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Re SA B43 FAR Final PB Exam - Questions, Answers
Solutions
Bachelor of Science in Accountancy (University of the Assumption)
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ReSA - THE REVIEW SCHOOL OF ACCOUNTANCY
CPA Review Batch 43  May 2022 CPALE  24 April 2022  8:00 – 11:00 AM
FINANCIAL ACCOUNTING & REPORTING
FINAL PRE-BOARD EXAMINATION
INSTRUCTIONS: Select the correct answer for each of the questions.
Mark only one
answer for each item by shading the box corresponding to the letter of your choice on
the answer sheet provided. STRICTLY NO ERASURES ALLOWED. Use pencil no. 2 only.
1. On December 31, 2022, the cash account of Shop Company shows the following
composition:
Petty cash fund, P180,000; Cash in bank (payroll fun +d), P2,000,000; Interest and
dividend fund, P250,000; Tax fund, P120,000; Cash in bank (current account),
P3,000,000; Certificate of deposit (terms 90 days), P1,000,000; Certificate of
deposit (terms 180 days), P1,500,000; Cash in foreign bank-restricted, P500,000;
Money market fund, (60 days), P500,000; Money market funds (6 months), P900,000;
Customer’s check dated February 15, 2023, P60,000; Customer’s check dated December
30, 2022 returned for lack of funds, P40,000; A 30-day BSP treasury bill, P1,000,000;
A 3-year BSP treasury bill acquired three months prior to maturity, P1,200,000;
Sinking fund cash, P800,000;Contingent fund, P900,000 Fund for the acquisition of
fixed asset, P500,000; Travelers’ checks, P60,000; and Cashiers’ checks, P100,000.
What is the correct cash and cash equivalents balance to be reported by Shop Company
on December 31, 2022?
a. P9,410,000
b. P9,320,000
c. P9,170,000
d. P9,780,000
2. The cash balance of Winter Company had the following information:
Descriptions
November
December
Cash balances per book
P1,200,000
P1,450,000
Cash balances per bank
1,400,000
1,838,500
Bank service charges
12,000
11,500
NSF checks
100,000
150,000
Notes collected by the bank
350,000
410,000
Deposit in transit
320,000
?
Outstanding checks
?
185,000
Book debit error
25,000
–
Book credit error
50,000
70,000
Bank credit error
–
65,000
Bank debit error
75,000
90,000
Bank receipts
2,550,000
Book disbursements
1,920,000
Note: errors were corrected in the following period. No other errors
affecting the cash balances.
Statement 1: The amount of deposit in transit as of December 31, 2022 is P90,000.
Statement 2: The amount of outstanding checks as of November 30, 2022 is P272,000.
a.
Only statement 1 is true
b.
Only statement 2 is true
c.
Both statements are true
d.
Both statements are false
3. The following is the summary of transactions of Trust Company in 2021 and 2022:
Credit sales
Collections of outstanding receivables
Accounts written off
Recovery of accounts previously written
off
Days past invoice date at December 31
0 – 30
31 – 90
91 – 180
Over 180
2022
P6,000,000
5,830,000
60,000
15,000
2021
P5,620,000
4,800,000
20,000
none
600,000
150,000
110,000
?
500,000
180,000
?
30,000
The company’s policy to provide allowance on its account receivable at year end as
follows: 0-30 days – 2%; 31-90 days – 5%; 91-180 days – 10%; and over 180 days –
20%.
Statement 1: The amount of uncollectible account expense in 2022 is P50,500.
Statement 2: The net realizable value of the accounts receivable as of December 31,
2022 is P869,500.
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FINANCIAL ACCOUNTING & REPORTING
ReSA Batch 43 - May 2022 CPALE Batch
24 April 2022  8:00 AM to 11:00 AM
a.
b.
c.
d.
FAR Final Pre-Board Exam
Only statement 1 is true
Only statement 2 is true
Both statements are true
Both statements are false
Use the following for the next two (2) questions:
The details of the accounts receivable of Dolomite Corporation as December 31, 2022
shows the following:
Beginning balance
P3,450,000
Sales on account made to customers
2,800,000
Collection of accounts receivable during the year
4,200,000
Accounts written off as uncollectible
90,000
The following transactions were included in the recorded transactions during the
year:
a. Invoice dated December 28, 2022 for P350,000 was shipped and received by the
buyer on December 31, 2022, this invoice was recorded in the book at P35,000.
b. Invoice dated and recorded on November 30, 2022 was erroneously priced at P32
per unit. There were 11,000 units of goods delivered which were received on
December 10, 2022. The agreed price should be at P22 per unit only.
Dolomite’s policy is to provide 5% of the outstanding balance of accounts receivable
as uncollectible and there is beginning balance of allowance for bad debts of P40,000.
4. Statement 1: The amount of bad debt expense in 2022 is P158,250.
Statement 2: The ending balance of allowance for bad debts is P108,250
a.
Only statement 1 is true
b.
Only statement 2 is true
c.
Both statements are true
d.
Both statements are false
5. Statement 1: Adjusting entry to adjust the balance of allowance for bad debts
include a credit of P102,250
Statement 2: The net realizable value of accounts receivable as of December 31,
2022 is P2,056,750.
a.
Only statement 1 is true
b.
Only statement 2 is true
c.
Both statements are true
d.
Both statements are false
6. On January 1, 2022, Decathlon Company sold an equipment costing P10,000,000 and
accumulated depreciation of P2,500,000. Decathlon received a P1,000,000 cash and a
10%, 7-year, P7,000,000 note receivable every December 31 in equal annual
installment of P1,000,000 plus interest starting December 31, 2022. Interest
effective on this note when received is at 8%.
Statement 1: The amount of gain (loss) on sale should Decathlon recognized on January
1, 2022 is P948,407.
Statement 2: The interest income in Decathlon’s statement of comprehensive income
for the period ending December 31, 2022 is P595,873.
a.
