LA SALLE UNIVERSITY
COLLEGE OF BUSINESS AND ACCOUNTANCY
Second Semester of A.Y. 2019-2020
INTEGRATED ENHANCEMENT COURSE FOR ACCOUNTANCY
FAR: Financial Accounting and Reporting by Lowelle C. Pacot, CPA, MMA
MULTIPLE CHOICE
1.
Which of the following is not an essential
characteristic of a liability?
a. A liability is a present obligation of an enterprise
b. A liability is payable to a specific party
c. A liability arises from past transaction or event
d. The settlement of a liability will result to outflow
of enterprise resources embodying economic
benefits
2.
Current liabilities include all of the following, except
a. Trade payables and accruals for employee and
other operating costs
b. Financial liabilities held for trading
c. Bank overdraft
d. Deferred tax liability
3.
Which of the following is a current liability?
a. Preferred dividends in arrears
b. A cash dividend payable to preferred
stockholders
c. A dividend payable in the form of additional
shares of company’s own stock
d. All of these are current liabilities
4.
An entity shall measure initially a financial liability
not designated at fair value through profit or loss at
a. Fair value
b. Fair value plus directly attributable transaction
costs
c. Fair value minus directly attributable transaction
costs
d. Face amount
5.
6.
7.
Transaction costs directly attributable to the issue of
a financial liability include all of the following, except
a. Fees and commissions paid to agents
b. Levies by regulatory agencies
c. Transfer taxes and duties
d. Financing costs
The initial fair value of a financial liability is defined
as the
a. Amount for which a liability is settled.
b. Amount for which a liability is settled in an arm’s
length transaction.
c. Amount for which a liability is settled between
knowledgeable and willing parties.
d. Amount for which a liability is settled between
knowledgeable and willing parties in an arm’s
length transaction.
After initial recognition, an entity shall measure a
financial liability at
a. Amortized cost using the effective interest
method.
b. Fair value through profit or loss.
FAR 6.1MC: CURRENT LIABILITIES
c. Either a or b.
d. Neither a nor b.
8. Which of the following statements is true in relation
to the fair value option of measuring a financial
liability?
I.
At initial recognition, an entity may irrevocably
designate a financial liability at fair value through
profit or loss.
II.
The financial liability is measured at every yearend and any changes in fair value are recognized
in profit or loss.
III.
The interest expense on the financial liability is
recognized using the effective interest rate.
a. I and II only
c. I and III only
b. II and III only
d. I, II and III
9.
The discount resulting from the determination of a
note payable’s present value should be reported on
the balance sheet as a (an):
a. Deferred charge separate from the note.
b. Direct reduction from the face amount of the
note.
c. Addition to the face amount of the note.
d. Deferred credit separate from the note.
10. Which of the following statements concerning
discount on note payable is incorrect?
a. Discount on note payable may be credited when
an entity discounts its own note with the bank.
b. The discount on note payable is a contra liability
account which is shown as a deduction from note
payable.
c. The discount on note payable represents interest
charges applicable to future periods.
d. Amortizing the discounts on note payable causes
the carrying amount of the liability to gradually
increase over the life of the note.
11. An entity borrowed cash from a bank and issued to
the bank a short-term noninterest-bearing note
payable. The bank discounted the note at 10% and
remitted the proceeds to the entity. The effective
interest rate paid by the entity in this transaction
would be
a. Equal to the stated discount rate of 10%
b. Less than the stated discount rate of 10%
c. More than the stated discount rate of 10%
d. Independent of the stated discount rate of 10%
12. The following are taken from the records of Frame
Co. as of year-end.
Accounts payable
2,000
Utilities payable
7,000
Accrued interest expense
6,000
Advances from customers
1,000
Unearned rent
9,000
Page 1 of 6
Warranty obligations
Income taxes payable
Preference shares issued
Constructive obligation
Obligation to deliver own shares
worth a fixed amount of cash
SSS contributions payable
Cash dividends payable
Property dividends payable
Share dividends payable
Finance lease liability
Bonds payable
Discount on bonds payable
Security deposit
Redeemable preference shares issued
Unearned interest on receivables
5,000
2,000
10,000
11,000
10,000
6,000
4,000
7,000
3,000
35,000
120,000
(15,000)
2,000
14,000
3,000
How much is the financial liabilities to be disclosed in
the notes?
a. ₱171,000
c. ₱178,000
b. ₱185,000
d. ₱192,000
13. Fan Co. has the following liabilities as of December
31, 2017.
