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11111111111111111111111111111111111111111111111111111111111111Review 105-----------Day 4
THEORY OF ACCOUNTS
1. Which statement is incorrect concerning the recognition principles?
An asset is recognized when it is probable that future economic benefits will flow to the enterprise and the
asset has a cost or value that can be measured reliably.
A liability is recognized when it is probable that an outflow of resources embodying economic benefits will
result from the settlement of a present obligation that can measured reliably.
Income is recognized when an increase in future economic benefits related to an increase in asset or a
decrease in liability has arisen that can be measured reliably.
Expenses are recognized when a decrease in future economic benefits related to an increase in asset or a
decrease in liability has arisen that can be measured reliably.

2. Which is incorrect concerning the recognition of a liability?

Obligations may be legally enforceable as a consequence of a binding contract or statutory requirement.
If an enterprise decides as a matter of policy to rectify faults in its products even when these become
apparent after the warranty period has expired, the amounts that are expected to be expended in respect of
goods sold are liabilities.
An obligation normally arises only when the asset is delivered or the enterprise enters into an irrevocable
agreement to acquire the asset.
A decision by the management of an enterprise to acquire assets in the future, in itself, gives rise to a
present obligation.

3. Technically, this arises in the course of the ordinary activities of an enterprise and is referred to by a
variety of different names including sales, interest, dividends, royalties and rent.
Income b. Gain c. Profit d. Revenue

4. This process involves the simultaneous or combined recognition of revenues and expenses that result
directly and jointly from the same transactions or other events on the basis of direct association between the
costs incurred and the earning of specific items of income.
Matching of revenues with costs c. Systematic and rational allocation
Matching of costs with revenues d. Immediate recognition

5. The following statements pertain to the concept of income and expenses. Which statement is incorrect?
The definition of expenses encompasses losses as well as those expenses that arise in the course of the
ordinary activities of the enterprise.
Losses represent other items that meet the definition of expenses and may or may not arise in the course of
the ordinary activities of the enterprise.
The definition of revenue encompasses both income and gains.
Gains represent other items that meet the definition of income and may or may not arise in the course of the
ordinary activities of an enterprise.

6. Which of the following is not regarded as constituting a separate element in the ASC Framework?
a. Income b. Expense c. Gain d. Equity

7. Which capital maintenance concept is applied to currently reported net income and comprehensive
income?
Currently reported net income Comprehensive income
a. Financial capital Physical capital
b. Physical capital Physical capital
 c. Financial capital Financial capital
d. Physical capital Financial capital

8. Which statement is correct concerning the two concepts of capital?

Under a financial capital concept, such as invested money or invested purchasing power, capital is
synonymous with the net assets or equity of the enterprise.
Under a physical capital concept, such as operating capability, capital is regarded as the productive capacity
of the enterprise.
Both I and II b. Neither I nor II c. I only d. II only

9. Which statement is correct concerning the concepts of capital?

Under a financial capital concept, a profit is earned only if the financial amount of the net assets at the end
of the period exceeds the financial amount of the net assets at the beginning of the period, after excluding
any distributions to and contributions from owners during the period.
Under a physical capital concept, a profit is earned only if the physical productive capacity at the end of the
period exceeds the physical productive capacity at the beginning of the period, after excluding distributions
to and contributions from owners during the period.
Both I and II b. Neither I nor II c. I only d. II only

10. The following statements relate to cash. Which statement is true?

a. The term 揷 ash equivalent� refers to demand credit instruments such as money order and bank drafts.
b. The purpose of establishing a petty cash fund is to keep enough cash on hand to cover all normal
operating expenses for a period of time.
c. Classification of a restricted cash balance as current or noncurrent should parallel the classification of the
related obligation for which the cash was restricted.
d. Compensating balances required by a bank should always be excluded from 揷 ash and cash
equivalent�.

11. In the case of long-term installments receivable (real estate installment sales) where a major portion of
the receivables will be collected beyond the normal operating cycle
a. The entire receivables are classified as noncurrent
b. Only the portion currently due is classified as current and the balance as noncurrent
c. The entire receivables are classified as current with disclosure of the amount not currently due
d. The entire receivables are classified as current without disclosure of the amount not currently due

12. A discount given to a customer for purchasing a large volume of merchandise is typically referred to as
a
a. quantity discount.b. cash discount. c.trade discount. d. size discount.

13. When the allowance method of recognizing bad debt expense is used, the entry to record the write-off
of a specific uncollectible account would decrease
a. Allowance for doubtful accounts. c. Net realizable value of accounts receivable.
b. Net income. d. Working capital.

