finals

65問 • 2年前

問題一覧

Which cannot be considered a financial asset?

A contractual right to exchange financial instruments with another entity under conditions that are potentially unfavorable.

The following are examples of the kinds of disclosures required by PAS 34 except

extraordinary items.

In Pas 36, It is known that an entity is not required to estimate the recoverable asset if there's no indication. Among the following below, Which is not an indication that an asset is impaired?

The carrying amount of net assets is lower than its market capitalization.

Which account should not be recognized/accrued in the statement of financial position.

Both B and C

Which is an essential criteria of intangible assets? 1. Identifiability 2. Verifiability 3. Comparability 4. Control 5. Future economic benefits 6. Understandability

1, 4 and 5

Which of the following properties falls under the definition of investment property? I.Land held for long-term capital appreciation. II.Property occupied by an employee paying rent at market rate. III.Property being constructed on behalf of third parties IV.A building owned by an entity and leased out under an operating lease.

I and IV

Subsequent to initial recognition, the investment property shall be measured at

Either fair value or cost less any accumulated depreciation and any accumulated: impairment losses

Which ofthe following is a biological asset that is accounted for under PAS 41?

Dairy cattle used to produce milk.

an entity that presents firs annual financial statements that conform with PFRS is known as?

A first time adopter.

Under PFRS 1, the early application of PFRSs that have not yet become effective as of the current reporting period

is permitted, but not required.

Which of the following is excluded from the scope of PFRS 2

Transfer of equity instruments as consideration for a business combination

What is the date on which the fair value of the equity instrument granted is measured?

Measurement date

Which of the following methods must be applied in accounting for business combinations under PFRS 3?

Purchase method

Non-current assets held for sale are measured at

Lower of b and c

When is an entity required to recognize exploration and evaluation expenditure as an asset?

When the technical feasibility and commercial viability of extracting associated mineral resources have been demonstrated

for segment reporting. which tess nus be aplied to determineifan operaling segment is reportable?

Revenue test, asset test and profit or loss test

A change in the pattern of consumption of conomic benefits from an asset is most likely a

change in accounting estimate

What is the treatment of goodwill under PFRS 3?

Recognized as an asset and subject to impairment testing

Equity investments irrevocably accounted for at fair value through other comprehensive income are:

Non trading investments of less than 20%.

These are examples of potential ordinary shares except one

Preference Dividend

A fall in the market value of an asset so that the recoverable amount is now less than the carrying amount in the statement of financial position

Impairment

It is the equity in a subsidiary not attributable, directly or indirectly, to a parent. It is also called "minority interest" what it is?

Non-controlling interest.

The PFRSs do not apply to

The PERSs apply to all of these entities.

The revised definitions of an asset and a liability emphasize that

an asset is a right, and a liability is an obligation, that has the potential to produce, or cause the transfer of, economic benefits.

Which ofthe following is correct vhen detemining the existence ofan asset or liability?

An asset or a liability can exist even if its potential to produce, or cause a transfer of, economic benefits is not certain or even likely - what is important is that the right or the obligation exists in the present and that in at least one circumstance it ivill produce, or cause a transfer of, economic benefits,

Control is a necessary clement of an asset. Control means

the entity has the exclusive right over the benefits of an asset, including the ability y to prevent others from accessing those benefits.

Which of the following is correct regarding the provisions of PAS 34?

PAS 34 does not require any entity to publish interim reports, and how often.

If a cash-generating unit (CGU) is impaired, the impairment loss is allocated first to

the goodwill in that CGU.

The amount at which an asset is recorded in the books of accounts minus any accumulated depreciation and accumulated impairment losses is referred to as

carrying amount

Which of the following statements is correct?

A contingent asset that is possible is usually ignored.

Intangible assets are measured as follows:

cost, cost model or revaluation model

Which of the following properties meets the definition of investment property? I. Land held for long-term capital appreciation II. Property occupied by an employee paying rent at market rate III. Property being constructed on behalf of third parties IV. A building owned by an entity and leased out under an operating lease

I and IV

According to PFRS 1, when a first-time adopter presents one year comparative information to its first PFRS financial statements, it shall prepare, at the minimum

three statements of financial position and two of each of the other financial statements, and related notes.

According PFRS 5 assets held for sale are measured at

lower of b and c

After recognition, exploration and evaluation assets are accounted for under the

a or c

Which of the following properly describes credit risk?

The possibility that Entity A cannot collect on its receivables.

Andrix Domingo's Sari-sari Store has a sign that reads "Your credit is good but I need cash." What type of risk is Mr. Andrix trying to avoid by putting up that sign?

credit risk

Which of the following is not among the quantitative thresholds under PFRS 8?

At least 10% of total revenues (external only)

Rex Banggawan Co. acquires investment in stocks of Darrell Joe Asuncion. The investment will be held for trading and it gives Rex neither significant influence nor control over Darrell. Rex will most likely measure the investment

at fair value through profit or loss

According to PAS 34, income tax expenses in interim periods are computed using

a weighted average annual income tax rate.

