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Chapter 8
Separate Financial Statements
NAME: Date:
Professor: Section: Score:

QUIZ:

1. These are those presented in addition to consolidated financial statements or the financial
statements of an entity with an investment in associate or joint venture that is accounted for
using equity method in accordance with PAS 28.
a. Individual financial statements
b. Separate financial statements
c. Consolidate financial statements
d. Equity financial statements

2. Entity A acquired an investment in associate for ₱1M many years ago. At the end of the current
reporting period, the investment has a fair value of ₱2.9M. If the equity method is used, the
investment would have a current carrying amount of ₱2.6M. In Entity A’s separate financial
statements, the investment should be valued at
a. 1,000,000.
b. 2,600,000.
c. 2,900,000.
d. any of these, as a matter of an accounting policy choice

“Ask and it will be given to you; seek and you will find; knock and the door will be opened to
you. For everyone who asks receives; the one who seeks finds; and to the one who knocks, the
door will be opened.” (Matthew 7:7-8)