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BSA > 1 Intermediate Accounting > Flashcards

1 Intermediate Accounting Flashcards

1
Q

Preaparation of a sales forecast as requested by the executives of the company

A

Managerial Accounting

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2
Q

Preparation of Notes to the Financial Statements

A

Financial Accounting

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3
Q

Preparation of budget analysis and its comparison to the actual result of operations

A

Managerial Accounting

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4
Q

Recording of Notice of Cash Allocation from the Department of Budget and Management (DBM)

A

Government Accounting

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5
Q

Investigating unusual variances and deviations in cost

A

Managerial Accounting

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6
Q

Creation of Statement of Financial Position

A

Financial Accounting

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7
Q

Preparation of report based on GAM

A

Government Accounting

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8
Q

Computation of Monthly VAT Return

A

Tax Accounting

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9
Q

Preparation of statement of comprehensive income based on PAS

A

Financial Accounting

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10
Q

Submission of report to Bureau of Internal Revenue (BIR)

A

Tax Accounting

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11
Q

Which activity in the accounting process simply means recognition or non-recognition of accountable events?

A

Identifying

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12
Q

Which authoritative body defined accounting as “A service activity and its function is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions”?

A

Accounting Standards Council

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13
Q

What is the main product of the accounting process?

A

General purpose financial statements

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14
Q

Which is apprehensive to the measurement and recognition of cost of services and products being manufactured by the firm?

A

Cost Accounting

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15
Q

Which is the process of determining the monetary amounts of the transaction to be carried or recognized in the financial statements?

A

Measuring

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16
Q

Who is the Father of double-entry bookkeeping?

A

Friar Luca Pacioli

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17
Q

Which is the most commonly practiced and comprehensive discipline of accounting?

A

Financial Accounting

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18
Q

Which of the following statements best describes accounting?

A

Aptly called the language of business

19
Q

Which of the following is more concerned on implementing business processes, cost analysis, or dissemination of information within the business?

A

Managerial Accounting

20
Q

Which of the following encompasses conformance and preparation of returns and other requirements to be submitted to different taxing authorities?

A

Tax Accounting

21
Q

It is the minimum account balance that the company agrees to maintain as a support or collateral for a loan of a depositor.

A

Compensating balance

22
Q

What is the basic internal control that is being applied when the work assignment for one (1) employee is designed to check on the work of another employee?

A

Independent internal verification

23
Q

What is the best way to discourage a sales clerk from using sales invoice to make a cash sale to a customer and then pocketing the cash and destroying the company’s copy of the sales invoice?

A

Serialization of sales invoice

24
Q

It is an extensive network of approvals by authorized individuals acting independently to ensure that all disbursements by check are proper.

A

Voucher system

25
Q

Which of the following is a main objective of a good system of internal control?

A

Prevent error and irregularities in the accounting records.

26
Q

What is the effect of a debit memorandum issued by a bank?

A

Decreases the depositor’s account balance

27
Q

What are outstanding checks?

A

Depositor’s checks which have not yet cleared the banking system

28
Q

Which of the following would most likely NOT appear as a reconciling item on a bank reconciliation prepared at the end of October?

A

Checks which were disbursed and recorded by the depositor in July and were paid by the bank during August.

29
Q

Which of the following would NOT accompany a monthly bank statement?

A

Copies of outstanding check at the end of the month

30
Q

What is another term for irregularities?

A

Fraud

31
Q

It is a freight term, which means that the carrier will collect the cost of transporting the goods to the buyer.

A

Freight collect

32
Q

What is the entry to record the purchase of goods under Perpetual Inventory System?

A

Dr. Merchandise Inventory;
Cr. Accounts Payable/Cash

33
Q

What are the two (2) conversion costs?

A

Direct Labor and Production Overhead

34
Q

Which standard provides guidance for determining the cost of inventories and the subsequent recognition of the cost as an expense, including any write-down to net realizable value?

A

IAS 2 Inventories

35
Q

What is the entry to record the sales returns under Periodic Inventory System?

A

Dr. Sales Returns;
Cr. Accounts Receivables/Cash

36
Q

It is an inventory costing method, which implies that the ending inventory comprises the earlier purchases/production.

A

LIFO Method

37
Q

What is the entry to record the purchase of goods under Periodic Inventory System?

A

Dr. Purchases;
Cr. Accounts Payable/Cash

38
Q

What is the entry to record the purchase returns under Periodic Inventory System?

A

Dr. Accounts Payable;
Dr. Purchase Returns

39
Q

It is a shipping term, which means that the risk of loss is transferred from the seller to buyer at a named port alongside a vessel designated by the buyer.

A

Free Alongside

40
Q

What is the year-end entry to close the beginning inventory under Periodic Inventory System?

A

Dr. Income Summary;
Cr. Merchandise Inventory, beg

41
Q

Chichi Corp. is constructing a new building at a total initial cost of P10,000,000. The building is expected to have a useful life of 50 years with no residual value. The building’s finished surfaces (e.g., roof cover and floor cover) are 5% of the cost with a useful life of 20 years. Building services systems (e.g., electric, heating, and plumbing) are 20% of the cost with a useful life of 25 years. What is the depreciation in the first year using component depreciation, using straight-line depreciation with no residual value?

A

P255,000

42
Q

Anna Co. constructed a warehouse for P280,000 on January 2, 20X7. The company estimates that the warehouse has a useful life of 20 years with no residual value. Construction records indicate that P40,000 of the cost of the warehouse relates to its heating, ventilation, and air conditioning (HVAC) system, which has an estimated useful life of only 10 years. What is the first year of depreciation expense using straight-line component depreciation under IFRS?

A

P16,000

43
Q

What is the definition of value-in-use under IFRS?

A

Future cash flows discounted to present value

44
Q

IFRS permits revaluation of property, plant, and equipment but not GAAP.

A

Correct

BSA (9 decks)

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