3.

Future Events - that may affect the amount required to settle an obligation shall be
reflected in the amount of a provision where there is sufficient objective evidence that
they will occur.
4. Expected Disposal of Assets - Gains from the expected disposal of assets shall not be
taken into account in measuring a provision.
5. Reimbursements
a. Where some or all of the expenditure required to settle a provision is expected to be
reimbursed by another party, the reimbursement shall be recognized when, and only
when, it is virtually certain that reimbursement will be received if the entity settles the
obligation.
b. The reimbursement shall be treated as a separate asset.
c. The amount recognized for the reimbursement shall not exceed the amount of the
provision.
d. In the income statement, the expense relating to a provision may be presented net of
the amount recognized for a reimbursement.

6. Changes in Provisions - Provisions shall be reviewed at each balance sheet date and
adjusted to reflect the current best estimate. If it is no longer probable that an outflow of
resources embodying economic benefits will be required to settle the obligation, the
provision shall be reversed.
7. Use of Provisions - A provision shall be used only for expenditures for which the
provision was originally recognized.
8. Future Operating Losses - Provisions shall not be recognized for future operating losses.
9. Onerous Contracts - If an entity has a contract that is onerous, the present obligation
under the contract shall be recognized and measured as a provision.

See if you can do this!

THEORIES:

1. Which of the following is the correct definition of a provision?

A. A possible obligation arising from past events
®. A liability of uncertain timing or amount
c. A liability which cannot be easily measured
·- ·
13 IP age
 D. An obligation to transfer funds to an entity

following conditions?
2. A provis ion shall be recognized as a liability under which of the
of a past event
A. The entity has a present obligation, legal or constructive, as a result
ic benefits would be
B. It is probable that an outflo w of resources embodying econom
required to settle the obligation
C. The amoun t of the obligation can be measured reliably
(g. All of these are required conditions
ing, except
3. A legal obligation is an obligation that is derived from all of the follow
A. Legislation C. other operation of law
B. A contract ® An established pattern of past practice

4. A contin gent liability

rminable
A. Definitely exists as a liability but the amount and due date are indete
B. Is accrued even though not reasonably estimated
~ Is the result of a loss contingency
D. Is not recognized in the financial statements

estimate of the amount

5. When the provision involves a large population of items, the best
~ Reflects the weighing of all possible outcomes by their associated probabilities
B. Is determined as the individual most likely outcome
of other possible
C. May be the individual most likely outcome adjusted for the effect
outcomes
D. Midpoint of the possible outcomes

te of the amount
6. When the provision arises from a single obligation , the best estima
probabilities
A. Reflects the weighing of all possible outcomes by their associated
B. Is determined as the individual most likely outcome
possible
~ May be the individual most likely outcome adjusted for the effect of other
outcomes
D. Midpoint of the possible outcomes

7. Reserves for contingencies for general or unspecified risks should

A. Be accrued in the financial statements and disclosed in the notes
ed in the notes
~- Not be accrued in the financial statements and need not be disclos
in the notes
C. Not be accrued in the financial statements but should be disclosed
in the notes
D. Be accrued in the financial statements but need not be disclosed

141 P a g e
 fresh sta rt
en t of lia bil iti es at initial rec og nit ion an d
me as ur em
8. The mo st rel ev an t
ay s ref lec t
me as ur em en t sh ou ld alw
ma na ge me nt
A. Th e ex pe cta tio n of the
B. Historical co st
y
(:§: . Th e credit standing of the entit ou nt
e sin gle mo st lik ely mi nim um or ma xim um possible am
D. Th
dis co un ted
ua tio n wi th a ran ge of po ssi ble ou tco me s all
t va lue in a sit
9. In ca lcu lat ing pr es en wo uld be
the sa me int ere st rat e, the expected pre sen t value
us ing
me
A. Th e most-likely ou tco
me
B. Th e ma xim um ou tco
C. Th e mi nim um ou tco me
eighted present values
©· Th e sum of probability-w
tha t
tio n ag ain st the en tity . The attorneys de ten nin e
tification of legal ac reliably. Ho w should
10. An entity received no an d the loss can be estimated
wi ll los e the su it
it is probable the entity
I the estimated loss be rep
orted ?
oth er comprehensive incom
e.
A. As a loss recorded in tem ent of financial position
an d a loss in the
ity rep ort ed in the sta
B. As a 9ontingent liabil
income statement an d a loss in the
s rep ort ed in the sta tem ent of financial position
c) As fa provision for los
r ome statement
D. In the notes to financia
l statements as a contingen
cy

