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CFA Midterm Exam| Questions with 100% Verified Answers
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CFA Midterm Exam| Questions with 100%Verified Answers
A CPA is prohibited from being a member of two professional organizations.
True
False - ✔️✔️FALSE
The main function of this body is to establish and improve accounting standards
that will be generally accepted in the Philippines
a. Philippine Institute of CPAS
b. Professional Regulation Commission
c. Financial Reporting Standards Council
d. Board of Accountancy - ✔️✔️c
General-purpose financial reports do not include estimates, judgments, and
models.
True
False - ✔️✔️FALSE
An example of an item which is not a liability is
a. The portion of long-term debt due within one year.
,b. Accrued expenses.
c. Unearned revenues.
d. Dividends. - ✔️✔️d
Which of the following can be best described as "residual equity"?
a. Unsecured loans payable
b. Ordinary shares
c. Bonds payable
d. Accrued expenses - ✔️✔️b
Assets, liabilities, and equity are found in the statement of financial performance.
True
False - ✔️✔️FALSE
Which of the following is not an essential characteristic of an asset?
a. It is acquired at a cost and is exchangeable.
b. It provides the entity with probable future benefits.
c. The event giving rise to the enterprise's right to the benefit has already
happened.
d. A particular enterprise can obtain the benefit and control others' access to it. -
✔️✔️a
, Only legal entities can be considered as reporting entities.
True
False - ✔️✔️FALSE
Which of the following is not an asset?
a. Waiting shed in front of sales office built by the entity for its customers.
b. A machinery purchased through installment basis.
c. Advance payment for six months advertising of company products.
d. Public highways used by company to transport its goods. - ✔️✔️d
All increases in assets represent increases in equity.
True
False - ✔️✔️FALSE
Where in the financial statements can one find out about the movements in the
residual claims to the entity for a reporting period?
a. Statement of Financial Position
b. Statement of Performance
c. Statement of Cash Flows
d. Statement of Changes in Equity
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