Only statement 1 is true
b.
Only statement 2 is true
c.
Both statements are true
d.
Both statements are false
7. Jude Company has several manufacturing plants all over the country. On December 29,
2022, a super typhoon hit the province of Bicol where one of the entity’s large and
major manufacturing plant is located. Because of the damages caused by the calamity,
the entity decided to abandon the plant which constitute a major line of business.
All work stop at the manufacturing plant during the year ended 2022. The carrying
amount of the entire manufacturing plant amounted only to P2,000,000 as of the end
of the year. The operations of this manufacturing plant managed to generate P100,000
profit from operations before tax. The prevailing tax rate was at 30%. The fair
value less cost to sell was determined to be P1,990,000 and the value in use was at
P1,950,000 at the end of the year. How much should be reported as non-current asset
held for sale as of December 31, 2022?
a.
P0
b.
P1,990,000
c.
P1,950,000
d.
P2,000,000
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FINANCIAL ACCOUNTING & REPORTING
ReSA Batch 43 - May 2022 CPALE Batch
24 April 2022  8:00 AM to 11:00 AM
FAR Final Pre-Board Exam
8. Lany Incorporated had the following balances of assets and liabilities in 2022:
Beginning balances:
Cash and cash equivalents
P250,000
Accounts payable
P120,000
Trade and other receivables
150,000
Notes payable
80,000
Inventories
210,000
Bonds payable
200,000
Prepaid expenses
50,000
Mortgage payable
240,000
Property, plant and equipment net
350,000
Ending balances:
Cash and cash equivalents
Trade and other receivables
Inventories
Prepaid expenses
Property, plant and equipment net
P230,000
250,000
300,000
40,000
Accounts payable
Notes payable
Bonds payable
Mortgage payable
P100,000
60,000
170,000
240,000
300,000
How much is the net income in 2022 if Lany Incorporated have contributed a total of
P250,000 and withdrawn P150,000 during the year?
a.
P180,000
b.
P150,000
c.
P120,000
d.
P80,000
9. On January 2, 2021, Puma Company receives a government loan of P2,000,000 paying a
coupon interest of 1% per year. The loan is repayable at the end of year 6. Puma
Company’s borrowing cost is 7% per annum. The below-market interest is provided by
the government to enable Puma Company to bear cost of 1% per annum on the nominal
value of the loan.
Statement 1: Puma Company should recognize income from government grant amounting
to P85,558 for the year ended December 31, 2022?
Statement 2: Puma Company should report P314,918 deferred income from government
grant on December 31, 2023?
a.
Only statement 1 is true
b.
Only statement 2 is true
c.
Both statements are true
d.
Both statements are false
10.
Matcha Company asks you to review its December 31, 2022, inventory values and
prepare the necessary adjustments to the books. The following information is given
to you.
[1.] Matcha uses the periodic method of recording inventory. A physical count
reveals P2,348,900 inventory on hand at Dec. 31, 2022.
[2.] Not included in the physical count of inventory is P134,200 of merchandise
purchased on Dec. 15 from Standing. This merchandise was shipped F.O.B. shipping
point on Dec. 29 and arrived in Jan. The invoice arrived and was recorded on
Dec. 31.
[3.] Included in inventory is merchandise sold to Oval on Dec. 30, F.O.B.
destination. This merchandise was shipped after it was counted. The invoice was
prepared and recorded as a sale on account for P128,000 on Dec. 31. The
merchandise cost P73,500, and Oval received it on Jan. 3.
[4.] Included in inventory was merchandise received from Owl on Dec. 31 with an
invoice price of P156,300. The merchandise was shipped F.O.B destination. The
invoice, which has not yet arrived, has not been recorded.
[5.] Not included in inventory is P85,400 of merchandise purchased from Oxygen
Industries. The merchandise was received on Dec. 31 after the inventory had been
counted. The invoice was received and recorded on Dec. 30.
[6.] Included in inventory was P104,380 of inventory held by Matcha on consignment
from Ovoid Industries.
[7.] Included in inventory is merchandise sold to Kemp F.O.B. shipping point. This
merchandise was shipped after it was counted. The invoice was prepared and
recorded as a sale for P189,000 on Dec. 31. The cost of this merchandise was
P105,200, and Kemp received the merchandise on Jan. 5.
[8.] Excluded from inventory was carton labeled <Please accept for credit.= This
carton contains merchandise costing P15,000 which had been sold to a customer
for P25,000. No entry had been made to the books to reflect the return, but none
of the returned merchandise seemed damaged.
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FINANCIAL ACCOUNTING & REPORTING
ReSA Batch 43 - May 2022 CPALE Batch
24 April 2022  8:00 AM to 11:00 AM
FAR Final Pre-Board Exam
The adjusted inventory cost of Matcha Company at December 31, 2022 should be?
a.
P2,188,720
b.
P2,225,620
c.
P2,373,920
d.
P2,473,420
11. On April 1, 2021 Jack Frost Co. purchased a P200,000 at face value bond investment
that will mature on April 1, 2027. Interest on this bond is collectible every April
1 starting 2022, Jack Frost Co. account for this investment based on business model
of collecting contractual cash flows and to sell when circumstances warrant. Jack
Frost Co. paid transaction cost of P10,160 to acquire the investment. The bond
after transaction cost will yield 5% interest. Effective interest at the end of
2021, and 2023 were 3%, and 6%, respectively. While the investment is quoted at
105 on December 31, 2022. Jack Frost Co. reported interest income of P7,881 in 2021
on this bond, amortization of P1,119 and cumulative balance in other comprehensive
income of P19,707 at the end of 2021. How much is the correct interest income that
Jack Frost should report in its Statement of Comprehensive income for the period
ending December 31, 2022?
a.
P10,452
b.
P10,508
c.
P10,635
d.
