The following statements relate to CPA examination ratings. Which statement is incorrect?       a. To pass the examination, candidates should obtain a general weighted average of 75% and above, with no rating in any subject less than 65%.       b. Candidates who obtain a rating of 75% and above in at least four subjects shall receive a conditional credit for the subjects passed.       c. Conditioned candidates shall take an examination in the remaining subject within three years from the preceding examination       d. Candidates who fail in two (2) complete CPA examinations may be allowed to take examinations a third time provided he or she will comply with Sec. 18 of this Act

Q: Zambales Mining Co. mines three products.  Gold Ore sells for P1,000,000 per ton, variable costs are…

A: Given  Sales                 P1000000 Less:  Variable cost   P600000 Contribution    P400000 Less:…

Q: Magical Manufacturing Company purchased land, a building, and some vehicles on January 7, 2021, for…

A: In case of assets purchased together i.e. multiple assets at a single price, then cost of each asset…

Q: Beech Corporation is a merchandising company that is preparing a master budget for the third quarter…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Rearrange the following titles in the order they would appear in a trial balance: (Click the icon to…

A: Answer:-  Trail balance meaning:- The trial balance is an accounting report that shows the finishing…

Q: ellable lease. The following information is available:  Lease term   8 years i) Residual value…

A: Explanation of Concept A lease is defined as the contract between two parties for use of an asset.…

Q: At December 31, 2020, the available-for-sale debt securities for Larkspur, Inc. are as follows.…

A: Unrealized Gain/ Loss - Available of Sale Securities should always reported at fair value. At the…

Q: 18. Using the information in MC 17, under accrual basis, what amount should be reported as gross…

A: Accrual basis of accounting says that all expenses incurred in the particular period shoul be…

Q: Kevin Limited issued 6000, 11% debentures of $100 each at Discount of 5%. All the debentures are to…

A: Debentures are being issued as a form of debt or obligation of the business, on which regular…

Q: Required intorn [The following information applies to the questions displayed below. Scavenger…

A: Net income is the amount of income earned after deducting all the costs from the revenues.

Q: The following units of an inventory item were available for sale during the year: Beginning…

A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…

Q: eans by which a dismissal can be determined to be fair or unfair. In the event of a claim that an…

A: Section 188 of Labour Relations Act No 66 of 1995 specifies that the employer pf a company has the…

Q: A $10.000 45% coupon rate bond has 11 years until maturity Calculate the price of the bond if the…

A: Price of the Bond=Present Value of Face Value of Bond+Present Value of Semi-Annual Interest on Bonds

Q: Mead Incorporated began operations in Year 1. Following is a series of transactions and events…

A: journal entry of above transaction are as follows

Q: BTB (Pty) Limited is a distributor of PPE to rural health clinics in KZN. Turnover has been good and…

A: CASH BUDGET   July August September October Cash Balance Beginning              -       28,000…

Q: A new product was being planned for production, for that leasing ab machine is required at a cost of…

A: Break even point helps the manager to make decision whether to manufacturing product or not. It is…

Q: Question. A, B, C carry on business sharing the profits in the ratio of 2/3, 1/3, 5/6 respectively.…

A: Introduction: In cases where the Partnership Act is silent, the partnership is governed by the…

Q: What are the differences between an external audit and an internal audit?

A: Internal audit is performed within organization by the auditor appointed by management.

Q: Lina purchased a new car for use in her business during 2021. The auto was the only business asset…

A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its…

Q: Use the Stockholders' Equity section of FSB's Balance Sheet to answer the questions below. FSB…

A: Introduction: Stock refers to the documenting of transactions engaged in by a commercial operation…

Q: Finch Bank’s start-up division establishes new branch banks. Each branch opens with three tellers.…

A: Fixed costs are those type of costs which do not change with change in activity level. Variable…

Q: Describe stakeholder orientation at REI.

