An entity is a wholesaler of office supplies. The activity for Model II calculators during August is shown below. If the entity uses FIFO periodic inventory system, the ending inventory of Model II calculators at August 31 is reported as * Date Balance/Transactions Units Cost Aug 1 7. 2,000 3,000 Inventory P36.0 Purchases 37. 12 Sales 3,600 21 Rurcharer A 800
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- IAS 37 Provisions, contingent liabilities and contingent assets prescribes the accounting and disclosure for those items named in its title. Required Define provisions and contingent liabilities and briefly explain how IAS 37 improves consistency in financial reporting.Which of the following information should be disclosed in the summary of significant accounting policies? Adequacy of pension plan assets relative to vested benefits. Refinancing of debt subsequent to the balance sheet date. Criteria for determining which investments are treated as cash equivalents. Guarantees of indebtedness of others.List the minimum disclosure requirements for interim financial reports.
- Appropriations of retained earnings are proper a. When required by contractual agreements b. All of the other choices c. When BOD voluntarily designates a portion of retained earnings for future expenses or contingencies d. When required by lawDetermine the list of the initial financial statements in accordance with IFRS.In entity A’s first quarter Statement of Appropriations, Allotments, Obligations, Disbursements and Balances, how much is “unobligated allotments” P6B P5B P10B P15B The receipt of an allotment is recorded by a government entity in the? RAOD ORS RAPAL a and c The incurrence of an obligation for future delivery or performance by the oblige is recorde by a government entity in the RAOD ORS RAPAL a and b The receipt of an appropriation is recorded by a government entity in the RAOD ORS RAPAL a and b The entry to record the receipt of Notice of Cash allocation (NCA) by a government entity is: Debit Cash-Modified Disbursement System (MDS), Regular; Credit Accumulated Surplus (Deficit) Debit Cash-Modified Disbursement System (MDS), Regular; Credit Subsidy from National Government Debit Cash Collecting Officer; Credit Subsidy from National Government No Entry According to the Revised Chart of Accounts issued by COA, the “Subsidy from National Government” account is Asset…
- December 31, 2023. The effective interest rate is 8% considering the Interest is payable annually every December 31. The bonds mature on on January 1, 2021, Balibago Corporation purchased P1,000,000 10% bonds for P1,051,510 (including broker's commission of P20,000). Dorest is payable annually every December 31. The bonds mature on December 31, 2023. The effective interest rate is 8% considering the Dker's commission. On December 31, 2021, the fair value of bonds is P1,017,610. Question 1 If the bonds are classified as financial assets at fair value through profit or loss (FA at FVTPL), the amount to be recognized as fair value adjustment loss in the entity's 2021 profit or loss is O 33,900 O 18.021 O 13,900Which of the following is correct about contingent liabilities and provisions? The terms are interchangeable. A provision is based on an estimate while a contingent liability can be estimated reliably. A provision is disclosed in the statement of financial position while a contingent liability is disclosed in the notes. A contingent liability does not need to be disclosed in an entity's annual report.Identify the number and usual titles of the financial statements prepared under IFRS.
- When are financial statements considered authorized for issue?Appropriations of retained earnings are proper When BOD voluntarily designates a portion of retained earnings for future expenses or contingencies All of the other choices When required by law When required by contractual agreementsBriefly describe how the organization of the FASB Codification corresponds to the elements of financial statements.