P10,712
12. On January 2, 2021, Review Inc. acquired 15% interest in Resa Co. by paying
P1,500,000 for 7,500 ordinary shares. On this date, the net assets of Resa Co.
totaled P9 million. The investment was designated as a financial asset at fair
value through other comprehensive income. The fair values of Resa Co.’s identifiable
assets and liabilities approximate their book values. On August 1, 2021, Review
received dividends of P4 per share from Resa Co. Fair value of the shares on
December 31, 2021 was P190. Net income reported by Resa for the year ended December
31, 2021 amounted to P1,500,000.
On July 1, 2022, Review Inc. paid P1 million to purchase 5,000 additional shares of
Resa Co. from another shareholder. On this date the fair value of the net assets
exceeds carrying value by P500,000 attributable to depreciable asset with estimated
remaining life of 5 years. On February 1, 2022, cash dividends of P5 per share was
received from Resa Co. while another dividends of P6 per share was received on
August 1, 2022. Net income reported for the year ended amounted to P1,500,000 with
P800,000 being earned for the second half (July – December) six months ended December
31, 2022. What is the carrying value of the investment as of December 31, 2022?
a.
P2,577,500
b.
P2,612,500
c.
P2,712,500
d.
P2,881,500
Use the following for the next three (3) questions:
Data given for three different companies were as follows:
Lotus Co. started its business in 2021. It sells printers with three year warranty
cost as percentage of sales. Based on past experience, it is estimated that 3% will be
repaired during the first year of warranty, 5% will be repaired during the second year
of warranty and 8% will be in the third year. In 2021 and 2022,the company able to
sell 7,000 and 8,600 units respectively at a selling price of P4,500 per unit. The
company also incurred actual repair costs of P P1,250,000 and P2,110,000 in 2021 and
2022, respectively.
Sunflower Co. issues on December 31 2020, 15-year bonds of P5,000,000 for P5,380,304
to yield 10%. Interest is payable annually on December 31, at 11%. On June 30, 2022,
Sunflower retires 2,000 of its own P1,000 bonds at 96 including accrued interest. The
accounting period of Sunflower is the calendar year.
Gumamela Co. records its purchases at gross amount but wishes to change to recording
purchases net of purchase discounts. Discounts available on purchases recorded from
January 1, 2022 to December 31, 2022, totaled P10,000. Of this amount, P1,000 is still
available in the accounts payable balance. The balances in Gumamela's accounts as of
and for the year ended December 31, 2022, before conversion are: Purchases, P500,000;
Purchase discounts taken, P4,000; Accounts payable, P150,000.
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FINANCIAL ACCOUNTING & REPORTING
ReSA Batch 43 - May 2022 CPALE Batch
24 April 2022  8:00 AM to 11:00 AM
FAR Final Pre-Board Exam
13. The amount of warranty liability reported in Lotus Company’s December 31, 2022
Statement of Financial Position assuming an assurance type warranty should be:
a.
P6,782,000
b.
P6,845,000
c.
P7,872,000
d.
P7,922,000
14. Sunflower Company’s gain (loss) on retirement of bonds is?
a.
P109,434 gain
b.
P109,434 loss
c.
P334,700 gain
d.
P334,700 loss
15. Gumamela Company’s entry to record the conversion in the recording of purchases
from the gross to net method shall include the following EXCEPT:
a.
Debit to purchases of P10,000
b.
Debit to accounts payable of P1,000
c.
Debit to purchase discount lost of P5,000
d.
Debit to purchase discount of P4,000
Use the following for the next three (3) questions:
Relevant data for three different companies were as follows:
Basil Company inaugurated a premiums promotional campaign at the beginning of 2021.
Two stickers are included for every sachet of shampoo sold. These stickers will be
used to redeem a hair brush. To claim one hair brush, a customer shall present 30
stickers. Each sachet of shampoo is sold at P15 while the hair brush had a cost of P5
each. The following is the summary of the promotional campaign for years 2021 and 2022:
2021
2022
Total sachet of shampoo sold
300,000
562,500
Total stickers presented for redemption
405,000
825,000
The company estimates that only 80% of the stickers will be presented for redemption.
The hair brush can be sold separately at P10 if not use in premium promotional program.
Pesto Company started its business in selling printers with three-year warranty. It
estimates its warranty cost as a percentage of peso sales. Based on past experience,
it is estimated that 3% will be repaired during the first year of warranty, 5% will be
repaired during the second year of warranty and 7% will be repaired in the third year.
The product warranty provides service other than agreed upon specification. In 2021
and 2022, the company was able to sell 10,000 units and 12,500 units, respectively at
a total price of P7,000 per unit. The company also incurred actual repair costs of
P3,500,000 and P9,500,000 in 2021 and 2022, respectively. The selling price of the
warranty is P2,000 per unit. The printer is selling at P5,000 if without the warranty.
The liability for compensated absences of Tomato Company had a beginning balance of
P555,000, it represents the probable unused sick leave and vacation leave in 2021 and
prior to 2021 carried over to 2022. The company’s policy is to allow the employees to
carry over unused leaves over two years from year of grant, thereafter, it shall
expire. Salary rate for current year (2022) increased by 7%. The balance cumulative
unused sick leave and vacation leave are as follows:
Prior to 2021 leaves carried over to 2022
300
days
Leaves earned in 2022 carried over to 2023
600
days
2021 leaves earned carried over to 2022
625
days
Prior to 2021 leaves used in 2022
720
days
Of the total leaves used in 2022, from prior to 2021 leaves used in 2022, 285 were
earned by employee prior to 2021.
16. Basil Company should reported unearned premium income at the end of December 31,
2022 of?
a.
P24,142
b.
P37,524
c.
P48,283
d.
P49,817
17. Pesto Company should report unearned warranty income at the end of December 31,
2022 of?
a.
P10,625,000
b.
P16,000,000
c.
P21,666,667
d.
