Financial Accounting and Reporting - Mock Board Examination (May 2022) - Attempt Review

5/2/22, 9:04 AM Financial Accounting and Reporting - Mock Board Examination (May 2022): Attempt review
Dashboard Courses College of Accountancy -BS in Accountancy ACTG20-18 Quizzes
Financial Accounting and Reporting - Mock Board Examination (May 2022)
Started on Monday, 2 May 2022, 7:01 AM

State Finished
Completed on Monday, 2 May 2022, 9:01 AM
Time taken 2 hours
Grade 38.00 out of 60.00 (63%)
Question 1
Incorrect
Mark 0.00 out of 1.00
On January 1, 2018, Bogota Corporation issued a P3,000,000, 6% convertible bonds at par. The bonds mature in five
years and interests are payable every December 31. The bonds may be converted into ordinary shares on the
basis of 50 shares for each P1,000 bond. The par value of each share is P15. The interest rate for an equivalent bond
without the conversion rights would have been 10%.
How much is the total credit to equity account upon conversion assuming the bonds were converted on
December 31, 2021?
a. 640,909
b. 2,890,909
c. 1,095,865 
d. 3,345,865
The correct answer is: 3,345,865
https://collvle.neu.edu.ph/mod/quiz/review.php?attempt=662980&cmid=199584&showall=1 1/35
Question 2
Incorrect
Canberra Company has an overdue note payable to Australia Bank of P 9,000,000 and recorded accrued interest
of P 810,000. On December 31, 2018, Australia Bank agreed to the following restructuring agreement:
Reduce the principal obligation by P 1,000,000

Waive the P 810,000 accrued interest
Extend the maturity date to December 31, 2021.
Annual interest of 9% of the new principal is to be paid on December 31, 2019, December 31, 2020 and
December 31, 2021.
The prevailing market interest rate for similar debt instrument on the date of restructuring is 10%
What is Canberra Company’s interest expense for the year 2019?
a. 780,097
b. 720,000 
c. 800,014
d. 702,087
The correct answer is: 780,097
Question 3
Correct
The following statements are based on PAS 38 (Intangible Assets):
Statement I: Internally generated goodwill shall not be recognized as an asset.
Statement II: No intangible asset arising from research or research phase of an internal project shall be
recognized.
Statement III: Internally generated brands, mastheads, publishing titles, customer lists and items similar in
substance shall be recognized as intangible assets.
a. Only statement II is false

b. Only statement I is true
c. All of the statements are true
d. Only statement III is false 
The correct answer is: Only statement III is false
Question 4
Correct
During January 2021, Argon Company recorded the following information pertaining to its inventory:
Using FIFO method, what amount of inventory should Argon report in its January 31, 2021 balance sheet?
a. 280,000
b. 260,000
c. 282,000 
d. 240,000
Question 5
Incorrect
On June 1, 2020, Yemen Corp. acquired a 5-year, 10%, P1,000,000 face value bonds at 92. The company paid
broker’s fees and non-refundable taxes amounting to P118,896. As a result, yield rate on the bond was 9%. Interests
are collectible annually every May 31. The bonds were selling at 120, 105, 98 as of December 31, 2015, December 31,
2021 and December 30, 2022; respectively. On September 30, 2022, Yemen sold P250,000 face value bonds for a
total cost of P280,000.
The company classifies the investment as financial asset at fair value through OCI
How much is the unrealized gain/loss that should be reported in Equity for the year 2021?
a. 21,735
b. 143,160
c. 150,000
d. none of the choices 
Question 6
Correct
Colorado Appliance Company’s accountant has been reviewing the firm’s past television sales. For the past years,
Colorado has been offering a special service warranty on all televisions sold. With the purchase of television, the
customer has the right to purchase a 3-year service contract for an extra P100. Sales of service contract are made
evenly throughout each year.
Information concerning past television and warranty contract sales is given below:
Colorado’s accountant has estimated from past records that the pattern of repairs has been 50% in the year of
sale, 30% first year after sale and 20% on 2nd year after sale.
How much is the unearned service contract as of December 31, 2022?
a. 10,000
b. 30,000
c. 21,500 
d. 51,500
Question 7
Incorrect
On December 31, 2021, the bookkeeper of Madrid Company provided the following information:
In the December 31, 2021 statement of financial position, how much current liabilities should be reported?
a. 4,700,000 
b. 4,600,000
c. 4,250,000
d. 4,200,000
Question 8
Correct
Which of the following items should be included from a company’s reported inventory?
a. Goods still in transit sold under FOB buyer 

