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    Far Pcparmockexam

    Uploaded by

    wktxlsrkf

    Copyright:

    © All Rights Reserved
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    of 9
    PAMPANGA CPA REVIEW: “Excellence In All We Do” FAR, PAMPANGA CPA REVIEW aa aa 2F-E 295 Gloans Annex Bldg Sto. Rosario St. Angeles City, Pampanga REPORTING ‘@pepareview | pampangacrareriew@emai com 1, On aay ofthe cent yeara group of stockholder set up AB Corporation. They contibuted cash of P4.250,000 wn bowed 1550.00 using tn ye, revenus om le tale P0100, ileal costs and expenses were P73,000, AB Corporation lected x cash dvidondo€ P300,000 on December 25, payable tbe soctcdes on January 0 ofthe eliowing ye There Sto toe! scisesetfecsing ocheldee” equ By December 31 of crent yx, alts deceased 0 P0,000, "To ast atthe en f te cuent ears a 467.000 © 5.7000 5.480.000 4. 6.30,000 2. TheassesofBC Company amounted to P70,000 on ana 1, but increased by PBD,000 by Devember 31. Duin this sae period Tinhies decreased 0 P20,000, The owner seqiy on uma I amounted oP5,000 The amount af ownerseauty December sts 2000 13m 000 65.000, 135,000 3. FG Corporations account alee during the year showed he following changes: increases (creases) Cures ses 278,000, Nonouren asses @ 97500) (Crent iabiies ‘54000 Nenewresabilties (20,000) (Orsi stares 2.000 ‘ditions pain capital 12,000 Revaluation super 50.000 Treasay sires 10,000, ‘There wre mo changes eine caring fo the yur ther tan 30,00 dividend payment andthe year's wet earings. FO Corporatio’ seprtel net incomes 21500 35000 245,00 465,000 “4. Ondaruay 1,202, he capital of Corinthians Compacy was P 1,700.00 and on December 31, 202, the capil was P 2,40,000, SRA Sater year, Contes withdrew merchandise coming P 100.00 and with ales vale of P 180,00, and paid a P Toots ney of the busines wih interes of 12% for sb mons with check én on pesoau checking accounting “Thanet income Qos) fer 202218 a" ac.000 | & axmoo0 © 180,000 (180,000) Onan 1, 2022, he semen of ian postion of Rchway Company showed tol ait ofP 5,000.00 ttl abilities of Poon Sad contd apa f P2000 Daring the crrent year, the corporation ised share capital of P $00,000 par uceaca onium uP 300000 Dividend of? 250050 ws ui on December 31,2022. Thesremeat af finan positon on Dees, 2022 showed foul ass of P 750,00 sad tol abies of 320000, The net income for the cet yeas ani too 00 750000 4 300.00 6 Air Company bad ta asst of P,00,000 and shah equity of P2.00,000 at be begining ofthe year, Dung he yer, ‘Sits nese by P5200 andl decrease P20,000, What nas the harcho eat tthe en ofthe yea? 120000, Ian000 3430000, 43,700.00 11. ‘The capita account of Trt Company decrese by P1S,000in 2022 Dering he year, Water, the oer issued persnal check {a scide Tht Comput) obligaon amounting t 20,000 Atte end of he yea, Jin Water look merchandise costing 10,000, For prseal we AL yearcod, Thirst Company's et income os is = 5000. 6,000) 25.000 14 (25000, 18 The ecounts inthe ledger of CD Company conan the following balances wt yearend: Accounts receivable, P3020, Cash, 150,985, Equipment P172,260, Cas aad ll expense, P2680, Insurance expense, P1830, Notes payable, F6457S, Prepaid {townce, P00, Repu expense, P36, Sxveeeveme, P3130, CD drawing P2430, CD capital (beg), P156.290, Saas FAR ~~ Page tof PAMPANGA CPA REVIEW: “Excellence in All We Do” FAR expense, P15 490, Salaries payable P2880. Assuming no tor commited dng he scl pero the balance of Accounts payable 220.900 bse © 300 Parry Jen Company recive cash of P7740 on Sept 2023 fr one yeas en in aan and recoded the tramsation with ‘ted ta rominal nc The December 312022 nung ey 8 4 Dr Ren revenue, Cr Unared en 5-800 1 Dr Uncarned ert Cr Reet event P2SA00 ® Dy Rew reve. Cr Ueared en St 0 2 4 Dc Unarmed rent Cr Rent revenue PS-609 "0 On March 3, the leer for GH Senses comnts of the allowing CIsuning euipment, P27 $00, Account gaabl,P1S,70, Gaul, capa, P20 G00. Oice equipment PHL, Accrued ines om ete Pl S00), Cleaning supplies, PLD, Accounts rece able, PD O00, Accumulated depevibion, P2600, Cash PPD, Note payable, P23 00, Accrued salaries P9600 Ina tal alance pepe oa Mah the ol ofthe iat clus 7 2 bene a 7230 Depots had as compensating balances 1 csaly do ot com erst. B Nrieglly reacted and held againa shorter cet maybe ced as cash sflegaly rected and eld gaia longer cet maybe iacaed ty cient sts © lrsegally reste and held agin ome term cre may benched ang nonurer ese 12 Which oe flloming tems shuld nce i ineatory at yearend? 