ACC 405 Intermediate Financial Accounting part 3 (2015 edition)

TEST BANK

Intermediate

Financial
Accounting
Part 3




ZEUS VERNON B. MILLAN

, ALL RIGHTS RESERVED
2015




No part of this work covered by the
copyright hereon may be reproduced
or used in any form or by any means -
electronic or mechanical, including
photocopying – without the written
permission of the author.




ISBN 978-621-95096-3-3




Published by:
BANDOLIN ENTERPRISE
No. 100 Montebello Village, Bakakeng Sur, Baguio City 2600, Philippines

, TABLE OF CONTENTS
CHAPTER 3

PRESENTATION OF FINANCIAL STATEMENTS. ………………1
CHAPTER 37: MULTIPLE CHOICE – COMPUTATIONAL (SET B) – (FOR CLASSROOM INSTRUCTION PURPOSES)...............1
CHAPTER 37: THEORY OF ACCOUNTS REVIEWER.......................................................................................................8
CHAPTER 37 - SUGGESTED ANSWERS TO THEORY OF ACCOUNTS QUESTIONS..............................................................54
CHAPTER 38
REVENUE...................................................................................... 55
CHAPTER 38: MULTIPLE CHOICE – COMPUTATIONAL (SET B) – (FOR CLASSROOM INSTRUCTION PURPOSES).............55
CHAPTER 38: THEORY OF ACCOUNTS REVIEWER.....................................................................................................59
CHAPTER 38 - SUGGESTED ANSWERS TO THEORY OF ACCOUNTS QUESTIONS..............................................................73
CHAPTER 39
NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS 74
CHAPTER 39: MULTIPLE CHOICE – COMPUTATIONAL (SET B) – (FOR CLASSROOM INSTRUCTION PURPOSES).............74
CHAPTER 39: THEORY OF ACCOUNTS REVIEWER.....................................................................................................79
CHAPTER 39 - SUGGESTED ANSWERS TO THEORY OF ACCOUNTS QUESTIONS............................................................100
CHAPTER 40
ACCOUNTING POLICIES, CHANGES IN ESTIMATES AND ERRORS 101
CHAPTER 40: MULTIPLE CHOICE – COMPUTATIONAL (SET B) – (FOR CLASSROOM INSTRUCTION PURPOSES)...........101
CHAPTER 40: THEORY OF ACCOUNTS REVIEWER...................................................................................................104
CHAPTER 40 - SUGGESTED ANSWERS TO REVIEW THEORY QUESTIONS.....................................................................123
CHAPTER 41
STATEMENT OF CASH FLOWS..............................................124
CHAPTER 41: MULTIPLE CHOICE – COMPUTATIONAL (SET B) – (FOR CLASSROOM INSTRUCTION PURPOSES)...........124
CHAPTER 41: THEORY OF ACCOUNTS REVIEWER...................................................................................................127
CHAPTER 41 - SUGGESTED ANSWERS TO REVIEW THEORY QUESTIONS.....................................................................148
CHAPTER 42
EVENTS AFTER THE REPORTING PERIOD.......................149
CHAPTER 42: MULTIPLE CHOICE – COMPUTATIONAL (FOR CLASSROOM INSTRUCTION PURPOSES)............................149
CHAPTER 42: THEORY OF ACCOUNTS REVIEWER...................................................................................................150
CHAPTER 42 - SUGGESTED ANSWERS TO THEORY OF ACCOUNTS QUESTIONS............................................................156
CHAPTER 43
RELATED PARTY DISCLOSURES..........................................157
CHAPTER 43: MULTIPLE CHOICE – COMPUTATIONAL (FOR CLASSROOM INSTRUCTION PURPOSES).............................157
CHAPTER 43: THEORY OF ACCOUNTS REVIEWER...................................................................................................157
CHAPTER 43 - SUGGESTED ANSWERS TO THEORY OF ACCOUNTS QUESTIONS............................................................163
CHAPTER 44
OPERATING SEGMENTS.........................................................164
CHAPTER 44: MULTIPLE CHOICE – COMPUTATIONAL (SET B) – (FOR CLASSROOM INSTRUCTION PURPOSES)...........164
CHAPTER 44: THEORY OF ACCOUNTS REVIEWER...................................................................................................165
CHAPTER 44 - SUGGESTED ANSWERS TO THEORY OF ACCOUNTS QUESTIONS............................................................177
CHAPTER 45
INTERIM FINANCIAL REPORTING......................................178
CHAPTER 45: MULTIPLE CHOICE – COMPUTATIONAL (SET B) – (FOR CLASSROOM INSTRUCTION PURPOSES)...........178

, CHAPTER 46
DEVELOPMENT STAGE ENTITIES.......................................195
CHAPTER 46: THEORY OF ACCOUNTS REVIEWER.....................................................................................................195
CHAPTER 46 - SUGGESTED ANSWERS TO REVIEW THEORY QUESTIONS.....................................................................197
CHAPTER 47
CASH BASIS TO ACCRUAL BASIS OF ACCOUNTING........198
CHAPTER 47: MULTIPLE CHOICE – COMPUTATIONAL (SET B) – (FOR CLASSROOM INSTRUCTION PURPOSES)...........198
CHAPTER 47: THEORY OF ACCOUNTS REVIEWER..........................................................ERROR! BOOKMARK NOT DEFINED.
CHAPTER 47 - SUGGESTED ANSWERS TO THEORY OF ACCOUNTS QUESTIONS...................ERROR! BOOKMARK NOT DEFINED.
CHAPTER 48
FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES 202
CHAPTER 48: MULTIPLE CHOICE – COMPUTATIONAL (SET B) – (FOR CLASSROOM INSTRUCTION PURPOSES)...........202
CHAPTER 48: THEORY OF ACCOUNTS REVIEWER...................................................................................................210
CHAPTER 48 - SUGGESTED ANSWERS TO THEORY OF ACCOUNTS QUESTIONS............................................................222
CHAPTER 49
PFRS FOR SMALL AND MEDIUM-SIZED ENTITIES (SMES)223
CHAPTER 49: MULTIPLE CHOICE – COMPUTATIONAL (FOR CLASSROOM INSTRUCTION PURPOSES).............................223
CHAPTER 49: THEORY OF ACCOUNTS REVIEWER (W/ PROBLEMS INCLUDED)...........................................................227
CHAPTER 49 - SUGGESTED ANSWERS TO THEORY OF ACCOUNTS QUESTIONS............................................................278