Republic of the Philippines

Batangas State University

COLLEGE OF ACCOUNTANCY BUSINESS ECONOMICS AND
INTERNATIONAL HOSPITALITY MANAGEMENT
Batangas City

SEMI-FINAL EXAMINATION IN ACCT 205

Financial Accounting and Reporting II
2ND Sem AY 2016-2017

Name: _______________________________ Score: ____________________

Section: ______________________________

Theories
Direction: Mark the best answer for each item by shading the circle corresponding to the letter of your choice on the
answer sheet provided. ERASURES ARE NOT ALLOWED.

1. Which of the following statements is true regarding capitalization of interest?

a. Interest cost capitalized in connection with the purchase of land to be used as a building site should be debited to
the land account and not to the building account.
b. The amount of interest cost capitalized during the period should not exceed the actual interest cost incurred.
c. When excess borrowed funds not immediately needed for construction are temporarily invested, any interest earned
should be offset against interest cost incurred when determining the amount of interest cost to be capitalized.
d. The minimum amount of interest to be capitalized is determined by multiplying a weighted average interest rate by
the amount of average accumulated expenditures on qualifying assets during the period.

2. In order for a subsequent cost to be capitalized (capital expenditure), the following must be present:
a. The useful life of an asset must be increased.
b. The quality of assets must be increased.
c. The quantity of assets must be increased.
d. Any one of these.

3. An improvement made to a machine increased its fair market value and its production capacity by 25% without
extending the machine's useful life. The cost of the improvement should be
a. Expensed
b. Debited to accumulated depreciation
c. Capitalized in the machine account
d. Allocated between accumulated depreciation and the machine account

4. Which of the following is not a capital expenditure?

a. Repairs that maintain an asset in operating condition
b. An addition
c. A betterment
d. A replacement

5. In accounting for plant assets, which of the following outlays made subsequent to acquisition should be fully
expensed in the period the expenditure is made?
a. Expenditure made to increase the efficiency or effectiveness of an existing asset
b. Expenditure made to extend the useful life of an existing asset beyond the time frame originally anticipated
c. Expenditure made to maintain an existing asset so that it can function in the manner intended
d. Expenditure made to add new asset services

6. An expenditure made in connection with a machine being used by an enterprise should be

a. Expensed immediately if it merely extends the useful life but does not improve the quality.
b. Expensed immediately if it merely improves the quality but does not extend the useful life.
c. Capitalized if it maintains the machine in normal operating condition.
d. Capitalized if it increases the quantity of units produced by the machine.

7. Which of the following most accurately reflects the concept of depreciation as used in accounting?
a. The process of charging the decline in value of an economic resource to income in the period in which the benefit
occurred.
b. The process of allocating the cost of tangible assets to expense in a systematic and rational manner to those periods
expected to benefit from the use of the asset.
Semi-Final Examination In ACCT 205 2ND Sem AY 2016-2017 Page 1 l 12
 c. A method of allocating asset cost to an expense account in a manner which closely matches the physical
deterioration of the tangible asset involved.
d. An accounting concept that allocates the portion of an asset used up during the year to the contra asset account for
the purpose of properly recording the fair market value of tangible assets.

8. If an industrial firm uses the units-of-production method for computing depreciation on its only plant asset, factory
machinery, the credit to accumulated depreciation from period to period during the life of the firm will
a. Be constant
b. Vary with sales revenue
c. Vary with unit sales
d. Vary with production

9. Which of the following is not part of depletable amount?

a. Acquisition cost of the mineral resource deposit
b. Exploration cost
c. Tangible development cost associated with the equipment use to extract the mineral resource
d. Intangible development cost such as drilling, tunnel, and shaft

10. For the composite method, the composite

a. Rate is the total cost divided by the total annual depreciation.
b. Rate is the total annual depreciation divided by the total depreciable cost.
c. Life is the total cost divided by the total annual depreciation.
d. Life is the total depreciable cost divided by the total annual depreciation.

