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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. The conversion of bananas into banana chips is a (an)
-
- Non- accountable event
- External event
- Non-reciprocal transfer
- Internal event
Valuation by fact or opinion
- Which of the following is considered valued by fact rather than by opinion?
- Depreciation
- Cost of goods sold
- Discount on share capital
- Retained earnings
Measurement bases
- Which of the following is not one of the several measurement bases used in accounting?
- Historical cost
- Fair value
- Present value
- All of these are used
Accounting concepts
- 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?
- Mr. X purchases groceries for his home consumption.
- Mr. X gives Ms. Y chocolate and flowers on Valentine’s date.
- Ms. Y provides capital to Entity A.
- Ms. Y provides capital to Entity B, another business entity.
- 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?
- Going concern
- Time period
- Intercalation
- Articulation
- 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?
- Prudence
- Materiality
- Cost-benefit
- B and C
Common branches of accounting
- What type of users’ needs is catered by general purpose financial statements?
- Common needs
- Specific needs
- A and B
- Neither A nor B
Four sectors in the practice of accountancy
- 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”?
- Practice in Commerce and Industry
- Practice in the Government
- Practice in Education/ Academe
- Practice of Private Accountancy
Accounting standards
- The Philippine Financial Reporting Standards (PFRSs) comprise:
- Philippine Financial Reporting Standards
- Philippine Accounting Standards
- Interpretations
- Accounting Practice Statements and Implementation Guidance
- I, II and III
- I, II,III and IV
- I and II
- I and III
- Which of the following statements is incorrect regarding the PFRSs?
- The PFRSs are based on IFRSs.
- The financial reporting standards used in the Philippines are the same as those used globally.
- The PFRSs have higher authority than the PASs and Interpretations.
- The PFRSs are accompanied by guidance. The use of such guidance is sometimes mandatory and sometimes optional.
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