P29,333,333
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FINANCIAL ACCOUNTING & REPORTING
ReSA Batch 43 - May 2022 CPALE Batch
24 April 2022  8:00 AM to 11:00 AM
FAR Final Pre-Board Exam
18. Tomato Company should report liability for compensated absences at the end of
December 31, 2022 of?
a.
P302,625
b.
P418,340
c.
P507,180
d.
P523,735
Use the following for the next four (4) questions:
Information provided relative to three different companies follows:
Jollibee Company purchased an equipment at P6,500,000 on January 1, 2020 which will be
used for a total of 10 years, no salvage value. Jollibee accounted for this equipment
using the revaluation model. The value in use of the assets during the three revaluation
dates were P5,556,000, P4,413,000 and P4,240,000 on December 31, 2020; 2021; and 2022.
While the fair values are P5,500,000, P4,620,000; and P4,770,000; respectively for
2020, 2021 and 2022 with cost to sell of P100,000; P120,000; and P110,000, respectively.
On February 1, 2022 McDonalds Company purchased an equipment from Shakey’s Corporation
in exchange for a seven-year, non-interest-bearing note requiring five payments of
P110,500 and two payments of P140,500. The first five payment of P110,500 is to be
made on February 1, 2023 – 2027, and the others are due annually on February 2, 2028
and 2029. At date of issuance, the prevailing rate of interest for this type of note
was 9%. In addition, McDonalds paid cash of P75,000 as down-payment, and incurred
installation cost of P15,000; Testing cost of P10,000 and paid insurance of P5,000
while the equipment is in transit.
Popeye’s Company constructed its own building which qualifies for interest
capitalization. Popeye’s incurred the following cost and had the following outstanding
borrowings while the building is under construction.
January 1, 2022
P3,000,000
March 31, 2022
2,500,000
June 30, 2022
2,100,000
November 1, 2022
1,275,000
September 1, 2023
5,575,200
Outstanding borrowings:
Dated January 1, 2022 - 3,000,000; 7% (specific)
Dated January 1, 2022 - 2,000,000; 10% (general)
Dated January 1, 2023 - 4,000,000; 8% (general)
The construction was completed on December 31, 2023 and ready for its intended use.
19. How much is the gain on reversal should Jollibee Company recognize in its income
statement for the year ended December 31, 2022?
a.
P110,000
b.
P412,650
c.
P612,500
d.
P722,500
20. What amount should McDonalds initially recognized the equipment on February 2,
2022?
a.
P620,440
b.
P695,440
c.
P1,136,936
d.
P1,241,936
21. How much is the initial cost of the building when completed on December 31, 2023
in Popeye’s financial position?
a.
P15,590,200
b.
P15,673,267
c.
P15,889,711
d.
P15,925,333
22. How much of interest should Popeye capitalized in 2023 related to self-constructed
building?
a.
P915,761
b.
P865,333
c.
P730,000
d.
P715,711
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FINANCIAL ACCOUNTING & REPORTING
ReSA Batch 43 - May 2022 CPALE Batch
24 April 2022  8:00 AM to 11:00 AM
FAR Final Pre-Board Exam
The following costs are incurred by Ilang-ilang Corporation:
Goodwill purchased in a business combination
Cost of developing website for the promotion and advertisement
of the entity’s products and services
Cost incurred in the corporation’s formation and organization
Operating losses incurred in the start-up of the business
Initial franchise fees paid
Continuing franchise fees
Internally generated goodwill
Cost of purchasing a patent from an inventor
Cost of leasehold improvement
Legal costs incurred in successfully defending a patent
Internally generated customer list
Cost of purchasing a trademark
Computer software for a computer-controlled machine that cannot
operate without that specific software
500,000
150,000
230,000
130,000
175,000
50,000
800,000
137,000
70,000
55,500
40,000
250,000
325,500
23. How much from the above items can be recognized as intangible assets including
goodwill?
a.
P1,062,000
b.
P1,132,000
c.
P1,172,000
d.
P1,387,500
Everlasting Corporation provided the following information regarding its Research JPB04 included in the company’s Intangible account as of December 31, 2022:
Research JPB-04 is for a research project which consists of the following charges:
Salaries of research staff
P18,000
Patent acquired solely for the use in the project
12,000
Special equipment acquired and useful for various
Similar research activities
10,000
Patent acquired for use in several research
Projects including JPB-04
16,000
The equipment and patents have been found to be useful for approximately four years.
Both the patents and equipment were acquired at the beginning of 2022.
24. How much should be recognized as research and development expense for the year
2022?
a.
P56,000
b.
P36,500
c.
P35,200
d.
P26,000
Helsinki Company was able to patent one of its new machines with the Intellectual
Property Office of the Philippines on January 3, 2022. The cost of the patent recorded
by the client included the following items:
Purchase of special equipment for used in operations
P1,650,000
Research salaries and fringe benefits for engineers and scientists
310,000
Cost of testing prototype
420,000
Legal cost of filing for patent
375,000
Fees paid to government patent office
125,000
Drawings required by patent office to be filed with patent application
88,000
25. How much is the initial cost of the patent?
a.
P588,000
b.
P1,008,000
c.
P1,318,000
d.
P2,968,000
On January 1, 2022, Iced Latte Corporation issued 5,000 10-year bonds of 12% P1,000
face value, each with warrants to acquire ordinary shares at P60 per share. The interest
on the bonds is payable annually every December 31. Each bond contains one warrant
which can be used to acquire 5 shares of P50 par value ordinary shares. It is estimated
that without the warrants, the bonds would sell at 98. The bond price with warrants is
105.
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FINANCIAL ACCOUNTING & REPORTING
ReSA Batch 43 - May 2022 CPALE Batch
24 April 2022  8:00 AM to 11:00 AM
FAR Final Pre-Board Exam
26. What amount is allocated to equity upon issuance of bonds?
a.
P250,000
b.
P300,000
c.