14. At the beginning of 2003, Finney Company received a three-year interest-bearing P1,000,000 trade
note. Finney reported this note as a P1,000,000 trade note receivable on its 2003 year-end statement of
financial position and P1,000,000 as sales revenue for 2003. What effect did this accounting for the note
have on Finney's net earnings for 2003, 2004, 2005, and its retained earnings at the end of 2005,
respectively?
a. Overstate, overstate, understate, no effect
b. Overstate, understate, understate, no effect
c. Overstate, understate, understate, understate
d. No effect, no effect, no effect, no effect
15. Which of the following items should be excluded from a company 抯 inventory at the balance sheet
date?
a. Goods in transit which were sold FOB destination.
b. Goods delivered to another company for sale on consignment.
c. Goods sold to a customer which are being held for the customer to call for at the customer 抯
convenience.
d. Goods in transit which were purchased FOB shipping point.

P1
1. Silang Company acquired a welding machine with an invoice price of P3,000,000 subject to a cash
discount of 5% which was not taken. Silang incurred freight and insurance during shipment of P50,000 and
testing and installation cost of P200,000. Silang also incurred cost of P20,000 in removing the old welding
machine prior to the installation of the new one. Welding supplies were acquired at a cost of P100,000.
The VAT on the acquisition is P300,000. The cost of the new welding machine should be
a. 3,100,000
b. 3,250,000
c. 3,220,000
d. 3,400,000

2. Imus Company acquired two items of machinery as follows:

On December 30, 2005, Imus Company purchased a machine in exchange for a noninterest bearing note
requiring three payments of P1,000,000. The first payment was made on December 30, 2005, and the
others are due annually on December 30. The prevailing rate of interest for this type of note at date of
issuance was 12%. The present value of an ordinary annuity of 1 at 12% is 1.69 for two periods and 2.40
for three periods. The new machine was damaged during its installation and the repair cost amounted to
P50,000.

On January 1, 2005, Imus Company acquired used machinery by issuing to the seller a three-year,
noninterest-bearing note for P3,000,000. In recent borrowing, Imus has paid a 12% interest for this type of
note. The present value of 1 at 12% for 3 years is 0.71.

What is the total cost of the machinery?

a. 4,820,000
b. 4,530,000
c. 4,580,000
d. 4,870,000

3. In December 2005, Kawit Company exchanged an old machine, with a cost P6,000,000 and 50%
depreciated, for a dissimilar used machine and paid a cash difference of P1,500,000. The fair value of the
old machine was determined to be P2,000,000. Kawit should record the machine at

a. 6,000,000
b. 2,000,000
c. 3,500,000
d. 3,000,000

Romblon Company and Looc Company are fuel oil distributors. To facilitate the delivery of oil to
customers. Romblon and Looc exchanged ownership of 5,000 barrels of oil without physically moving the
oil. Romblon paid Looc P9,000,000 to compensate for a difference in the grade of oil. On the date of
exchange, cost and fair value of oil were:
Romblon Company Looc Company
Cost 45,000,000 40,000,000
Fair value 51,000,000 60,000,000

4. Romblon should record the oil inventory received in exchange at

a. 45,000,000
b. 54,000,000
c. 51,000,000
d. 60,000,000

5. Looc Company should record the oil inventory received in exchange at

a. 40,000,000
b. 34,000,000
c. 60,000,000
d. 51,000,000

6. In Looc 抯 income statement, what amount of gain should be reported from the exchange of oil?
a. 20,000,000
b. 6,000,000
c. 3,000,000
d. 0

7. Naic Company acquired an equipment by exchanging a similar used equipment with the following data:

Equipment 10,000,000
Accumulated depreciation 3,500,000
Fair value 8,000,000
Cash received on exchange 2,000,000

Naic Company should record gain on exchange at

a. 1,500,000
b. 2,000,000
c. 375,000
d. 0

8. During 2005 Magdiwang Company had the following transactions pertaining to its new office building:

Purchase price of land

1,500,000

Legal fees for contract to purchase land

50,000

Architect 抯 fees
200,000

Demolition of old building on site

150,000

Sale of scrap from old building

20,000

Construction cost of new building (fully completed)

9,000,000
In Magdiwang 抯 December 31, 2005 balance sheet, what amounts should be reported as the cost of land
and building?
Land Building
a. 1,500,000 9,380,000
b. 1,680,000 9,200,000
c. 1,550,000 9,330,000
d. 1,550,000 9,200,000

9. On January 1, 2005, Tagaytay Company purchased a tract of land with an old building which was razed
shortly after acquisition. The costs incurred in connection with the acquisition were:

Purchase price
5,000,000

Agent commission
250,000

Legal fees for the purchase contract

100,000

Guarantee insurance
10,000

Cost of razing the old building

200,000

Salvage value of old building materials

50,000

Property taxes for 2004 and 2005 (equally each year)