a loan covenant
me s ca lla ble due to the violation of
11. If a long-t erm de bt be co the covenant can
to be cla ssi fie d as long term if the entity believes
e
A. The debt may continu
be renegotiated.
sified as current.
@. The debt must be reclas
C. Cash must be reserved
to pay the debt.
nt of the debt.
st be restricted in the amou
D. Retained earnings mu
"provision "?
W hic h of the fol low ing would not be considered a
12. C. Tax payable
A. Warranty liability ~N ot e payable
B. Bad debt

ibed as
13. A contingency is descr
A. An estimated liability se it is no t probable that an outflow
will be
not recog niz ed becau
~ - An event which is d.
nnot be reasonably estimate
required or the amount ca
C. A potentially small
lia bility

15 IP ag e

Lr
 D. A potentially large liability

14. An entity is the plaintiff in a patent infringement case. The entity has a high probability of a
favorable outcome and can reasonably estimate the amount of the settlement. What is the
proper accounting treatment of the patent infringement case?
A. No reporting is required at this time ·
B. A gain contingency for the minimum estimated amount of the settlement
© Disclosure in the notes only
D. A gain contingency for estimated probable settlement

15. Jade owns a small warehouse located on the banks of a river in which it stores inventory
worth approximately P250,000. Jade is insured against flood losses. The · river last
overflowed its bank 200 years ago.
A. Adjusted and disclosed in the financial statements
B. Only disclosure is required in the financial statements
(9. No adjustment or disclosure is required in the financial statements
D. Only adjustment is required in the financial statements

16. Kyle offers an unconditional warranty on its toys. Based on past experience, Kyle estimates
its warranty expense to be 1% of sales. Sales during 2019 were PS,000,000.
(l Adjusted and disclosed in the financial statements
B. Only disclosure is required in the financial statements
C. No adjustment or disclosure is required in the financial statements
D. Only adjustment is required in the financial statements

17. On October 30, 2019, a safety hazard to one of Mendoza' s toy products was discovered. It is
considered probable that Mendoza will be liable for an amount in the range of PS0,000 to
P250,000.
~ Adjusted and disclosed in the financial statements
B. Only disclosure is required in the financial statements
C. No adjustment or disclosure is required in the financial statements.
D. Only adjustment is required in the financial statements

18. How would the proceeds received from the advance sale of nonrefundable tickets for a
theatrical performance be repo11ed in the seller's financial statements before the
performance?
A. Unearned revenue to the extent of related costs expended
B. Revenue to the extent of related costs expended
C. Unearned revenue for the entire proceeds
@ Revenue for the entire proceeds.

161 Pa ge
 L. unearned revenue for the entire proceeds
@ Revenue for the entire proceeds .

161 Page

19. Magazine subscriptions collected in advance should be reported as

A. A contra account to magazine subscriptions receivable
B. Deferred revenue in the liability section
(2) Magazine subscription revenue in the period collected.
't{ Deferred revenue in the shareholders' equity section

20. Which of the following is a deferred cost that should be amortized over the periods
benefited?
~ Advance from customer to be returned when sale is completed
.B. Prepayment of three-year insurance premiums on machinery
C. Property tax for this year payable next year
D. Security deposit representing two months' rent on leased office space

PROBLEMS:

I. The following information relate to Merck Company. Company Merck's statement of

financial position date is December 31, 2020. Assume that company Merck's
financial statements are authorized for issue on March 31, 2021.