P350,000
d.
P400,000
Salted Caramel Corporation issued P1,500,000 of 8% bonds on October 1, 2020 due on
October 1, 2023 at 105. The interest is to be paid twice a year on April 1 and October
1. When the bonds was issued, the prevailing market rate was 10% without the conversion
privilege. The corporation closes its books annually on December 31. Each P1,000 bond
is convertible into 10 shares of P100 par value ordinary share. The bonds were retired
on April 1, 2023 at 102 and on this date, the prevailing market rate was 9% without
the conversion privilege.
27. How much gain (loss) should Salted Caramel record upon retirement of these bonds?
a.
P37,177 gain
b.
P37,177 loss
c.
P7,109 gain
d.
P7,109 loss
White Mocha Company has an overdue note payable to Australia Bank of P9,000,000 and
recorded accrued interest of P 810,000. On December 31, 2022, Australia Bank agreed to
the following restructuring agreement:
• Reduce the principal obligation by P1,000,000
• Waive the P 810,000 accrued interest
• Extend the maturity date to December 31, 2024.
• Annual interest of 9% of the new principal is to be paid on December 31, 2023
and December 31, 2024.
• The prevailing market interest rate for similar debt instrument on the date of
restructuring is 10%
28. How much is the gain on debt restructuring?
a.
P2,008,948
b.
P1,809,864
c.
P1,199,032
d.
P0
Matcha Corp. had P500,000 net income in 2022. On January 1, 2022, there were 200,000
shares of ordinary outstanding. On April 1, 20,000 shares were issued and on September
1, bought 30,000 shares of treasury shares. There are 30,000 options to buy ordinary
shares at P40 per share. The market price of the ordinary shares averaged P50 during
2022. The tax rate is 40%.
During 2022, there were 40,000 shares of cumulative preference shares outstanding. The
preference has P100 par, pays dividend of P3.50 per year, and is convertible into three
shares of ordinary.
Matcha issued P2,000,000 of 8% convertible bonds at face value during 2021. Each P1,000
bond is convertible into 20 shares of ordinary.
29.
How much is the basic earnings per share for 2022?
a.
P1.71
b.
P1.76
c.
P1.60
d.
P1.17
30. How much is the diluted earnings per share for 2022?
a.
P1.71
b.
P1.68
c.
P1.51
d.
P1.46
Use the following for the next two (2) questions:
The following data were summarized for two different companies:
An equipment was purchased on January 2, 2019 by Summer Incorporated from a private
individual paying cash of P2,000,000; issuing 10,000 of its P100 par value shares (with
fair value of P120 on January 2, 2019); and a 3-year, non-interest bearing, P3,000,000
face value notes payable. Prevailing rate of interest on the notes payable on January
2, 2019 was at 12%. Summer uses SYD in depreciating this equipment and estimates useful
life of 8 years with P50,000 residual value.
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ReSA Batch 43 - May 2022 CPALE Batch
24 April 2022  8:00 AM to 11:00 AM
FAR Final Pre-Board Exam
Winter Company purchased on January 2, 2019, a new set of furniture and fixtures by
issuing 5,000 of its P100 par value shares (FV on this date is P110), in addition to
P200,000 cash paid in connection to purchase. The P200,000 is broken as follows:
Freight and delivery charges
P80,000
Non-refundable purchase taxes
70,000
Furniture cover*
50,000
Total
P200,000
*the furniture cover was requested by the company president because he wanted his office furniture
looks good. The cover does not enhance the asset.
The furniture and fixture is depreciated using 1.5 declining balance with an estimated
useful life of four years and salvage value of P80,000.
31. How much depreciation expense should Summer Company recognized in its income
statement for the year ending December 31, 2022?
a.
P587,260
b.
P734,075
c.
P741,020
d.
P592,816
32. What is the amount of depreciation expense – furniture and fixtures should Winter
Company recognized in its December 31, 2022 income statement?
a.
P56,726
b.
P64,087
c.
P90,898
d.
P102,539
Moana Corporation’s December 31, 2022 balance sheet reports the following shareholders’
equity:
10% Cumulative Preference share capital, P100 par value per share,
30,000 shares issued and outstanding, liquidation value of P105
P3,000,000
Ordinary share capital, P100 par value, 60,000 shares issued
6,000,000
Share premium
500,000
Treasury shares, (ordinary) 5,000 shares at cost
600,000
Retained Earnings
4,000,000
Subscribed ordinary share, net of P400,000 subscription receivable
1,000,000
Revaluation surplus
700,000
Preference dividends have not been paid since last year up to the end of 2022.
33. What is the book value per share on ordinary share?
a.
173.08
b.
163.04
c.
166.92
d.
157.25
34. What is the book value per share on preference share?
a.
125.00
b.
115.00
c.
120.00
d.
105.00
Mary Grace Company issued all of its authorized ordinary shares for P250 in 2021. On
January 3, 2022, Mary Grace acquired 20,000 shares of its share at P200 per share and
retired them. Mary Grace accounts as at December 31, 2021 follow:
Ordinary shares, P100 par value, 100,000 shares authorized
P 10,000,000
Share premium
15,000,000
Retained earnings
6,500,000
35. What should be the total shareholders’ equity immediately after the retirement of
the shares?
a.
P27,000,000
b.
P27,500,000
c.
P28,000,000
d.
P28,500,000
Use the following for the next two (2) questions:
On February 2, 2022, Frankie’s Corp. was authorized to issue 1,200,000 shares of
ordinary share at P15 par value per share and 500,000 shares of 7% preference share at
P100 par value. During the first year of operations, 500,000 ordinary shares were
issued at P28 per share and 60,000 preference shares for P130 per share. 6,000 ordinary
shares were issued in payment of a current operating debt of P186,000.
