Financial accounting quizbowl

Trees in plantation forestLogs C. It does not require that they be related to revenue. Interest income C. Round final answer to one decimal point. In reconciling net income on an accrual basis to net cash provided by operating activities.

Financial accounting quizbowl

The asset was revalued on reporting date to P45, Total expenses to be understated d. If an equipment costs P, and accumulated depreciation amounts to P60,, how much is the book value of the equipments? On March 31, , the plant had not been sold but, due to shortage of this type of plant, there had been an increase in the fair value to P, During , Orihime received a P, cash advance from a customer for merchandise to be manufactured and shipped during What kind of business is engaged in buying and selling of goods and commodities for profit? Pari delicto AT 1E - The use of an analytical review to verify the correctness of various operating expenses would not be a preferred approach if: a An auditor notes strong indicators of a specific fraud involving these accounts.

Reported as an outflow and inflow of cash B. Collecting P40, from customers on account c. How much is your equity?

accounting multiple choice quiz

Dairy cattleButter D. When bonds are issued between interest payment dates, any accrued interest received is usually credited to A. Answer: No Effect 2. Terms that require or permit net settlement B. Because they cannot pay, the loss would be recognized as a write-off of accounts receivable.

Accounting questions and answers for exams

He did not conform receivables or observe the taking of the physical inventory. Qualified or adverse opinion B. A third person, even if he is the client who engaged you to examine a non-client corporation. The following information is relevant to the calculation of the sales figure for Madara Uchicha, a sole trader who does not keep proper accounting records: Accounts receivable, January 2, balance, P,; Cash received from credit customers and paid into the bank, P3,,; Expenses paid out of cash received from customers before banking, P68,; Bad debts written-off, P72,; Refunds to credit customers, P21,; Discounts allowed to credit customers, P94,; Cash sales, P1,, and Accounts receivable, December 31, , P, Analytical review only needs to have accounts related to other accounts or other independent data. Answer 2. Due to unusual circumstances, the financial statements contain a departure from PFRS otherwise the statements would be misleading. The shareholders of a company whose financial statements you have examined. The corporation whose financial statements you examined. The fair value of the investment is P1,, on December 31, and the cost to sell is estimated at P40, All of the statements are incorrect.

If an equipment costs P, and accumulated depreciation amounts to P60, how much is the book value of the equipments?

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