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Financial Accounting Exam Questions and Answers Latest Updates

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17 pages

Written in 2023/2024

Grade A+

TUTOR007

Financial Accounting & Reporting: Proficiency Exam Questions with Correct Solutions 2024

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19 pages

Written in 2023/2024

Grade A+

TUTOR007

Financial Accounting & Reporting: Proficiency Exam Questions with Correct Solutions 2024

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11 pages

Written in 2023/2024

Grade A+

TUTOR007

The SEC's mission is to: Protect investors Maintain fair, orderly, and efficient markets Facilitate capital formation Financial Reporting Releases SEC issued rules Act of 1933 Contains accounting and disclosure requirements for the initial public offering of stocks or bonds (IPO) Lots of requirements: Registration StatemenT

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33 pages

Written in 2023/2024

Grade A+

QUINTER

Which of the following is NOT an adjusting event after the reporting period? Response: The settlement before the reporting period of a court case that confirms the entity had a present value after the present obligation at the end of the reporting period. Feedback: Correct! Because the settlement of a court case happened before the reporting period, not after the reporting period. Score: 1 out of 1 Yes Question 2 What is the initial measurement of an internally generated intangible asset?...

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41 pages

Written in 2023/2024

Grade A+

QUINTER

ance Company provided the following information on December 31, 2017: Copyright 300,000 Deposit with advertising agency used to promote goodwill 270,000 Bond sinking fund 700,000 Excess of cost over fair value of identifiable net assets of acquired subsidiary 3,900,000 Trademark 900,000 On December 31, 2017, what amount should be reported as total intangible assets? a. 4,800,000 b. 5,070,000 c. 5,100,000 d. 5,370,000

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18 pages

Written in 2023/2024

Grade A+

QUINTER

Management Accounting is concerned primarily with external reporting. TRUE FALSE Answer: FALSE 2. Income Statement is a financial report prepared to show financial performance of the business. 3. On January 1, 2020 Mr. AB Cruz started his service business. The following are the transactions during the month of January: a. On January 1, 2020, Mr. Cruz contributed his personal savings of PHP 100,000 to the business. b. Bought office supplies for PHP 10,000 on account on January 15, 2020. ...

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25 pages

Written in 2023/2024

Grade A+

QUINTER

1. This branch of accounting involves teaching accounting, taxation, and other business-related subjects. a. Accounting education b. Government Accounting c. Accounting research d. Tax accounting

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29 pages

Written in 2023/2024

Grade A+

QUINTER

2. What is the accounting concept that justifies the usage of accruals and deferrals ? a. Going concern b. Materiality c. Consistency d. Stable monetary uniT

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37 pages

Written in 2023/2024

Grade A+

QUINTER

1. IAS 19 requires an entity to recognize: I. As expense when an employee has provided service in exchange for employee benefts to be given in the future; and II. A liability when the entity consumes the economic beneft arising from service provided by an employee in exchange for employee benefts. a. Statement I is true. b. Statement II is true. c. Statements I and II are false. d. Statements I and II are false

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20 pages

Written in 2023/2024

Grade A+

QUINTER

Directions: Encircle the correct answer for each item. 1. Which of the following statements regarding the recording of events is valid? a. Only non-accountable events are recorded in the accounting books. b. Only accountable events are recorded in the accounting books. c. Both non-accountable and accountable events are recorded in the accounting books. d. Neither non-accountable nor accountable events are recorded accounting books

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24 pages

Written in 2023/2024

Grade A+

QUINTER

1. Vance Company provided the following information on December 31, 2017: Copyright 300,000 Deposit with advertising agency used to promote goodwill 270,000 Bond sinking fund 700,000 Excess of cost over fair value of identifiable net assets of acquired subsidiary 3,900,000 Trademark 900,000 On December 31, 2017, what amount should be reported as total intangible assets? a. 4,800,000 b. 5,070,000 c. 5,100,000 d. 5,370,000

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18 pages

Written in 2023/2024

Grade A+

QUINTER

1. Owners of business firms are the only people who need accounting information. 2. Transactions that can be measured in dollars and cents are recorded in the financial information system. 3. The hiring of a new company president is an economic event recorded by the financial information system. 4. Management of a business enterprise is the major external user of information. 5. Accounting communicates financial information about a business enterprise to both internal and external users. ...

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73 pages

Written in 2023/2024

Grade A+

QUINTER