Trade accounts payable, net of debit
balance in supplier’s account of
₱5,000, net of unreleased checks of
₱4,000, and net of postdated checks
₱300,000
of ₱2,000.
Credit balance in customers’ accounts
2,000
Financial liability designated at FVPL
50,000
Bonds payable (maturing in 10 equal
annual installments of ₱100,000)
1,000,000
12%, 5-year note payable issued on
October 1, 2017
100,000
Deferred tax liability
5,000
Unearned rent
4,000
Contingent liability
10,000
Reserve for contingencies
25,000
How much is the total current liabilities?
a. ₱467,000
c. ₱470,000
b. ₱477,000
d. ₱480,000
14. Air Co. has the following liabilities as of December 31,
2017
Trade accounts payable, including
cost of goods received on
consignment of ₱10,000
₱300,000
Held for trading financial liabilities
50,000
Deferred revenue
20,000
Bank overdraft
10,000
Income tax payable
50,000
Accrued expenses
5,000
Share dividend payable
12,000
Advances from affiliates payable in 15
months after year-end
23,000
Loan of XYZ, Inc. guaranteed by Air –
it is possible that Air will be held
liable for the guarantee
45,000
How much is the total current liabilities?
a. ₱405,000
c. ₱425,000
b. ₱470,000
d. ₱482,000
15. On December 31, 2017, the bookkeeper of Drang
Company provided the following information:
FAR 6.1MC: CURRENT LIABILITIES
Accounts payable, including deposits
and advances from customers of
₱500,000
Notes payable, including note payable
to bank due on December 31, 2017
for ₱1,000,000
Share dividends payable
Credit balance in customers’ accounts
Serial bonds, payable in semiannual
installments of ₱1,000,000
Accrued interest on bonds payable
Contested BIR tax assessment
Unearned rent income
₱2,500,000
3,000,000
800,000
400,000
10,000,000
300,000
600,000
100,000
In the December 31, 2017 statement of financial
position, how much current liabilities should be
reported?
a. ₱6,800,000
c. ₱7,300,000
b. ₱7,900,000
d. ₱8,700,000
16. Watch Co. has a 10%, ₱1,000,000 loan payable as of
December 31, 2017 that is maturing on July 1, 2018.
Interest on the loan is due every July 1 and December
31. On February 1, 2018, Watch Co. entered into a
refinancing agreement with a bank to refinance the
loan on a long-term basis. Both parties are financially
capable of honoring the agreement’s provisions.
Watch’s financial statements were authorized for
issue on March 15, 2018.
How much is presented as current liability in relation
to the loan in Watch’s 2017 year-end financial
statements?
a. None
c. ₱50,000
b. ₱100,000
d. ₱1,000,000
(ref.agrem’t – no discretion; disclosed)
17. Watch Co. has a 10%, ₱1,000,000 loan payable as of
December 31, 2017 that is maturing on July 1, 2018.
Interest on the loan is due every July 1 and December
31. On February 1, 2018, Watch Co. entered into a
refinancing agreement with a bank to refinance the
loan on a long-term basis. Both parties are financially
capable of honoring the agreement’s provisions.
Watch has the discretion to refinance or roll over the
loan for at least twelve months from December 31,
2017 under an existing loan facility. Watch’s financial
statements were authorized for issue on March 15,
2018.
How much is presented as current liability in relation
to the loan in Watch’s 2017 year-end financial
statements?
a. None
c. ₱50,000
b. ₱100,000
d. ₱1,000,000
(ref.agrem’t w/ discretion)
18. Watch Co. has a 10%, ₱1,000,000 loan payable as of
December 31, 2017 that is maturing on July 1, 2018.
Interest on the loan is due every July 1 and December
31. On December 1, 2017, Watch Co. entered into a
refinancing agreement with a bank to refinance the
loan on a long-term basis. The refinancing and roll
over transaction was completed on December 31,
2017.
Page 2 of 6
How much is presented as current liability in relation
to the loan in Watch’s 2017 year-end financial
statements?
a. None
c. ₱50,000
b. ₱100,000
d. ₱1,000,000
(ref.agrem’t: completed at year-end)
19. Watch Co. has a 10%, ₱1,000,000 loan payable as of
December 31, 2017 that is maturing on July 1, 2018.
