FAR - Practice

These are the end product of the financial reporting process and the means by which information gathered and processed is periodically communicated to users.

• Financial reporting

• Financial statements

• Financial products

• Accounting statements

An adjunct account that used to record the shipping costs incurred on purchases of inventory under the periodic system

• Freight In

• Freight Out

• Purchases

•       Transportation Expenses

Kind of partner who contributes services to the partnership rather than cash or other non – cash assets

• Capitalist

• Industrial

• Ostensible

• Limited

You recorded a ₱21,000 amount as ₱2,100. You committed an accounting error called

• Transplacement            

• Transformation

• Transposition

• Transmutation

Kinds of shares which is still in the possession of the stock holder

• Authorized Shares

• Outstanding Shares

• Issued Shares

• Subscribed Shares

A business receives its electricity bill for the period amounting to ₱6,000. The entry to record the receipt of the bill prior to its payment includes debit to?

On January 1, 20x1, your business acquires computer equipment for ₱120,000. You expect to use the computer over the next 3 years. What is the depreciation expense on December 31, 20x1?

Entity A has a beginning inventory of ₱280,000. During the period Entity A purchased inventories costing ₱890,000. Freight paid on the purchase totaled ₱30,000. If the ending inventory is ₱220,000, how much is the cost of goods sold?

Which is of the following is a correct sequence of the steps in the accounting cycle?

• Posting, Journalizing, Identifying and analyzing, Trial balance

• Identifying and analyzing, Journalizing, Posting, Trial balance

• Journalizing, Identifying and analyzing, Trial balance, Posting

• Left, right, up and down

Contributions of partners to the partnership are initially measured at _________