1. This account was deleted for the reason that it is applicable to the Bureau of the Treasury only.

a. Items under litigation

b. Treasury Bills Payable
c. Treasury Shares
d. Treasury Bills

2. __________ Should not be presented as part of the corporation’s operating expense, but rather,
it should be presented as an outright deduction from the Retained Earnings account.
a. Equity in Associates/ Affiliates
b. Impairment Loss
c. Dividends Expense
d. Items under litigation.

3. This account is not necessary when accounting for Investments in Associates/ Affiliates using the
Equity Method.
a. Equity in Subsidiary
b. Equity in Joint Venture
c. Equity in Associates/ Affiliates
d. Shareholder’s Equity

4. This account is not necessary when accounting for Investment in Joint Venture using the Equity
Method.
a. Equity in Subsidiary
b. Equity in Joint Venture
c. Equity in Associates/ Affiliates
d. Shareholder’s Equity

5. To facilitate recognition of 2016 transactions in the books of accounts using the

RCA and additional accounts herein prescribed, account balances covering the
transactions from
a. January 1, 2016 up to the date of the latest FS not under the PGCA shall also
be converted
b. January 1, 2015 up to the date of the latest FS under the PGCA shall also be
converted
c. January 1, 2016 up to the date of the latest FS under the PGCA shall also be
converted
d. December 31, 2016 up to the date of the latest FS under the PGCA shall also
be converted
6. TRUE
7. TRUE
8. TRUE
9. FALSE