b. Goods purchased subject to a buyback agreement
c. Goods out on consignment sold by the consignee at the balance sheet date
d. Goods still in transit purchased under FOB buyer
The correct answer is: Goods still in transit sold under FOB buyer
Question 9
Incorrect
During January 2021, Argon Company recorded the following information pertaining to its inventory:
How much is the cost of goods sold assuming the company is using moving average method?
a. none of the choices

b. 810,000
c. 260,000 
d. 550,000
Question 10
Correct
Which of the following statements is false regarding Research and Development (R&D) costs?
a. Development cost is recognized as an outright expense in all cases 

b. Development is the application of research findings or other knowledge to a plan or design for the
production of new product prior to the start of commercial production
c. Research activity is the original and planned investigation undertaken with the prospect of gaining new
scientific or technical knowledge and understanding on a project
d. Research cost is recognized as an outright expense in all cases
The correct answer is: Development cost is recognized as an outright expense in all cases
Question 11
Incorrect
On December 31, 2021, Nepal Corporation issued 20-year, nonconvertible bonds of P5,000,000 for P 5,851,160 to yield
10%. Interest is payable annually on December 31 at 12%. On June 1, 2024, Nepal retires 3,000 of its own P 1,000
bonds. Total cash paid by Nepal is P3,120,000. The accounting period of Nepal Corporation is the calendar year.
What is the amount of gain or loss on early retirement of bond that will be reported in 2024 income statement?
a. 514,740
b. 367,440 
c. 617,440
d. 517,440
Question 12
Incorrect
Statement I: Expenditure on an intangible asset that was initially recognized as an expense shall be recognized as
part of the cost of an intangible asset at a later date
Statement II: An intangible asset shall be derecognized on disposal or when no future economic benefits are
expected from its use or disposal
a. Both statements are true

b. Only statement I is true
c. Only statement II is true 
d. Both statements are false.
The correct answer is: Only statement I is true
Question 13
Correct
The company classifies the investment as financial asset at fair value through profit or loss.
How much is the total interest revenue that should be recognized for the year ended December 31, 2021?
a. 100,000 
b. 54,201
c. 93,160
d. 93,519
Question 14
Incorrect
On October 1, 2021, a fire damaged a warehouse of Aluminum Corporation. The entire company and many
accounting records stored in the warehouse were completely destroyed. Although the inventory was not insured, a
portion could be sold for scrap. Through the use of microfilmed records, the following data were gathered:
How much is the estimated inventory loss?
a. 363,360 
b. 558,360
c. 488,860
d. 293,860
Question 15
Incorrect
The following are deducted from the gross amount of receivables in order to arrive at the amortized cost of
receivables except:
a. Allowance for sale discount

b. None of the above choices
c. Unearned interest income
d. Allowance for doubtful accounts 
The correct answer is: None of the above choices
Question 16
Correct
On December 31, 2021, the bookkeeper of Madrid Company provided the following information:
In the December 31, 2021 statement of financial position, how much non-current liabilities should be reported?
a. 3,250,000
b. 3,500,000
c. 3,000,000 
d. 3,750,000
Question 17
Correct
On December 31, 2019, Beijing Corporation issued 20-year, nonconvertible bonds of P5,000,000 for P5,851,160 to
yield 10%. Interest is payable annually on December 31 at 12%. On April 1, 2021, Beijing retires 2,000 of its own P 1,000
bonds at 102 plus accrued interest. The accounting period of Beijing Corporation is the calendar year.
What is the amount of gain or loss on early retirement of bond that will be reported in 2021 income statement?
a. 232,873 loss
b. 232,873 gain
c. 292,873 gain 
d. 292,873 loss
The correct answer is: 292,873 gain
Question 18
Incorrect
On January 1, 2019, Athens Corporation issued its 8%, 5-year convertible debt instrument with a face amount of
P8,000,000 for P 7,700,000. Interest is payable every December 31 each year. The debt instrument is convertible into
50,000 ordinary shares with a par value of P100. When the debt instruments were issued, the bonds without the
conversion option were sold for P 7,393,312 yielding 10%. On December 31, 2021, P 4,000,000 of the convertible debt
instrument were converted.
What is the amount credited to share premium as a result of the exercise of the conversion privilege?
a. 2,423,029
b. 6,423,029
c. 1,514,393 
d. 6,177,678
Question 19
Correct
Which of these items would not accompany a monthly bank statement?
a. Copies of bank debit memos issued during the month