- An amount of P350.000 owing to Company X for services rendered during

December 2020.
Long-service leave, estimated to be PS,000,000, owing to employees in
respect of past services.
- Costs of P2,300,000 estimated to be incurred for relocating an employee
from Merck's head office location to another city. The staff member will
physically relocate during January 2017.
- Provision of P200,000 for the overhaul of a machine. The overhaul is
needed every five years and the machine was five years old as of December
30, 2020.
- Damages awarded against Merck Company resulting from a court case
decided on December 20, 2020. The judge has announced that the amount
of damages will be set at a future date, expected to be in April 2017. Merck
Company has received advice from its lawyers that the amount of the
damages could be anything between P4,000,000 and PS,000,000

How much is Merck Company ' s provision in its December 31, 2020 statement of
financial position?

171Pag e

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a. 4,500,000 C. 9,850,00 0
b. 9,500,000 d. 12,000,000

II. s payable on April I, 2020 bearing an

Loyola Company issued a P5,000,000 note
ally on March 31, 2020. If the principal
interest rate of 12% that is compounded annu
, what is the accrued interest to be reported
and the interest is payable on maturity date
t of financial position?
on Loyola' s December 31. 2021 statemen
(s) 1, I 04,000
a. 1,200,000
1,272,000 d. 1,000,000 I I
b.

pany, has a bonus arrangement with the

III. Nicole. president of the Nicole Kate Com
the net income (after deducting taxes and I
company under which she receives I 0% of
bonuses) each year. For the current year,
provision for income taxes or the bonus
tax purposes, and the tax rate is 32%.
the net income before deducting either the
is P4,650,000. The bonus is deductible for I
I

1. The amount of Nicole's bonus is

b. 465 ,000 c.33 9, 270
C. 364,286 (J 296,069

the year is
2. The appropriate provision for income tax for
C. 1,371 ,429
@ J,488,000
k 1,393,258 d. 1,379,433

be paid the following year) is

3. The entry to record the bonus (which will
~ Bonus Expense 296,069
Bonus Payable 296 ,069
b. Bonus Expense 339, 270
Bonus Payable 339, 270
c. Bon us Expense 465 ,000
Bon us Payable 465 ,000
d. No entry
d
Inc. includes coupons that may be presente
IV. In the pack ages of its products, Trumata, es
r Trumata products. Retailers are reimburs
at retail stor es to obtain discounts on othe s.
plus 10% of that amount for handling cost
for the face amo unt of coupons redeemed
mption by retailers up to 3 months after the
Tru mat a honors requests for coupon rede
ates that 60% of all coupons issued ~ill
con sum er expiration date. Tru mat a estim g
ting to coupons issued by Trumata durm
ultimately be redeemed. Information rela
201 9 is as follows: 12/31/19
Con sum er expiration date

181 Pa ge
 Total Payments to Retailers as of 12/31 /19 165,000
Liability for unredeemed coupons as of 12/31 / 19 '99,000

1. The total face amount of coupons issued in 2019 is

a. 600,000 w})400,000
b. 440.000 d. 240,000

2. Coupons expense at year-end is

a. 440,000 (°D264,000
b. 400,000 d. 240,000

3. Estimated liability for unredeemed coupons is

a. 219,000 @99,000
b. 123,000 d. 3,000

V. To increase sales, Ella Company inaugurated a promotional campaign on June 30,

2019. Ella placed a coupon redeemable for a premium in each package of cereal sold
at P300. Each premium cost P200. A premium is offered to customers who send is 5
. coupons and a remittance of P50. The distribution cost per premium is Pl 0. Ella
estimated that only 80% of the coupons issued will be redeemed. For the six month
ended December 31, 2019, the following is available:
Package of cereal sold 50,000
Premiums purchased 8,000
Coupons redeemed 30,000

