Question

Which of the following is not one of the principal issues in accounting for PPE?
a)   Recognition   c)   Allocation of carrying amount over the period of use
b)   Initial measurement as asset   d)   Recognition of carrying amount as expense when the related revenue is recognized.

Conceptual Fram   ework/ Accounting Overview/ Standards/Financial   Statements…   
Financial statements are said to be a mixture of fact and opinion. Which of the following is factual?
a)   cost of goods sold       c)   retained earnings
b)   discount on capital stock       d)   patent amortization expense

A CPA employed as an accountant in a government agency is considered to be in…
a)   private practice   c)   service
b)   public practice   d)   employee

30   Materiality does not make any difference with regard to…
       a)   the separate presentation of items in the financial statements
       b)   the disclosure or additional information in the notes.
       c)   intentional errors
       d)   level of rounding-off of amounts in the financial statements.
PAS 19 - Employee Benefits
31   Arrange the following steps in the accounting for defined benefit plans in the correct order.
       I   Determine the components of the defined benefit cost to be recognized in P/L and OCI
       II   Determine the net defined benefit liability (asset)
       III   Determine the deficit or surplus.
a)   I, III, and II
b)   III, II, and I
c)   II, III, and I
d)   I, II, and III

Actuarial gains or losses result from the accounting for which of the following employee benefits?
a)   Short-term compensated absences   c)   Post-employment defined benefit plan
b)   Post-employment defined contribution plans   d)   Profit sharing and bonus plans

According to PAS 19, how are other long-term benefits accounted for?
a)   similar to defined benefit plans
b)   similar to short-term employee benefits, except that the cash flows are discounted.
c)   similar to defined benefit plans, except that all the components of the defined benefit cost is recognized
   in other comprehensive income.
d)   similar to defined benefit plans, except that all the components of the defined benefit cost is recognized  in profit and loss.

You are employed as an accountant. Your company's retirement plan states, that upon retirement, an employee (not less that 60 years old but nor more than 65 years of age) is entitled to a lump-sum payment equal to the
employee's final monthly salary level multiplied by the number of years in service (not less than 10 years) . At the end of the month following the month of retirement, and every month thereafter, the retired employee
is entitled to a monthly pension equal to one-eight (1/8) of the final monthly salary level. The monthly pension cease upon death of the retired employee. However, if the employee has immediate dependent(s) with age of less than 18 years, the dependent(s) will be entitled to the pensions which will cease when the dependent(s) reaches 18 years of age. What type of post-employment benefit plan does your company have?
a)   Defined Contribution Plan   c)   Defined Pension Plan
b)   Defined Benefit Plan   d) Undetermined due to insufficient information|

35   Which of the following components of the benefit cost shall be recognized through OCI?
       a)   Current service cost   c)   Remeasurement
       b)   Past service cost   d) Net interest
PAS 20 - Government Grants
36   Entity A receives a land from the government, conditioned that the land will only be used in Entity A's primary
   business activities and should never be sold. If in case Entity A decides not to use the land, in its primary
   business activities, it shall return the land to the government. Which of the following standards is least likely
   to be relevant in accounting for the land? (hehe, try not to look at your CFAS list mama mia!)
       a)   PAS #2   c)   PAS #20 b) PAS #16   d) PAS #2, PAS#16, and PAS#20 are all relevant

NON-monetary grants are measure at,

a)   the fair value of non-monetary asset
b)   nominal amount
c)   the amount of cash received or receivable
d)   choice "a" or "b"

Answer 1

Answers

1st

(D)

Recognition of carrying amount as expense when the related revenue is recognized.

2 nd

Question and options doesn't match. Couldn't get the question sorry for that.

3rd

{C)

Service

30

(D)

level of rounding-off of amounts in the financial statements.

31

(D)

i) , ii) ,iii)

32

{C)

Post employement Defined Benefit Plan

33

(D)

similar to defined benefit plans, except that all the components of the defined benefit cost is recognized  in profit and loss.

34

(B)

Defined benefit plan

35

{C)

Re measurement

36

{C)

PAS 20 Accounting for Govt grants

37

(D)

"a" or "b' both permitted