
ACCTG103 Quiz No. 2 (Finals) BSA 1E

Quiz
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Other
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University
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Hard
Jay Molina
Used 1+ times
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54 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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