According to PAS 36, which of the following is an indication of impairment from internal sources of information?

Indications that the economic performance of an asset is, or will be, worse than expected.

If the carrying amount of an asset is less than its recoverable amount, the asset

is not impaired.

Which of the following assets is not tested for impairment in accordance with PAS 36?

Inventory

According to PAS 37, contingent liabilities are

not disclosed if their expected occurrence is remote

Which of the following is accounted for under PAS 41?

bearer animals

According to PFRS I, an entity's first PFRS financial statements shall include, at the minimum, at least (choose the incorrect statement)

two statements of financial position

According to PFRS 3, how does an acquirer account for negative goodwill?

as gain in profit or loss in the period of business combination but only after reassessment of the identifiable net assets acquired

Which of the following assets of an acquire may not be included when computing for the goodwill arising from a business combination?

goodwill recorded by the acquire prior to the business combination

PAS 33 is intended to apply in which of the following?

Publicly-listed entities

If an entity does not prepare interim financial reports

The conformance of its annual financial statements with the PFRSs is not affected.

Exeral sources o information indicating hat an asset may be impaled includes.

The carrying amount of the net assets of the entity is more than its market/ capitalization

A liability of uncertain timing or uncertain amount.

Provision

Which of the following is a characteristic of an intangible asset?

Long-lived

According to Philippine Accounting standards 40 or PAS 40, Investment property, which of the following statements is true regarding the initial measurement of investment property?

Investment property should be initially measured at fair value, with any changes I in fair value recognized in profit or loss.

According to Philippine Accouming Standard 41 C1S 41) Agriculture, which of the following is a key characteristic of biological assets?

Biological assets are living plants and animals.

According to Philippine Financial Reporting Standards (PFRS) I, First-time Adoption of PFRS, which of the following is a requirement for an entity adopting PFRS for the first time?

Restatement of comparative financial statements as if PERS had always been/ applied.

The difference between fair value shares to which counter party has the right to subscribe and price the counter party is required to pay for those shares

Intrinsic Value

What is the measurement of the contingent consideration is classified as an asset or a liability which is a financial instrument?

Fair value through profit or loss or Fair value through other comprehensive income

A component of an entity is classited as discontinued operation: I. when an entity's end of reporting period changes and financial statements are presented for a period longer or shorter than one year. II. when the entity has actually disposed of the operation III. when the operation meets the criteria to be classified as held for sale IV. when an entity is required to outline all significant accounting policies applied in preparing financial statements.

II & III

Two categories of disclosures require by PFRS 7:

Information about the significance of financial instruments and information about the nature and extent of risks arising from financial instruments

The entity shall disclose the following about major customers.

All of the above

According to PAS 37, a present obligation that is possible and can be measured reliably is

Disclosed only

The acquisition date is

the date on which the acquirer obtains control of the acquiree.

The risk that an entity will encounter difficulty in meeting obligations associated with *financial liabilities that are settled by delivering cash or another financial asset.

Liquidity risk

If the entity's business model's objective is to hold assets in order to collect contractual cash flows and cash flows are solely payments of principal and interest on the principal amount outstanding, then financial asset is classified

as financial asset measured at amortization cost

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問題一覧

Which cannot be considered a financial asset?

A contractual right to exchange financial instruments with another entity under conditions that are potentially unfavorable.

The following are examples of the kinds of disclosures required by PAS 34 except

extraordinary items.

In Pas 36, It is known that an entity is not required to estimate the recoverable asset if there's no indication. Among the following below, Which is not an indication that an asset is impaired?

The carrying amount of net assets is lower than its market capitalization.

Which account should not be recognized/accrued in the statement of financial position.

Both B and C

Which is an essential criteria of intangible assets? 1. Identifiability 2. Verifiability 3. Comparability 4. Control 5. Future economic benefits 6. Understandability

1, 4 and 5

I and IV

Subsequent to initial recognition, the investment property shall be measured at

Either fair value or cost less any accumulated depreciation and any accumulated: impairment losses

Which ofthe following is a biological asset that is accounted for under PAS 41?

Dairy cattle used to produce milk.

an entity that presents firs annual financial statements that conform with PFRS is known as?

A first time adopter.

Under PFRS 1, the early application of PFRSs that have not yet become effective as of the current reporting period

is permitted, but not required.

Which of the following is excluded from the scope of PFRS 2

Transfer of equity instruments as consideration for a business combination

What is the date on which the fair value of the equity instrument granted is measured?

Measurement date

Which of the following methods must be applied in accounting for business combinations under PFRS 3?

Purchase method

Non-current assets held for sale are measured at

Lower of b and c

When is an entity required to recognize exploration and evaluation expenditure as an asset?

When the technical feasibility and commercial viability of extracting associated mineral resources have been demonstrated

for segment reporting. which tess nus be aplied to determineifan operaling segment is reportable?

Revenue test, asset test and profit or loss test

A change in the pattern of consumption of conomic benefits from an asset is most likely a

change in accounting estimate

What is the treatment of goodwill under PFRS 3?

