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GA A3B

Standalone assignment

FA and Cash Quiz

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Question 1
1. On 5 January 2015, Agency A acquired an investment designated at fair value through surplus or deficit for P1,000,000. In addition Agency A paid P50, 000 to cover the
transaction costs pertaining to agent’s commissions, taxes and other fees.

How much Financial Asset Designated at Fair Value through Surplus or Deficit is to be recognized by Agency A on 5 January 2015?

Response: P1,000,000

Correct answer: P1,000,000

Score: 2 out of 2 Yes

Question 2
According to the GAM for NGAs, government entities shall prepare bank reconciliations

Response: on a monthly basis

Correct answer: on a monthly basis

Score: 1 out of 1 Yes

Question 3
1. It is a report that is prepared for the purpose of bringing the balances of cash per records and per bank statement into agreement.

Response: Bank Reconciliation Statement

Correct answer: Bank Reconciliation Statement

Score: 1 out of 1 Yes

Question 4
The entry to record a disbursement from the petty cash fund is

Response: none of these

Correct answer: none of these

Score: 2 out of 2 Yes

Question 5
In preparing its May 31, 2020 bank reconciliation, Catt Co. has the following information available:

Balance per bank statement, 5/21/2020 P 30,000

Deposit in transit, 5/31/2020 5,400
Outstanding Checks, 5/31/2020 4,900
note collected by bank in May 1,250

The correct balance of cash at May 31,2020 at

Response: P30,500

Correct answer: P30,500

Score: 2 out of 2 Yes

Question 6
1. On 3 January 2015, Agency A acquired a treasury bond amounting to
1, 000, 000f romtheW orldBank. T heT reasurybondwillberedeemedaf ter10years. E xchangerateatthetransactiondateisP 46 : 1. On
December 31, 2015 the exchange rate is P47:$1.

a. How much Investment in Treasury Bonds - Foreign is to be recognized by Agency A on 3 January 2015?

Response: P46,000,000

Correct answer: P46,000,000

Score: 2 out of 2 Yes

Question 7
All of the following may cause the cancellation of a check drawn by a government entity except

Response: The check is dishonored.

Correct answer: The check is dishonored.

Score: 1 out of 1 Yes

Question 8
Which of the following statements is incorrect regarding the accounting for unreleased checks by a government entity?

Response: Unreleased checks are physically cancelled.

Correct answer: Unreleased checks are physically cancelled.

Score: 1 out of 1 Yes

Question 9
2. If the unadjusted balance of cash per bank statement is greater than the adjusted balance and there no other reconciling items or errors, the difference would most certainly
be caused by a

Response: Outstanding Checks

Correct answer: Outstanding Checks

Score: 1 out of 1 Yes

Question 10
1. On 2 January 2015, Agency A acquired a zero coupon bond in the market for P98, 000 plus transaction fees of P2, 000 in an arm’s length transaction. The bond will be
redeemed at P126,000 on December 31, 2019. The effective interest rate for this transaction is 4.73%.

How much Investment in Bonds is to be recognized by Agency A on 2 January 2015?

Response: P100,000

Correct answer: P100,000

Score: 2 out of 2 Yes

Question 11
Finley, Inc.’s checkbook balance on December 31, 2019 was P21,200. In addition, Finley held the following items in its safe on December 31.
(1) A check for P450 from Peters, Inc. received December 30, 2019, which was not included in the checkbook balance.
(2) An NSF check from Garner Company in the amount of P900 that had been deposited at the bank, but was returned for lack of sufficient funds on December 29. The
check was to be redeposited on January 3, 2020. The original deposit has been included in the December 31 checkbook balance.
(3) Coin and currency on hand amounted to P1,450.
The proper amount to be reported on Finley's statement of financial position for cash at December 31, 2019 is

Response: P22,200

Correct answer: P22,200

Score: 2 out of 2 Yes