44. Noncash investing and financing transactions include all of the following, except: a. Noncash items such as depreciation, deferred taxes and unrealized foreign currency gains and losses. b. The acquisition of asset either by assuming directly related liability or by means of a finance lease. c. The acquisition of an entity by means of an equity issue. d. The conversion of debt to equity.
44. Noncash investing and financing transactions include all of the following, except:
a. Noncash items such as
b. The acquisition of asset either by assuming directly related liability or by means of a finance lease.
c. The acquisition of an entity by means of an equity issue.
d. The conversion of debt to equity.
45. In which section of the
due 18 months after the reporting period be presented?
a. Current assets
b. Equity
c. Noncurrent liabilities
d. Noncurrent assets
46. Bloom Company was incorporated on January 1, 2018, with P500,000 from the issuance if share capital and
borrowed funds of P150,000. During the first year of operations, net income was P250,000. On December 15,
Bloom paid a P50,000 cash dividend.
No additional activities affected shareholders’ equity in 2018. On December 31, 2018, Bloom’s liabilities had increased to P180,000.
In Bloom’s December 31, 2018 statement of financial position, what amount should be reported as total assets?
a. P650,000
b. P930,000
c. P880,000
d. P680,000
47. Which statement is true concerning the conceptual framework for financial reporting?
a. The conceptual framework is not a reporting standard the does not define standard for any particular
measurement or disclosure issue.
b. The conceptual framework is concerned with general purpose financial statements including
consolidated financial statements.
c. Nothing in the conceptual framework overrides any specific Philippine financial reporting standards.
d. All of these statements are true about the conceptual framework.
48. The primary responsible for properly applying GAAP lies with
a. External auditor
b. Management
c. Internal auditor
d. National accounting organization
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