Mapúa Malayan Colleges Mindanao

ACT 117 Intermediate Accounting 2A (2T.23.24)

Module 3 Summative Assessment

CHAPTER NO. TITLE

1. Ron's Company determined the following information for the inventory at year-end:

Historical Cost P100,000

Current Replacement Cost 70,000
Net Realizable Value 90,000
Net Realizable Value less a normal profit margin 85,000
Fair Value 95,000

What amount should be reported as inventory at year-end?

A. P70,000 C. P85,000
B. P90,000 D. P95,000

Solution:
Cost NRV LCNRV
Historical Cost 100,000 100,000
Current Replacement Cost 70,000
Net Realizable Value 90,000 90,000
Net Realizable Value less a normal profit margin 85,000
Fair Value 95,000
100,000 90,000 90,000

Source:

2. ?
A. C.
B. D.

Solution:

Source:

3. ?
A. C.

1
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

B. D.

Solution:

Source:

4. ?
A. C.
B. D.

Solution:

Source:

5. ?
A. C.
B. D.

Solution:

Source:

6. ?
A. C.
B. D.

Solution:

2
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

Source:

7. ?
A. C.
B. D.

Solution:

Source:

8. ?
A. C.
B. D.

Solution:

Source:

9. ?
A. C.
B. D.

Solution:

Source:

10. ?

3
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

A. C.
B. D.

Solution:

Source:

11. ?
A. C.
B. D.

Solution:

Source:

12. ?
A. C.
B. D.

Solution:

Source:

13. ?
A. C.
B. D.

Solution:

4
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

Source:

14. ?
A. C.
B. D.

Solution:

Source:

15. ?
A. C.
B. D.

Solution:

Source:

16. ?
A. C.
B. D.

Solution:

Source:

5
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

17. ?
A. C.
B. D.

Solution:

Source:

18. ?
A. C.
B. D.

Solution:

Source:

19. ?
A. C.
B. D.

Solution:

Source:

20. ?
A. C.
B. D.

Solution:

6
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

Source:

21. ?
A. C.
B. D.

Solution:

Source:

22. ?
A. C.
B. D.

Solution:

Source:

23. ?
A. C.
B. D.

Solution:

Source:

7
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

24. ?
A. C.
B. D.

Solution:

Source:

25. ?
A. C.
B. D.

Solution:

Source:

26. ?
A. C.
B. D.

Solution:

Source:

27. ?
A. C.
B. D.

8
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

Solution:

Source:

28. ?
A. C.
B. D.

Solution:

Source:

29. ?
A. C.
B. D.

Solution:

Source:

30. ?
A. C.
B. D.

Solution:

Source:

9
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

31. ?
A. C.
B. D.

Solution:

Source:

32. ?
A. C.
B. D.

Solution:

Source:

33. ?
A. C.
B. D.

Solution:

Source:

34. ?
A. C.
B. D.

10
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

Solution:

Source:

35. ?
A. C.
B. D.

Solution:

Source:

36. ?
A. C.
B. D.

Solution:

Source:

37. ?
A. C.
B. D.

Solution:

Source:

11
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

38. ?
A. C.
B. D.

Solution:

Source:

39. ?
A. C.
B. D.

Solution:

Source:

40. ?
A. C.
B. D.

Solution:

Source:

41. ?
A. C.
B. D.

12
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

Solution:

Source:

42. ?
A. C.
B. D.

Solution:

Source:

43. ?
A. C.
B. D.

Solution:

Source:

44. ?
A. C.
B. D.

Solution:

Source:

13
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

45. ?
A. C.
B. D.

Solution:

Source:

46. ?
A. C.
B. D.

Solution:

Source:

47. ?
A. C.
B. D.

Solution:

Source:

48. ?
A. C.

14
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

B. D.

Solution:

Source:

49. ?
A. C.
B. D.

Solution:

Source:

50. ?
A. C.
B. D.

Solution:

Source:

51. ?
A. C.
B. D.

Solution:

15
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

Source:

52. ?
A. C.
B. D.

Solution:

Source:

53. ?
A. C.
B. D.

Solution:

Source:

54. ?
A. C.
B. D.

Solution:

Source:

55. ?

16
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

A. C.
B. D.

Solution:

Source:

56. ?
A. C.
B. D.

Solution:

Source:

57. ?
A. C.
B. D.

Solution:

Source:

58. ?
A. C.
B. D.

Solution:

17
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

Source:

59. ?
A. C.
B. D.

Solution:

Source:

60. ?
A. C.
B. D.

Solution:

Source:

61. ?
A. C.
B. D.

Solution:

Source:

18
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

62. ?
A. C.
B. D.

Solution:

Source:

63. ?
A. C.
B. D.

Solution:

Source:

64. ?
A. C.
B. D.

Solution:

Source:

65. ?
A. C.
B. D.

Solution:

19
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

Source:

66. ?
A. C.
B. D.

Solution:

Source:

67. ?
A. C.
B. D.

Solution:

Source:

68. ?
A. C.
B. D.

Solution:

Source:

20
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

69. ?
A. C.
B. D.

Solution:

Source:

70. ?
A. C.
B. D.

Solution:

Source:

71. ?
A. C.
B. D.

Solution:

Source:

72. ?
A. C.
B. D.

21
Mapúa Malayan Colleges Mindanao
ACT 117 Intermediate Accounting 2A (2T.23.24)
Module 3 Summative Assessment

Solution:

Source:

73. ?
A. C.
B. D.

Solution:

Source:

74. ?
A. C.
B. D.

Solution:

Source:

75. ?
A. C.
B. D.

Solution:

Source:

22