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Homework answers / question archive / Mindanao State University - General Santos COURSE TITLE - ACCTG 001 PROBLEM 3: MULTIPLE CHOICE 1)All of the following are events considered as internal events, except Transfer of goods from work-in-process to finished goods inventory Losses from flood, earthquake, fire and other calamities Transformation of biological assets from immature to mature Vandalism committed by the entity’s employee   Which of the following is considered an internal user of Entity A’s financial reports? Entity B, a bank, requires Entity A to submit audited financial statements in conjunction to a loan being applied for by Entity A

Mindanao State University - General Santos COURSE TITLE - ACCTG 001 PROBLEM 3: MULTIPLE CHOICE 1)All of the following are events considered as internal events, except Transfer of goods from work-in-process to finished goods inventory Losses from flood, earthquake, fire and other calamities Transformation of biological assets from immature to mature Vandalism committed by the entity’s employee   Which of the following is considered an internal user of Entity A’s financial reports? Entity B, a bank, requires Entity A to submit audited financial statements in conjunction to a loan being applied for by Entity A

Accounting

Mindanao State University - General Santos

COURSE TITLE - ACCTG 001

PROBLEM 3: MULTIPLE CHOICE

1)All of the following are events considered as internal events, except

    1. Transfer of goods from work-in-process to finished goods inventory
    2. Losses from flood, earthquake, fire and other calamities
    3. Transformation of biological assets from immature to mature
    4. Vandalism committed by the entity’s employee

 

  1. Which of the following is considered an internal user of Entity A’s financial reports?
    1. Entity B, a bank, requires Entity A to submit audited financial statements in conjunction to a loan being applied for by Entity A.
    2. Mr. I is deciding whether to invest in Entity A. Mr. I uses Entity A’s financial statements in making its investment analysis.
    3. Ms. S, a shareholder of Entity A, is deciding whether to hold or sell her shareholdings in Entity A. Ms. S uses Entity A’s financial statements in making its “hold or sell” analysis.
    4. Mr. X, a member of Entity A’s board of directors, uses financial reports to make decisions regarding the financial and operational affairs of Entity A.

 

  1. When resolving accounting problems not specifically addressed by current standards, an entity shall be guided by the hierarchy of financial reporting standards. The correct sequence of the hierarchy of financial reporting standards in the Philippines is
  1. PASs, PFRSs and Interpretations
  2. Conceptual Framework
  3. Judgment
  4. Pronouncement of other standard-setting bodies
  1. I, III, II and IV
  2. I, II, IV and III
  3. I, IV, II and III
  4. I, II, III and IV

 

  1. The proper application of accounting principles is most dependent upon the
    1. Management.
    2. Accountant.
    3. Auditor.
    4. Chief executive officer.

 

  1. Which of the following statements is correct?
    1. Accounting provides quantitative information only.
    2. Accounting is considered an art because it requires the use of creative skills and judgment.
    3. The only acceptable measurement basis in accounting is historical cost.
    4. Qualitative information can be found only in the notes in the financial statements.

 

  1. Which of the following statements is correct?
    1. All quantitative information are also financial in nature.
    2. The accounting process of assigning peso amounts to economic transactions and events is measuring.

 

    1. The economic activity that involves using current inputs to increase the stock of resources available for output is called savings.
    2. The economic activity of using the final output of the production process is called income distribution.
  2. Which of the following statements is incorrect regarding accounting concepts?
    1. Under the Accrual Basis of accounting, revenues are recognized when earned and expenses are recognized when incurred, not when cash id received and disbursed.
    2. Under the Going concern concept, the business entity is assumed to carry on its operations for an indefinite period of time.
    3. Under the Business entity/ Separate entity/ Entity/ Accounting entity concept, the business is treated separately from its owners.
    4. Under the Time period/ Periodicity/ Accounting Period concept, the life of the business is divided into series of reporting periods.
    5. Under the Cost- benefit concept, the cost of processing and communicating information should exceed the benefits derived from it.

 

  1. Which of the following statements is incorrect?
    1. Financial reporting standards may at times be influenced by legal, political, business and social environments.
    2. General- purpose financial statements must be prepared by a certified public accountant.
    3. General purpose financial statements are prepared primarily for the use of external users.
    4. The PFRSs are issued by the Financial Reporting Standards Council.

 

  1. Mr. John Doe, CPA, is a professor in a university where he teaches mainly home economics, music and physical education. Those subjects require that the teacher must be awesome. Mr. Doe is also frequently invited as a judge in beauty pageants and singing contests and as a referee in mixed martial arts competitions. Mr. Doe is considered to be practicing accountancy in which of the following sectors?
    1. Academe
    2. Public accounting
    3. Commerce and Industry
    4. None of these

 

  1. Changes to reporting standards are primarily made in response to
    1. Government regulations
    2. Users’ needs
    3. Global modernization
    4. All of these

 

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