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Homework answers / question archive / Mindanao State University - General Santos COURSE TITLE - ACCTG 001 PROBLEM 4: FOR CLASSROOM DISCUSIION Events 1)Entity A buys bananas and converts them into banana chips

Mindanao State University - General Santos COURSE TITLE - ACCTG 001 PROBLEM 4: FOR CLASSROOM DISCUSIION Events 1)Entity A buys bananas and converts them into banana chips

Accounting

Mindanao State University - General Santos

COURSE TITLE - ACCTG 001

PROBLEM 4: FOR CLASSROOM DISCUSIION

Events

1)Entity A buys bananas and converts them into banana chips. The conversion of bananas into banana chips is a (an)

    1. Non- accountable event
    2. External event
    3. Non-reciprocal transfer
    4. Internal event

Valuation by fact or opinion

  1. Which of the following is considered valued by fact rather than by opinion?
    1. Depreciation
    2. Cost of goods sold
    3. Discount on share capital
    4. Retained earnings

Measurement bases

  1. Which of the following is not one of the several measurement bases used in accounting?
    1. Historical cost
    2. Fair value
    3. Present value
    4. All of these are used

Accounting concepts

  1. Entity A is owned by Mr. X and Ms. Y. Which of the following transactions does not violate the separate entity concept and therefore is appropriately recorded in the accounting records of Entity A?
    1. Mr. X purchases groceries for his home consumption.
    2. Mr. X gives Ms. Y chocolate and flowers on Valentine’s date.
    3. Ms. Y provides capital to Entity A.
    4. Ms. Y provides capital to Entity B, another business entity.

 

  1. Mr. A is assessing the ability of Entity A to generate future cash and cash equivalents. In making the assessment, Mr. A uses not only the statement of cash flows but also the other components of a complete set of financial statements. This is because of which of the following concepts?
    1. Going concern
    2. Time period
    3. Intercalation
    4. Articulation

 

  1. Entity A acquires a stapler. Instead of recognizing the cost of the stapler as an asset to be subsequently depreciated, Entity A immediately charges it as expense. This is an application of which of the following concepts?
    1. Prudence
    2. Materiality
    3. Cost-benefit
    4. B and C

Common branches of accounting

  1. What type of users’ needs is catered by general purpose financial statements?
    1. Common needs
    2. Specific needs
    3. A and B
    4. Neither A nor B

Four sectors in the practice of accountancy

  1. Which of the following is not among the Four Sectors in the practice of accountancy as enumerated in R.A. 9298 also known as the “Philippine Accountancy Act of 2004”?
    1. Practice in Commerce and Industry
    2. Practice in the Government
    3. Practice in Education/ Academe
    4. Practice of Private Accountancy

Accounting standards

  1. The Philippine Financial Reporting Standards (PFRSs) comprise:
  1. Philippine Financial Reporting Standards
  2. Philippine Accounting Standards
  3. Interpretations
  4. Accounting Practice Statements and Implementation Guidance
  1. I, II and III
  2. I, II,III and IV
  3. I and II
  4. I and III

 

  1. Which of the following statements is incorrect regarding the PFRSs?
    1. The PFRSs are based on IFRSs.
    2. The financial reporting standards used in the Philippines are the same as those used globally.
    3. The PFRSs have higher authority than the PASs and Interpretations.
    4. The PFRSs are accompanied by guidance. The use of such guidance is sometimes mandatory and sometimes optional.

 

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