Interest on the loan is dated July 1, 2016 and pays
annual interest every July 1. On February 1, 2018,
Watch Co. entered into a refinancing agreement with
a bank to refinance the loan on a long-term basis.
Both parties are financially capable of honoring the
agreement’s provisions. Watch has the discretion to
refinance or roll over the loan for at least twelve
months from December 31, 2017 under an existing
loan facility. Watch’s financial statements were
authorized for issue on March 15, 2018.
How much is presented as current liability in relation
to the loan in Watch’s 2017 year-end financial
statements?
a. None
c. ₱50,000
b. ₱100,000
d. ₱1,000,000
20. On January 1, 2017, Watch Co. took a 3-year,
₱1,000,000 loan from a bank. The loan agreement
requires Watch to maintain a current ratio of 2:1. If
the current ratio falls below 2:1, the loan becomes
payable on demand. As of December 31, 2017,
Watch’s current ratio is 1.8:1. On January 5, 2018, the
bank agreed not to collect the loan in 2018 and gave
Watch 12 months to rectify the breach of loan
agreement.
How much is presented as current liability in relation
to the loan in Watch’s 2017 year-end financial
statements?
a. None
c. ₱33,333
b. ₱66,667
d. ₱1,000,000
(grace period received after year-end)
21. On January 1, 2017, Watch Co. took a 3-year,
₱1,000,000 loan from a bank. The loan agreement
requires Watch to maintain a current ratio of 2:1. If
the current ratio falls below 2:1, the loan becomes
payable on demand. As of December 31, 2017,
Watch’s current ratio is 1.8:1. On December 31, 2017,
the bank agreed not to collect the loan in 2018 and
gave Watch 12 months to rectify the breach of loan
agreement.
How much is presented as current liability in relation
to the loan in Watch’s 2017 year-end financial
statements?
a. None
c. ₱33,333
b. ₱66,667
d. ₱1,000,000
22. On December 31, 2017, Watch Co. has a ₱1,000,000
note payable on demand. However, on December 31,
2017, there is no indication that the payee on the
note will demand payment over the next 12 months.
FAR 6.1MC: CURRENT LIABILITIES
How much is presented as current liability in relation
to the loan in Watch’s 2017 year-end financial
statements?
a. None
c. ₱33,333
b. ₱66,667
d. ₱1,000,000
23. On December 31, 2017, Case Co. has accounts payable
of ₱1,000,000 before possible adjustment for the
following:
 Goods in transit from a vendor to Case on
December 31, 2017 with an invoice cost of
₱50,000 purchased FOB shipping point was not
yet recorded.
 Goods shipped FOB shipping point from a vendor
to Case on December 31, 2017 amounting to
₱8,000 was recorded and included in the yearend physical count as “goods in transit”.
 Goods in transit from a vendor to Case on
December 31, 2017 with an invoice cost of
₱10,000 purchased FOB destination was not yet
recorded. These goods were received in January
2018.
 Goods with invoice cost of ₱15,000 was recorded
and included in the year-end physical count as
“goods in transit”. It was found out that the goods
were shipped from a vendor under FOB
destination.
How much is the adjusted accounts payable on
December 31, 2017?
a. ₱1,043,000
c. ₱1,035,000
b. ₱1,055,000
d. ₱1,070,000
24. On December 31, 2017, Cone Co. has accounts
payable of ₱1,000,000 before possible adjustment for
the following:
 Checks drawn but not yet released to payees
amounted to ₱12,000 while checks drawn and
released to payees but were postdated amounted
to ₱5,000.
 On December 28, 2017, a vendor authorized
Cone to return for full credit goods shipped and
billed at ₱25,000 on December 14, 2017, Cone
shipped the returned goods on December 31,
2017 but the credit memo was received and
recorded only on January 3, 2018.
 Goods shipped FOB shipping point, freight
prepaid from a vendor on December 28, 2017
was recorded at invoice cost at shipment date.
The invoice cost is ₱14,000 while the freight cost
is ₱3,000.
 Goods shipped FOB destination, freight collect
were received on December 29, 2017. The
invoice cost of ₱40,000 was credited to accounts
payable on date of receipt and the related freight
of ₱5,000 was debited to an expense account.
