—— The problems and multiple choice questions at the end of each chapter are lifted from the following sources: PHILCPA Philippine CPA Licensure Examinations given by the Board of Accountancy CPA Adapted CPA Examinations given by the at American Institute of Certified Public Accountants IAA Adapted problems and questions from various intermediate accounting textbooks ACP Author constructed problems and questions to exemplify Philippine and international accounting standards PAS Questions based on provisions of Philippine Accounting Standards PFRS Questions based on provisions of Philippine Financial Reporting Standards IAS Questions based on illustrations and application guidance of International Accounting Standards IFRS Questions based on illustrations and application guidance of International Financial Reporting Standards IFRIC Questions based on interpretations and illustrations made by International Financial Reporting Interpretations Committee or IFRIC. VALIX PERALTA VALIX January 2020 Scanned with CamScanner| | | | CONTENTS CHAPTER 1 1 LIABILITIES Definition of liabilities Current and noncurrent liabilities Measurement of current liabilities Measurement of noncurrent liabilities Long-term debt falling due within year Refinancing of financial liability Covenants Breach of covenants Presentation of current liabilities Presentation of noncurrent liabilities Deferred revenue Gift certificates Bonus computation CHAPTER 2 be PREMIUM LIABILITY Premiums Cash rebate program Cash discount coupon program Customer loyalty program CHAPTER 3_~ 72 WARRANTY LIABILITY Recognition of warranty provision Accrual approach for warranty Expense as incurred approach for warranty Sale of warranty < Scanned with CamScanner