1. What is the 2019 premium expense?

6.. 1.280,000 C. 1,200,000
@ 1,600,000 d. 1,500,000

2. What is the estimated liability for premiums on December 31, 2019?

a. 320,000 C. 400,000

b. 1,500,000 @1 ,280,000

VI. Luz.anne Company includes one coupon in each box of laundry soap it sells. A towel is
offered as a premium to customers who send in IO coupons and a remittance of PS.
Data for the premium offer are:
2020 2021
Boxes of soap sold 1,000,000 1,500,000
Number of towels purchased at P50 per towel 40,000 65,000
Number of towels distributed as premium 35,000 58,000

\
191 Pag e
\
I
Number of towels to be distributed as premium next period 3,000 5,000

l . What is the 2020 premium expense?

a. 1,575 ,000 C. 1,800,000
@_ 1,710,000 d. I, 900,000

2. What is the December 3 1, 2020 premium liability?

C. 450,000
a. 150,000
b. 225,000 ~135 ,000

3. What is the 2020 premium expense?

@ 2,835,000 C. 2,925,000
b. 2, 700.000 d. 2,250,000

4. What is the December 31. 2020 premium liability?

C. 315.000
® 225.000
b. 360,000 d. 250,000

ng a two-year
VII. During 2021, Nicole Company introduced a new product carryi
peso sales are 3%
warranty against defects. The estimated warranty costs related to
s following sale.
within 12 months following sale and 5% in the second 12 month
ber 31 , 2020 and
Sales and actual warranty expenditures for the years ended Decem
2021 are as follows:

Sales Actual expenditures

2020 40.000.000 1.000.000
20 17 50,000,000 5.000.000

I. What is the 2020 warranty expense?

a. 1,200,000 C. 2.000.000
@ 3,200,000 d. 1,000.000

2. What is the December 31. 2020 warranty liability?

a. 1,000,000 C. 1,200,QQQ

b. 2,000,000 @~.200.000

3. What is the 2021 warranty expense?

@ 4,000.000 C. 5.000.000
b. 1.500.000 d. 2.500.000

20 IP a g c
 4. What is the D~ccmber 31. 2021 ,vurranty liability?
a. J.000.000 C. J.900.000

b. 1.500.000 d. 1.200,000

y program. The entity

VIII. Joph Company. a grocery retailer. operates a customer loyalt
specified amount on
grants program members loyally points when they spend a
groceries. The points
groceries. Program members can redeem the points for further
points with a "stand
have no expiry date. During 2020. the entity granted I 0,000
of these points wilI
alone price.. fair rnlue of Pl 00. Management expects that 8,000
year based on its
be redeemed. The 2020 sales amounted to P7,000,000 during the
been redeemed in
stand-alone selling price. On December 31, 2020, 4.000 points have
tations and now
exchange for groceries. In 2021. the management revised its expec
the entity redeemed
expects 9,000 points to be redeemed altogether. During 2021,
4, I00 points.

2020?
I . What is the total revenue recognized year ended December 31,
a. 7.000,000 '(js62,soo
b. 6. 125,000 d. 6,200,000

December 31,
2. What is the revenue earned from loyalty points for the year ended
2021 ?
a. 787,500 (£)350,000
• b. 400,000 d. 410,000

merchandise is
IX. Dana Company sells gift certificates redeemable only when
after issuance date.
purchased. The certificates have an expiration date of two years
revenue as realized.
Upon redemption or expiration, Dana recognizes the un-earned
Data for 2017 are as follows:

2,500,000
Unearned revenue, 1/ 1/2017
6,000,000
Gift certificates sold
6,500,000
Gift certificates redeemed
500,000
Estimated gift certificates not to be
redeemed
60%
Cost of goods sold

ue for gift
At December 31, 20 I 7, what should Dana report as unearned reven
certificates?
C. J,000,000
~1,50 0,000
b. 2,000,000 d. 500,000

21 IP age
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