問題一覧
1
According to Philippine Accounting Standard 40 (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 in fair value recognized in profit or loss.
2
Segment A represents less than 10% of total sales, but is eligible from a profit and loss and total assets test context. Segment A
Is not reportable segment
3
According to Philippine Accounting Standard 41 (PAS 41), Agriculture, which of the following is a key characteristic of biological assets?
Biological assets are living plants and animals.
4
Interim financial reports shall be published
Whenever the entity wishes
5
As presented in PFRS 9, whenever an asset is reclassified from Fair Value through Other Comprehensive Income (FVOCI) to Fair Value through Profit or Loss (FVPL), its cumulative gain or loss previously recognized in OCI should be:
Transferred to Profit or Loss
6
The entity shall disclose the following about major customers.
All of the above
7
What is the measurement of the contingent consideration is classified as an asset or a liability which is a financial instrument?
FAIR VALUE PROFIT AND LOSS OR OTHER COMPREHENSIVE INCOME (FVPL OF FVOCI)
8
Which of the following is an objective of PFRS 2 - Share-based Payment?
All of the above
9
Which of the following is a biological asset that is accounted for PAS 41?
Dairy cattle used to produce milk
10
Which of the following is not an example of an investment property?
Owner-occupied property and owner-occupied property awaiting disposal
11
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
12
Which statement is incorrect where the expenditure required to settle a provision is expected to be reimbursed by another party?
The reimbursement shall not be treated as a separate asset but "netted" against the estimated liability for the provision.
13
A provision should be recognized when _________.
All of the above.
14
This means the financial asset is measured at fair value through other comprehensive income
FVOCI
15
A shared-based payment transaction with _______________ or others providing similar services is measured using the following order of priority: 1. Fair value of the equity instrument granted 2. Intrinsic value
a non-employee
16
Which is known to be one of the financial instruments?
Notes receivable
17
According to Philippine Financial Reporting Standards (PFRS) 1, 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 PFRS had always been applied.
18
If an entity does not prepare interim financial reports,
The conformance of its annual financial statements with the PFRSs is not affected.
19
An entity that represents first annual financial statements that conform with PFRS is known as?
A first time adopter
20
Which of the following assets should be classified as held for sale under PFRS 5?
Long-term investments in subsidiary companies that are planned to be sold within the next two years.
21
What are the two(2) methods of accounting for exploration cost?
B & C
22
Publicly traded entities are encouraged to provide interim financial reports
At least at the end of the half-year and within 60 days of the end of the interim period
23
According to PFRS 8, an operating segment is reportable when: I. The external and internal revenue of the segment is 10% more than the combined external and internal revenue of all operating segments II. The segment profit or loss is 20% or more of the higher between the combined profit or loss of all operating segments III. The assets of the segment are 10% or more of the total assets of all operating segments
Statements 1 and 3 are correct
24
Agricultural produce is
The harvested product from biological asset
25
Which of the following is within the scope of PAS 37?
Future payment on vacant leasehold premises
26
Which of the following shall an entity disclose in case it holds collateral and is permitted to sell or repledge the collateral in the absence of default by the owner of the collateral?
All of the above
27
Which of the following assets is not within the scope of PAS 36, Impairment of Assets?
Inventories
28
On January 1, 20x1, ABC Co. Acquired 60% interest in XYZ, Inc. For 2,000,000 cash. ABC Co. Incurred transactions cost of 100,000 in the business combination. ABC Co., elected to measure NCI at the NCI's proportionate share in XYZ, Inc's identifiable net assets. The fair values of XYZ's identifiable assets and liabilities at the acquisition date were 6,000,000 and 3,500,000 respectively. How much is the goodwill ( gain on bargain purchase) ?
500,000
29
Which of the following does not define investment property?
Property used in the production or supply of goods or services.
30
Which of the following is a requirement of PFRS 1 to an entity in its opening PFRS statement of financial position?
Not recognize items as assets or liabilities if PFRSs do not permit such recognition.
31
The statement of profit or loss includes which of the following ?
Discontinued Operations
32
Explorations and Evaluations assets are initially measured at.
Cost
33
Which financial statement is prepared under the Philippine Financial Reporting Standard 1 (PFRS 1) when an entity adopts International Financial Reporting Standards (IFRS) for the first time?
Statement of Comprehensive Income
34
An intangible asset is regarded as having an indefinite useful life when:
There is no foreseeable limit to the period over which the asset is expected to generate net cash inflows to the entity.
35
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
36
Which of the following is a characteristic of an intangible asset?
Long-lived
37
The following are indications of a bearer plant except:
None of the above.
38
The Cost of a separately acquired intangible asset comprises the purchase price, including import duties and non refundable purchase taxes, and
Directly attributable cost of preparing the asset for the intended use
39
In the statement of cash flows give the 2 methods of presentation that it uses?
Direct Method, Indirect Method
40
Which of the following is a characteristic of an intangible asset?
Long-lived
41
A liability of uncertain timing or uncertain amount.
Provision
42
How are exploration and evaluation assets measured according to PFRS 6? Initial Subsequent
Cost, Cost model or revaluation model
43
A component of an entity is classified 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
44
Entity A had 100,000 ₱10 par, 10% cumulative preference shares outstanding all throughout 20x1.Entity A reported profit after tax of₱1,200,000 for the year ended December 31, 20x1. The movements in the number of ordinary shares are as follows: 1/1/20x1 Ordinary shares outstanding 120,000 3/1/20x1 Shares issued for cash 42,000 9/30/20x1 Subscribed shares 20,000 11/1/20x1 Reacquisition of treasury shares (12,000) Outstanding shares at the end of period 170,000\ What is the basic earnings per share?
6.96
45
An investment property shall be measured initially at
Cost
46
An interim financial report is a financial report prepared for an interim period and contains;
A complete set of financial statements as described in the PAS 1. &A set of condensed financial statements as described in PAS 34.
47
External sources of information indicating that an asset may be impaired includes:
The carrying amount of the net assets of the entity is more than its market capitalization
48
What is the date on which the fair value of the equity instrument granted is measured?
A first time adopter
49
What is the date on which the fair value of the equity instrument granted is measured?
Measurement Date