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ReSA Batch 43 - May 2022 CPALE Batch
24 April 2022  8:00 AM to 11:00 AM
FAR Final Pre-Board Exam
In addition, on December 10, 2022, subscriptions for 50,000 shares of ordinary share
were taken at a purchase price of P30. Sixty percent of the subscribed shares were
paid on December 15, 2022. In the first year of operation, the net income was
P1,420,000. During the year, dividends of P360,000 were paid to shareholders. At the
end of the year, total liabilities were P820,000.
36. How much is the contributed capital at the end of the first year.
a.
P22,886,000
b.
P22,754,000
c.
P21,985,000
d.
P21,856,000
37. How much is the total shareholders' equity at the end of the first year.
a.
P23,946,000
b.
P24,126,000
c.
P23,736,000
d.
P24,636,000
The shareholders' equity section of Ramen Nagi Corporation as of December 31, 2021,
contained the following accounts:
Ordinary share, 2,000,000 shares authorized; 1,000,000 shares issued
P3,000,000
and outstanding
Share premium
4,000,000
Retained earnings
6,000,000
Ramen Nagi’s board of directors declared a 10 percent bonus issue on April 1, 2022,
when the market value of the share was P7 per share. Accordingly, 100,000 new shares
were issued. Ramen Nagi’s entire share has a par value of P3 per share.
38. Assuming Ramen Nagi sustained a net loss of P1,200,000 for the quarter ended March
31, 2022, what amount should Ramen Nagi report as retained earnings as of April 1,
2022?
a.
P3,960,000
b.
P3,990,000
c.
P4,100,000
d.
P4,210,000
Use the following for the next two (2) questions:
On January 1, 2022, Miller Textiles leased a cutting machine from Good Machinery. The
lease is for five years with bargain purchase option of P100,000. It is reasonably
certain that Miller will exercise the option at the end of the lease period. The
machine has an estimated useful life of 8 years with zero residual value. The lease
calls for Miller to make annual payments of P250,000 due at the beginning of each year.
Miller uses the straight-line method of depreciation and pays 10% interest on borrowed
money.
The lease contract also requires Miller to make variable lease payments based on the
increase in consumer price index (CPI) at the start of each year compared to the CPI
on January 1, 2022. The CPI is 110 on January, 2022, and 120 on January 1, 2023.
39. What is the carrying amount of the right-of-use asset at the end of 2022?
a.
P895,820
b.
P899,819
c.
P966,489
d.
P995,224
40. How much is the increase or decrease in lease liability due to remeasurement on
January 1, 2023?
a.
P79,247 increase
b.
P69,872 increase
c.
P65,829 decrease
d.
P69,953 decrease
41. At the beginning of 2022, Evans Industries acquired a machine with fair value of
P6,074,699 by signing a 4-year lease, which is the expected useful life of the
machine passing. The lease is payable in four equal annual payments of P2 million
at the end of each year. The implicit rate in the lease is 12%. What is the initial
cost of the right of-use-asset?
a.
P6,074,699
b.
P6,000,000
c.
P7,925,389
d.
P8,000,000
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ReSA Batch 43 - May 2022 CPALE Batch
24 April 2022  8:00 AM to 11:00 AM
FAR Final Pre-Board Exam
42. On January 1, 2022, Dire Corporation signed a ten-year noncancelable lease for
certain machinery. The terms of the lease called for Dire to make annual payments
of P150,000 at the end of each year for ten years with title to pass to Dire at
the end of this period. The machinery has an estimated useful life of 15 years.
Dire uses the straight-line method of depreciation for all of its fixed assets.
Dire accordingly accounted for this lease transaction as a finance lease. The
interest rate of 8% is implicit in the lease. Dire has an option to purchase the
asset at the end of lease term at P120,000 which is reasonably certain to exercise
by Dire. Estimated residual value at the end of 10 years is P100,000 and end of 15
years is P80,000. Dire incurred a total of P350,000 direct cost to enter the lease.
Dire should record for 2022:
a.
lease expense of P150,000.
b.
interest expense of P80,521 and depreciation expense of P85,101.
c.
interest expense of P84,968 and depreciation expense of P88,806.
d.
interest expense of P85,681 and depreciation expense of P131,210.
43. Porcha Corp.'s transactions for the year ended December 31, 2022 included the
following:
• Acquired 50% of Ford Corp.'s ordinary shares for P180,000 cash which was borrowed
from a bank.
• Issued 5,000 shares of its preference shares for land having a fair value of
P320,000.
• Issued 500 of its 11% debenture bonds, due 2026, for P392,000 cash.
• Purchased a patent for P220,000 cash.
• Paid P120,000 toward a bank loan.
• Sold available-for-sale securities for P796,000.
• Had a net increase in returnable customer deposits (long-term) of P88,000.
Porcha’s net cash provided by investing activities for 2022 was
a.
P296,000
b.
P396,000
c.
P476,000
d.
P616,000
Use the following for the next two (2) questions:
On January 1, 2022, Guevara’s Company reported the fair value of plan assets at
P6,700,000 and defined benefit obligation at P6,100,000. Transactions affecting the
balances for the current year are as follows:
Current service cost
P1,125,000
Past service cost
325,000
Contribution to the plan
1,290,000
Benefits paid to retirees at scheduled date
800,000
Actual return on plan assets
837,500
Decrease in defined benefit obligation due to changes
in actuarial assumption
135,000
Rate of return on high quality corporate bonds
10%
44. How much is the amount of benefit expense reported in its statement of comprehensive
income as a component of profit or loss?
a.
P948,000
b.
P1,074,000
c.
P1,390,000
d.
P1,510,000
45. How much is the amount reported in its December 31, 2022 statement of financial
position as pension asset or liability?
a.
P532,500 asset
b.
P532,500 liability
c.
P802,500 asset
d.
