AEC14 -CONCEPTUAL FRAMEWORK AND ACCOUNTING STANDARDS

ANSWERS TO QUIZ # 1
PFRS 1-9

1. A
2. A
3. E
4. A ( 100 x 1,000 x 90% x P10 x 1/3)
5. A
6. D
7. D
8. B
9. C
10. B
11. D
12. D
13. C
14. C
15. C

SOLUTION TO # 6
[ 2,000,000 + (6,000,000 – 3,500,000 ) x 40% -[ 6,000,000 – 3,500,000}
= (2,000,000 + 1,000,000 ) – 2,500,000
= 500,000

NOTE: Continue reading PFRS 10-13 for next week. Answer questions at the end of
each topic. Submission is on May 26, 2020 (5:00 pm). Let me know if problems or
hindrances on this type of learning. Keep safe everyone. God bless.