BALIUAG UNIVERSITY

CPA Review Program

Financial Accounting and Reporting
Final Preboard Examination

Instructions: Choose the best answer from the given choices. Use the answer sheet to shade the letter of your choice.

1. According to the Conceptual Framework for Financial Reporting, which are the primary users of general purpose
financial reporting?
A. Investors, creditors and regulators C. Stockholders, lenders and other stakeholders
B. Investors, lenders and other stakeholders D. Investors, lenders and other creditors
2. Which is not a separate line item under IAS 1 in the assets section of the statement of financial position?
A. Noncurrent asset held for sale C. Biological assets
B. Government grants D. Investment property

An entity incurred the following costs during the current year:

Laboratory research aimed at discovery of new technology 2,000,000
Design of tools, jigs, molds and dies involving new technology 1,700,000
Modification of the formulation of new process 1,000,000
Troubleshooting in connection with breakdowns during
commercial production 1,500,000
Seasonal and other periodic changes to existing product 1,300,000

3. What amount should be reported as research and development expense for the current year?
A. 4,700,000
B. 3,700,000
C. 6,000,000
D. 5,000,000

During 2018, an entity was sued by a competitor for P15,000,000 for infringement of a trademark. Based on the
advice of legal counsel, the entity accrued the sum of P10,000,000 as a provision in the financial statements for the
year ended December 31, 2018. On February 15, 2019, the Supreme Court decided in favor of the party alleging the
infringement of the trademark and ordered the defendant to pay the aggrieved party a sum of P14,000,000. The
financial statements were prepared by management on January 31, 2019, and authorized for issue on February 20,
2019.
4. What amount of provision should be recognized by the entity on December 31, 2018?
A. 15,000,000
B. 10,000,000
C. 14,000,000
D. 0

5. Subsequent measurement of noncurrent assets held for sale under IFRS 5.

A. Lower of carrying amount and fair value less costs of disposal
B. Fair value less cost of disposal
C. Net realizable value
D. Lower of carrying amount and net realizable value
6. Which of the following is most likely a financing activity in accordance with IAS 7?
A. Payment of interest on bonds issued C. Refinancing of currently maturing long-term debt
B. Payment of dividends to shareholders D. Payment of accounts payable to suppliers
7. Per IAS 7, an entity may use indirect method for computing the cash flows on
A. All of the cash flow activities C. Financing and operating activities
B. Investing and operating activities D. Operating activities only

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An entity uses the FIFO retail inventory method. On December 31, 2018, the following information relating to the
inventory was gathered:
Cost Retail
Inventory, January 1 2,340,000 5,850,000
Purchases 38,870,000 56,560,000
Purchase discounts 520,000 -
Freight in 1,950,000 -
Markups 13,650,000
Markdowns 5,200,000
Sales 5,200,000
Sales discounts 650,000
8. What is the estimated cost of the inventory on December 31, 2018?
a. 40,703,000
b. 26,403,000
c. 40,300,000
d. 40,560,000

On January 1, 2018, an entity had ordinary and preference shares outstanding. The incorporators own ten ordinary
shares but no preference shares. On December 31, 2018, the entity declared dividends on the ordinary shares
payable on December 31, 2019. The entity decided to give the ordinary shareholders a choice between receiving a
cash dividend of P500,000 per share or in the form of a noncash asset. The noncash asset is a standard model from
the entity’s car fleet. Each car has a fair value of P600,000 and carrying amount of P450,000. The fair value of the car
is P700,000 on December 31, 2019. The entity estimated that 80% of the ordinary shareholders will take the option
of the cash dividend and 20% will elect for the noncash asset.
9. What amount should be recognized as dividend payable on December 31, 2018?
A. 5,500,000
B. 5,200,000
C. 4,000,000
D. 6,000,000
10. What amount should be recognized as gain on distribution of property dividend in 2019 if the ordinary shareholders
elected to receive the noncash asset?
A. 2,000,000
B. 2,500,000
C. 1,500,000
D. 1,800,000