b. Copies of bank credit memos issued during the month
c. Copies of outstanding checks at the end of the month 
d. Depositor’s checks paid by the bank during the month
The correct answer is: Copies of outstanding checks at the end of the month
Question 20
Correct
A 180-day, 10% interest-bearing note receivable is discounted to a bank at 12% after being held for 30 days. The
proceeds received from the bank upon discounting would be the:
a. Maturity value less the discount at 12% 

b. Maturity value plus the discount at 12%
c. Maturity value less the discount at 10%
d. Maturity value plus the discount at 10%
The correct answer is: Maturity value less the discount at 12%
Question 21
Correct
Information pertaining to the inventory of Boron Company for the year ended December 31, 2021 follows:
How much is the cost of goods sold under the direct method of accounting for write-down and reversal of write-
down of inventories?
a. 685,000
b. 700,000
c. 693,000 
d. 698,000
Question 22
Correct
Sodium Company had the following bank reconciliation at March 31, 2021:
All reconciliation items at March 31, 2021 cleared through the bank in April. Outstanding checks at April 30, 2021,
totaled P75,000; deposits in transit amounted to P150,000; Credit memo for April-P80,000; Debit memo for April
P15,000, Bank receipts for April-P600,000 including erroneous bank credit of P100,000 corrected by the bank in April
and Bank disbursements for April -P500,000 including erroneous bank charge of P50,000 corrected by the bank in
May.
What is the amount of adjusted cash receipts in April?
a. 500,000
b. 600,000
c. 550,000 
d. 650,000
Question 23
Correct
Helium Company is preparing its July 31 bank reconciliation. The ff. data are available:
What is the amount of deposit in transit at July 31?
a. 31,000
b. 3,000
c. 258,000
d. 56,000 
Question 24
Correct
Canberra Company has an overdue note payable to Australia Bank of P 9,000,000 and recorded accrued interest
of P 810,000. On December 31, 2018, Australia Bank agreed to the following restructuring agreement:
Reduce the principal obligation by P 1,000,000

Waive the P 810,000 accrued interest
Extend the maturity date to December 31, 2021.
Annual interest of 9% of the new principal is to be paid on December 31, 2019, December 31, 2020 and
December 31, 2021.
The prevailing market interest rate for similar debt instrument on the date of restructuring is 10%
How much is the gain on debt restructuring?
a. 2,009,032 
b. 1,199,032
c. 0
d. 1,809,864
Question 25
Correct
The petty cash fund of Oxygen Trading on December 31, 2021 is composed of the following:
Upon audit of the petty cash fund on December 31, it was determined that the there was a cash shortage of P500.
How much is the imprest petty cash fund established by Oxygen company?
a. 9,500 
b. 12,000
c. 5,000
d. 8,000
Question 26
Correct
Bangkok Company is considering to give bonus for its new company CEO. The plan states that the bonus would be
equal to 15% based on profits after deducting bonus and tax. Profit before income tax and bonus for 2021 is
P10,000,000. Income tax rate is 30%.
How much is the amount of bonus under the plan?
a. 1,099,476
b. 1,304,348
c. 950,226 
d. 1,004,785
Question 27
Incorrect
If an entity failed to amortize the premium on its investment in bond classified at amortized cost, this may not
result to
a. Both A and B
b. Either A or B
c. Overstatement of investment account 
d. Understatement of net income
The correct answer is: Understatement of net income
Question 28
Correct
Rome, Inc., places a coupon in each box of its product. Customers may send in ten coupons and P3.00, and the
company will send them a CD. Sufficient CDs were purchased at P5.40 apiece. A certain number of boxes of
product were sold in 2020. It was estimated that a total of 5% of the coupons will be redeemed. In 2020, 18,000
coupons were redeemed. At December 31, 2021, the following adjusting entry was made to record the estimated
liability for premium outstanding:
Compute the number of boxes of product sold in 2021.
a. 450,000
b. 1,260,000 
c. 63,000
d. 1,008,000
Question 29
Correct
The company classifies the investment as financial assets at amortized cost.
How much should be the 2022 gain or loss on the sale of the investment?
a. 24,315
b. 9,018
c. 15,982 
d. 685
Question 30
Incorrect
The retail inventory method includes all of the following in the calculation of the goods available for sale at both
cost and retail. Which of the following should be added for the purpose of computing the cost ratio?
a. Departmental transfer-debit
b. Abnormal shortage
c. Purchase returns 
d. Departmental transfer-credit
The correct answer is: Departmental transfer-debit
Question 31
Correct
On August 31, 2021, Carbon Company sold goods to C Company. C company signed a non-interest bearing note
requiring payment of P80,000 annually for five years. The first payment was made on August 31, 2021. The
prevailing rate of interest for this type of note at the date of issuance was 12%. Information on present value factors
is as follows:
What is the amount of interest income for the year 2021?
a. 9,719 
b. 12,918
c. 11,536
d. 14,736
Question 32
Correct
The following transactions (in summary) affecting accounts receivable of Potassium Company occurred during
the year ended December 31, 2021:
It is the company’s policy to provide for uncollectible accounts equal to 1% of sales. Accounts receivable, 1/1/20:
P2,000,000 ; Allowance for bad debts, 1/1/20: P10,000.
How much is the accounts receivable that should be presented in the statement of financial position on
December 31, 2021?
a. 1,696,000
b. 1,702,000 
c. 1,726,000
d. 1,708,000
Question 33
Correct
Which of the following is a current asset?
a. Installment receivables normally collectible in 18 months. 

