 6,000 = 13,000
2,250,000 + 450,000 + 75,000 + 150,000 25,000 = 2,900,000
5,000,000/ 5.11 = 978,500
CHAPTER 9
BIOLOGICAL ASSETS
MC8
B
MC9
A
MC10 B
MC11 B
MC12 B
MC13 C
MC14 A
450,000 + 250,000 + 220,000 + 64,000 290,000 = 694,000
220,000 + 64,000 = 284,000
{(15,000-13,000) x 25} +{ (7,000-5,000) x 5 } + (4,000 x 5) = 80,000
{13,000 12,000) 25 + (5,000 4,000) x 5 = 30,000
MC19
MC20
MC21
MC22
MC23
MC24
MC25
D
B
B
A
C
A