On January 1, 2017, an entity granted 60,000 share options to employees. The share options vest at the end of three
years provided the employees remain in service until then. The option price is P60 and the par value is P50. At the
date of grant, the entity concluded that the fair value of the share options cannot be measured reliably. The share
options have a life of 4 years which means that the share options can be exercised within one year after vesting. The
share prices are P62 on December 31, 2017, P66 on December 31, 2018, P75 on December 31, 2019, and P85 on
December 31, 2020. All share options were exercised on December 31, 2020.
11. What is the compensation expense for 2020?
A. 900,000
B. 600,000
C. 660,000
D. 0
12. What amount was credited to share premium upon exercise of the share options on December 31, 2020?
A. 2,100,000
B. 1,500,00
C. 900,000

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D. 600,000

13. According to IAS 2 net realizable value of inventories is

A. Fair value less cost to sell
B. Fair vale less normal margin and cost to complete.
C. Estimated selling price less normal margin and cost to sell
D. Estimated selling price less cost to complete and cost to sell
14. X exchanged an equipment for a furniture owned by Y. Y paid additional cash. The transaction lacks commercial
substance. Using IAS 16, X will measure the furniture at
A. Carrying amount of equipment minus the cash involved.
B. Fair value of the furniture plus the cash involved.
C. Fair value of the equipment minus the cash involved.
D. Carrying amount of furniture plus the cash involved.

An entity reported the following information on December 31, 2018:

Ordinary share capital 110,000 shares
Convertible noncumulative preference share capital 20,000 shares
10% convertible bonds payable 2,000,000
Share options to purchase 60,000 shares at P15 were outstanding. Market price of ordinary share was P22 on
December 31, 2018 and averaged P20 during the year. No value was assigned to the share options. The entity paid
preference dividends of P5 per share. The preference shares are convertible into 40,000 ordinary shares. The 10%
bonds are convertible into 30,000 ordinary shares. The net income for 2018 is P650,000. The tax rate is 30%.
15. What amount should be reported as basic earnings per share for 2018?
A. 5.00
B. 5.91
C. 4.36
D. 4.40
16. What is the total number of potential ordinary shares?
A. 130,000
B. 115,000
C. 85,000
D. 70,000
17. What amount should be reported as diluted earnings per share for 2018?
A. 5.00
B. 4.40
C. 4.05
D. 3.94

18. Which is an intangible asset in terms of computer software costs?

A. Purchase price of software to be used by an entity.
B. Cost of product master of internally developed software.
C. Purchase price of software to be sold to other entities.
D. Coding and testing costs incurred before feasibility of internally developed software.
19. According to IAS 2, this costing method is appropriate for inventories that are segregated for a specific project and
inventories that are not ordinarily interchangeable.
A. Weighted average C. FIFO
B. Specific identification D. Moving average
20. In accordance with IAS 16, PPE are tangible items that are:
I. Held for use in the production or supply of goods or services, for rental to others, or for administrative
purposes.
II. Properties held to earn rentals or for capital appreciation or both.

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III. Expected to be used during more than one period.
A. I and III C. II and III
B. I and II D. I, II and III

An entity reported the following information during the first year of operations:
Pretax financial income 9,000,000
Nontaxable interest received 1,000,000
Long-term loss accrual in excess of deductible amount 1,500,000
Tax depreciation in excess of financial depreciation 2,000,000
Income tax rate 30%
21. What is the current tax expense?
A. 2,250,000
B. 2,700,000
C. 1,800,000
D. 2,550,000
22. What is the total tax expense?
A. 2,700,000
B. 2,400,000
C. 3,150,000
D. 2,550,000
23. What is the deferred tax liability at year-end?
A. 600,000
B. 456,000
C. 150,000
D. 900,000
24. What is the deferred tax asset at year-end?
A. 600,000
B. 450,000
C. 750,000
D. 150,000