b. Cash designated for the purchase of tangible fixed assets.
c. Investment in equity securities for the purpose of controlling the issuing company.
d. Cash surrender value of a life insurance policy of which the company is the beneficiary.
The correct answer is: Installment receivables normally collectible in 18 months.
Question 34
Correct
Lithium Company uses the net price method of accounting for cash discounts. In one of its transactions on
December 21, 2021, Lithium Company sold merchandise with a list price of P4,000,000 to a client who was given a
trade discount of 20% and 10%. Credit terms given by Lithium Company were 5/10, 3/15, n/30. The goods were
shipped FOB shipping point, freight collect. Total freight charge paid was P100,000. On January 4, 2022, the client
paid his account.
What is the net realizable value of this accounts receivable on Dec. 31, 2021?
a. 2,736,000
b. 2,793,600 
c. 2,693,600
d. 2,880,000
Question 35
Correct
How would an increase in the fair value of the ordinary shares on the balance sheet date affect the investment
account under each of the following appropriate classification?
a. Trading equity securities - No effect ; Investment in Associate – Increase

b. Trading equity securities - Increase ; Investment in Associate - No effect 
c. Trading equity securities - No effect ; Investment in Associate - No effect
d. Trading equity securities – Increase ; Investment in Associate - Increase
The correct answer is: Trading equity securities - Increase ; Investment in Associate - No effect
Question 36
Correct
Which of the following is false about erroneous bank charge?
a. It should be added to balance per bank in preparing bank reconciliation

b. Disbursements per bank is overstated
c. Cash balance per bank is understated
d. It should be recorded as a debit to cash in bank account 
The correct answer is: It should be recorded as a debit to cash in bank account
Question 37
Correct
On August 31, 2021, Carbon Company sold goods to C Company. C company signed a non-interest bearing note
requiring payment of P80,000 annually for five years. The first payment was made on August 31, 2021. The
prevailing rate of interest for this type of note at the date of issuance was 12%. Information on present value factors
is as follows:
How much should be reported as sales revenue on August 31, 2021?
a. 288,400
b. 322,960 
c. 368,400
d. 242,960
Question 38
Correct
Which of the following forms of receivable financing do not result to a debit or credit to accounts receivable?
a. Factoring and Discounting

b. Discounting and Pledging 
c. Pledging and Assignment
d. Assignment and Factoring
The correct answer is: Discounting and Pledging
Question 39
Correct
Which of the following transactions shall be included in the statement of cash flows?
a. Acquisition of assets by means of a finance lease

b. Purchase of treasury shares for cash at more than par value 
c. Acquisition of a property by means of issuing preference shares
d. Conversion of bonds to ordinary shares
The correct answer is: Purchase of treasury shares for cash at more than par value
Question 40
Correct
Fluorine, Inc. bought 40% of F Corp.’s outstanding ordinary shares on January 2, 2020, for P4,000,000. The carrying
amount of F’s net assets at that date totaled P9,000,000. Fair values and carrying amounts were the same for all
items except for a machinery, for which fair value exceeded its carrying amount by P900,000. The machinery has
an estimated remaining useful life of 15 years. During 2020, F Corp.’s reported net income of P1,200,000 and paid a
total P 200,000 cash dividend. During 2021, F Corp.’s reported a net profit of P825,000 and Fluorine received a cash
dividend of P40,000.
How much is the carrying value of investment on December 31, 2021?
a. 4,650,000
b. 4,376,000
c. 4,642,000 
d. 4,666,000
Question 41
Incorrect
An entry debiting inventory and crediting cost of goods sold would be made when
a. Merchandise is returned and the perpetual inventory method is used.