300,000

Option paid for an alternative land which was not acquired

30,000

Cost of relocating squatters

20,000

The cost of the land should be

a. 5,680,000
b. 5,660,000
c. 5,830,000
d. 5,530,000

10. Tanza Company entered into a P10,000,000 fixed contract with Philstress Company on January 1, 2005
for the construction of a new building. On January 1, 2005, Tanza obtained a loan of P10,000,000 at an
interest rate of 12% to finance specifically the construction. Availments from the loan may be made
quarterly at unequal amounts. Total interest incurred for 2005 was P900,000. Prior to their disbursement,
the proceeds from the loan were temporarily invested and earned interest income of P50,000. The building
was completed on December 31, 2005. Additional costs incurred during the construction were P200,000
for plans, specifications and blueprint, and P350,000 for architectural design and supervision.
Tanza Company follows the alternative treatment of capitalizing borrowing cost. The cost of the building
should be
a. 11,400,000
b. 11,450,000
c. 10,000,000
d. 10,550,000

11. Maragondon Company had the following borrowings during 2005. The borrowings were made for
general purposes but the proceeds were used in part to finance the construction of a new building:

Principal
Interest

12% bank loan

10,000,000
1,200,000

15% long-term loan

20,000,000
3,000,000

The construction began on January 1, 2005 and was completed on December 31, 2005. Expenditures on the
building were made as follows:

January 1 8,000,000
June 30 8,000,000
December 31 4,000,000

Following the alternative treatment, the capitalizable borrowing cost should be

a. 1,680,000
b. 4,200,000
c. 1,400,000
d. 1,620,000

12. On January 1, 2005, Kawit Company borrowed P6,000,000 at an interest rate of 10% specifically for
the construction of its new building. Interest earned from the temporary investment of the proceeds the
loan prior to their disbursement amounted to P75,000. Kawit also had the following other loans in 2005
which were borrowed for general purposes. The proceeds of these loans were used in part for the
construction of the building:

Principal
Interest

10% bank loan

4,500,000
450,000

12% long-term loan

6,000,000
720,000

The construction began on January 1, 2005 and the building was completed on December 31, 2005.
Expenditures on the building were made as follows:
January 2
1,500,000

April 1
3,750,000

July 1
4,500,000

September 30
3,750,000

December 31
1,500,000

15,000,000

The amount of capitalizable borrowing cost is

a. 1,350,000
b. 690,000
c. 525,000
d. 165,000

13. During 2005 Dasmari 馻 s Company installed a production assembly line to manufacture furniture. In
2005 Dasmari 馻 s purchased a new machine and rearranged the assembly line to install this machine. The
rearrangement did not increase the estimated useful life of the assembly line but it did result in significantly
more efficient production. The following expenditures were incurred in connection with this project:

Machine
5,000,000

Labor to install new machine

400,000

Parts added in rearranging the assembly line to provide future benefits

2,000,000

Labor and overhead to rearrange the assembly line

600,000

What amount of the above expenditures should be capitalized in 2005?

a. 8,000,000
b. 5,400,000
c. 7,400,000
d. 2,600,000

14. On January 1, 2005, Carmona Company received a grant of P50 million from the British government in
order to defray safety and environmental costs within the area where the enterprise is located. The safety
and environmental costs are expected to be incurred over four years, respectively, P4 million, P8 million,
P12 million and P16 million.
How much income from the government grant should be recognized in 2005?
a. 50,000,000
b. 12,500,000
c. 5,000,000
d. 0

15. On January 1, 2004, Indang Company received a grant of P50 million from the US government for the
construction of a laboratory and research facility with an estimated cost of P60 million and useful life of 25
years. The facility was completed in early 2005.

Indang Company should include in its 2005 income statement an income from the government at

a. 50,000,000
b. 2,000,000
c. 2,400,000
d. 0
MAS
1. Return on investment (ROI) is a term often used to express income earned on capital invested in a
business unit. A company 抯 ROI would be increased if sales
A. increased by the same peso amount as expenses and total assets increased.
B. remained the same and expenses were reduced by the same peso amount that total asset increased.
C. decreased by the same peso amount that expenses increased.
D. and expenses increased by the same percentage that total assets increased.

2. The per-unit standard cost for variable overhead is normally based on the
A. standard quantity of an input factor used in a unit of product.
B. actual variable overhead cost incurred at the achieved level of production.
C. budgeted total cost for variable overhead divided by the number of units expected to be produced.
D. ratio of fringe benefits to the basic cost of labor.