25. Bearer plant, per IAS 41, is a living plant that (choose the exception)
A. Has a probability of being sold as agricultural produce.
B. Is expected to bear produce for more than one period.
C. Is used in the production or supply of agricultural produce.
D. None of the forgoing
26. According to PAS 23, if a qualifying asset is financed by general borrowing, the borrowing cost capitalized is equal to
A. Actual borrowing costs incurred during the construction period.
B. Average expenditures on the qualifying asset multiplied by a capitalization rate
C. Average expenditures on the qualifying asset multiplied by a capitalization rate or actual borrowing costs,
whichever is higher.
D. Average expenditures on the qualifying asset multiplied by a capitalization rate or actual borrowing costs,
whichever is lower.
27. Government assistance per PAS 20 does not include
A. Provision of guarantees
B. Free technical or marketing advice
C. Government procurement policy that is responsible for a portion of the entity’s sales
D. Provision of infrastructure by improvement to the general transport and communication network
28. Subsequent measurement of assets classified in accordance with PAS 40
A. Cost model and revaluation model C. Fair value model and cost model
B. Fair value model and revaluation model D. Cost model and realizable value model

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29. Per IFRS 5, profit or loss from discontinued operation shall be presented as a single amount
A. Post-tax before income from continuing operation
B. Pre-tax before income from continuing operation
C. Post-tax after income from continuing operation
D. Pre-tax after income from continuing operation

On January 1, 2018, an entity provided the following information in connection with a defined benefit plan:
Fair value of plan assets 10,000,000
Unamortized past service cost 1,500,000
Projected benefit obligation ( 13,000,000 )
Unrecognized actuarial gain ( 1,000,000 )
Prepaid/accrued benefit cost ( 2,500,000 )

On January 1, 2018 the entity adopted PAS 19R. The entity revealed the following transactions affecting the plan for
the current year:
Current service cost 2,500,000
Past service cost – remaining vesting period of covered employees is 5 years 1,000,000
Contribution to the plan 3,500,000
Benefits paid to retirees 3,000,000
Actual return on plan assets 1,500,000
Decrease in projected benefit obligation due to change in actuarial assumptions 400,000
Discount rate 10%
Expected return on plan assets 12%
30. What is the employee benefit expense for the current year?
A. 3,800,000
B. 3,000,000
C. 4,800,000
D. 3,600,000
31. What is the net remeasurement gain for the current year?
A. 500,000
B. 400,000
C. 900,000
D. 0
32. What is the fair value of plan assets on December 31, 2018?
A. 15,000,000
B. 12,000,000
C. 11,700,000
D. 10,500,000
33. What is the projected benefit obligation on December 31, 2018?
A. 14,400,000
B. 17,800,000
C. 13,400,000
D. 15,200,000
34. What amount should be reported as accrued or prepaid benefit cost on December 31, 2018?
A. 3,300,000 accrued
B. 3,300,000 prepaid
C. 2,400,000 accrued
D. 2,400,000 prepaid

35. According to IAS 32, one of the following would be classified as equity?
A. Redeemable preference shares redeemable at the discretion of the issuer.

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B. Redeemable preference shares redeemable in 5 years at the request of the holder.
C. Redeemable preference shares with fixed redemption date.
D. Redeemable preference shares redeemable at the discretion of the issuer who has given formal notification of
such intention.
36. Classification of financial liability according to IFRS 9?
A. Financial liability at fair value though profit or loss and financial liability at fair value though OCI.
B. Financial liability at fair value though OCI and financial liability at amortized cost.
C. Financial liability at fair value though PL or at fair value through OCI and financial liability at amortized cost.
D. Financial liability at fair value though profit or loss and financial liability at amortized cost.
37. Transaction cost is added to the fair value of a financial asset under IFRS 9 when such is measured and classified as
financial asset
A. At fair value through profit or loss and at fair value through OCI
B. At fair value at amortized cost
C. At fair value through OCI and at amortized cost
D. At fair value through profit or loss, at fair value through OCI and at amortized cost

