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    FAR1-Quiz1

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    Jv Adrales

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    Department of Accountancy ACYFAR1 Quiz 4 2 Term, AY 2023-2024 SETB NAME: —Potiyy Nog Seba ID NUMBER: 2205174 section. {3!_ GENERAL INSTRUCTIONS (Points will be deducted for any violation) White your name and ID number on the test questionnaire and scannable form used. Use pencils only. Do not detach any portion of the questionnaire Anyone caught cheating will have a grade of 0.0 in the COURSE. iPads, cellphones, laptops, and any similar means of communication are not allowed during the quit. Avoid erasures on the answer sheet The professor i the anly person fo entertain any questions Read instructions carefully before you start. Good tuck and GOD BLESS ‘A. True or False (20 points) - On your answer sheet, write “True” ifthe statement is correct and write “False” i the statement is incorrect. Verifiability is fulfilled by observing two financial statements, both done by different experts and be able to identify the CCEnsistency is synonymous with Comparability. IASB issues accounting standards call jonal Financial Reporting Standards. Financial information has predictive value when it can help users increase the likelihood of correctly or accurately Notes to financial st statements and t Cash equivalents st ‘As contemplated in acceptable by the b Postdated check de but not given tothe payee on the statement of finan ancy oF cash items 0 oF {available for use jernoncurrent operations. dur choice in CAPITAL LETTERS. ntly be obtained by selling the asset in an 2. Under this concept a prof is earned only Ifthe physical Productive capacity (or operating capability) of the entity (or the resources or funds needed to achieve that capacity) al the eng of the period exceeds the physieal procuctve capacity at the beginning of the period, after excluding any distributions to, and contributions from, owners during the period. ‘a. Productive Capital Maintenance © Financial Capital Maintenance © Physical Capital Maintenance 4 Monetary Capital Maintenance 3. Anjitem that meets the definition of an element should be recognized it |. itis probable that any present economic benefit associated with the item wil Bu the tem has a cost or value that can be measured with reliability 7 eer ene Only lis true ©. Both are true ‘Only I true 4. Both are false 4 In comparative financial statements, ap ety shal present ts statements of fnancil poston as at |. “End of the current period Ml End ofthe previous period / ll. Beginning of previous period ><“ a. Only lis presented Ail are presented b. Vand il are presented Only II isnot presented 5. Which of the following may not be included cr disclosed in the financial statements? '2._ Physical count of inventories multiplied by unit cost 'b. Cash balance after performing bank reconciliation ‘The estimated deterioration of a machinery & Provable losses fom potential eaamy for an undetermingbe amount 7 6. The folowing are Qualitative Characteristics EXCEPT for ‘Substance over form cc. Verifiability Faithful representation d. Comparability 7. Going concer principe is an example of Fundamental qualitative characteristics ©) Underlying assumption © Ennencing quataive cheractersies Elements of fnancel statements 8 Under materiality |. Financia information has predictive valve if can be used 2s an input to processes employed by users to predict future outcomes. AIL. Financial information has confirmatory value iit provides feedback about previous evaluations. ‘2. Only lis correct Both are correct b. Only iis correct Both are incorrect, ‘To assist national standard-selting bodies in developing national standards To provide those who are Interested in the work of the IASB with information about its approach to the formulation of IFRS ‘fo provide the basis for presentation of general purpose financial statements to ensure comparabiity both with ne entity's financial statements of previous periods and withthe financial statements of other entites. |. To assist preparers of financial statements in applying IFRSs and in dealing with topics that have yet to form the subject of an IFRS 8 ee are the purpose of the Conceptual Framework EXCEPT for 10, IAS (Presentation of Financial Statements) covers one ofthe following a Gracies ona cortent offer fnancilsatements F Srucu etsementsspeccaly designed or managers and business ovners Goncrl purpose tac sttemeis £7 eee eiasy tet can be used for entites wih notfororft actives, 11. The following are compot Actuarial gains ed cash in bank accounts ir value through other comprehensive following EXCEPT 12. : ‘that managemer at fairly the entity's financial position, financial perfor : that it has oo ‘a particular requirement to achieve a fair presentatio c.the title of the IF ne departure, including the treatment that the IFRS would req fading n the circumstances that it would conflict with