b. Merchandise is sold and the periodic inventory method is used.
c. Merchandise is returned and the periodic inventory method is used.
d. Merchandise is sold and the perpetual inventory is used. 
The correct answer is: Merchandise is returned and the perpetual inventory method is used.
Question 42
Incorrect
The company classifies the investment as financial asset at fair value through OCI.
How much is the unrealized gain/loss that should be reported in OCI for the year 2020?
a. 164,895
b. 161,104 
c. 280,000
d. 157,313
Question 43
Correct
Post-employment employee benefits include
a. Short-term employee benefits.

b. Termination benefits.
c. Retirement benefit, such as pensions. 
d. Equity compensation benefits.
The correct answer is: Retirement benefit, such as pensions.
Question 44
Incorrect
The cost ratio computed under FIFO retail inventory method includes
a. Net markdowns but not markups

b. Net markups but not markdowns 
c. Net markups and markdowns for both purchases and opening stock
d. Net markups and markdowns for purchases only
The correct answer is: Net markups and markdowns for purchases only
Question 45
Incorrect
Which of the following transactions would not lead to an increase or decrease in share premium in relation to
bonds payable?
a. Retirement of convertible bonds before maturity date 

b. None of the above
c. Issuance of bonds with detachable share warrants
d. Issuance of convertible bonds at the middle of the year
The correct answer is: None of the above
Question 46
Correct
The company classifies the investment as financial asset at fair value through profit or loss.
How much is the carrying value of investment on December 31, 2022?
a. 980,000
b. 735,000 
c. 765,606
d. 787,500
Question 47
Correct
The records of Ottohan Inc. revealed the following information on September 30, 2021:
Note: (Round off % to 2 decimal places e.g. xx%)
How much is the cost of Ending inventory using FIFO method?
a. 750,888 
b. 730,161
c. none of the choices
d. 761,775
Question 48
Incorrect
Sodium Company had the following bank reconciliation at March 31, 2021:
All reconciliation items at March 31, 2021 cleared through the bank in April. Outstanding checks at April 30, 2021,
totaled P75,000; deposits in transit amounted to P150,000; Credit memo for April-P80,000; Debit memo for April
P15,000, Bank receipts for April-P600,000 including erroneous bank credit of P100,000 corrected by the bank in April
and Bank disbursements for April -P500,000 including erroneous bank charge of P50,000 corrected by the bank in
May.
What is the amount of adjusted cash disbursements in April?
a. 400,000
b. 300,000
c. 600,000
d. 450,000 
Question 49
Incorrect
When bonds are issued between interest payment dates, any accrued interest received is credited to
a. Interest revenue 
b. Interest payable
c. Premium on bonds payable
d. Cash
The correct answer is: Interest payable
Question 50
Correct
Information pertaining to the inventory of Boron Company for the year ended December 31, 2021 follows:
How much is the ending inventory that should be reported in the statement of financial position on December 31,
2021 using the allowance method?

b. 293,000
c. 300,000
d. 299,000 
Question 51
Correct
Which of the following is true with regards to the accrued interest on bonds payable that are sold between interest
dates?
a. The accrued interest will be paid to the seller when the bonds mature
b. The accrued interest is added to the issue price of the bond to determine the total cash proceeds from 
bond issuance
c. The accrued interest is extra income to the buyer and treated as bond issue cost of the buyer
d. The accrued interest is computed using the effective rate
The correct answer is: The accrued interest is added to the issue price of the bond to determine the total cash
proceeds from bond issuance
Question 52
Incorrect
Which of the following is not included in the computation of cost ratio under the average retail inventory method?
a. Departmental transfer-in 
b. Employee discounts
c. Mark-up cancellation
d. Purchase discounts
The correct answer is: Employee discounts
Question 53
Correct
Helium Company is preparing its July 31 bank reconciliation. The ff. data are available:
What is the amount of outstanding checks at July 31?
a. 47,000 
b. 15,000
c. 8,000
d. 7,000
Question 54
Correct
Which of the following is not a component of other comprehensive income?
a. Changes in revaluation surplus