On January 1, 2017, an entity purchased 40% of the outstanding ordinary shares of another entity for P5,000,000
when the net assets of the investee amounted to P10,000,000.
At acquisition date, the carrying amount of the identifiable assets and liabilities of the investee were equal to their
fair value except for land whose fair value was P2,000,000 greater than the carrying amount and inventory whose
fair value was P1,500,000 greater than cost.
The land was sold in 2018 and one-half of the inventory was sold during 2018. During 2018, the investee reported
net income of P8,000,000, issued 10% stock dividends and paid cash dividends of P2,500,000.
38. What is the investment income for 2018?
A. 3,200,000
B. 2,100,000
C. 2,500,000
D. 3,300,000
39. What is the carrying amount of the investment on December 31, 2018?
A. 6,500,000
B. 6,100,000
C. 7,200,000
D. 7,300,000

An entity decided to enter into the leasing business. The entity acquired a specialized packaging machine for
P2,300,000. On January 1, 2018, the entity leased the machine for a period of 6 years, after which title to the
machine is transferred to the lessee. The annual payments are due each January 1 and the first payment was made
on January 1, 2018. The residual value of the machine is P200,000. The lease term are arranged so that a return of
12% is earned by the lessor. The present value of 1 at 12% for 6 periods is 0.51, the present value of an annuity in
advance of 1 at 12% for 6 periods is 4.60 and the PV of an ordinary annuity of 1 at 12% for 6 periods is 4.11.
40. What is the annual lease payment payable in advance required to yield the desired return?
A. 500,000
B. 477,826
C. 559,610
D. 460,000
41. What is the total financial revenue?
A. 1,057,660
B. 1,257,660
C. 700,000
D. 900,000

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On December 31, 2018, an entity issued P5,000,000 face value 5-year bonds at 109. Each P1,000 bond was issued
with 20 detachable share warrants. Each warrant entitled the bond holder to purchase one share of P20 par value
for P25. Immediately after issuance, the market value of each warrant was P5. The interest rate is 11% payable
annually every December 31. The prevailing market rate of interest for similar bonds without the warrants is 12%.
The PV of 1 at 12% for 5 periods is 0.57 and the PV of an ordinary annuity of 1 at 12% for 5 periods is 3.60.
42. What amount should be recorded as increase in equity as a result of the bond issuance on December 31, 2018?
A. 620,000
B. 450,000
C. 500,000
D. 0

43. An entity invested in an associate that resulted in a profit of P300,000. According to IAS 28, the gain should be
A. Included directly in the equity of the investor.
B. Included in the determination of the investor’s share in the associates profit the period the investment was
acquired.
C. Not accounted because it is already included in the initial carrying amount of the investment.
D. Amortized as income from investment over the period the investment is held.
44. An entity received a cash dividend from an investee. Should the entity report an increase in the investment account
if it has classified the stock as (1) financial asset at fair value or uses the (2) equity method of accounting,
respectively?
A. Yes & Yes C. No & Yes
B. Yes & No D. No & No

An entity, a grocery retailer, operates a customer loyalty program. The entity grants program members loyalty
points when they spend a specified amount on groceries. Program members can redeem the points for further
groceries. The points have no expiry date. During 2018, the sales amounted to P7,000,000 based on stand-alone
selling price. During the year, the entity granted 10,000 points. But management expected that only 80% or 8,000
points will be redeemed. The stand-alone selling price of each loyalty point is estimated at P100.
On December 31, 2018, 4,800 points have been redeemed. In 2019, management revised its expectations and now
expected that 90% or 9,000 points will be redeemed altogether. During 2019, the entity redeemed 2,400 points.
45. What amount should be reported as sales revenue including the revenue earned from points for 2018?
A. 7,000,000
B. 6,125,000
C. 6,650,000
D. 7,525,000
46. What is the revenue earned from loyalty points for 2019?
A. 700,000
B. 175,000
C. 210,000
D. 200,000

