AFAR

Which of the following statements concerning the formation of partnership business is correct?

• PFRS allows recognition of goodwill arising from the formation of partnership

• The juridical personality of the partnership arises from the issuance of certification of registration

• The parties may become partners only upon contribution of money or property but not of industry or service

• The capital to be credited to each partner upon formation may not be the amount actually contributed by each partner.

What is Entity A's total equity after the business combination?

• 2,010,000

• 2,490,000

• 2,249,000

• 2,620,000

What is the goodwill or (gain on bargain purchase_ arising from business combination?

• (150,000)

• (70,000)

• 50,000

• 120,000

Compute the combined:

• Net income P370,000

  Cost of goods sold P480,000

• Net income P200,000

  Cost of goods sold P480,000

• Net income P132,000

  Cost of goods sold P467,500

• Net income P200,000

  Cost of goods sold P467,000

The PFRIC 12, applies only if:

• the grantor controls or regulates what services the operator must provide...

• the grantor controls - through ownership, beneficial entitlement...

• both a and b

• None of the above

The General Accounting Manual enumerates the following components of the General Purpose Financial Statements of National Government Agencies, except

• Statement of Retained Earnings

• Statement of Financial Position

Under the Government Accounting Manual (GAM), the financial reporting system of the Philippines government consists....Which of the following is incorrect under the Government Accounting Manual?

• Each entity of the National Government (NG) maintains complete set of accounting...

• The BTr account for the cash, public debt and related transaction of the NG

• Each entity maintains budget registries which are ...

• Each entity shall maintain Regular Agency (RA) Books...

What is the cost per unit of conversion cost under FIFO process costing?

• 5

• 9

• 8

• 7

What is the cost per unit of direct material under FIFO process costing?

• 10

• 9

• 8

• 7

what is the amount of net assets available at the end of liquidation?

• 80,000

• 40,000

• 120,000

• 200,000