P802,500 liability
46. Juancho Company encourages its employees older than 60 years to extend their
employment with the entity by promising a lump sum benefit equal to 5% of final
salary for each year of service they remain employed by the entity after their 60th
birthday provided they remain employed until they are 65, at which time, in
accordance with local laws, employees are required to retire. The benefit is payable
to the employees on retirement. There are five (5) employees entitled for the
benefit whose 60th birthday is on January 1, 2021.
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ReSA Batch 43 - May 2022 CPALE Batch
24 April 2022  8:00 AM to 11:00 AM
FAR Final Pre-Board Exam
Their salary rates for the year ended December 31, 2021 is P1,000,000. In 2021 the
entity made the following assumptions:
• Employees salary rate should increase by 9% compounded each year.
• The rate of return on quality corporate bonds is 12%.
• The employee salary rate for 2022 is P1,120,000.
How much is the current service cost in 2022?
a. P224,271
b. P261,281
c. P258,097
d. P263,908
Use the following for the next two (2) questions:
The accountant of Honda Company presented to you the following information in 2022:
Pre-tax financial income
P3,000,000
Impairment loss on Machinery
50,000 DTA
Unearned rental income
350,000 DTA
Prepaid advertising expense
250,000 DTL
Interest income on time deposit
80,000
Excess tax depreciation over accounting depreciation
520,000 DTL
Installment sale which will be recognized as taxable income
upon collection
900,000 DTL
Bad debts expense using a method under accrual basis
75,000 DTA
Provision for warranty
180,000 DTA
Unrealized loss on trading securities
20,000 DTA
Impairment loss on goodwill
30,000
Income tax rate is constant at 30% for all years.
47. How much is the deferred tax asset at December 31, 2022?
a. P501,000
b. P202,500
c. P298,500
d. P586,500
48. How much is the deferred tax liability at December 31, 2022?
a. P501,000
b. P202,500
c. P298,500
d. P586,500
49. On December 1, 2022, Telon Corp. engaged the following transactions:
• The company pledge P600,000 of its accounts receivable as a security for a
P500,000 loan with Yupy Bank.
• Factored P1,300,000 of accounts receivable without recourse on a notification
basis with Yalong Finance Company. Yalong Finance charged a factoring fee of 10%
of the amount of receivable factored and withheld 15% of the receivable factored.
• A customer’s P700,000, 7-month, 5% note receivable dated August 1, 2022 was
discounted with Yummy Bank at 8% discount rate on a with recourse basis.
How much is the total cash received from the financing of receivables?
a. P2,181,008
b. P2,218,006
c. P2,197,206
d. P2,132,005
50. On January 1, 2022, Canada Corp. purchased, 5-year bonds with a face value of
P7,500,000 and a stated interest rate of 10% per year payable semi-annually every
June 30 and December 31. The bonds were acquired to yield 11%. These were recorded
as financial assets at amortized cost. On July 31, 2024, the bonds were sold at
111 including accrued interest. How much is the purchase price of the bonds?
a. P7,217,339
b. P7,262,927
c. P7,331,291
d. P7,341,291
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FINANCIAL ACCOUNTING & REPORTING
ReSA Batch 43 - May 2022 CPALE Batch
24 April 2022  8:00 AM to 11:00 AM
FAR Final Pre-Board Exam
51. For a sale to be highly probable, the following should be evident, except
a. The appropriate level of management must be committed to a plan to sell
the asset (or disposal group), and an active programme to locate a buyer
and complete the plan must have been initiated.
b. The asset (or disposal group) must be actively marketed for sale at a price
that is reasonable in relation to its current fair value.
c. The sale should be expected to qualify for recognition as a completed sale
within one year after the reporting period.
d. Actions required to complete the plan should indicate that it is unlikely
that significant changes to the plan will be made or that the plan will be
withdrawn.
52. Statement 1: Bank service charge is a book reconciling item and will never affect
the bank proof of cash.
Statement 2: The notes collected by the bank in prior period is added to current
months receipts to arrive at the book adjusted cash balance.
a. Only statement 1 is true
b. Only statement 2 is true
c. Both statements are true
d. Both statements are false
53. The book recorded a check disbursement in November for P15,000, the correct amount
is P25,000. This was corrected in December. How would this affect the book proof
of cash?
a. November cash balance is reduced by P10,000 while the disbursement is
reduced by P10,000.
b. November cash balance is reduced by P10,000 while the receipts is increased
by P10,000.
c. November and December cash balances are both reduced by P10,000.
d. November cash balance is reduced by P10,000 while the disbursement is
increased by P10,000.
54. Assuming that your provisions for bad debts increase by 50% from prior period
provision for bad debt while your ending balance of allowance remains the same.
Which of the following is true?
a. the ratio of write-off and beginning balance of allowance is higher than
the ratio of write-off and ending balance of allowance.
b. the ratio of write-off and beginning balance of allowance is less than the
ratio of write-off and ending balance of allowance.
c. the ratio of write-off and beginning balance of allowance is equal to the
ratio of write-off and ending balance of allowance.
d. Not determinable.
55. When the allowance method of recognizing bad debt expense is used, the allowance
for doubtful accounts would decrease when
a. Specific account receivable is collected
b. Account previously written off is collected
c. Specific uncollectible account is written off
d. Account previously written off becomes collectible
56. For which type of investments would unrealized holding gain or loss be recorded
directly in an owner’s equity account?
a. Investment in associates
b. Equity investment at fair value through OCI
c. Equity investment at fair value through P&L
d. Debt investment at amortized cost
57. If the combined market value of equity investment at fair value through profit or
loss at the end of the year is more than the market value of the same portfolio of
trading securities at the beginning of the year, the difference should be accounted
for by:
a. reporting an unrealized loss in security investment in the stockholders’
equity section of the balance sheet
b. reporting an unrealized loss in security investments in the income
statement
c. reporting an unrealized gain in security investments in the income
statement
d. a footnote to the financial statements
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ReSA Batch 43 - May 2022 CPALE Batch
24 April 2022  8:00 AM to 11:00 AM
FAR Final Pre-Board Exam
58. Which of the following statements regarding debt securities classified at fair
value through profit or loss is incorrect?
a. They are held primarily to be sold in a short period of time.
b. Unrealized holding gains and losses are reported in the profit or loss.
c. Any discount or premium on debt securities is amortized using the effective
interest method.
d. Gain on sale is the excess of net selling price over the previous fair
value of securities sold.