A: Introduction: A stakeholder is a person that has an interest in a company and has the ability to…

Q: ABC, DEF and GHI formed a partnership on April 1, 2022 and contributed The partners agreed that…

A: Operating Profit for the year ended 31 December = P176,000   Annual salary: ABC = P 24000 DEF = P…

Q: Sept1 Business owner also paid a $8,000 worth computer for the business. Dr. Choose... Cr. Choose...…

A: Journal entries recording is the initial step of accounting process, under which atleast one account…

Q: Contribution Margin and Contribution Margin Ratio For a recent year, McDonald's (MCD) company-owned…

A: Introduction: The contribution margin between the price of a product and the associated variable…

Q: On March 1, 2012, Westfield Corporation received an order for parts from a foreign customer at a…

A: Net impact on Westfield's net income for the quarter ended March 31, 2012 :- Fair value of forward…

Q: Blake distributors had a beginning inventory for June of 100,000. They purchased 25,000 in goods…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: If one tax is not eligible for the health insurance premium tax credit because of

A: Tax is the charge which is charged on the taxable income of a taxpayer and each taxpayer wants to…

Q: The Tucker family has health insurance coverage that pays 65 percent of out-of-hospital expenses…

A: T lives in the United States with his family. He has purchased family health insurance.…

Q: Dawls Corporation reported stockholders' equity on December 31 of the prior year as follows:…

A: As per relevant accounting principles, when treasury stock is purchased, the treasury stock account…

Q: Question: Identify the given statement is 'True or False'. The balance sheet is based on the…

A: Introduction: A balance sheet is a statement that shows the assets and liabilities of a corporation…

Q: the descriptions provided, identify the type of power in each instance. 1. Archie Ngidi is widely…

A: Explanation of Concept We can understand the Audit as per their definition which describe Audit  as…

Q: K Company estimates that overhead costs for the next year will be $5,125,000 for indirect labor and…

A: Answer:-  Overhead rate meaning:- A cost assigned to the manufacturing of a product or service is…

Q: Why is there a need to re-evaluate impairments due to trigger events?

A: When-ever there are any types of assets which are non-tangible assets as well as tangible assets…

Q: Total Assets value a Privett Company Accounts payable $30,000 Accounts receivable 35,000 Accrued…

A: Asset refers to resource of a entity from which future economic benefits are expected to flow to the…

Q: ssume that a drilling machine is acquired for the following consideration: cash: $200,000 shares:…

A: Fixed assets means the assets which is used for many years in business and depreciated over the…

Q: Mead Incorporated began operations in Year 1. Following is a series of transactions and events…

A: calculation of  above requirement areas follows

Q: nship or differences between Accounting and accountability?

A: Accounting: Every business has various types of transactions like monetary, goods and services. To…

Q: One of our client companies, EA Community Laundry Chain, asked us for a consultation on their…

A: Based on the information provided for EA Community Laundry Chain, financial position statement and…

Q: Q29 If a property is partly use by the owner for own use and the other part is held for earning…

A: IAS 40 is one of the accounting standard used for accounting of investment property. Investment…

Q: udmilla Construction Company is composed of two divisions: (1) Home Construction and (2) Commercial…

A: Requirement of above question are answered below

Q: Swifty Corporation budgets on an annual basis for its fiscal year. The following beginning and…

A: In order to determine the material need to purchased, the ending raw material is required to be…

Q: On 1 March 2025, Quality Furniture Importers acquires furniture from a supplier in New Zealand. The…

A: Given details: Cost of furniture = NZD $800,000 Exchange rates: 1 September, 2025 A$1.00 = NZD $1.08…

Q: Problem 12-1A Corporate balance sheet preparation LO2 Account Description Accounts payable Accounts…

A: Classified balance sheet is one of the financial statement of the business, which shows all assets,…

Q: 8. A $100 IOU from the company receptionist 9. Cash register floats of $300 10. Over-the-counter…

A: The cash and cash equivalent consist of the cash and other line items that can be converted into…

Q: how much should A received from C?

A: Given in the question:   A B Initial Contribution  48,000  96,000 Drawing During…

Q: The margin of safety is the excess of: O Break-even sales over expected sales. O Expected sales over…

A: Introduction:- Break-even point point means, where no profit or loss At Break-even point point,…

Q: The following data pertain to Sunlight Corp., whose management is planning to purchase an automated…

A: Net Present Value- The difference between the current value of cash inflows and withdrawals over a…

Q: In 2021, Lance will get money from the following sources:  Deposit Certificate (CD)  Savings Bonds…

A: Schedule B of Form 1040 is filled in to report the Interest Income and Ordinary dividend. All…

Q: Lina purchased a new car for use in her business during 2021. The auto was the only business asset…

A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its…

Q: Mustang Corporation had 100,000 shares of $2 par value common stock outstanding. On December 31,…

A: The process of recording business transactions in the books of accounts for the first time is…