3. Bush Electronics, Inc. had the following sales results for 2004:

TV sets
CD player
Radios

Peso sales component ratio

0.30
0.30
0.40

Contribution margin ratio

0.40
0.40
0.60

Bush Electronics, Inc. had fixed costs of P2,400,000.

The break-even sales in pesos for Bush Electronics, Inc. are:

TV sets
CD player
Radios

A.
P1,800,000
P1,800,000
P3,600,000

B
P1,800,000
P1,800,000
P1,600,000

C.
P1,500,000
P1,500,000
P2,000,000

D.
P1,531,915
P1,531,915
P2,042,553

4. The following activities are typical in production management:

1. Warranty work
2. Labor and overhead incurred for rework of defective products found by an inspector
3. Quality training program
4. The costs of a consumer complaint department
5. In-process inspection costs
6. Reinspection of reworked products
7. Downtime attributed to quality problems
8. Product recalls
9. Lower sales due to poor product performance
10. Quality audits
To what classification of quality costs do the foregoing described costs belong?

Prevention
Appraisal
Internal Failure
External Failure

A.
3,7,10
3,5
2
1,4,8,9

B.
3,10
5
2,6,7
1,4,8,9

C.
10
3
2,5,6
1,4,7,8,9
D.
3,10
5
1,2,10
4,7,8,9

5. Richards, Inc. developed the following budgeted life-cycle income statement for two proposed
products. Each product 抯 life cycle is expected to be two years.

Product X
Product Y
Total

Sales
P200,000
P200,000
P400,000

Cost of goods sold

( 120,000)
(130,000)
( 250,000)

Gross Profit
P 80,000
P 70,000
P150,000

Period expenses:

Research & development

( 70,000)

Marketing

( 50,000)

Life-cycle income

P 30,000

A 10% return on sales is required for new products. Because the proposed products did not have a 10%
return on sales, the products were going to be dropped.
Relative to Product Y, Product X requires more research and development costs but fewer resources to
market the product. Sixty percent of the research and development costs are traceable to Product X and 30
percent of the marketing costs are traceable to Product X.
If research and development costs and marketing costs are traced to each product, life-cycle income for
Product Y would be
A. P35,000 C. P12,000
B. P20,000 D. P7,000

6. Smile Corporation uses a standard cost system. Information for the month of April is as follows:
Actual manufacturing overhead costs (P13,000 is fixed) P40,000
Direct labor:
Actual hours worked 12,000 hours
Standard hours allowed 10,000 hours
Average actual labor cost per hour P9
The factory overhead rate is based on a normal volume of 12,000 direct labor hours
Standard cost data at 12,000 direct labor hours was:
Variable factory overhead P24,000
Fixed factory overhead 12,000
Total factory overheadP36,000
What are the following overhead variances?

A.
B.
C.
D.

Variable OH Spending
P3,000 U
P3,000 U
P7,000 U
P7,000 U

Variable OH Efficiency
P2,000 U
P4,000 U
P2,000 U
P4,000 U

Fixed OH Spending
P4,000 U
P1,000 U
P1,000 U
P4,000 U

7. Which of the following statements is true for a firm that uses variable (direct) costing?
A. The cost of a unit of product changes because of changes in the number of units manufactured.
B. Profits fluctuate with sales
C. An idle facility variation is calculated
D. Product costs include 揹 irect� (variable) administrative costs.

8. An appropriate transfer price between two divisions of the Star Corporation can be determined
from the following data:
Fabrication Division
Market price of subassembly P50
Variable cost of subassembly P20
Excess capacity (in units) 1,000
Assembling Division
Number of units needed 900
What is the natural bargaining range for the two divisions?
A. Between P20 and P50 C. Any amount less than P50
B. Between P50 and P70 D. P50 is the only acceptable price

Questions 9 & 10 concern Paradise Company, which budgets on annual basis for its fiscal year. The
following beginning and ending inventory levels (in units) are planned for the fiscal year of July 1, 2000
through June 30, 2001.

July 1, 2000
June 30, 2001

Raw material*
40,000
50,000

Work-in-process
10,000
10,000

Finished goods
80,000
50,000

*Two (2) units of raw material are needed to produce each unit of finished product.

9. If Paradise Company plans to sell 480,000 units during the 200-2001 fiscal year, the number of
units it would have to manufacture during the year would be
A. 440,000 C. 510,000
B. 480,000 D. 450,000

10. If 500,000 finished units were to be manufactured during the 2000-2001 fiscal year by Paradise
Company, the units of raw material needed to be purchased would be
A. 1,000,000 units C. 1,020,000 units
B. 1,010,000 units D. 990,000 units

11. Sensitivity analysis, if used with capital projects,

A. Is used extensively when cash flows are known with certainty
B. Measures the change in the discounted cash flows when using the discounted payback method
rather than the net present value method.
C. Is a 搘 hat-if� technique that asks how a given outcome will change if the original estimates of
the capital budgeting model are changed.
D. Is a technique used to rank capital expenditure requests.