11. Depletion expense

a. Is usually part of cost of goods sold
b. Includes tangible equipment costs in the depletion base
c. Excludes intangible development costs from the depletion base
d. Excludes restoration costs from the depletion base

12. The most common method of recording depletion for accounting purposes is the
a. Percentage depletion method.
b. Decreasing charge method.
c. Straight-line method.
d. Units-of-production method

13. Of the following costs related to the development of natural resources, which one is not a part of depletion cost?
a. Acquisition cost of the natural resource deposit
b. Exploration costs
c. Tangible equipment costs associated with machinery used to extract the natural resource
d. Intangible development costs such as drilling costs, tunnels, and shafts

14. Major spare parts and standby equipment that are expected to be used over a period of more than one year should be
classified as:
a. PPE c. Noncurrent Investment
b. Inventory d. Expense

15. The single cost of acquiring land and usable building shall be allocated to the
a. Land only
b. Building only
c. Land and building, using assessed values
d. Land and building, using relative fair values

16. The cost of property acquired by instalment is equal to

a. Cash price c. Instalment price
b. Invoice price d. Present value

17. Which of the following is not considered in determining the useful life of an item of PPE?
a. Residual value
b. Technical Obsolescence
c. Expected usage of asset
d. Expected wear and tear of asset

18. Which of the following terms best describes the cost of an asset or other amount substituted for cost less residual
value?
Semi-Final Examination In ACCT 205 2ND Sem AY 2016-2017 Page 2 l 12
 a. Depreciable amount c. Recoverable amount
b. Carrying amount d. Revalued amount

19. Depreciation of an asset begins when the asset _1__ and ceases when the asset _2__.
1 2
a. Is acquired is sold
b. Is available for use is derecognized
c. Is available for use is sold or becomes idle or abandoned
d. Is acquired is sold or becomes idle or abandoned

20. An asset is said to be fully depreciated when its carrying amount is

a. Zero c. Equal to accumulated depreciation
b. Equal to its residual value d. None of the above

21. Under PAS 16, PPE includes all of the following, except:
a. Property held for administrative purposes
b. Property used for extraction of minerals, oil and natural gas
c. Property used in production or supply of goods and services
d. Biological assets related to agricultural activity and mineral rights

22. It is an action by a government designed to provide an economic benefit specific to an entity and for which the
government cannot reasonably place a value.
a. Government Grant c. Government takeover
b. Government assistance d. Subvention

23. The deferred grant income is classified as

a. Separate component of shareholders’ equity
b. Noncurrent liability
c. Current liability
d. Partly current liability and partly noncurrent liability

24. Which of the following could be treated as qualifying asset?

a. Investment property
b. Financial asset
c. Inventory produced in large quantities on repetitive basis
d. Biological Asset

25. Which method is not based on the passage of time?

a. Output method c. Declining balance
b. Sum of years’ digit d. Straight line

26. Which of the following occurs when an entity installs a higher capacity boiler to heat a plant?
a. Rearrangement c. Addition
b. Ordinary repair d. Betterment

27. The double declining balance method

a. Results in residual value being ignored
b. Means the denominator is the number of years remaining at the beginning of the year
c. Means the carrying amount should not be reduced below residual value
d. Results in an increasing depreciation charge

28. Depreciation is best described as a method of

a. Asset valuation
b. Current value allocation
c. Cost allocation
d. Useful life determination.

29. This is a government grant whose primary condition is that an entity qualifying for the grant shall purchase, construct
or otherwise acquire long-term asset.
a. Grant related to asset c. Government gift
b. Grant related to income d. Government appropriation

30. Grants related to non-depreciable assets that require fulfilment of certain conditions
a. Should not be recognized as income
b. Should be recognized as income immediately
Semi-Final Examination In ACCT 205 2ND Sem AY 2016-2017 Page 3 l 12
 c. Should be recognized as income over 40 years
d. Should be recognized as income over the periods which bear the cost of meeting the conditions

31. In the case of grant related to income, which of the following accounting treatment is prescribed by PAS 20?
a. Credit the grant to “general reserve” under shareholders’ equity
b. Present the grant in the income statement as “other income” or as a separate line item, or deduct it from the related
expense
c. Credit the grant to “retained earnings” on the balance sheet
d. Credit the grant to sales or other revenue from operations in the income statement

32. The cost of land typically includes the purchase price and all of the following costs except
a. Grading, filling, draining, and clearing costs.
b. Street lights, sewers, and drainage systems cost.
c. Private driveways and parking lots.
d. Assumption of any liens or mortgages on the property.

