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- Saved TB 02-91 According to the principle of conservatism, ... According to the principle of conservatism, when faced with uncertainty about the value of an item, a company should use the measure that avoids: Multiple Choice understating assets and liabilities. O overstating assets and liabilities. overstating assets and understating liabilities. O understating assets and overstating liabilities.Question 12 Costs that are capitalized: O Show up as an expense on the income statement without ever being recorded on the balance sheet O None of the possible choices O Will initially be recorded as an asset on the balance sheet O Never exist as part of accrual accounting87 The going concern assumption is the basis for the rule that: Group of answer choices the cost of installing a machine should not be included in the recorded cost of the machine, but rather expensed immediately. the cost of operating assets should be allocated to expense systematically over their useful lives. treasury shares should not be reported in the statement of financial position as an asset. the income statement should not include material gains and losses that are both unusual and infrequent.
- 17 The accounting book value of an asset represents the historical cost of the asset rather than its current market value or replacement cost. Select one: True False#58 Which of the following is not a retrospective-type accounting change? Question 58 options: a Sum-of-the-years'-digits method to the straight-line method b LIFO method to the FIFO method for inventory valuation c "Full cost" method to another method in the extractive industry d Completed-contract method to the percentage-of-completion method for long-term construction contracts Previous PageNext PageWhich one of the following items is not included in the determination of income from continuing operations? a. Discontinued operations. b. Restructuring costs. c. Long-lived asset impairment loss. d. Unusual loss from a write-down of inventory.
- 15 Under physical capital maintenance assumption, a profit is earned only if the physical operating capability of the entity at the end of the accounting period is _____________ its physical operating capability at the start of the period, after adjusting for any amounts contributed by or distributed to owners during the period. a. Equal to b. Less than c. None of the given options d. Greater thanQuestion 1 Which of the following is not correct in relation to the reversal of an impairment loss of an individual asset? If the individual asset is recorded under the cost model, then the increase in the carrying amount is recognised immediately in profit or loss. Where the recoverable amount is less than the carrying amount of an individual asset, the reversal of a previous impairment loss requires adjusting the camying amount of the asset to recoverable amount. When reversing an impairment loss, the carrying amount cannot be increased to an amount in excess of the carrying amount that would have been determined had ne impairmert los been recognised. O For a depreciable asset there needs to be a calculation of carrying amount using the depreciation variables applied before the impairment loss to determine what the carrying amount would have been if there had been no impairment loss.Q1 Which of the following statement (s) is (are) true? (i) When no future economic benefits are no longer expected to flow from an intangible asset, such asset should be derecognized the financial statements of an organization. (ii) When an intangible asset is derecognized, the carrying amount should be written off as a loss in the profit or loss statement at the date of retirement of the asset. (iii) When an intangible asset is sold, the difference between the carrying amount and consideration received is recognized in the profit or loss statement at the date of the sale. (iv) Consideration to be received in the event of sale of an intangible asset should only be cash Select one: a. (ii) and (iv) only b. (i) and (ii) only c. (i) and (iv) only d. (i), (ii) and (iii) only
- 10. Changes in amortization method, useful life, and residual value are changes in accounting estimates and are accounted for a. prospectively. b. retrospectively. C. a or b d. not accounted3. Which of the following is not an inherent risk related to long-lived asset. accounts? a. Failing to record asset disposals. b. `Capitalizing repairs and maintenance expense. c. Changing depreciation estimates to manage earnings. d. All of the above.Requirement: Compute for the income tax expense for the 1st arf Co. earns profit before tax of P280,000 during the first quarter of 20x1. Peauirement: Compute for the income tax expense for the 1st quarter of 20x1. PROBLEM 4: MULTIPLE CHOICE – THEORY 1 Which of the following entities are required under PAS 34 to and present interim financial reports? prepare listed entities b. financial institutions a. C. a and b d. none of these 2. PAS 34 shall be applied by a. entities which are required by the government or other entities to provide interim financial reports b. those who choose to provide interim financial reports C. a and b d. all reporting entities who are adopting the "full" PFRSS 3. PAS 34 applies to a a. condensed set of financial statements b. complete set of financial statements с. a or b d. none of these 4. Which of the following expenses is recognized immediately in the interim period and not allocated to the other interim periods? a. Annual depreciation of equipment that…
