Salvador, Filfrancis - #37 BSA12KA1

Santos, Leighanne Zyril - #38 Januay 17, 2019

Sinohin, Andrea - #39
Surdivillar, Euhnice - #40
Wangon, Cristalyn - #42

QUESTIONS

1. A characteristic of hyperinflation where interest, wages and prices are linked. (PAS 29)

2. It is the power over the investee or the power to govern the financial and operating policies
of an entity so as to obtain benefits. (PAS 24)

3. What is the transfer of resources or obligations between related parties, regardless of whether
a price is charged? (PAS 24)

4. It is simply defines as an entity over which the investors has significant influence. (PAS 28)

5. It is an example of related party who has an authority and responsibility for planning,
directing, and controlling the activities of the entity, directly or indirectly, including any
executive director or non-executive director? (PAS 24)

6. Restatement of financial statements in a hyperinflationary economy is done by means of _.

(PAS 29)

7. Investment is recognized initially at __________. (PAS 28)

8. The investment in associate is measured using __________. (PAS 28)

9. An example of related party wherein the entity over which one party exercise significant
influence. (PAS 24)
10. Defined as money held and assets and liabilities to be received or paid at fixed and
determinable amount of money. (PAS 29)

11. Price that is expected to be received upon sale of an asset. (PAS 28)

12. The power to participate in the financial and operating policy decisions of an entity, but not
control of those policies. (PAS 24)

13. Hyperinflation is a matter of __________. (PAS 29)

14. The traditional concept of preparing financial statement based on historical cost is known as
__________. (PAS 29)

15. It is the contractually agreed sharing of control over an economic activity. (PAS 24)

16. The capacity of money for buying goods and services. (PAS 29)

17. It is measured as the higher between fair value less cost of disposal and value in use. (PAS
28)

18. The investors and investee are viewed as what? (PAS 28)

19. These are items wherein the peso amounts reported in the financial statements differ from the
amounts that are ultimately realizeable or payable. (PAS 29)

20. Give one category in which an entity shall disclose key management personnel
compensation. (PAS 24)

21. If the assets of the investee are fairly valued,the excess of cost over carrying amount of the
underlying net assets is attributable to __________. (PAS 28)
22. The present value of the estimated future cash flows expected to arise from the continuing
use of an asset and from the ultimate disposal. (PAS 28)

23. A period where in the purchasing power gain is realized on monetary assets and purchasing
power loss is incurred in monetary liabilities. (PAS 29)

24. Related party transactions must be properly __________. (PAS 24)

25. When an associates has outstanding non-cumulative preference shares, the investors shall
compute its share of earnings after deducting the __________ only when declared. (PAS 28)

26. __________ meaning the parent, the subsidiary and fellow subsidiaries. (PAS 24)

27. It is designed to show much the overall level of prices in the economy has changed over time.
(PAS 29)

28. In a period of __________. A purchasing power loss in incurred on monetary assets and
purchasing power gain realized on monetary liabilities. (PAS 29)

29. It is the power to participate in the financial and operating policy decisions of the associate
but not control over those policies. (PAS 28)

30. Significant influence may be gained by share ownership of __________. (PAS 24)

ANSWER KEY

1. Price Index
2. Control
3. Related Party Transactions
4. Associates
5. Key Management personnel
6. Constant Peso Accounting
7. Cost
8. Equity Method of Accounting
9. Associates
10. Monetary Assets
11. Fair Value
12. Significant Influence
13. Judgment
14. Nominal Peso Accounting
15. Joint Control
16. Purchasing Power
17. Recoverable Amount
18. Single Economic Unit
19. Nonmonetary Assets
20. Short-term Employee Benefits, Postemployment Benefits, Other Long-Term Benefits, or
Termination Benefits
21. Goodwill
22. Value In Use
23. Deflation
24. Disclosed
25. Preference Dividends
26. Affiliates
27. General Price Index
28. 20% or more
29. Significant Influence
30. Inflation