33. Which of the following assets do not qualify for capitalization of interest costs incurred during construction of the
assets?
a. Assets under construction for an enterprise's own use.
b. Assets intended for sale or lease that are produced as discrete projects.
c. Assets financed through the issuance of long-term debt.
d. Assets not currently undergoing the activities necessary to prepare them for their intended use.

34. When computing the amount of interest cost to be capitalized, the concept of "avoidable interest" refers to
a. The total interest cost actually incurred.
b. A cost of capital charge for stockholders' equity.
c. The portion of total interest cost which would not have been incurred if expenditures for asset construction had not
been made.
d. That portion of average accumulated expenditures on which no interest cost was incurred.

35. The period of time during which interest must be capitalized ends when
a. The asset is substantially complete and ready for its intended use.
b. No further interest cost is being incurred.
c. The asset is abandoned, sold, or fully depreciated.
d. The activities that are necessary to get the asset ready for its intended use have begun.

Problems – Part I
Direction: Mark the best answer for each item by shading the circle corresponding to the letter of your choice on the
answer sheet provided. ERASURES ARE NOT ALLOWED.

36. Maureen Company provided the following balances on December 31, 2015:

Wasting asset, at cost 40,000,000

Accumulated depletion 15,000,000
Capital liquidated 5,000,000
Retained earnings 10,000,000
Depletion based in 100,000 units extracted at P30 per unit 3,000,000
Inventory of resource deposit (20,000 units) 2,000,000

What is the maximum dividend that can be declared on December 31, 2015?
a. 19,600,000 b. 19,400,000 c. 18,000,000 d. 20,000,000

37. Majimbu Company purchased land for P2,000,000 as a plant site. There was a small office building on the land with
fair value of P700,000 which the entity will continue to use with some modification and renovation.

The entity decided to construct a factory building and incurred the following costs:
Materials and supplies 3,200,000
Excavation 100,000
Labor on construction 2,500,000
Saving on construction 200,000
Cost of remodeling old office building 200,000
Imputed interest on corporation’s own money used during construction 50,000
Payment of claim for injuries not covered by insurance 5,000
Clerical and other expenses during construction 30,000
Semi-Final Examination In ACCT 205 2ND Sem AY 2016-2017 Page 4 l 12
 Paving of streets and sidewalks 40,000
Plans and specifications 150,000
Legal cost of conveying land 100,000
Legal cost of injury claim 15,000
Supervision by management during construction 30,000
Compensation insurance premiums for workers 50,000
Cash discounts on materials purchased 10,000

What is the cost of land?

a. 1,310,000 b. 1,300,000 c. 1,350,000 d. 1,400,000

38. Referring to the problem in number 47, what is the cost of factory building?
a. 6,060,000 b. 6,000,000 c. 6,050,000 d. 5,970,000

39. In 2016, Moquinah Company paid P1,000,000 to purchase land containing total estimated 160,000 tons of extractable
mineral deposits. The estimated value of the property after the mineral has been removed is P200,000. Extraction
activities began in 2016, and by the end of the year. 20,000 tons had been recovered and sold.

In 2017, geological studies indicated that the total mineral deposits had been underestimated by 22,000 tons. During
2017 30,000 tons were extracted and 28,000 tons were sold.

What is the depletion rate per to in 2017?

a. 4.24 b. 4.32 c. 4.85 d. 5.19

40. Talk-Neneng Company purchased equipment on January 1, 2016 for P5,000,000. The equipment had an estimated 5-
year useful life. The accounting policy for 5-year assets is to use the 200% double declining balance method for the
first two years of the asset’s life and then switch to straight line depreciation.