12. A measure of a company 抯 immediate short-term liquidity is the

a. current ratio.
b. current cash debt coverage ratio.
c. cash debt coverage ratio.
d. acid-test ratio.

13. The ratio that indicates a company 抯 degree of financial leverage is the
a. cash debt coverage ratio.
b. debt to total assets ratio.
c. free cash flow ratio.
d. times interest earned ratio.

14. Earnings per share is computed by dividing net income

 a. by average common shares outstanding.
b. by ending common shares outstanding.
c. less preferred stock dividends by average common shares outstanding.
d. less preferred stock dividends by ending common shares outstanding.

15. If Sol Company expects to get a one-year loan to help cover the initial financing of capital project,
the analysis of the project should
A. offset the loan against any investment in inventory or receivable required by the project
B. show the loan as an increase in the investment
C. show the loan as a cash outflow in the second year of the project 抯 life
D. ignore the loan

P2
1. An economic advantage of a business combination includes
a. Utilizing duplicative assets.
b. Creating separate management teams.
c. Coordinated marketing campaigns.
d. Horizontally combining levels within the marketing chain.

2. A tax advantage of business combination can occur when the existing

owner of a company sells out and receives:
a. cash to defer the taxable gain as a "tax-free reorganization."
b. stock to defer the taxable gain as a "tax-free reorganization."
c. cash to create a taxable gain.
d. stock to create a taxable gain.

3. A controlling interest in a company implies that the parent company

a. owns all of the subsidiary's stock.
b. has influence over a majority of the subsidiary's assets.
c. has paid cash for a majority of the subsidiary's stock.
d. has transferred common stock for a majority of the subsidiary's
outstanding bonds and debentures.

4. Which of the following is a potential abuse that may arise when a

business combination is accounted for as a pooling of interests?
a. Assets of the buyer may be overvalued when the price paid by the
investor is allocated among specific assets.
b. Earnings of the pooled entity may be increased because of the
combination only and not as a result of efficient operations.
c. Liabilities may be undervalued when the price paid by the investor
is allocated to specific liabilities.
d. An undue amount of cost may be assigned to goodwill, thus
potentially allowing an understatement of pooled earnings.

5. Company B acquired the assets (net of liabilities) of Company S in

exchange for cash. The acquisition price exceeds the fair value of the
net assets acquired. How should Company B determine the amounts to be
reported for the plant and equipment, and for long-term debt of the
acquired Company S?
Plant and Equipment Long-Term Debt
a. Fair value S's carrying amount
b. Fair value Fair value
c. S's carrying amount Fair value
d. S's carrying amount S's carrying amount

6. Publics Company acquired the net assets of Citizen Company during 20X5.
The purchase price was $800,000. On the date of the transaction,
Citizen had no long-term investments in marketable equity securities
and $400,000 in liabilities. The fair value of Citizen assets on the
acquisition date was as follows:
Current assets................................. $ 800,000
Noncurrent assets.............................. 600,000
$1,400,000
==========
How should Publics account for the $200,000 difference between the fair
value of the net assets acquired, $1,000,000, and the cost, $800,000?
a. Retained earnings should be reduced by $200,000.
b. Current assets should be recorded at $685,000 and noncurrent
assets recorded at $515,000.
c. The noncurrent assets should be recorded at $400,000.
d. A deferred credit of $200,000 should be set up and subsequently
amortized to future net income over a period not to exceed 40
years.
ANS: C DIF: M OBJ: 4

7. ABC Co. is acquiring XYZ Inc. XYZ has the following Intangible assets:
Patent on a product that is deemed to have no useful life $10,000.
Customer List with an observable fair value of $50,000.
A 5-year operating lease with favorable terms with a discounted
present value of $8,000.
Identifiable R & D of $100,000.
ABC will record how much for acquired Intangible Assets from the
Purchase of XYZ Inc?
a. $168,000
b. $58,000
c. $158,000
d. $150,000
ANS: B DIF: D OBJ: 4

8. Vibe Company purchased the net assets of Atlantic Company in a business

combination accounted for as a purchase. As a result, goodwill was
recorded. For tax purposes, this combination was considered to be a
tax-free merger. Included in the assets is a building with an appraised
value of $210,000 on the date of the business combination. This asset
had a net book value of $70,000, based on the use of accelerated
depreciation for accounting purposes. The building had an adjusted tax
basis to Atlantic (and to Vibe as a result of the merger) of $120,000.
Assuming a 36% income tax rate, at what amount should Vibe record this
building on its books after the purchase?
a. $120,000
b. $134,400
c. $140,000
d. $210,000
ANS: D DIF: M OBJ: 4

