Exam (elaborations)
TOA 2024 FC (QUESTIONS & ANSWERS) SOLVED 100% CORRECT!!
- Course
- Institution
TOA 2024 FC (QUESTIONS & ANSWERS) SOLVED 100% CORRECT!!
[Show more]
Content preview
TOA 2024 FC(QUESTIONS &
ANSWERS) SOLVED
100% CORRECT!!
TOA
Evatee 8/7/24 TOA
,TOA 2024 FC (QUESTIONS & ANSWERS)
SOLVED 100% CORRECT!!
1. Per Philippine Interpretations Committee, if an old building will be
demolished on a land acquired in the prior period to construct a replacement
building, the undepreciated cost of the old building shall be
A. Charged to the new building
B. Derecognized as loss
C. Charged to the land
D. Capitalized as another asset Answer - B. Derecognized as loss
2. Per Philippine Interpretations Committee, the demolition costs of an old
building on the land (whether acquired in the prior period or current period) to
construct a replacement building shall be
A. Charged to the new building
B. Derecognized as loss
C. Charged to the land
D. Capitalized as another asset Answer - A. Charged to the new building
3. Which of the following standards will be superseded by PFRS 15, Revenue
from Contracts with Customers on January 1, 2017?
I. PAS 11 Construction Contracts
II. PAS 18 Revenue
III. IFRIC 13 Customer Loyalty Programs
IV. IFRIC 15 Agreements for the Construction of Real Estate
V. IFRIC 18 Transfers of Assets from Customers
,VI. SIC 13 Revenue - Barter Transactions Involving Advertising Services
A. I and II only
B. III, IV, V, and VI only
C. I, II, III and V only
D. I, II, III, IV, V and VI Answer - D. I, II, III, IV, V and VI
4. PFRS 14, effective January 1, 2016 is entitled
A. Revenues from Contracts with Customers
B. Regulatory Deferral Accounts
C. Revenues from Contracts with the Governments
D. Government Contracts Answer - B. Regulatory Deferral Accounts
5. Which of the following standards or amendments were made effective on
January 1, 2013?
I. PFRS 10 Consolidated Financial Statements
II. PFRS 11 Joint Arrangements
III. PFRS 12 Disclosure of Interests in Other Entities
IV. PFRS 13 Fair Value Measurement
V. IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine
VI. IFRIC 21 Levies
VII. Investment Entities
A. I, II, III and IV only
B. I, II, III, IV, V and VI only
C. I, II, III, IV, and V only
D. I, II, III, IV, V, VI and VII Answer - B. I, II, III, IV, V and VI only
6. It refers to an arrangement of which two or more parties have joint control.
, A. Joint venture
B. Joint arrangement
C. Jointly-controlled entity
D. Investment entity Answer - B. Joint arrangement
7. A joint arrangement whereby the parties that have joint control of the
arrangement have rights to the assets, and obligations for the liabilities,
relating to the arrangement is
called
A. Joint venture
B. Joint operation
C. Jointly-controlled entity
D. Investment entity Answer - B. Joint operation
8. A joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the arrangement is called
A. Joint venture
B. Joint operation
C. Jointly-controlled entity
D. Investment entity Answer - A. Joint venture
9. Which of the following statements is incorrect?
A. A joint arrangement in which the assets and liabilities relating to the
arrangement are held in a separate
vehicle can be either a joint venture or a joint operation
B. Regardless of the purpose, structure or form of the arrangement, the
classification of joint arrangements
depends upon the parties' rights and obligations arising from the arrangement
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EvaTee. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $23.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
64438 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now