2 Gorden art which weve ptchasl FOB desman (Goals recived frm anther entity fe sale on cone €) Gots sold oa customer which are eng eld ar the canoe (all fr ate customer's eovenience 15 aluanon of inventories regres dtesiation fa th Following excep 2 Theos tobevncidd in nsentory 3 Thepisnca pons toe cade immer, The cin af gol ldo consignment om ober ees The cont lo assumption tobe spt 14 You ae giv he allowing information which may be eleva the computation af the cash alae of Bella (Conperton on December 3, 2022 2 Tmo eas for P125,000 weve rexeved in Deer fom a cstmet fr payment ois PI2S 0H) scout balance One of tne checks was retuned in Taniay + Achecs was recesedand dpe for P17S 000in December The check waren bythe anki Janay nrked "NSF 1A check tro a cusiome fer P8700, was ecived an deported n December. In January twas discovered that it wan fuymen ef an noice nthe amet PI8GB)\ check fr P9000 was sau ad aed y the comp the customer ‘sine he ove dala hat the al aout o be mela im he cask balance fr purpose othe Dcener 3.2022 Sateen anal postion” a PI87.000 15 Which statements contr regain the Profesional Regulatory Bord of Accountancy (BOAT? lis composed fa chatman ans (8) manber pant by he Professional Replat by Inhas he stony ets he acounting ramework to be usa by comes unr jussdetion «The BOA has charnan ho had bee ot presaty» sesr practioner i public acountancy 4 A'member af BOA must be a duly ented Cerifed Pubic Mesoumant wih at est ten (10) sears wink expenience in any scape of practice of accoontancy 1 Amenity wih an accovnting date of Se 30,2022 cai tx pia heck invent on Jy 4 so23 leading wan iventry value act at Us date of P3700 Between July 1, 2022 ad July 43022 the flowing amc ook pace * Gods casing PSRADD were recived fran supp Gon ht had Got P1480 were a fo B20, 08 {A cote reed. nyo condivon some goals which had Been sé ohm name for ot an whch had cost PAOD The ery retuned gv that bad Coat P,800 i June othe suri, and recived a credit Page 2 of 9 PAMPANGA CPA REVIEW: “Excellence in All We Do” —— gel aparin the i'l een ae 3,202 fr Sei tel sai tema 2 = wr 0 Spas Spore 17, AtJune30, 222th closing inventory of nent amounted 0386.40, ‘The following items were included ins ota a oe *1,000;tems which had os PIB each, Thee items were ll old in July 202 for 1 each, tinge 0 on -Fetomtst ad tennavny ste 20, wh ty wee ‘each, old in July 2022 for 1,000 each net of selling expenses eaten inne Whar fies epern e's nil poten he woo ys sates of enc sone 36,202 1 Fengo0 enamn Shoethen aco 18. The fellowingasets are measured inl t cos, except 1 Propary, plant nd equipment 1 Iavestuen propery «Intangible set 4 Biological asset 19, The following asses maybe measred subsequently using the ealunion model, xcept 2 Property, plant and equipment - : investment propery ¢ Inangibleaset (Exploration and evhuion ase, 20, Te Insurance Commision is epresate in TFRSC MPIC iAasc alta Mand I only band only ‘ttealy 21, Under ERS, LIFO is nt permined for Snacial reporting purposes, Why? 1 The use of IFO is nat permited inthe United Sates. ', The use of LIFO may not match the cots of receally purchased inventory wih urentpices. 1 These of LIFO real in invent being reson inthe Satemest of final potion at amount that may bea ie rluionship recent cost levels of inventories {These of LIEO reals nt meascement of rotor los fox the pio thts consistent with the ‘measurement of aventres inthe statement of fiance positon, 22. An ety basa machine costing P4H0,000, wih an anew depreciation of P96 00, snd has accumulated depron of P240,090 on Det 31,2021 Ape 1, 202, When the chine ba hr value of PI52.000, ‘tleexchanged fees racine with five of P576,000 andthe proper amcunt of eas is paid ‘Tee os to be recogaized on exchange is paso ¢ Pi6s.o00 b.24000 aro 23. An entity takes fll your's depen in the yar af an ase squsn, and no depreciation in the yer ‘St sposion Data ring to one depreciable ase acquired io 2020, with esdua vale of P4000 and ‘Simatd ust life of 8 years, at Dec 31, 2021 ae ‘Cox 5,400,000 ‘Accunlated depreciation 2362 500 (sing the same depreciation method in 2020 and Dah how much depreision should the enty recordin 202 fortis asset? = P625,000, «7659375, ‘6 P703,125 47189375, 24, Based onthe Revised Conceptual Framework, the enhancing quaiaiv charcersticn Conparbilie and understandably Vaifiabily and sinctines ©, Comparbilty,undertandabity and viability Comparability, undersandaiiy, ve biiy and kieliness 25. Te accounting record where a wansacton sini recoded is ‘Ledger am Pages oro PAMPANGA CPA REVIEW: “Excellence in All We Do” Tria balance 4 Jour) 26, Which shouldbe asf ws current set? ond aking find f ttangible eset sch as ptet and rademark «& Nowcutent ast held forsale 44 au investrens afr value through ether omprebensive income 27. Thofellowing items of other comprehonsve income may be recycled to profit or los, exept "E Unread nso debt invests fer valve tough her compretensive income Unrealized gain on fumes conact designated as cash low hedge « Revaluton surplus 4. Gain a arent of walang Seana statements of fasign operation 28. Prior pesiod rors ‘Do pot include the effec of a mistake inthe aplication of scouting policy 1 Do not ffi the presaion of prio peed comparative financial tenets Donat require furber disclosure 1. refed as ajusment othe opening retained earnings balance ofthe cris peiod prseted 29, Cah equivalents donot ince 1 Money make insrument Treasury ils Held for trading equity invesents Commercial papers 30, Which ofthe flowing roccded by a eet to acount reorvale? 1 Sale of merchandise on account ' Estimating the llwanc fer uncollecibleaconnts ¢ Estimating sual sales eras 4 Write of accounts reenable 11. Messuement finventary requires the determination of alo te fllowing except na The costs tobe incuded i inventory The piyical goo tobe ncuded in invent

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