9. Goodwill represents the excess cost of an acquisition over the

a. sum of the fair values assigned to intangible assets less
liabilities assumed.
b. sum of the fair values assigned to tangible and intangible assets
acquired less liabilities assumed.
c. sum of the fair values assigned to intangibles acquired less
liabilities assumed.
d. book value of an acquired company.
ANS: B DIF: M OBJ: 5

10. When purchasing a company occurs, FASB recommends disclosing all of the
following EXCEPT:
a. goodwill related to each reporting segment.
b. contingent payment agreements, options, or commitments included in
the purchase agreement, including accounting methods to be
followed.
c. results of operations for the current period if both companies had
remained separate.
d. amount of in-process R&D purchased and written-off during the
period.
ANS: C DIF: M OBJ: 5

11. Cozzi Company is being purchased and has the following balance sheet as
of the purchase date:
Current assets.......... $200,000 Liabilities.... $ 90,000
Fixed assets............ 180,000 Equity......... 290,000
Total................. $380,000 Total........ $380,000
======== ========
The price paid for Cozzi's net assets (the purchaser assumes the
liabilities) is $500,000. The fixed assets have a fair value of
$220,000, and the liabilities have a fair value of $110,000. The amount
of goodwill to be recorded in the purchase is __________.
a. $0
b. $50,000
c. $70,000
d. $90,000

ANS: C DIF: M OBJ: 6

12. Separately identified intangible assets are accounted for by
amortizing:
a. exclusively by using impairment testing.
b. based upon a pattern that reflects the benefits conveyed by the
asset.
c. over the useful economic life less residual value using only the
straight-line method.
d. amortizing over a period not to exceed a maximum of 40 years.
ANS: B DIF: E OBJ: 6
13. Acme Co. is preparing a pro-forma set of financial statements after an
acquisition of Coyote Co. The purchase price is less than the fair
value of the assets acquired. However, the purchase price is greater
than net book value of the acquired company.
a. Acme's goodwill will decrease over time.
b. Acme's amortization of intangible assets will increase over time.
c. Depreciation expense will be greater than Coyote Company's
expense.
d. Coyote's loss on the sale of the assets will create a net loss
carryforward.
ANS: C DIF: D OBJ: 6

14. Which of the following income factors should not be factored into a
calculation of goodwill?
a. sales for the period
b. income tax expense
c. extraordinary items
d. cost of goods sold

15. Pagach Company purchased 100% of the voting common stock of Rage Company
for $1,800,000. The following book and fair values are available:
Book Value Fair Value
Current assets...................... $ 150,000 $300,000
Land and building................... 280,000 280,000
Machinery........................... 400,000 700,000
Bonds payable....................... (300,000) (250,000)
Goodwill............................ 150,000 ?
The bonds payable will appear on the consolidated balance sheet
a. at $300,000 (with no premium or discount shown).
b. at $300,000 less a discount of $50,000.
c. at $0; assets are recorded net of liabilities.
d. under a net amount of $250,000 since it is a bargain purchase.

AP
The following information has been taken from the Accumulated Profits ledger account of GOING CORP.:
Total net income since incorporation 3,200,000
Total cash dividends paid 150,000
Carrying value of the company 抯 equipment
declared as property dividend 600,000

Proceeds from sale of donated stocks 150,500

Total value of stock dividends distributed 250,000
Gain on treasury share transaction 375,000
Unamortized premium on bonds payable 413,200
Appropriated for plant expansion 700,000
Loss on treasury share reissue 515,000
Share premium in excess of par from issued shares 215,000
Share issuance expense 45,000
Appropriated for remaining treasury shares at cost P50/share 1,000,000\
Additional notes:
The equipment declared as dividends had a recoverable value of 450,000 as of the date of declaration.
The stock dividend distributed was based on a 10% share dividend declared on 100,000, 25 par value
shares issued. The market value of shares on the date of declaration was at 42 per share.
The only transactions affecting the treasury shares were those described in item f and item i.
How much should be the correct debit to retained earnings for the property dividends?
600,000 b. 550,000 c. 500,000 d. 450,000
How much should be the correct debit to retained earnings for the share dividends?
420,000 b. 336,000 c. 250,000 d. 200,000
How much is the correct balance of the Accumulated retained earnings unappropriated account?
190,000 b. 140,000 c. 375,000 d. 515,000
What is the balance of the share premium from treasury stock transactions?
0 b. 140,000 c. 375,000 d. 550,000
The necessary net adjustment involves an adjustment to additional paid in capital in the amount of:
320,500 b. 365,500 c. 460,500 d. 456,500

