JPIA-PLM Academic Assessment 1 2nd Year
Kindly answer the questions at the best of your knowledge.

Points:
26/32
1
Student No. *
202001142
2
Which is not a purpose of having a Conceptual Framework? *
(1/1 Point)
To enable the profession to more quickly solve emerging practical problems.
To provide a foundation from which to build more useful standards.
To enable the standard setting body to issue more useful and consistent pronouncements
over time.
To assist regulatory agencies in issuing rules and regulations for a particular industry.

3
The economic entity assumption
*
(1/1 Point)
Is inapplicable to unincorporated businesses
Recognizes the legal aspects of business organizations
Requires periodic income measurement
Is applicable to all forms of business organizations

4
Fundamental qualitative characteristics of accounting information are *
(1/1 Point)
Relevance and comparability
Comparability and consistency
Faithful representation and relevance

Neutrality and verifiability
5
During the lifetime of an entity, accountants produce financial statements at
arbitrary or artificial points in time in accordance with which basic accounting
concept?
*
(1/1 Point)
Objectivity
Time period assumption

Materiality
Economic entity
6
All of the following may be included in cash, except *
(1/1 Point)
Currency
Money market instrument

Checking account balance
Saving account balance
7
In reimbursing the imprest petty cash fund, which of the following statements
is true? *
(1/1 Point)
Cash is debited
Petty cash is debited
Petty cash is credited
Expense accounts are debited

8
If the cash balance shown in the accounting records is less than the correct
cash balance and neither the entity nor the bank had made any errors, there
must be *
(1/1 Point)
Deposits credited by the bank but not yet recorded by the depositor

Deposits in transit
Outstanding checks
Bank charges not yet recorded by the depositor
9
The internal control feature specific to petty cash is *
(1/1 Point)
Separation of duties
Assignment of responsibility
Proper authorization
Imprest system
10
On December 31, 2019, Nexus Company reported cash of P9,950,000 which
comprised the following:
On December 31, 2019, what total amount should be reported as cash and
cash equivalents?
*
(2/2 Points)

8,050,000

11
In preparing the bank reconciliation on December 31, 2020, EUNOIA Company
provided the following data: *
(2/2 Points)
7,111,000

12
FOB Company showed a cash account balance of P4,000,000 at the monthend. The bank statement did not include a deposit of P230,000 made on the
last day of the month. The bank statement showed a collection by the bank of
P94,000 for the depositor and customer check for P32,000 returned because it
was NSF. A customer check for P45,000 was recorded by the depositor as
P54,000 and a check written for P79,000 was recorded as P97,000. What
amount should be reported as cash in bank? *
(2/2 Points)
4,071,000


13
LSS’ checkbook balance on December 31, 2015 was P160,000. On the same
date, LSSS held the following items in its safe.
A P5,000 check payable to LSS, dated January 2, 2016 was included in the
December 31 checkbook balance.
A P3,500 check payable to LSS which was deposited December 19 and
included in the December 31 checkbook balance, was returned by the
bank on December 30 marked NSF. The check was re-deposited on
January 2, 2016 and cleared on January 9, 2016.
In its December 31, 2015 statement of financial position, how much should LSS
report as cash?
*
(0/2 Points)
151,500
Correct answers: P176,500,176,500
14
EUNOIA Company had the following account balance at year-end:
Cash in bank 2,250,000
Cash on hand 125,000
Cash restricted for addition to plant and expected to be disbursed next year
1,600,000
Cash in bank included P600,000 of compensating balance against short-term
borrowing arrangement. The compensating balance is not legally restricted as
to withdrawal.
What total amount of cash should be reported under current assets at yearend?
*
(2/2 Points)
2,375,000

15
TAXccession Company provided the following information for the current year:
*
(2/2 Points)
1,800,000

16
FOB Company provided the following information on December 31, 2019: *
(2/2 Points)
5,150,000

17
In preparing the bank reconciliation for the month of December, NEXUS
Company provided the following data:
*
(2/2 Points)
3,605,000

18
In preparing the bank reconciliation for the month of December, NEXUS
Company provided the following data: *
(2/2 Points)
3,660,000

19
Retrospect Company showed a cash account balance of P4,500,000 at the
month-end.
The bank statement did not include a deposit of P230,000 made on the last
day of the month.
The bank statement showed a collection by the bank of P94,000 for the
depositor and a customer check for P32,000 returned because it was NSF.
A custom check for P45,000 was recorded by the depositor as P54,000 and a
check written for P79,000 was recorded as P97,000.
What amount should be reported as cash in bank?
*
(2/2 Points)
4,571,000


20
FOB Company provided the following accounts abstracted from the
unadjusted trial balance at year-end: *
(0/2 Points)
110,000
Correct answers: P190,000,190,000

21
IntAccelerate Company provided the following information for the current
year: *
(0/2 Points)
983,000
Correct answers: P413,000,413,000
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