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[Show more]AFAR Exam Questions & Answers 2024/25 
 
 
Partnership Operation - ANSWERS*always check for the date 
*P/L distribution is silent (dayag): 
 >orig. capital 
 >beg. capital 
*Interest 
 >(hermosilla) if there is a breakdown of capital inv & withdrawals it is implied it is based on ave. capit...
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Partnership Operation - ANSWERS*always check for the date 
*P/L distribution is silent (dayag): 
 >orig. capital 
 >beg. capital 
*Interest 
 >(hermosilla) if there is a breakdown of capital inv & withdrawals it is implied it is based on ave. capit...
AFAR Exam Questions & Answers 2024/25 
 
 
D - ANSWERS1. When the implied value exceeds the aggregate fair values of identifiable net assets, the residual difference is accounted for as 
a. excess of implied over fair value. 
b. a deferred credit. 
c. difference between implied and fair value. 
d. g...
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D - ANSWERS1. When the implied value exceeds the aggregate fair values of identifiable net assets, the residual difference is accounted for as 
a. excess of implied over fair value. 
b. a deferred credit. 
c. difference between implied and fair value. 
d. g...
AFAR PRELIMS EXAM QUESTIONS & ANSWERS 2024/25
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AFAR PREWEEK THEORY EXAM QUESTIONS & ANSWERS 2024/25 
 
 
1. For reporting purposes, currencies are defined as 
A. International and functional 
B. Foreign, functional and presentation 
C. Domestic and international 
D. Operating, international and presentation - ANSWERSAnswer: B 
 
2. The functiona...
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Add to cartAFAR PREWEEK THEORY EXAM QUESTIONS & ANSWERS 2024/25 
 
 
1. For reporting purposes, currencies are defined as 
A. International and functional 
B. Foreign, functional and presentation 
C. Domestic and international 
D. Operating, international and presentation - ANSWERSAnswer: B 
 
2. The functiona...
AFAR. CE 3 – MCQ EXAM QUESTIONS & ANSWERS 2024/25 
 
 
Fair value of the consideration given. - ANSWERSThe investment in a subsidiary should be recorded on the parent's books at the 
a. Fair value of the subsidiary's net identifiable assets. 
b. Fair value of the consideration given. 
c. Unde...
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Fair value of the consideration given. - ANSWERSThe investment in a subsidiary should be recorded on the parent's books at the 
a. Fair value of the subsidiary's net identifiable assets. 
b. Fair value of the consideration given. 
c. Unde...
AFAR - Business Combination Exam Questions & Answers 2024/25
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AFAR MIDTERMS EXAM QUESTIONS & ANSWERS 2024/25
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AFAR CHAPTER 1 EXAM QUESTIONS & ANSWERS 2024/25 
 
 
Friendly Combination - ANSWERSThe board of directors of the potential combining companies negotiates mutually agreeable terms of a proposed combination. 
 
Unfriendly Combination - ANSWERSThe board of directors of a company targeted for acquisitio...
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Friendly Combination - ANSWERSThe board of directors of the potential combining companies negotiates mutually agreeable terms of a proposed combination. 
 
Unfriendly Combination - ANSWERSThe board of directors of a company targeted for acquisitio...
AFAR PREWEEK EXAM QUESTIONS & ANSWERS 2024/25 
 
Number 1 
Which statement is not true about a partnership? 
A. Any natural person who possesses the right to enter into a contract can become a partner. 
B. All partners are co-owners of partnership property and co-owners of profits and losses of the ...
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Add to cartAFAR PREWEEK EXAM QUESTIONS & ANSWERS 2024/25 
 
Number 1 
Which statement is not true about a partnership? 
A. Any natural person who possesses the right to enter into a contract can become a partner. 
B. All partners are co-owners of partnership property and co-owners of profits and losses of the ...
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AFAR-01: Partnership Formation Exam Questions & Answers 2024/2025 
 
Partnership - ANSWERSIs an organization where two or more persons bind themselves to contribute money, property, or industry into a common fund with the intention of dividing the profits among themselves. 
 
Elements of a Partnersh...
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Partnership - ANSWERSIs an organization where two or more persons bind themselves to contribute money, property, or industry into a common fund with the intention of dividing the profits among themselves. 
 
Elements of a Partnersh...
AFAR-04 HOBA EXAM QUESTIONS & ANSWERS 2024/25
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MULTIPLE CHOICE THEORIES [AFAR DAYAG 2023] 
 
Intercompany inventory transfers cannot be 
a. 
Bonafide transactions 
b. Arm's-length transactions 
c. 
Related-party transactions 
d. related party transactions 
e. none of the above - ANSWERSb. Arm's length transactions 
 
24. Which of the following...
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Intercompany inventory transfers cannot be 
a. 
Bonafide transactions 
b. Arm's-length transactions 
c. 
Related-party transactions 
d. related party transactions 
e. none of the above - ANSWERSb. Arm's length transactions 
 
24. Which of the following...
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Add to cartAFAR 4 Exam Questions & Answers 2024/25
AFAR – COOPERATIVES EXAM QUESTIONS & ANSWERS 2024/25 
 
 
cooperative - ANSWERSis an autonomous and duly registered association of persons, with a common bond of interest, who have voluntarily joined together to achieve their social, economic, and cultural needs and aspirations by making equitable...
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cooperative - ANSWERSis an autonomous and duly registered association of persons, with a common bond of interest, who have voluntarily joined together to achieve their social, economic, and cultural needs and aspirations by making equitable...
AFAR 3: REVENUE RECOGNITION - REVENUE FROM CONTRACTS WITH CUSTOMERS EXAM 2024/25 
 
PFRS I5 REVENUE FROM CONTRACTS WITH CUSTOMERS - ANSWERSreplaces PAS 11 which is a contract for construction of assets 
 
SUMMARY OF REVENUE PRINCIPLE UNDER PFRS I5 - ANSWERS5-STEP MODEL FRAMEWORK 
 
5-STEP MODEL FRAM...
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Add to cartAFAR 3: REVENUE RECOGNITION - REVENUE FROM CONTRACTS WITH CUSTOMERS EXAM 2024/25 
 
PFRS I5 REVENUE FROM CONTRACTS WITH CUSTOMERS - ANSWERSreplaces PAS 11 which is a contract for construction of assets 
 
SUMMARY OF REVENUE PRINCIPLE UNDER PFRS I5 - ANSWERS5-STEP MODEL FRAMEWORK 
 
5-STEP MODEL FRAM...
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Tele- "far, from afar" exam questions & answers 2024/25
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Tele- "far, from afar" exam questions & answers 2024/25
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LA History sec 2: Governing from Afar Exam Questions & Answers 2024/25 
 
 
colonies - ANSWERSEuropean powers established _____ in the New World and implemented the economic system called mercantilism. 
 
mercantilism - ANSWERSEuropean powers established colonies in the New World and implemented the...
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colonies - ANSWERSEuropean powers established _____ in the New World and implemented the economic system called mercantilism. 
 
mercantilism - ANSWERSEuropean powers established colonies in the New World and implemented the...
Much Afar From the Ocean (For Scarlett) Exam Questions & Answers 2024/25
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