b. Unrealized gains/losses on Investment at FVOCI
c. Actuarial gains/losses on remeasurement of defined benefit obligation under a defined contribution 
plan
d. Gains/losses on Foreign currency translation of FS of a foreign operation
The correct answer is: Actuarial gains/losses on remeasurement of defined benefit obligation under a defined
contribution plan
Question 55
Correct
The company classifies the investment as financial assets at amortized cost.
How much is the net increase in the company’s profit for the year ended December 31, 2020?
a. 93,501
b. 58,333
c. 54,542 
d. 48,300
Question 56
Correct
A company using a perpetual inventory system neglected to record a purchase of merchandise on account at
year end. This merchandise was omitted from the year-end physical count. How will these errors affect assets,
liabilities, and stockholders' equity at year end and net income for the year?
a. Assets - No effect ; Liabilities – Understate ; Stockholders’ Equity - Overstate ; Net Income - Overstate.
b. Assets - No effect ; Liabilities – Overstate ; Stockholders’ Equity - Understate ; Net Income - Understate.
c. Assets - Understate ; Liabilities – Understate ; Stockholders’ Equity - No effect ; Net Income – No effect. 
d. Assets - Understate ; Liabilities – No effect ; Stockholders’ Equity - Understate ; Net Income - Understate.
The correct answer is: Assets - Understate ; Liabilities – Understate ; Stockholders’ Equity - No effect ; Net Income –
No effect.
Question 57
Correct
As part of the company’s strategy to increase sales, Nevada Corporation offered a premium of wig for every ten
bottle caps of shampoo plus remittance of P2. Each wig costs P10.
Information for the company for years 2020 and 2021 follow:
How much is the premium expense for the year 2021?

b. 1,000,000 
c. 1,250,000
d. 1,160,000
Question 58
Incorrect
When the allowance method of recognizing bad debts expense is used, the entry to record the write-off of a
certain accounts would
a. Decrease current asset 

b. Have no effect on account receivable account
c. Decrease allowance for bad debts
d. Decrease net income
The correct answer is: Decrease allowance for bad debts
Question 59
Incorrect
Sulfur Corporation had the following amounts under retail inventory method:
How much is the estimated cost of ending inventory under AVERAGE method?
a. 393,607
b. 394,875
c. 396,394 
d. 395,121
Question 60
Incorrect
Which of the following items are true about PREMIUM on notes receivable?
I. Face value of note > Present value of note
II. Face value of note < Present value of note
III. Nominal rate > Effective rate
IV. Nominal rate < Effective rate
a. I and IV 
b. I and III
c. II and IV
d. II and III
The correct answer is: II and III
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5/2/22, 9:04 AM Financial Accounting and Reporting - Mock Board Examination (May 2022): Attempt review

Dashboard Courses College of Accountancy -BS in Accountancy ACTG20-18 Quizzes

Financial Accounting and Reporting - Mock Board Examination (May 2022)

Started on Monday, 2 May 2022, 7:01 AM

Mark 0.00 out of 1.00

The correct answer is: 3,345,865

Mark 0.00 out of 1.00

Reduce the principal obligation by P 1,000,000

What is Canberra Company’s interest expense for the year 2019?

The correct answer is: 780,097

Mark 1.00 out of 1.00

The following statements are based on PAS 38 (Intangible Assets):

Statement I: Internally generated goodwill shall not be recognized as an asset.

a. Only statement II is false

The correct answer is: Only statement III is false

Mark 1.00 out of 1.00

The correct answer is: 282,000

Mark 0.00 out of 1.00

The correct answer is: 21,735

Mark 1.00 out of 1.00

How much is the unearned service contract as of December 31, 2022?

The correct answer is: 21,500

Mark 0.00 out of 1.00

The correct answer is: 4,600,000

Mark 1.00 out of 1.00

a. Goods still in transit sold under FOB buyer 

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a. none of the choices

The correct answer is: 550,000

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a. Development cost is recognized as an outright expense in all cases 

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The correct answer is: 517,440

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a. Both statements are true

The correct answer is: Only statement I is true

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The correct answer is: 100,000

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How much is the estimated inventory loss?

The correct answer is: 293,860

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a. Allowance for sale discount

The correct answer is: None of the above choices

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The correct answer is: 3,000,000

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The correct answer is: 292,873 gain

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The correct answer is: 2,423,029

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Which of these items would not accompany a monthly bank statement?

a. Copies of bank debit memos issued during the month

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a. Maturity value less the discount at 12% 

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The correct answer is: 693,000

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What is the amount of adjusted cash receipts in April?

The correct answer is: 550,000

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What is the amount of deposit in transit at July 31?