How much is the adjusted accounts payable on
December 31, 2017?
a. ₱987,000
c. ₱990,000
b. ₱992,000
d. ₱994,000
Page 3 of 6
25. The balance in Dowarc Company’s accounts payable
account at December 31, 2016 was ₱1,170,000 before
any year-end adjustments relating to the following:
 Goods in transit from a vendor to Dowarc on
December 31, 2017. The invoice cost was
₱65,000 and the goods were shipped FOB
shipping point on December 29, 2017. The goods
were received on January 2, 2018.
 Goods shipped FOB shipping point on December
20, 2017 from a vendor to Dowarc, were lost in
transit. The invoice cost was ₱32,500. On January
5, 2018, Dowarc filed a ₱32,500 claim against the
common carrier.
 Goods shipped FOB destination on December 21,
2017, from a vendor to Dowarc, were received on
January 6, 2018. The invoice cost was ₱19,500.
What amount should Dowarc report as accounts
payable on its December 31, 2017 statement of
financial position?
a. ₱1,202,500
c. ₱1,222,000
b. ₱1,235,000
d. ₱1,267,500
26. Flat Co. requires non-refundable advance payments
for custom-built guitar effects, gadgets, and racks.
The records of Flat Co. show the following:
Unearned revenue, January 1, 2017
1,000,000
Advances received during 2017
10,000,000
Advances applied to orders shipped in
8,000,000
2017
Advances pertaining to orders
300,000
cancelled in 2017
How much is the current liability on unearned
revenue?
a. None
c. ₱700,000
b. ₱2,700,000
d. ₱3,000,000
27. Flat Co. requires refundable advance payments for
custom-built guitar effects, gadgets, and racks. The
records of Flat Co. show the following:
Unearned revenue, January 1, 2017
1,000,000
Advances received during 2017
10,000,000
Advances applied to orders shipped in
8,000,000
2017
Advances pertaining to orders
300,000
cancelled in 2017
How much is the current liability on unearned
revenue?
a. None
c. ₱700,000
b. ₱2,700,000
d. ₱3,000,000
28. Black Company requires advance payments with
special orders for machinery constructed to customer
specifications. These advances are nonrefundable.
Information for the current year is as follows:
Advances from customers – January
₱1,180,000
1
Advances receive with orders
1,840,000
Advances applied to orders shipped
1,640,000
Advances applicable to orders
500,000
cancelled
FAR 6.1MC: CURRENT LIABILITIES
In the year-end statement of financial position, what
amount should be reported as current liability for
advances from customers?
a. ₱0
c. ₱880,000
b. ₱1,380,000
d. ₱1,480,000
Use the following information to answer the next four
questions:
Box Co. sells service contracts that cover a 2-year
period. the sales price of each contract is ₱1,000. Box
sold 1,000 contracts evenly throughout 2017. Box’s
past experience shows that of the total pesos spent
for repairs on service contracts, 40% in incurred
evenly during the first contract year and 60% evenly
during the second contract year.
29. How much is the current portion of the deferred
revenue to be presented in Box’s 2017 statement of
financial position?
a. ₱200,000
c. ₱500,000
b. ₱800,000
d. ₱1,000,000
30. How much is the noncurrent portion of the deferred
revenue to be presented in Box’s 2017 statement of
financial position?
a. ₱300,000
c. ₱500,000
b. ₱800,000
d. ₱1,000,000
31. How much is the service revenue recognized in 2017?
a. ₱200,000
c. ₱500,000
b. ₱800,000
d. ₱1,000,000
32. How much is the service revenue recognized in 2018?
a. ₱200,000
c. ₱500,000
b. ₱800,000
d. ₱1,000,000
Use the following information to answer the next two
questions:
Glass Co. sells monthly subscriptions for an industry
publication. Subscriptions received after the
November 1 cut-off date are held for publication in
the following year. Receipts during 2017 for
subscriptions were made evenly. Information on
subscription is shown below:
Unearned revenue – January 1, 2017
3,000,000
Receipts from subscriptions during
24,000,000
2017
33. How much is the unearned revenue balance on
December 31, 2017?
a. ₱4,000,000
c. ₱7,000,000
b. ₱12,000,000
d. ₱23,000,000
34. How much is the revenue from subscriptions during
2017?
a. ₱4,000,000
c. ₱15,000,000
b. ₱23,000,000
d. ₱24,000,000
Use the following information to answer the next two
questions:
Glass Co. sells subscriptions for an industry
publication published semiannually and shipped to
Page 4 of 6
subscribers on May 1 and November 1. Subscriptions
received after the April 1 and October 1 cut-off dates
are held for the next publication. Receipts during
2017 for subscriptions were made evenly.