the o ‘and the treatment adopted {for each petiod p in the financial statements that would, have been report 48, When an ently changes the end of Its reporting perlod and presents fin ‘anclal statements for a period longer or shorter than one year, an ently shal disclose, n adion to the period cover Orne reason for using a longer oF shorter period led by the Ansncial statemern A” the fact that amounts: presented In the financial statements are not entirely comparable a, Only| ls disclosed @ Both are disclosed b, Only tis disclosed d. Both need not be disclosed 14, Accounting Is ACE aseniee activty whose function isto provide quantitative and qualitative information, primanly financial in a ee it economic entiles, that S Intended to be useful In making economic decisions the process of analyzing, identifying, measuring and communicatin inforsed t" Judgment ‘and decision by users of the Information, 19 economic Information to permit informe’ a. Only lis true Only Is false b. Land Il are true Vand Il are false 41. The following are NOT Underlying Assumption EXCEPT for ‘Monetary c. Entity Time Period » Going Concern 16. Book reconciliations are normally prepared on a monthly basis to den 0% rds Banks Ggentify bank errors, Adjustment should be monty basi to [dently adhsiments needed in ine dep sitors reco arse errats, outstanding checks, and depositin transit Bark eit except bank errors, outstanding checks, and deposit in transit 6 Aateerors, bank errors, deposits in transit, and outstanding checks. Outstanding checks and deposit in transit ©. Problem Solving (30 points ~ 2 points each) ~ Write your final answers on the answer sheet Present your solutions in Good form using worksheets, NO SOLUTION, NO CREDIT. PROBLEMA Or Decaniver 31, 2023, Furina Company had the following balances. yrecking account number 10021878 Bron AOD phechind eet account, acquired on November 1, 2023, maturing on January 31,2024 77500,000- Honey Wil, acquired on November 1, 2023, maturing on February 29, 2024 x 7'000,000 Treas ae cuifed on December 1, 2023, maturina.on March, 2028 Ye O00 ow much is eash and cash equivalents to reported inthe statement of financial position as of December 3, 20237}, 102/60 PROBLEM 8. 4 Fe a jen Company had the following balances on December 31, 2028 ‘Gash in bank- current STs DoO OO /pBashin bank payroll oO 000. ‘Cash on hand Z + 900°000 Sf in bank ~ restricted for building construction to be paid in 2024 MZ 3,000,000" sas n Gepost aequifed on December 1, 2023, maturing on March 3, 2024 % #000000. /as credited from cash in bank Check payable to Furina Company dated December 28, 2023 amounting (current), How much is cash and cash equivalents to be reported in the statement of financial position ae of December 3n 207 20087 | Fe/00,;09 PROBLEM C Nowa Company had the following i ‘Gash on hand Fontaine Bank current 427518 inazuma Bank current 253345 inazoma Bank current 211764 Sameru Bank current 387512 Eyue Bank savings 244513 Thue-Bani ime depost, acquired on Lines Sack Corporation money market funds, acl February 20,2024 cel Governm a 5 2 information on December 31, 2023: 300,000 7,500,000 6,000,000. (750,000) 4,500,000 375,000 3,000,000 *2,000,000 ic seqeo") Z. Zz vecember 19, 2023, maturing on February A¥, 2024 ired on November 20, 2023, zaturing on 28, 2023, 7,500,000 ‘Sumeru Bank ber 31, 2025, Liyue Bank sai ‘om Clorinde Company amounting to 3, 2024 fr 3, payable to Navia Company dated January Or ntoetre te holdsy ‘ed up and recorded by Navia Company on December 2: ‘check was included in the Fontaine current ‘account 421518. Additionally, there was a chec 00,000. The check was pic festivities the next day. The cash” 2-1), $$0,0 w 3. How much should Navia Company report as “cash” on December 31, 2023: 4. How much cash and cash equivalents should Navia Company report in its Gh of financial position as ) of Decembr 34, 20237 py STO Y 0 PROBLEM D h Wriothesley Company has an imprest petty cash fund of P40,000. The following are the details pertaining to its petty cas! fund as of December 31, 2023. Coins and curencies TZ 12.000 Petty cash vouchers: Gas 2,500 Supplies 4000 Repairs 1/200 Advances to employees 4900 Replenishment check payable tothe pelty cash custodian 74,000 Check payable to an employee marked DAIF % 3.000 ‘An envelope of currencies with attached sheet of paper with names of employees with ‘contribution forthe birthday of a co-employee oe 6,000 PLE 2 MatnudttCrty can nda ot Dsamoar ay 2037 (ZC + Rephrithren? cheek > DEN ee CE $ How muchis cash over or short pertaining tothe petty cash und on Devemmber 31, 20237 ee : proaiene i 2/309 (CEL f¢ PLYt Lelridneg + Bole Wen) —AF Mat Ito Company uses the imprest system in maintaining their cash accounts. In their December 31, 2023 bank statement, the telanee revealed an ending balance of P16, 940,000 gp Dees ttaling Pt, 900,000 was made on December 28, 2023 and was nctrefectd inte bank statement on December 2023.

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