On December 31, 2018, what amount should be reported as accumulated depreciation?

a. 3,000,000 b. 3,800,000 c. 3,700,000 d. 3,600,000

41. Katherine Company acquired the following of machinery.

 During 2015, the entity purchased a machinery for P500,000 down and four monthly installments of P1,250,000.
The cash price of the machine was P4,700,000.
 On January 1, 2015, the entity purchased a machine for P2,000,000 in exchange for a noninterest bearing note
acquiring four payments of P500,000. The first payment was made on December 31, 2015. The rate of interest for
this note at date of issuance was 10%. The present value of an ordinary annuity of 1 at 10% is 3.17 for four
periods. The present value of an annuity of 1 in advance at 10% is 3.49 for four periods.
 On January 1, 2015, the entity acquired a machine by issuing a four-year, noninterest-bearing not for P2,000,000.
The note is due on January 1, 2019. The entity has 10% interest for this type of note. The present value of 1 at
10% for 4 years is 0.68.

What is the total cost of the three machines?

a. 7,645,000 b. 7,805,000 c. 8,445,000 d. 8,605,000

42. In March, 2007, Tylor Mines Co. purchased a coal mine for P6,000,000. Removable coal is estimated at 1,500,000
tons. Tylor is required to restore the land at an estimated cost of P720,000, and the land should have a value of
P630,000. The company incurred P1,500,000 of development costs preparing the mine for production. During 2007,
450,000 tons were removed and 300,000 tons were sold.

The total amount of depletion that Tylor should record for 2007 is

a. 1,374,000 c. 2,061,000
b. 1,518,000 d. 2,277,000

43. A plant asset has a cost of P24,000 and a salvage value of P6,000. The asset has a three-year life.

If depreciation in the third year amounted to $3,000, which depreciation method was used?
a. Straight-line c. Sum-of-the-years'-digits
b. Declining-balance d. Cannot tell from information given

Semi-Final Examination In ACCT 205 2ND Sem AY 2016-2017 Page 5 l 12

44. Charlemagne Company purchased for P3,000,000 on January 1, 2015. The entity received a government grant of
P500,000 in respect of this asset. The policy is to depreciate the asset over 5 years on a straight line basis and to treat
the grant as deferred income. On January 1, 2017, the grant became fully repayable because of noncompliance with
conditions.

What is the loss on repayment of grant in 2017?

a. 500,000 b. 300,000 c. 200,000 d. 100,000

45. Lorraine Company purchased a tract of land as an investment property. The entity raze an old building on the
property.

Purchase of land and an old building 4,000,000

Fair value of the old building 300,000
Demolition of old building 200,000
Proceeds from sale of salvaged materials 20,000
Legal fees for purchase contract and recording ownership 150,000
Title guarantee insurance 50,000
Payment of property taxes in arrears on land 130,000
Option paid for an alternative land not acquired 30,000
Special assessment for city improvements 120,000

What is the cost of land?

a. 4,600,000 b. 4,510,000 c. 4,330,000 d. 4,300,000

46. During 2015, Chandie Company constructed a new building at a cost of P30,000,000. The expenditures for the
building, which was finished late in 2015, were incurred evenly during the year. The entity had the following loans
outstanding on December 31, 2015:

 10% note to finance specially construction of the building, dated January 1, 2015, P10,000,000 and unpaid on
December 31, 2015. Investments were made on proceeds from the loan and income of P100,000 was realized in
2015.
 12% 20-year bonds payable issued at fair value on April 30, 2014, P30,000,000.
 8% 5-year note payable, dated March 1, 2014, P10,000,000.

What amount of interest is capitalized as cost of the new building?

a. 1,550,000 b. 1,450,000 c. 1,400,000 d. 1,500,000

47. Romelyn Company provided the following schedule of machinery:

Total Cost Residual Value Useful Life

Machine A 5,500,000 500,000 20
Machine B 2,000,000 200,000 15
Machine C 400,000 5

What is the composite life of these assets?

a. 13.3 b. 16.0 c. 18.0 d. 19.8

48. On June 30, 2015, Katrina Company purchased machinery for P3,300,000. The machinery has an estimated useful life
of five years with residual value of 300,000. Depreciation is computed by the sum of the years’ digit method.