The NINGNING INC. has requested you to audit its financial statements for the year2007. During your
audit, Ningning presented to you its balance sheet as of December 31, 2006which had the following
Shareholders� equity section:
Preference shares, 10 par; 90,000 shares authorized and issued,
of which 9,000 are in the treasury costing 135,000 and shown as an asset
900,000
ordinary shares, 4 par value; 900,000 shares authorized, of which 675,000
 shares are issued and outstanding 2,700,000
Share premium (5 per share on preference shares issued in 2001) 450,000
Allowance for doubtful accounts receivable 180,000
Reserve for depreciation 1,260,000
Reserve for fire insurance 297,000
Accumulated profits 3,375,000
Total shareholders� equity P9,000,000

Audit notes:
Of the preference shares, 4,500 shares were sold for 18 per share on August 30, 2007. Ningning credited
the proceeds to the Preference share account. The treasury shares as of December 31, 2006 were acquired
in one purchase in 2006.
The preference shares carry an annual dividend of 1 per share. The dividend is cumulative. As of December
31, 2006, unpaid cumulative dividends amounted to 5 per share. The entire accumulation was liquidated in
June 2007, by issuing to the preference shareholders 81,000 ordinary shares.
A cash dividend of 1 per share was declared on December 1, 2007 to preference shareholders of record
December 15, 2007. The dividends are payable on January 15, 2008.
At December 31, 2007, the Allowance for Doubtful Accounts Receivable and Reserve for Depreciation had
balances of 37,500 and 1,575,000, respectively.
On March 1, 2007, the Reserve for Fire Insurance was increased by 90,000; Accumulated profits was
debited.
On December 31, 2007, the Reserve for fire insurance was decreased by 45,000 which represents the
carrying value of a machine destroyed by fire on that date. Fire cleanup costs 9,000 does not appear in the
records.
The December 31, 2006 Accumulated profits consists of the following:
Donated land from a stockholder 675,000
Gains from treasury stock transactions 76,500
Earnings retained in the business 2,623,500
P3,375,000

Unadjusted net income for the year ended December 31, 2007 was 1,946,250 per company 抯 books.
Based on the information above, answer the following:
What is the adjusted net income for the year ended December 31, 2007?
1,946,250 b. 1,973,250 c. 1,937,250 d. 1,892,250
What is the correct Additional Paid in Capital as of December 31, 2007?
1,296,000 b. 1,215,000 c. 1,206,000 d. 621,000
What is the correct Appropriated accumulated profits as of December 31, 2007?
454,500 b. 387,000 c. 342,000 d. 0
What is the correct Unappropriated accumulated profits as of December 31, 2007?
4,016,250 b. 3,939,750 c. 3,935,250 d. 3,867,750
What is the total shareholders� equity as of December 31, 2007?
5,550,750 b. 8,718,750 c. 9,474,750 d. 9,479,250

You are auditing the financial statements of LABANDERA INC., a company which carries a wide variety
of laundry appliance and supplies, for the year ended December 31, 2007. Information about the company
抯 varied liability accounts are as follows:
Premiums items are being offered to its Class A (residential use) washing machines and dryers. Customers
shall receive a coupon for each P50 spent on Class A laundry appliance. Customers may exchange 400
coupons and P1,000 for a dryer. Labandera pays P5,100 for each dryer and estimates that 60% of the
coupons given to customers will be redeemed. A total of 4,500 dryers to be used on the premium program
were purchased during the year and there were 1,680,000 coupons redeemed during the year.
Class B laundry appliances are sold with a two-year warranty for replacement of parts and labor. The
estimated warranty cost, based on the past experience, is 1% of sales to be incurred on the year of sale and
2% of sales to be incurred on the year following the year of sale. Replacement of parts and labor for
warranty work totaled 1,640,000 during 2007.
The company provides key employees 5% bonus based on the net income of the company after tax. The
same is yet to be accrued at year end.
Labandera uses the accrual method to account for the warranty and premium costs for financial reporting
purposes. Labandera 抯 sales for 2007 totaled 280,000,000, 60% of which is attributed to Class A laundry
appliance sales.
The company reported the following balances at year end:
Inventory of premium items 1,530,000
Premium expense 17,220,000
Warranties expense 1,640,000
Net income, before 35% income tax
And before any adjustments 80,164,000

What is the correct premiums liability as of December 31, 2007?

4,284,000 b. 3,444,000 c. 1,530,000 d. 1,230,000
What is the correct warranties expense?
1,640,000 b. 1,720,000 c. 2,240,000 d. 3,360,000
What is the total bonus to key employees?
2,395,577 b. 2,468,354 c. 2,480,916 d. 3,865,504

What is the correct income tax?

