In the entity's record, an overstatement of disbursement would require a debit to:

Seldom does the balance of the cash in bank account in the depositor's book agree with the balance appearing in the bank statement at a particular date because of _____________.

Accountanta employed in entities in various capacity as accounting staff, chief accountant or controller are said to be engaged in ___________.

If you are a CPA aged below 65 years old and is practicing the profession abroad, how many years, in minimum before your intended date of license renewal should you be out of the country for you to be covered by the CPD exemption?

The physical capital maintenance concept requires the adoption of which of the following measurement basis?

Which of the following would not provide an entry under imprest fund system?

Analyze the following: I - One of the requirements for a CPA to be issued with an accreditation to practice public accountancy is he/she has already acquired minimum of three years of meaningful experience in any area of accountancy profession. II - The renewal of the CPA licensed requires 15 CPD credit units which should be earned in a compliance period of three (3) years. III - CPAs who are working or practicing the profession or furthering their studies abroad shall be temporarily exempted from compliance with CPD credit units, provided that, they have been out of the country for at least two years immediately prior to the date of renewal. Given these, you can conclude that:

This is generally inappropriate. What is this?

Which of the following is a cash of the maker?

At the end of the current year, the ABC Company has a cash deposited in three different banks. The first account is segregated for purchase of additional company vehicles. The second account is overdrawn. The third account, and which is used for regular company operations, has a positive balance. How should these accounts be reported?

Postdated checks issued to suppliers recorded as cash disbursement shall be:

ABC Company had the following balances on December 31, 2021: Cash in bank, current - 20,000,000 Cash in bank, payroll - 4,000,000 Cash on hand - 2,000,000 Cash in bank - restricted for building construction expected to be disbursed in 2022 - 12,000,000 Time deposit, due March 15, 2022 - 7,800,000 The cash on hand included a P800,000 check payable to ABC dated January 15, 2022. How much should be reported as December 31, 2021 Cash and Cash Equivalents?

For an item to qualify as cash, it should be:

If ABC Company properly recorded a check that was intended to settle any obligation to the supplier but was subsequently found out to be an unreleased check, adjusting entry would normally include __________.

What is first law which paved the way for Filipino accountants to be recognized as Certified Public Accountants in the Philippines?

Which of the following would not provide an entry under fluctuating fund system?

Which is an example of trade receivable?

Analyze the following statements: I - The net realizable value of accounts receivable is equal to its gross amount less actual amount of sales discounts, sales return, sales allowance and written off accounts. II - Generally, accounts receivable give the entity the right to receive cash from customers or from another entity. Which of the above statements is/are true?

Which of the following items must be added to the cash balance per ledger in preparing a bank reconciliation which ends with cash balance per bank?

If the balance shown in the bank statement is greater than the correct cash balance and neither the entity nor the bank has made any errors, there must be:

Given the following statements: I - Accounts receivable is a formal type of receivable. II - Notes receivable is not evidenced by any written document, except for the sales invoice or billing statement given to the customer. Which of the above statements is/are true?

Under proof of cash adjusted balance method, what is the treatment of P1,000 check issued by entity in the previous incorrectly recorded by the bank as P10,000 in the previous period?

There are various principles related to enhancing qualitative characteristics. Which of the following is not?

What is the proper order in the development of an IFRS? I - exposure draft II- accounting standard III - discussion paper

The PFRSs do not include which of the following?

The Philippine accounting standard-setting body was established by what office?

Foreign bank deposits that are subject to foreign exchange restrictions should be reported as

Analyze the following: I - The conceptual framework aims to establish foundation for standards that contribute to economic efficiency. II - For an item to be considered as an asset, it should be present economic resource, it has potential to produce economic benefits, or there is control over it. III - Recognition occurs when the entity presents the elements in the financial statements. Given these you can conclude that:

The current accounting standard setting body in the Philippines is the

In computing deposit in transit balance, what is to be deducted from total book receipts?

Under proof of cash adjusted balance method, what is the treatment of interest income of the previous period?

In preparing its May 31, 2022 bank reconciliation ABC company has the following information: DIT, May — 28,000 Balance per ledger 5/31 — 102,000 OC, May — 33,000 Return of NSF check, May — 11,000 Customer check worth 25,000 was incorrectly recorded by the bank as 5,000 Service charge, May — 3,000 Check issued in May worth 19,000 was incorrectly recorded by ABC as 91,000 HOW MUCH IS THE MAY 31,2022 CASH IN BANK PER BANK BALANCE?

What relates to computing net income follows the common computation for the said amount?

Who is the prominent person during the development era of accounting history who narrated in his work the Method of Venice?

Analyze the following statements: 1 — Under the accounts receivable the form of the receivable financing there is no segregation of accounts receivable currently being pledged. 2 — Equity in assigned accounts receivable is equal to the excess of related borrowing balance over the carrying amount of assigned accounts receivable. 3 — Upon pledging transaction on the disclosure to the accounts receivable pledge is necessary. 4 — Collection of assigned accounts receivable within the discount period would require a debit to sales discount. Given these, we can conclude that:

All of the following are properly related to factoring form of receivable financing, except

A 60-day 6% interest bearing note receivable was immediately discounted at a bank at 8%. In the discounting transaction, the maturity value would be the

In estimating allowance for sales discount, which method is being applied usually?

Section 1-4 Title, declaration of policy, objective and scope of practice

RA 9298 is comprised of how many articles?

What is the title of SECTION 13-25?

Practice of Accountancy is title of what sections?

On what year ASC was established?

FRSC was formerly known as

Four areas of Accountancy profession can be found in what section of RA 9298?

Also known as attest function

Practice in commerce and industry is also knoen as

BOA is composed of

How many qualities does the chairman and the board should possess?

Must be a duly registered CPA with at least 5 years of work experience in any scope of practice of Accountancy

No person shall serve in BOA for more than 10 years

How many years is the complete term of chairman and boards of BOA?

certificate of accreditation to practice public accountancy is valid for how many years?

This refers to the inculcation and acquisition of advanced knowledge, sill, and proficiency and ethical moral values after the initial registration of the CPA for assimilation into professional practice and lifelong learning.

Framework (2018) is released by

The primary users of financial informations are

Interested in information about stability and profitability of the entity

Interested in allocation of resources

Management Stewardship is also known as

This refers to capacity of the information to influence a decision.

It states that information has this when it provides feedback about previous evaluations.

Materiality is also known as

Observing materiality is dependent on

This arises when monetary amounts in financial reports cannot be observed directly and must instead be estimated.

This is a pervasive constraint on information that can be provided by financial reporting.

What are the 3 types of financial statements?

Any economic unit that is required or chooses to prepare financial statements (not necessarily a legal entity).

These is are also known as accounting postulates.

This serves as the foundation of cost principle.

This postulate is also called as PERIODICITY or ACCOUNTING PERIOD PRINCIPLE requires that the indefinite life of an entity is subdivided into accounting periods which are usually of equal length for purpose of preparing financial statements.

This is a capacity to impose an act to other party.

Which of the following is about income?

Revenue include

Obligation could only be avoided by liquidating the entity.

This is the process of capturing for inclusion in the financial statements an item that meets the definition of any element of financial statements.

Derecognition pertains to the

Systematic and Rational Allocation means that costs are

This reflects prices in acquiring an asset or incurring a liability.

This reflects prices in selling or using an asset or transferring or fulfilling a liability.

This measurement base is not derived from the price of the transaction or other event that gave rise to the asset or liability.

Under this concept of capital, capital is regarded as the productive capacity of the entity.

This is the sorting of elements of financial statements on the basis of shared characteristics for presentation and disclosure purposes.

The process of preparing asset and liability at net amounts.

According to chapter 7 of Framework (2018), presentation is the process of

Under which of the two approaches of determining financial performance does the effect of change in price of asset and liability of entity is treated as PART OF INCOME?

This process promotes the connections with the various accounts found in the components of a set of financial statements.

Roanne Company use the allowance method of accounting for uncollectible accounts. During the current year, the entity had charged 800,000 to bad debt expense and wrote off accounts receivable of 900,000 as uncollectible. What was the decrease in working capital?

What amount should be reported as doubtful accounts expense for the current year?

What amount should be reported as allowance for doubtful accounts on December 31, 2023? How much is the doubtful accounts expense for 2023?

Analyze this problem:

Given these information, answer the following questions:

This method achieves the proper matching of cost against revenue. However, this method may not show accounts receivable at estimated net realizable value because the allowance for doubtful accounts may be either excessive or inadequate.

This method of estimating of doubtful accounts violates the matching process.

(Written off - recoveries) / Credit sales This formula above is used under what method of doubtful accounts estimation?

Given the following information, compute for the correct amount.

Make sure to answer this correctly.

Compute for the correct amount.

Analyze the problem carefully.

Analyze the three questions before answering.

Compute for the following questions.