1.

Which of the following is an essential It must be an obligation to transfer assets or

characteristic of a liability? provide services
2. In computing the basic EPS, the numerator Income after interests and taxes but before
used is the preference share dividends
3. Which of the following liabilities is a An obligation to deliver own shares worth a fixed
financial liability? amount of cash
4. Which of the following loss contingencies is Risk of loss from fire
usually not accured?
5. Under PAS 41, agricultural activity includes Ocean fishing
all of the following except
6. Liwat farm provided 4,000,000
How much should be classified as INVESTMENT
PROPERTY
7. The key difference between defined benefit The employer bears the risk in a defined benefit
contributions post-employment plans is that plan, whereas the employee bears the risks in a
8. Generally speaking, biological assets relating A fair value approach
to agricultural activity should be measured
using
9. Which of the following is not an example of Bonuses and profit-sharing arrangements
a short term employee benefit
10. In computing the basic EEPS, the Weighted average ordinary shares outstanding
denominator used is the during the year
11. In computing diluted EPS, dividends on non- Deduct from net income whether declared or not
convertible cumulative preferred stock
12. Liwat farm provided 1,600,000
Land held for sale
Mango trees
13. Theses are items of revenue and expenses Permanent differences
that are included in either accounting income
or taxable income but will never be included
14. Ovaltine dairy products 2,625,000
How much is the biological assets at the end of the
reporting period
15. The basic earnings per share and diluted Statement of comprehensive income even if the
earnings per share must eme amounts are negative
16. Where there is a long aging or maturation PAS 2 inventory
process after harvest, the accounting for such
products is dealt with by
17. According to PAS 37, for which of the Obligation for plant decommissioning costs
following should a provision be recognized
since it is not contingent
18. Under PAS 37, for which of the following
should a provision be recognized
19. It is the change during the year in an entity’s All of the choices
deferred tax
20. Under PAS 32, it is any contact that Equity instrument
evidences a residual interest in the assets if
an entity
21. Under PAS 19, these are all forms of Employee benefits
consideration given by an enterprise in
exchange for service
22. In computing the change in deferred tax Current tax assets
accounts, which tax rates are used?
23. Earnings per share (EPS) disclosures are Government corporations
strictly required for:
24. It is the amount of income tax paid or Current tax expense

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 payable for the year as determined in
applying the provisions of the enacted tax
law
25. Liwat farm provided 150,000
How much should be classified as
AGRICULTURAL PROCEDURE?
26. Under PAS 39, it is any contract that gives Financial Instrument
rise to a financial asset of one entity and a
financial liability
27. Current tax expense plus deferred tax Income tax expense
expense is
28. According to PAS 37, which two of the A and B
following best describe the sources of legal
obligation? A legal obligation
29. Which of the following is not dealt with PAS The accounting treatment of government grants in
41 on Agriculture? respect ti biological assets
30. Which of the following obligations do not Other long-term employee benefits
arise from past services provided by an
employee
31. PAS 19 requires short-term employee Present value
benefits to be measured at:
32. Non-financial instruments include all the Gold bullion deposited in bank
following except
33. Financial assets include all the following Inventories
except
34. Biological assets are Both living animals and living plants
35. How much should be included in 5,100,000
PROPERTY, PLANT AND EQUIPMENT?
36.

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