Information on subscription is shown below:
Unearned revenue – January 1, 2017
3,000,000
Receipts from subscriptions during
24,000,000
2017
35. How much is the unearned revenue balance on
December 31, 2017?
a. ₱4,000,000
c. ₱7,000,000
b. ₱12,000,000
d. ₱23,000,000
36. How much is the revenue from subscriptions during
2017?
a. ₱4,000,000
c. ₱15,000,000
b. ₱23,000,000
d. ₱24,000,000
37. In November and December 2017, Avdent Company
received ₱792,000 for 1,000, 3-year subscriptions at
₱264 per issue per year, starting with the January
2018 issue. Avdent elected to include the entire
₱792,000 in its 2017 income statement for tax
purposes. What amount should Avdent report in its
2017 statement of financial position as unearned
subscription revenue?
a. None
c. ₱44,000
b. ₱264,00
d. ₱792,000
38. Dunne Company sells equipment service contracts
that cover a two-year period. The sales price of each
contract is ₱600. Dunne’s past experience is that, of
the total pesos spent for repairs on service contract,
40% is incurred evenly during the first contract year
and 60% evenly during the second contract year.
Dunne sold 1,000 contracts evenly throughout 2017.
In its December 31, 2017 statement of financial
position, what amount should Dunne report as
deferred service revenue?
a. ₱300,000
c. ₱360,000
b. ₱480,000
d. ₱540,000
39. Kent Company sells magazine subscriptions of one of
three-year periods. Cash receipts from subscribers
are credited to magazine subscriptions collected in
advance, and this account had a balance of
₱2,400,000 on December 31, 2016 expire as follows:
During 2017
₱600,000
During 2018
900,000
During 2019
400,000
In its December 31, 2016 statement of financial
position, what amount should Kent report as
magazine subscriptions collected in advance?
a. ₱500,000
c. ₱1,200,000
b. ₱1,900,000
d. ₱2,400,000
40. Greene Company sells office equipment service
contracts agreeing to service equipment for a twoyear period. Cash receipts from contracts are credited
to unearned service contract revenue and service
contract costs are charged to service contract
expense as incurred. Revenue from service contracts
is recognized as earned over the lives of the
FAR 6.1MC: CURRENT LIABILITIES
contracts. Additional information for the year ended
December 31, 2017 is as follows:
Unearned service contract revenue at
600,000
January 1
Cash receipts from service contracts sold
980,000
Service contract revenue recognized
860,000
Service contract expense
520,000
What amount should be reported as unearned service
contract revenue on December 31, 2017?
a. ₱460,000
c. ₱480,000
b. ₱490,000
d. ₱720,000
41. Annette Video Company sells 1- and 2-year
subscriptions for its video-of-the-month business.
Subscriptions are collected in advance and credited
to sales. An analysis of the recorded sales activity
revealed the following:
2016
2017
Sales
₱420,000 ₱500,000
Less cancelations
20,000
30,000
Net sales
400,000
470,000
Subscription
expirations:
2016
120,000
2017
155,000
130,000
2018
125,000
200,000
2019
_____
140,000
400,000
470,000
In the December 31, 2017 statement of financial
position, what should be reported as unearned
subscription revenue?
a. ₱340,000
c. ₱465,000
b. ₱470,000
d. ₱495,000
42. Rubber Co. has just opened a novelty store. Rubber
decided to sell gift certificates as part of its sales
promotion. Transactions relating to the gift
certificates during the year are shown below:
 Sold gift certificates worth ₱100,000.
 Gift certificates worth ₱80,000 were redeemed.
 ₱10,000 gift certificates expired.
 ₱2,000 gift certificates were estimated not to be
redeemed.
How much is the unearned revenue on gift
certificates as of year-end?
a. None
c. ₱8,000
b. ₱10,000
d. ₱100,000
43. Fell operates a retail grocery store that is required by
law to collect refundable deposits of ₱5 on soda cans.