59. Which of the following costs generally would be capitalized to a property, plant
and equipment account?
a. interest on debt incurred to purchase the item
b. property taxes relating to periods after acquisitions
c. import duties incurred on purchase
d. freight-out
60. Which statements are correct concerning measurement of cost of property, plant and
equipment?
I. The purchase price of an item of property, plant and equipment is the cash price
equivalent at the date of recognition
II. If payment is deferred beyond normal credit terms, the difference between the
cash price equivalent and total payment is recognized as interest expense over the
life of the asset.
III. If an item of property, plant and equipment is acquired in exchange for a
nonmonetary asset or a combination of monetary and nonmonetary asset, the cost of
such item is measured at fair value unless the exchange transaction lacks commercial
substance or fair value of either asset received or given up is not reliably
determinable.
IV. If an entity is able to determine reliably the fair value of both the asset
given up and asset received in an exchange, the fair value of the asset given up is
used to measure the cost of asset received in exchange.
a. I and IV only
b. I, II and III
c. I, III and IV
d. All statements are correct
61. Identify the cost formula that is described in the following statements:
Statement 1: The cost formula in which the oldest cost incurred rarely have an
effect on the ending inventory valuation.
Statement 2: The cost formula in which the cost of each item is determined from
weighted average of the cost of similar items at the beginning of each period and
the cost of similar items purchased or produced during the period.
a. Specific Identification, Weighted Average
b. FIFO, Weighted Average
c. Specific Identification, Moving Average
d. FIFO, Moving Average
62. Under PFRS 8, which of the following is not a criterion used to determine reportable
segments?
a. Segment assets
b. Segment liabilities
c. Segment sales
d. Segment operating profit or loss
63. An overstatement in reported profit may result from failure to record
a. An accrued expense
b. A contingent liability
c. Amortization of premium on bonds payable
d. Dividends in arrears on outstanding preference share
64. Which of the following is true about the preparation of statement of comprehensive
income?
a. Income from operation includes finance cost
b. Income from continuing operation plus income from discontinued operation
equals total comprehensive income already
c. Income tax related to discontinued operation shall not be disclosed on the
face of income statement
d. Other comprehensive income shall be disclosed on the face of income
statement after tax
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FINANCIAL ACCOUNTING & REPORTING
ReSA Batch 43 - May 2022 CPALE Batch
24 April 2022  8:00 AM to 11:00 AM
FAR Final Pre-Board Exam
65. In a lease that is appropriately recorded as a direct-financing lease by the lessor,
unearned income
a. should be amortized over the period of the lease using the effective
interest method.
b. should be amortized over the period of the lease using the straight-line
method.
c. does not arise.
d. should be recognized at the lease's expiration.
66. In order to properly record a direct-financing lease, the lessor needs to know how
to calculate the lease receivable. The lease receivable in a direct-financing lease
is best defined as
a. the amount of funds the lessor has tied up in the asset which is the
subject of the direct-financing lease.
b. the difference between the lease payments receivable and the fair value of
the leased property.
c. the present value of minimum lease payments.
d. the total book value of the asset less any accumulated depreciation
recorded by the lessor prior to the lease agreement.
67. Government grants related to depreciable assets are
a. Recognized as income when the grants are received.
b. Recognized as income at the end of the useful life of the asset received.
c. Recognized as income over the periods and on the same basis as depreciation
for that asset.
d. Not recognized.
68. In the cash flow statement, alternatively interest received and dividend received
may be classified as cash flow from
a. Operating activities
b. Investing activities
c. Financing activities
d. Revenue activities
69. The new conceptual framework is composed of eighth chapters, which of the following
are correct?
I.
Chapter 1: The Objective of General Purpose Financial Reporting
II.
Chapter 2: Financial Statement and the Reporting Entity
III. Chapter 3: Qualitative Characteristics of Useful Financial Information
IV.
Chapter 4: Recognition and Derecognition
V.
Chapter 5: Measurement
VI.
Chapter 6: Elements of the Financial Statements
VII. Chapter 7: Presentation and Disclosure
VIII. Chapter 8: Concepts of Capital and Capital Maintenance
a.
b.
c.
d.
e.
I, III, VI, VIII
I, IV, V, VI, VIII
I, VI, VII, VIII
I, VII, VIII
I, IV, VII, VIII
70. The Conceptual Framework provides the foundation for Standards, except:
a. contribute to transparency by enhancing the international comparability
and quality of financial information, enabling investors and other market
participants to make informed economic decisions.
b.
strengthen accountability by reducing the information gap between the
providers of capital and the people to whom they have entrusted their
money.
c. contribute to economic efficiency by helping investors to identify
opportunities and risks across the world, thus improving capital
allocation.
d. assist preparers to develop consistent accounting policies when no standard
applies to a particular transaction or other event, or when a Standard
allows a choice of accounting policy
- E N D -
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FINANCIAL ACCOUNTING & REPORTING
ReSA Batch 43 - May 2022 CPALE Batch
24 April 2022  8:00 AM to 11:00 AM
FAR Final Pre-Board Exam
ANSWERS & SOLUTIONS/CLARIFICATIONS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
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A
A
B
C
B
C
A
D
C
C
A
B
C
C
C
C
D
C
C
B
A
C
A
B
A
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
C
D
A
B
C
B
C
B
A
B
A
A
C
C
A
A
C
B
C
C
C
B
A
A
A
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
C
A
A
C
C
B
C
C
C
C
B
B
A
C
A
C
C
B
D
D
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