On January 1, 2017, an entity purchased equipment with cost of P10,000,000, useful life of 10 years and no residual
value. The entity used straight line depreciation. On December 31, 2017 and December 31, 2018, the entity
determined that impairment indicators are present. There is no change in useful life or residual value.
December 31, 2017 December 31, 2018
Fair value less cost of disposal 8,100,000 8,300,000
Value in use 8,550,000 8,200,000
47. What is the impairment loss for 2017?
A. 900,000
B. 450,000
C. 600,000

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D. 0
48. What is the gain on reversal of impairment for 2018?
A. 400,000
B. 700,000
C. 600,000
D. 0
49. What is the depreciation for 2019?
A. 1,000,000
B. 1,050,000
C. 1,025,000
D. 950,000

50. Defined by PAS 37 as a possible obligation that arises from past events and whose existence will be confirmed only
by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the
entity or a present obligation that arises from past events but is not recognized because it is not probable that an
outflow of resources embodying economic benefits will be required to settle the obligation; or the amount of the
obligation cannot be measured with sufficient reliability.
A. Contingent liability C. Constructive obligation
B. Estimated liability D. Provision
51. Gain or loss on extinguishment of debt accounted as asset swap is equals to
A. Carrying amount of liability extinguished minus fair value of asset transferred.
B. Carrying amount of liability extinguished minus carrying amount of asset transferred.
C. Fair value of liability extinguished minus carrying amount of asset transferred.
D. Fair value of liability extinguished minus fair value of asset transferred.

An entity accounted for non-current assets using the cost model. On July 1, 2018, the entity classified an equipment
as held for sale. At that date, the carrying amount was P5,000,000, the fair value was estimated at P3,500,000 and
the cost of disposal at P100,000. On December 31, 2018, the equipment was sold for net proceeds of P2,500,000.
52. What amount should be reported as an impairment loss for 2018?
A. 1,600,000
B. 2,500,000
C. 1,500,000
D. 900,000
53. What amount should be reported as loss on disposal for 2018?
A. 1,500,000
B. 2,500,000
C. 1,600,000
D. 900,000

54. An entity reported the following for 2018:

Inventory, January 1 5,000,000 Purchase discounts 1,500,000
Purchases 26,000,000 Sales 40,000,000
Freight in 2,000,000 Sales returns 3,000,000
Purchase returns and allowances 3,500,000 Sales discounts 1,000,000
A physical inventory taken on December 31, 2018 resulted in an ending inventory of P4,000,000. On December 31,
2018, unsold goods out on consignment with selling price of P1,000,000 are in the hands of a consignee. The gross
profit was 40% on sales.
On December 31, 2018, what is the estimated cost of inventory shortage?
A. 1,800,000
B. 1,400,000
C. 1,200,000

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D. 800,000

55. Defined by IFRS 16 as the rate of interest that causes the present value of the lease payments; and the
unguaranteed residual value to equal the sum of the fair value of the underlying asset and any initial direct costs of
the lessor.
A. Effective interest rate in the lease C. Interest rate implicit in the lease
B. Market interest rate D. Lessee’s incremental borrowing rate
56. Which of the following does not describe deferred tax liability per IAS 12?
A. Expenses and losses deducted from taxable income but deductible for accounting purposes in the future.
B. Revenue and gains included in accounting income for current period but taxable in the future.
C. Accounting income is higher than taxable income
D. Tax base of assets is higher than its carrying amount.
57. Per IAS 19, when an entity has a surplus in a defined benefit plan, it shall measure the net defined benefit asset at
A. The asset ceiling, determined using the discount rate in post-employment benefits.
B. The surplus in the defined benefit plan
C. Higher between A and B
D. Lower between A and B.