What is the accumulated depreciation on December 31, 2016?

a. 1,600,000 b. 1,800,000 c. 1,200,000 d. 1,400,000

49. Abby Company purchased equipment on January 1, 2015 for P5,000,000. The equipment had a useful life of 5 years
and residual value of P300,000. The policy to depreciate 5-years assets using the 200% double declining method for
the first 2 years and then switch to straight line.

What amount should be reported as accumulated depreciation on December 31, 2017?

a. 3,000,000 b. 3,800,000 c. 3,700,000 d. 3,600,000

50. Marjorie Company purchased a boring machine on January 1, 2015 for P8,100,000. The useful life of the machine is
estimated at three years with a residual of P600,000. During the useful life, the expected units of production from the
machine are 10,000 units for 2015, 9,000 units for 2016 and 6,000 units for 2017.

What is the depreciation expense for 2017 using the output or production method?
Semi-Final Examination In ACCT 205 2ND Sem AY 2016-2017 Page 6 l 12
 a. 2,700,000 b. 3,000,000 c. 2,500,000 d. 1,800,000

Semi-Final Examination In ACCT 205 2ND Sem AY 2016-2017 Page 7 l 12

Problem – Part II
Direction: Solve the following problems on a separate sheet. Write your final answers on the answer sheet provided. If not
given in the problem, round to four decimal places when computing PV and FV factors and final answers in whole
numbers.

51. Stark Company entered into a contract with a construction firm for a construction of an office building at a cost of
P6,000,000. Upon completion of construction, the construction firm agreed to accept in full payment of the contract
price the entity’s 10% bonds payable with a face value of P1,000,000 and no established fair value. The bonds are
selling in the market at this time at 105.

What is the cost of the building?

52. On January 1, 2016, Juvia Company reported the land account at P1,500,000. During the year, land site number 621
was acquired for P3,000,000. Additionally, to acquire the land the entity paid a P60,000 commission to a real estate
agent.

Cost of P15,000 was incurred to clear the land for the intended use but not to make room for the construction of a new
building. During the course of clearing the land, timber and gravel were recovered and sold for P5,000.

What is the total cost of land at year-end?

53. Haffy Company acquired a machine on July 1, 2016.

Invoice price 840,000

Freight in 35,000
Installation cost 45,000

The estimated useful life of the machine is 8 years and the residual value. P20,000. The estimated output is 180,000
units. The production for 2016 and 2017 is 5,000 and 20,000 units respectively.

What is the amount of depreciation for 2017 under double declining balance method?

54. House Targaryen Company provided the following information at year-end:

2017 2016
Building 25,000,000 25,000,000
Accumulated depreciation 5,000,000 3,875,000

The entity did not acquire or dispose of any building during 2016. The straight line depreciation is used and the
residual value is 10% of asset cost.

What is the useful life of the building?

55. Nautilus Company purchased an equipment on January 1, 2016.

Cost 500,000
Residual value 50,000
Useful life 4 years

What amount should be recorded as depreciation expense on the equipment for the calendar year 2017 using declining
balance method?

56. Dumbledore Company is an oil and gas exploration firm. During the current year, the entity engaged in five different
exploration projects. The costs associated with these projects are as follows:

Project 1 3,250,000
Project 2 1,780,000
Project 3 4,230,000
Project 4 2,400,000
Project 5 960,000

Only projects 1, 3 and 4 were successful. As of the end of the current year, production had not yet started at these
three sites.

Under the successful effort method, what amount should be recognized as exploration expense in the current year?
Semi-Final Examination In ACCT 205 2ND Sem AY 2016-2017 Page 8 l 12
57. Zooraw Company had the following borrowings during 2016. The borrowing were made for general purposes but the
proceeds were used to finance the construction of the new building.

Principal Interest
12 % bank loan 3,000,000 360,000
14% bank term loan 5,000,000 700,000

The construction began on January 1, 2016 and was completed on December 31, 2016. Expenditures on the building
were P2,000,000 on January P2,000,000 on June 30 and P1,000,000 on December 31.

What is the cost of the building?

