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Prelim Examination Attempt Review PDF Free
Prelim Examination Attempt Review PDF Free
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5. Week 5: Prelim Examination
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6. Prelim Examination
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Question 1
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Select one:
a. Statement 1 is False; Statement 2 is True //
b. Both statements are True
c. Statement 1 is True; Statement 2 is False
d. Both statements are False
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Question 2
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Select one:
a. More probable than not
b. Probable
c. Possible //
d. Virtually certain
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Question 3
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Select one:
a. The outcome of a future event //
b. Whether they are probable and estimable
c. The present condition suggesting a liability
d. The degree of uncertainty
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Question 4
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Select one:
a. Accounts payable/trade payable //
b. Deferred revenue
c. Provisions
d. Contingencies
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Question 5
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Select one:
a. P1,442,000
b. P2,000,000 //
c. P1,571,780
d. P1,553,600
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Question 6
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Under this method, the Purchases account and the Accounts Payable are
recorded at the gross invoice price.
Select one:
a. Net method
b. Accrual method
c. Gross method
//
d. Expense method
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Question 7
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Select one:
a. Non-voting.
b. Callable at the option of the shareholder. //
c. Preference as to assets in the event of liquidation.
d. Convertible into ordinary shares.
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Question 8
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Select one:
a. present owners remain in control of the corporation
b. interest incurred is a deductible expenses in arriving at taxable
income //
c. dividends on shares are declared at the discretion of the board of
directors
d. can be availed if it has adequate security offered to creditors
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Question 9
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Select one:
a. Results in an outflow of resources.
b. Arises from past events.
c. Present obligation.
d. Liquidation is reasonably expected to require use of existing
resources classified as current assets.
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Question 10
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The 10% bonds payable of Nixon Company had a net carrying amount of
P570,000 on December 31, 2016. The bonds, which had a face value of
P600,000, were issued at a discount to yield 12%. The amortization of
the bond discount was recorded under the effective-interest method.
Interest was paid on January 1 and July 1 of each year. On July 2, 2017,
several years before their maturity, Nixon retired the bonds at 102. The
interest payment on July 1, 2017 was made as scheduled. What is the loss
that Nixon should record on the early retirement of the bonds on July 2,
2017? Ignore taxes.
Select one:
a. P37,800.
b. P33,600.
c. P12,000.
d. P42,000.
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Question 11
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Select one:
a. Discounted value
b. Face value
c. Historical cost
d. Present value
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Question 12
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Select one:
True
False
Question 13
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Select one:
a. Ignore this for purposes of the financial statements at year-end.
b. No provision is recognized at year-end because there is no present
obligation for the future expenditure since the entity can avoid the
future expenditures by changing the method of operations, but disclosure
is required.
c. Recognize a provision for the current year equal to one-half only of
the estimated amount.
d. Recognize a provision for the current year equal to the estimated
amount.
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Question 14
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These are amounts collected in advance that have not yet been earned and
recorded as revenues pending completion of the earning process.
Select one:
a. Unearned revenue
b. Loyalty program
c. Premiums
d. Contra asset
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Question 15
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Select one:
a. Non-monetary liability
b. Estimated liability
c. Current liability
d. Contingent liability
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Question 16
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Question 17
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Select one:
a. coupon bonds
b. registered bonds
c. real estate mortgage
d. chattel mortgage bond
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Question 18
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Derivative that confers the right, but not the obligation, to buy or
sell a security - normally an equity - at a certain price before expiration.
Select one:
a. Warrants
b. Reminder
c. Notice
d. Memo
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Select one:
a. Warrants
b. Heging
c. Hedging
d. Swaps
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Question 20
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Select one:
a. The government has outlined plans for a new law requiring all
environmental damage to be rectified.
b. One past experience it is likely that a chemical spill which would
result in having to pay fines and penalties will occur in the next year.
c. Recent research suggests there is a possibility that the entity's
actions may damage surrounding wildlife.
d. A chemical spill from one of the entity's plants has caused harm to
the surrounding area and wildlife. //
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Question 21
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Select one:
True
False
Question 22
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Select one:
a. a contractual obligation to exchange financial assets or financial
liabilities with another entity under conditions that are potentially
unfavorable to the entity
b. an equity instrument of another entity
c. a contract that will or may be settled in the entity's own equity
instruments
d. a contractual obligation to deliver cash or another financial asset
to another entity
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Question 23
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Select one:
a. debt financing ; equity financing
b. equity financing ; debt financing
c. equity financing ; equity financing
d. debt financing ; debt financing
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Question 24
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An entity receives an advance payment for special order goods that are
to be manufactured and delivered within 6 months. The advance payment
shall be reported in the entity’s balance sheet as
Select one:
a. Contra asset account
b. Current liability
c. Deferred charge
d. Noncurrent liability
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Question 25
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Select one:
a. Debit to Interest Payable P200
b. Debit to Interest Expense P200
c. Credit to Cash for P40,000
d. Credit to Cash for P42,400
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Question 26
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The likelihood that the future event will or will not occur can be
expressed by a range of outcome. Which range means that the future event
occurring is very slight?
Select one:
a. Remote
b. Certain
c. Probable
d. Reasonably possible
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Question 27
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Select one:
a. The exact amount must be known
b. An obligation to pay cash in the future must exist
c. A past transaction or event must have occurred
d. The identity of the party owed must be known
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Question 28
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During May, CircuitSound sold 500 portable CD players for P50 each. Each
CD player cost CircuitSound P25 to purchase and carried a one-year
warranty. If 10 percent typically need to be replaced over the warranty
period, what amount should CircuitSound debit Product Warranty Expense
for in June?
Select one:
a. 1,250
b. 2,500
c. 1,000
d. 250
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Question 29
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Select one:
a. 10.87%.
b. 11.11%.
c. 9.09%.
d. 10%.
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Question 30
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Under IFRIC 12, an entity shall account for the award credits as a
"separately component of the initial sale transaction".
Select one:
True
False
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