AFAR
Authored by Josep Alimpolos
Business
University
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59 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Entity A's total equity after the business combination?
2,010,000
2,490,000
2,249,000
2,620,000
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the goodwill or (gain on bargain purchase_ arising from business combination?
(150,000)
(70,000)
50,000
120,000
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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...
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