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1.
2.
3.
Which of the following is not considered cash for financial reporting purposes?
a. Petty cash funds and change funds
b. Money orders, certified checks and personal checks
c. Coin, currency and available funds
d. Postdated checks and I.O.U.s
4.
5.
6.
The statement of financial position is useful for analyzing all of the following except:
a. Liquidity
c. Solvency
b. Profitability
d. Financial flexibility
7.
It comprises items of income and expenses, including reclassification adjustments that are
not recognized in profit or loss as required or permitted by PFRS.
a. Comprehensive Income
c. Other comprehensive income
b. Profit or Loss
d. Retained Profit
8.
d.
9.
Window dressing a practice that occurs when a check is drawn against a first bank and
depositing the same check in a second bank to cover shortage in the latter bank.
c. Total disbursements
d. Total increase in net assets other
Other than revenues
11. Which item is no longer allowed to be shown on the face of the income statement?
a. Finance cost
c. Extraordinary item
b. Tax expense
d. Share of income and loss of associates
12. Which of the following is an example of the expense recognition principle of associating
cause and effect?
a. Depreciation of Property
c. Allocation of insurance cost
b. Sales commission
d. Officers salaries
14. It refers to the economic benefits in the form of an increase in assets or decrease in
liabilities resulting in increase in equity other than contributions from owners.
a. Asset
c. Gain
b. Income
d. Liability
16. The following are examples of cash and cash equivalents, except:
a. One year BSP treasury purchased 3 months before maturity
b. Three month BSP treasury bill
c. Two month money market instrument
d. Three month BSP treasury bill purchased one year ago
b.
c.
d.
18. All
a.
b.
c.
d.
Unauthorized check
Note collected by bank
Bank service charge
The following data are selected information on BojosKee Company for the year 2016:
Total liabilities, December 31
Accounts Receivable, December 31
Cash balances, December 31
Total Assets, December 31
Total Assets, January 1
Stockholders Equity, January 1
Collections from customers
Accounts receivable, January 1
Cash Balance, January 1
BojosKees net income for 2016 would be
2.
400,000
370,000
170,000
890,000
760,000
390,000
2,110,000
200,000
140,000
_______________________
20,000,000
(1,000,000)
Payroll account
5,000,000
Money Order
300,000
$ 10,000,000
Postage Stamps
10,000
40,000
100,000
Travelers Check
500,000
150,000
Compute for the cash and cash equivalents that will be reported on the December 31,
2016 statement of financial position.
4. The Cash account in the ledger of Doloso Company had a balance of 844,800 at December 31,
2016. An examination of the account, however disclosed the following:
The sales book was left open up to January 5, 2017, and cash sales totaling 120,000 were
considered as sales in December.
Checks of 74,000 in payment of liabilities were prepared before December 31, 2016, recorded
in the books, but not mailed or delivered to payees.
Post-dated checks totaling 62,400 are being held by the Cashier as part of cash. The
companys experience shows that post-dated checks are eventually realized.
Customers check for 12,000 deposited with but returned by bank, NSF on December
21,2016.
The cash account includes 320,000 earmarked for the purchase of personal computers which
will soon be delivered.
The cash balance to be shown on the statement of financial position at December 31, 2016
should be__________________
400,200
Checking Account
Time Deposits (expected use in Feb 2017)
Money Order
Money Market Placement
6,200,000
18,000,000
260,700
500,000
6. The Bank statement for the current account of Capasar Co. showed a December 31, 2015, balance
of 585,284. Information that might be useful in preparing a bank reconciliation is as follows: