First Batch - Complete

When a closely held corporation issues preference shares for land… d. fair value of the land

A company purchased land to be used as the site for the construction of a plant… a. classified as other
income

In which of the ff. circumstances may gain or loss on initial recognition arise? e. I, II, and III

An entity shall recognize a biological asset or agricultural produce when… f./h.

Consumable biological assets include… c. trees being grown for lumber

Capitalization of borrowing costs on the construction of an industrial plant involving several processes
which are carried out in sequence
Neither

Which of the following are bearer plants?

Tea bushes

Anton Co and Lyn Co. exchange similar trucks with fair values in excess of carrying amounts in an
exchange with commercial substance
-A gain equal to the difference between the fair value and carrying amount ofthe truck given up.

a gain or loss on initial recognition

-e. I, II, III

Which of the following is not an example of biological transformation

-Procurement of orchids

Which statement is true regarding the accounting for government grant related to asset
-depreciation is higher if the grant is recorded as deferred income, but net income…

A company is constructing an asset for its own use.

b. average accumulated exp. In 2015

Myers company acquired machinery on January 1, 2015

d. By setting future annual depreciation equal to one-sixth of the book value on January 1, 2010

The amount of benefit in a zero-interest government loan

-face amount and present value of loan

The cost of land most likely does not include

-c. costs of improvements with limited lives.

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

-b. the amount of interest..

On january 1 stockton company acquired a machine with a four-year useful life.

-Higher Lower

Which of the following statements is/are correct?

-d. An asset’s cost includes all normal and reasonable expenditures necessary to get..

An entity should disclose the aggregate gain or loss

-Price augmentation of beef in the market

In an exchange transaction with commercial substance, Tsugi Co received

-C. A gain determined by the proportion of cash paid to the total transaction value
Which depreciation method is not appropriate for situations involving a large number of similar items,
each having a small peso cost?
-Retirement method

Economic factors that shorten the service life of an asset include?

-a. obsolescence

Which of the ff. is not a required disclosure related to government grant?

C. The name o fthe government agency that gave the grant along with the date of sanction of the grant…

Which of the ff. costs are capitalized for self-constructed assets?

-Materials, labor and overhead

Which of the ff. should be excluded in initial recognition of biological asset?

-D. Cost of repair of a pigpen

Batch No. 2

Gapas Hotel Corporation

d. capitalized as part of the cost of the new hotel

A machine was purchased

b. working hours method

An entity owns a number of herbs of cattle

a. in profit or loss only

An expenditure made in connection

d. capitalized if it increases the quantity of units produced by the machine
To the extent that funds are borrowed specifically
b. the actual borrowing cost incurred on that borrowing during the period
less any investment

For income statement purposes, depreciation

a. units-of-production

If the cost of the asset is recorded net of the grant

a. Asset is understated

When depreciation is computed for partial periods…

b. determine the depreciation…

Which of the…is/are true? I. An unconditional…

d. both statements are false

Interest may be capitalized..

C. whether or not there is specific…

Which of the following is true regarding the alternative..

b. net income will be the same…

Government assistance includes all the following except

d. improved irrigation…

Entity A had a plantation forest that is likely…

b. Income should be measured annually…

Which of these is not a major characteristic of a plant asset

d. all of these…
The major difference between the service life of an asset and its physical life is that
A. service life refers to the time…

When the fair value of non-monetary

a. fair value of asset given…

Which of the following criteria..

a. the entity controls

pas 41 considers that there are three common features to agricultural diversity
-D. management

Which of the following statements are false

-D. when an asset

An asset is being constructed

-A part of historical cost

Fences
-Land improvements

The account deffered grant revenue

-A/B

Which of the following assets

-D. assets not currently

Which of the following is correct

-C. plant asset
Batch 3
1. If on 2020 there will be- c. the revaluation decrease shall be charged impairment loss. Any
balance
2. In case of downward- c. profit and loss
3. The sale of a depreciable asset- a. less than the assets current market value
4. The entity has a rubber p