ACCTG103 Quiz No. 2 (Finals) BSA 1E

ACCTG103 Quiz No. 2 (Finals) BSA 1E

University

54 Qs

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ACCTG103 Quiz No. 2 (Finals) BSA 1E

ACCTG103 Quiz No. 2 (Finals) BSA 1E

Assessment

Quiz

Other

University

Hard

Created by

Jay Molina

Used 1+ times

FREE Resource

54 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

PAS 26 is applied in which of the following?
The determination by employees of the cost of providing retirement benefits to employees.
The preparation of financial statements of a retirement benefit plan only when it is held by a trustee.
The reporting of the individual benefit rights of participants to either a defined contribution plan or defined benefit plan.
The preparation of financial statements of a retirement benefit plan, whether funded or unfunded.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

I. PAS 27 mandates which entities shall produce separate financial statements.

II. The financial statements of an entity that does not have a subsidiary, associate or joint venturer's interest in a joint venture are not separate financial statements.

Both statements are true
Only Statement I is true
Only Statement II is true
Both statements are false

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the accounting treatment when the financial statements of an associate are not prepared as of the same date as the financial statements of the investor?
The associate shall prepare financial statements at the same date as that of the investor.
The financial statements of the associate prepared up to a different date would be used.
Any major transactions during the time gap of the financial statements shall be accounted for.
As long as the gap is not greater than three months, there is no problem.

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

On the loss of significant influence, the investor shall recognize in profit or loss any difference between
The initial carrying amount of any retained investment, any proceeds from disposing of the part interest and the carrying amount of the investment at the date when significant influence is lost.
The fair value of any retained investment and the carrying amount of the investment at the date significant influence is lost.
Any proceeds from disposing of the part interest and the carrying amount of the investment at the date significant influence is lost.
The fair value of any retained investment plus any proceeds from disposing of the part interest and the carrying amount of the investment at the date significant influence is lost.

5.

FILL IN THE BLANK QUESTION

3 mins • 2 pts

Elston Co. acquired 25% interest in Alley Company many years ago. The acquisition did not result to any goodwill. At the time of acquisition, the carrying amount of Alley's net assets approximates its fair value. There have been no impairment losses on the investment. The carrying amount of the investment on January 1, 2023 is Php98,500. Alley Company declared dividends of Php40,000 in 2023. If the proportionate share of Elston in the net assets of Alley at December 31, 2023 reflects the carrying amount of Elston's investment, how much would have been Alley's profit in 2023?

(No Peso/Currency sign. No Commas. Two decimal places only)

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An entity has a subsidiary that operates in a hyperinflationary economy. The subsidiary's financial statements are measured in terms of the local currency, which is the zloty. The subsidiary's financial statements have been restated in accordance with PAS 29. The parent is located in the United States and prepares the consolidated financial statements in U.S. dollars. Which of the following accounting procedures is correct in terms of the consolidation of the subsidiary's financial statements?
The subsidiary's financial statements should be prepared using the zloty and then retranslated into U.S. dollars.
The subsidiary's financial statements should be prepared using the zloty, then restated according to PAS 29, and then retranslated into U.S. dollars at closing rates.
The subsidiary's financial statements should be remeasured in U.S. dollars, then restated according to PAS 29 and consolidated.
The subsidiary's financial statements should be deconsolidated and not included in the consolidated financial statements.

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is classified as an equity instrument rather than a financial liability?
Preference share that are mandatorily redeemable.
A contract that is settled by the delivery of a variable number of the entity's own equity instruments in exchange for a fixed amount of cash or another financial asset.
A contract that is settled by the delivery of affixed number of entity's own equity instruments in exchange for a variable amount of cash or another financial asset.
Shares issued but were subsequently reacquired.

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