25,381,679 b. 25,386,076 c. 25,411,548 d. 25,897,074
What is the correct net income?
47,137,405 b. 47,145,570 c. 47,192,875 d. 46,237,422
BLT
1. What are watered stocks?
Stocks issued for a consideration less than P10.
Stocks issued for a consideration more than its par or issued value.
Stocks issued for a consideration less than its par or issued value.
None of the above

2. When does a stock become delinquent?

When no payment is made within fifteen (15) days from the date as fixed in the subscription contract or in
the call made by the Board of Directors.
When no payment is made within two (2) months as fixed in the contract or call.
When no payment is made within one (1) month from date as fixed in the contract or call.
None of the above.

3. Ultra vires acts are acts of a corporation which are:

Exercised by the Board of Directors but not ratified by the stockholders.
Not within the corporate powers conferred by the Code or articles of incorporation.
Necessary and incidental to the exercise of the powers conferred upon the corporation.
None of the above

4. Why is a de facto corporation not considered a de jure corporation?

Because it failed to incorporate under existing statutory authority.
The corporation 抯 exercise of corporate powers is not recognized by the courts for reason of public policy.
Its corporate existence may be challenged in court by any taxpayer.
None of the above.

5. Which one of the following is not a characteristic of a voting trust agreement?

A voting trust is created for the purpose of conferring upon the trustee the right to vote and other rights
pertaining to the shares.
A voting trust is irrevocable during the time stipulated.
The stockholder remains the beneficial or equitable owner of the shares while the trustee is the legal owner.
All voting trust agreements shall not exceed five (5) years.
6. In an 搃 nvitation to bid�, B proposes the following
揑 will buy the property for P100,000 and if the bid of any other offerror or bidder shall be considered the
best in terms of amount and conditions, I am equal to that offer.�
The offer is speculative, because it cannot be considered as against another offer which is certain
The offer is considered a counter-offer
This is a continuing offer which is very certain
The advertiser is not bound to accept the highest bidder

7. Statement no. 1: if the cause is not stated in the contract if is presumed that it is unlawful
Statement no. 2: the action for rescission is subsidiary if cannot be instituted except when there is no other
legal means to obtain reparation for damages suffered.
Both statements are true
Both are false
Only the first is false
only the first is true

8. g was appointed guardian of S, thr latter being 16 years old. S sold his parcel of land in writing to B
valued at P100,000 for P75,000, suffering lesion of � of the value. What is the status if the contract?
Rescissible
Unenforceable
Void
Voidable

9. One of the stipulations contained in the contract between M Company and its employees is that the
company shall pay a bonus to employees of the company who shall continue employment for at least 2
consecutive years, unless he quits or discharged before the expiration of the period of 2 years. X, an
employee of the company was discharged without just cause, one week before the completion of the two-
year period.
X is not entitled to the bonus because his discharge was in accordance with the contract
X is not entitled to the bonus, because the employer 抯 right to terminate is superior than the right of the
employee to be employed
X is entitled to the bonus whether the discharged is with or without cause
X is entitled to the bonus because the debtor company has voluntary prevented the happening of the
condition
10 Statement no 1: If one party was mistaken and the other acted fraudulently or inequitable is such a way
that the instrument does not state their true intention, the former may ask for the annulment of the
instrument
Statement no. 2: The statement of a false cause in contracts shall render them void, if it should not be
proven that they were founded upon another cause which is true and lawful
Both are true
Both are false
No. 1 is true, No. 2 is false
No. 1 is false, No. 2 is true

11. One of the following is exempt from MCIT:

a. Banks
b. Mining companies
c. Publicly held corporations
d. Educational institutions

12. This doctrine is a recognition by the courts that the fiduciary standards could not be upheld where the
fiduciary is acting for two entities with competing interests. It rests on fundamentally on the unfairness of a
corporate officer or director taking advantage of a prospect for his own personal benefit when the interest
of the corporation justly needs protection.
Corporate Entity Doctrine
Corporate Interest Doctrine
Business Judgment Rule
Corporate Opportunity Doctrine.

13. It is a legal scheme whereby a debtor, who has sufficient assets but who may be unable to meet his
obligations as and when they fall due, may petition for more time within which to settle such obligations.
Insolvency Proceedings
Suspension of Payments
Corporate Rehabilitation
Voluntary Insolvency

14. What is the so-called 揋 randfather Rule� under the Corporation Code?
It is a rule that determines the nationality of a corporation on the basis of the place where the foreign
corporation is incorporated or registered?
It is a rule that determines the nationality of a corporation on the basis of the nationality of the majority of
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