58. Referring to the problem in number 62, average capitalization rate?

59. Gandalf Company revealed the following depreciation policy on machinery and equipment:

 A full year depreciation is taken in the year of acquisition.

 No depreciation is taken in the year of disposition.
 The estimated useful life is five years.
 The straight line method is used.

On June 30, 2016, the entity sold for P2,180,000 a machine acquired in 2013 for P4,200,000. The estimated residual
value was P600,000.

What amount of gain/loss on disposal should be recorded in 2016?

60. Maureen Company provided the following balances at the end of the current year:

Wasting asset, at cost 20,000,000

Accumulated depletion 2,500,000
Share capital 50,000,000
Capital liquidated 1,800,000
Retained earnings 1,500,000
Depletion based in 50,000 units extracted at P20 per unit 1,000,000
Inventory of resource deposit (5,000 units) 400,000

What is the maximum dividend that can be declared?

61. The Mimie Company imported a new machine at a peso equivalent of P330,000. The company has to pay additional
cost of importing the asset such as P10,000 import duties and P15,000 a refundable purchase taxes. Cost of
transporting the asset was P5,000 and cost of preparing the asset for its intended use include P5,000 installation.

How much is the initial cost of the machine?

62. On October 1, 2014, Smart Corporation purchases and industrial building by an issue of 5,000,000 ordinary shares of
P1 par each to the vendor. Smart Corporation’s shares have been actively traded on the stock exchange but tis quoted
price has been erratic, ranging from low of P3.50 to a high of P13.50 for the year. On the date of purchase of the
building, Smart Corporation’s shares are quoted at P8.80. The company paid P220,000 transfer and legal cost in
relation to the building. At the time of acquisition the industrial building has a fair value of P35,000,000, on the
existing basis.

At what amount should be the building be initially recorded?

63. Love Bus Company purchased equipment which was installed and put into service January 1, 2016 at a total cost of
P1,280,000. Residual value was estimated at P80,000. The equipment is being depreciated over eight years by the
double declining balance method.

What amount on depreciation should be recorded for 2017?

64. Sensitive Company paid P500,000 and gave a plot of undeveloped plant with a carrying amount of P3,200,000 and a
fair value of P4,500,000 to another entity in exchange for a plot of undeveloped land with a fair value of P5,000,000.
The land was carried on the other entity’s books at P3,500,000.

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 The configuration of cash flows from the land acquired is expected to be significantly different from the configuration
of cash flows of the land exchanged.

What amount should be recognized as carrying amount of land received in exchange by Sensitive Company?

65. On January 1, 2016, the city government agreed to provide Probiotic Company with a P5,000,000 three-year, zero-
interest loan evidenced by promissory note. The prevailing rate of interest for a loan of this type is 10%.

What is the deferred grant income on December 31, 2016?

END

Prepared by:

___________________________ ___________________________ ___________________________

RODELYN B. RUGA, CPA JOHNCARLO R. LOIZAGA, CPA MA. RUBY A. BAGSIT, CPA
Instructors, ACCT 205

Reviewed by:

___________________________
MA. CONCEPCION P. MANALO
Department Chair, Accountancy

Noted by:

___________________________
PROF. GINA D. BONIFACIO
Associate Dean, CABEIHM

Approved by:

___________________________
DR. BENDALYN LANDICHO
Dean, CABEIHM

Semi-Final Examination In ACCT 205 2ND Sem AY 2016-2017 Page 10 l 12

 Republic of the Philippines
Batangas State University
COLLEGE OF ACCOUNTANCY BUSINESS ECONOMICS AND
INTERNATIONAL HOSPITALITY MANAGEMENT
Batangas City

MIDTERM EXAMINATION IN ACCT 205

Financial Accounting and Reporting II
2ND Sem AY 2016-2017

Name: _________________________ Date: ___________________________

Section: ________________________ Score: __________________________

  A B C D   A B C D 51                  
2
0 0 0 0 0 0 0 0
1 6
2
0 0 0 0 0 0 0 0            
2 7 52      
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3 8
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4 9 53      
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0 0 0 0 0 0 0 0            
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 3 8
2 4
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