Exam (elaborations)
FINANCIAL ACCOUNTING AND REPORTING FULL COMPREHENSIVE EXAMINATION LATEST UPDATE 2024/2025
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FINANCIAL ACCOUNTING AND REPORTING FULL COMPREHENSIVE EXAMINATION LATEST UPDATE 2024/2025
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Comprehensive ExaminationDue Feb 15 at 12pm Points 100 Questions 74
Available Feb 15 at 9am - Feb 15 at 12pm about 3 hours Time Limit 180 Minutes
Instructions
PARTS
I. True or False (20 items, 1 point each)
II. Multiple Choice - Theory (20 items, 1 point each)
III. Problem Solving (34 items, 1.5 points each)
1. Do not include "P" or peso sign in your encoded answer in Canvas.
2. Round final amount to the nearest peso except for BVPS and EPS.
III. Solutions to Problem Solving (25 items, 0.5 points each)
INSTRUCTIONS & REMINDERS
1. Submit your solutions, in good accounting format, within 45 minutes after the end of quiz time.
2. Make sure that your answers in your solution are the same values you inputted in your Canvas quiz page.
3. Other than your main Canvas quiz page, you are NOT allowed to open any tabs/notes nor open any applications
during the quiz time. Not even Excel. Use your manual calculator for all calculations. Any violations will invalidate you
examination. Your log activity is being monitored.
4. Be reminded of the provisions of Section 5.3.1.1 of the SH that states that “Cheating in any form during an
examination, test, or written reports including reaction papers, case analysis, experiments or assignments required is
MAJOR OFFENSE”.
This quiz was locked Feb 15 at 12pm.
Attempt History
Attempt Time Score
LATEST Attempt 1 178 minutes 81.5 out of 100
Score for this quiz: 81.5 out of 100
Submitted Feb 15 at 11:59am
This attempt took 178 minutes.
Course Chat
Course Chat
, Question 1 pts
A property dividend may be in the form of securities of o
ther entities.
Co
orrrecct! True
False
Question 2 pts
Any loss incurred from the sale of treasury shares shall be charged to share
premium from treasury shares and then retained earnin gs.
Send
Send
Send
Co
orrrecct! True
False
Question 3 pts
Lessee Company leased a machine with an estimated useful life of 20 years from
Lessor Company. The 10-year non-cancellable lease provides that the title to the
machine transfers to Lessee Company at the end of the lease term. Lessee
Company appropriately recorded an asset and a liability in its records. Lessee
Company should depreciate the leased asset over 20 years.
Correct! True
False
,Question 4 pts
Course
CourseChat
Chat
, Lease payments that need to be discounted to present value at initial
measurement include payments of penalties for terminating the lease, if the lease
term reflects the lessee exercising an option to terminat e the lease.
Co
orrrecct! True
False
pts
Question 5
he user of the financial
ngs is available for
In the absence of any restriction on retained earnings, t
statements may validly conclude that the retained earni
distribution of dividends.
Send
Send
True
Co
orrrecct!
False
Question 6 pts
An adjustment to retained earnings as a result of a conversion of preference share
to ordinary share most likely would occur when par value of the preference share
is high relative to fair value of the ordinary share.
You Answered True
Correct Answer False
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