Recognized as an asset and subject to impairment testing

Equity investments irrevocably accounted for at fair value through other comprehensive income are:

Non trading investments of less than 20%.

These are examples of potential ordinary shares except one

Preference Dividend

A fall in the market value of an asset so that the recoverable amount is now less than the carrying amount in the statement of financial position

Impairment

It is the equity in a subsidiary not attributable, directly or indirectly, to a parent. It is also called "minority interest" what it is?

Non-controlling interest.

The PFRSs do not apply to

The PERSs apply to all of these entities.

The revised definitions of an asset and a liability emphasize that

an asset is a right, and a liability is an obligation, that has the potential to produce, or cause the transfer of, economic benefits.

Which ofthe following is correct vhen detemining the existence ofan asset or liability?

Control is a necessary clement of an asset. Control means

the entity has the exclusive right over the benefits of an asset, including the ability y to prevent others from accessing those benefits.

Which of the following is correct regarding the provisions of PAS 34?

PAS 34 does not require any entity to publish interim reports, and how often.

If a cash-generating unit (CGU) is impaired, the impairment loss is allocated first to

the goodwill in that CGU.

The amount at which an asset is recorded in the books of accounts minus any accumulated depreciation and accumulated impairment losses is referred to as

carrying amount

Which of the following statements is correct?

A contingent asset that is possible is usually ignored.

Intangible assets are measured as follows:

cost, cost model or revaluation model

I and IV

According to PFRS 1, when a first-time adopter presents one year comparative information to its first PFRS financial statements, it shall prepare, at the minimum

three statements of financial position and two of each of the other financial statements, and related notes.

According PFRS 5 assets held for sale are measured at

lower of b and c

After recognition, exploration and evaluation assets are accounted for under the

a or c

Which of the following properly describes credit risk?

The possibility that Entity A cannot collect on its receivables.

Andrix Domingo's Sari-sari Store has a sign that reads "Your credit is good but I need cash." What type of risk is Mr. Andrix trying to avoid by putting up that sign?

credit risk

Which of the following is not among the quantitative thresholds under PFRS 8?

At least 10% of total revenues (external only)

at fair value through profit or loss

According to PAS 34, income tax expenses in interim periods are computed using

a weighted average annual income tax rate.

According to PAS 36, which of the following is an indication of impairment from internal sources of information?

Indications that the economic performance of an asset is, or will be, worse than expected.

If the carrying amount of an asset is less than its recoverable amount, the asset

is not impaired.

Which of the following assets is not tested for impairment in accordance with PAS 36?

Inventory

According to PAS 37, contingent liabilities are

not disclosed if their expected occurrence is remote

Which of the following is accounted for under PAS 41?

bearer animals

According to PFRS I, an entity's first PFRS financial statements shall include, at the minimum, at least (choose the incorrect statement)

two statements of financial position

According to PFRS 3, how does an acquirer account for negative goodwill?

as gain in profit or loss in the period of business combination but only after reassessment of the identifiable net assets acquired

Which of the following assets of an acquire may not be included when computing for the goodwill arising from a business combination?

goodwill recorded by the acquire prior to the business combination

PAS 33 is intended to apply in which of the following?

Publicly-listed entities

If an entity does not prepare interim financial reports

The conformance of its annual financial statements with the PFRSs is not affected.

Exeral sources o information indicating hat an asset may be impaled includes.

The carrying amount of the net assets of the entity is more than its market/ capitalization

A liability of uncertain timing or uncertain amount.

Provision

Which of the following is a characteristic of an intangible asset?

Long-lived

According to Philippine Accounting standards 40 or PAS 40, Investment property, which of the following statements is true regarding the initial measurement of investment property?

Investment property should be initially measured at fair value, with any changes I in fair value recognized in profit or loss.

According to Philippine Accouming Standard 41 C1S 41) Agriculture, which of the following is a key characteristic of biological assets?

Biological assets are living plants and animals.

According to Philippine Financial Reporting Standards (PFRS) I, First-time Adoption of PFRS, which of the following is a requirement for an entity adopting PFRS for the first time?

Restatement of comparative financial statements as if PERS had always been/ applied.

The difference between fair value shares to which counter party has the right to subscribe and price the counter party is required to pay for those shares

Intrinsic Value

What is the measurement of the contingent consideration is classified as an asset or a liability which is a financial instrument?

Fair value through profit or loss or Fair value through other comprehensive income

II & III

Two categories of disclosures require by PFRS 7:

Information about the significance of financial instruments and information about the nature and extent of risks arising from financial instruments

The entity shall disclose the following about major customers.

All of the above

According to PAS 37, a present obligation that is possible and can be measured reliably is

Disclosed only

The acquisition date is

the date on which the acquirer obtains control of the acquiree.

The risk that an entity will encounter difficulty in meeting obligations associated with *financial liabilities that are settled by delivering cash or another financial asset.

Liquidity risk

as financial asset measured at amortization cost