Information for the current year follows:
Liability for refundable deposit –
January 1
150,000
Cans of soda sold
100,000
Soda cans returned
110,000
On February 1, Fell subleased space and received a
₱25,000 deposit to be applied against rent at the
expiration of the lease in 5 years. In the December 31
statement of financial position, what amount should
be reported as current liability for deposit?
a. ₱25,000
c. ₱100,000
Page 5 of 6
b.
₱125,000
d. ₱140,000
44. Koce Co. requires deposits from customers for the
containers of goods sold. The customers are refunded
for the deposits received when the containers are
returned within two years from the date of sale of the
related goods. Deposits for containers not returned
within the time limit are regarded as proceeds from
retirement of the containers. Information in 2017 is
as follows:
Container deposits at December 31, 2016, from
deliveries in: 2015, ₱20,000; and 2016, ₱45,000.
Deposits for containers delivered in 2017, ₱90,000.
Deposits for containers returned in 2017 from
deliveries in: 2015, ₱9,000; 2016, ₱25,000; and 2017,
₱46,000.
How much is the liability for deposits on returnable
containers on December 31, 2017?
a. None
c. ₱44,000
b. ₱64,000
d. ₱75,000
45. On the first day of each month, Bell Mortgage
Company receives from Kent Company an escrow
deposit of ₱250,000 for real estate taxes. Bell records
the ₱250,000 in an escrow account. Kent’s 2017 real
estate tax is ₱2,800,000, payable in equal
installments on the first day of each calendar quarter.
On January 1, 2017, the balance in the escrow
account was ₱300,000. On September 30, 2017, what
amount should be reported as escrow liability?
a. ₱150,000
c. ₱450,000
b. ₱850,000
d. ₱1,150,000
46. Clean Co. maintains escrow accounts and pays real
estate taxes for its customers. Escrow funds are kept
in interest-bearing accounts. Interest, less a 10%
service fee, is credited to the mortgagee’s account
and used to reduce future escrow payments.
Information on escrow accounts are shown:
Escrow accounts liability, January 1,
200,000
2017
Escrow payments received during
1,500,000
2017
Real estate taxes paid during 2017
500,000
Interest on escrow funds during 2017
100,000
How much is current liability for escrow accounts on
December 31, 2017?
a. ₱1,000,000
c. ₱1,200,000
b. ₱1,290,000
d. ₱1,300,000
47. Kemp Company must determine the December 31,
2017 accruals for advertising and rent expense. A
₱50,000 advertising bill was received in January 7,
2018, comprising costs of ₱35,000 for
advertisements in December 2017 issues, and
₱15,000 for advertisements in January 2018 issues of
the newspaper. A store lease, effective December 16,
2016, calls for a fixed rent of ₱120,000 per month,
payable one month from the effective date and
monthly thereafter. In addition, rent equal to 5% of
net sales over ₱6,000,000 per calendar year is
payable on January 31 of the following year. Net sales
for 2017 totaled ₱9,000,000. In the December 31,
2017 statement of financial position, what amount
should be reported as accrued liabilities?
a. ₱185,000
c. ₱210,000
b. ₱245,000
d. ₱260,000
48. Time Co. is preparing its December 31, 2017 yearend financial statements. The following information
was gathered:
 The bill for December’s utility costs of ₱30,000
was received and paid on January 10, 2018.
 A ₱20,000 advertising bill was received on
January 2, 2018. Of the total billing, ₱15,000
pertain to advertisements in December 2017 and
₱5,000 pertain to advisements in January 2018.
 A lease, effective December 16, 2016, calls for a
fixed rent of ₱100,000 per month, payable one
month after the commencement of the lease and
every month thereafter. In addition, rent equal to
5% of net sales over ₱1,000,000 per year is
payable on January 31 of the following year.
 Total cash sales and collections on accounts
amounted to ₱1,000,000. Accounts receivable has
a net increase of ₱200,000. Commissions of 15%
of sales are paid on the same day cash is received
from customers.
How much is the accrued liabilities on December 31,
2017?
a. None
c. ₱125,000
b. ₱135,000
d. ₱140,000
Answer Key:
BDBCD DCABA CBCAC
DAACD ADCCD BDCCA
ACABB CDBBD CCCBC
BBB
FAR 6.1MC: CURRENT LIABILITIES
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