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- Which of the following is accounted for as a change in accounting policy? A. A change in the estimated useful life of property, plant and equipmentB. A change from cash basis to accrual basis of accountingC. A change from expensing immaterial expenditures to deferring and amortizing them when material.D. A change in inventory valuation from FIFO to average method1. which of the following account is a liability?a. accrued incomeb. deferred expensec. prepaid expensed. accrued expense 2. the cost of office equipment less accumulated depreciation is calleda. NRVb. liquidation valuec. amortized valued. carrying amountplease qucikly, thanks! 30 Which of the following is not a contra account? A, Purchase returns and allowances B. Sales returns and allowances C. Accumulated depletion D, Accumulated depreciation
- Which accounting concepts requires non-current assets to be valued at cost less accumulated depreciation, rather at their enforced saleable value a. Prudence b. Relevance c. Comparability d. Going concern1. According to PFRS 11, it is a separately identifiable financial structure, including separate legal entities or entities recognized by statute, regardless of whether those entities have a legal personality. separate vehicle special purpose vehicle special purpose entity public utility vehicle 2. At the time of repossession, repossessed merchandise is debited at its: Original cost. Unrecovered cost. Fair value after reconditioning cost. Fair value before reconditioning cost. 3. S1: The initial measurement under PFRS 17, is the sum of the fulfillment cash flows and the contractual service expense. S2: The subsequent measurement under PFRS 17, is the sum of the liability for remaining coverage and the liability for incurred claims. Only S2 is correct. Both statements are correct Only S1 is correct. Both statements are incorrect. 4. S1: Financial risk it the risk that is significant in which transferred from the policyholder to the issuer of an insurance contract. S2:…Bb4. Changed from an accelerated method to the straight-line method of depreciating assets is a Change in accounting estimate and is a Prospective method- does this need to be disclosed in the footnotes
- Ma3. ABC Laundry uses the income tax basis of accounting, a special purpose framework to prepare its financial statement. Its assets are subject to cost recovery deductions and thus ABC Laundry uses the Modified Accelerated Cost Recovery System to compute these deductions. In its financial statements, ABC Laundry, who does not elect to omit substiantially all disclosures a. Must provide, in its footnotes, information disclosures about MACRS similar to those required by GAAP for depreciation. b. Need not identify the special purpose frameworks that it uses. c. Need only disclose the asset base, cost recovery deductions taken in the current year, and the asset base remaining after all costs recovery deductions have been taken in prior years.Accounting is not as precise and objective as it is sometimes portrayed as being. There are areas where subjective judgement required. What judgements must be made to calculate a depreciation expense for a period? (word count 100)If a P2,500 adjustment for depreciation is omitted, which of the following financial statement errors will occur? a. profit will be understated c. expenses will be overstated b. assets will be understated d. owner's equity will be overstated
- 11. Which of the following transactions would require presentation of information separately in the face of the statement of profit or loss and other comprehensive income or disclosed in the notes if amount is significant or material under PAS No. 1?1. Any disposals of investment.2. Any disposals of inventory.3. Any disposals of segments of a business.4. Any disposals of items of property, plant, and equipment. a 2 transactions only b all transactions except 1 c only 1 transaction d all the given transactions17 Which of the following is an example of proper accounting when it comes to reporting amounts on a company's balance sheet? Multiple Choice X Company reported its land at the amount it could be sold for on the balance sheet date, which is higher than the original cost of the land. X Company reported its damaged equipment at an amount lower than it originally cost. X Company reported its inventory at its current market value, which is higher than its original cost. X Company included the amount owed to suppliers in its notes receivable at the amount owed on the balance sheet date.TRUE OR FALSE The principle of historical cost states that acquired assets should be recorded at their actual cost and not at what management thinks they are worth as at reporting date.