On January 1, 2018, an entity purchased non-trading equity investments which are irrevocably designated at FVOCI:
Purchase price Transaction cost Market - 12/31/2018
Security A 1,000,000 100,000 1,500,000
Security B 2,000,000 200,000 2,400,000
Security C 4,000,000 400,000 4,700,000
On July 1, 2019, the entity sold Security C for P5,200,000.
58. What amount should be reported as unrealized gain or loss in 2018 as component of other comprehensive income?
A. 1,600,000 gain
B. 1,600,000 loss
C. 900,000 gain
D. 900,000 loss
59. What is the net adjustment to retained earnings as a result of the sale of the investment in 2019?
A. 500,000 credit
B. 500,000 debit
C. 800,000 credit
D. 0

On January 1, 2017, an entity received a four-year P5,000,000 loan with interest payments occurring at the end of
each year and the principal to be repaid on December 31, 2020. The interest for 2017 is the prevailing market rate of
10% on January 1, 2017 and the market interest rate every January 1 resets the variable rate of interest for that
year.

The underlying fixed interest rate is 10%. In conjunction with the loan, the entity entered into a “receive variable,
pay fixed” interest rate swap agreement as cash flow hedge. The interest rate swap payment will be made on
December 31 of each year.

The market interest is 6% on January 1, 2018 and 8% on January 1, 2019. The PV of an ordinary annuity of 1 at 6%
for three periods is 2.67 and the PV of an ordinary annuity of 1 at 8% for two periods is 1.78.
60. What is the derivative asset or liability on December 31, 2017?
A. 600,000 asset
B. 600,000 liability
C. 534,000 asset
D. 534,000 liability

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61. What is the derivative asset or liability on December 31, 2018?
A. 178,000 asset
B. 178,000 liability
C. 334,000 asset
D. 334,000 liability
62. What amount of interest expense should be reported for 2018?
A. 500,000
B. 300,000
C. 400,000
D. 156,000

63. Defined by IFRS 2 as a share-based payment transaction in which the entity acquires goods or services by incurring a
liability to transfer cash or other assets to the supplier of those goods or services for amounts that are based on the
price of equity instruments of the entity or another group entity.
A. Liability-settled share-based payment C. Equity-settled share-based payment
B. Cash-settled share-based payment D. Account-settled share-based payment
64. In accordance with IAS 33, under the treasury stock method, the number of incremental ordinary shares of the
potential ordinary share is equal to
A. Option shares minus assumed treasury shares acquired.
B. Option shares plus assumed treasury shares acquired.
C. Option shares actually issued during the year.
D. Option shares.
65. The measurement of stock dividends on the date of declaration is
Market value Par value Market value Par value
A. Small stock dividend Large stock dividend C. Small stock dividend Small stock dividend
B. Large stock dividend Small stock dividend D. Large stock dividend Large stock dividend

The following information was included in the bank reconciliation for an entity for June:
Checks and charges recorded by bank in June (including a June service charge of P 300), P 172,100; Service Charge
made by bank in May and recorded on the books in June, P 200; Total of credits to cash in all journals during June, P
198,020; Customer’s NSF check returned as a bank charge in June (no entry made on books), P 1,000; Customer’s
NSF check returned in May and redeposited in June (no entry made on books in either May or June), P 2,500;
Outstanding checks at June, P 80,600 and deposit in transit in June P 6,000.
66. What were the total outstanding checks at the beginning of June?

A. 33,600
B. 43,500
C. 53,580
D. 60,200

67. An entity purchased 1,000 llamas on January 1, 2018. These llamas will be sheared semiannually and their wool sold
to specialty clothing manufacturers. The llamas were purchased for P222,000. During 2014, the change in fair value
due to growth and price changes is P14,100, the wool harvested but not yet sold is valued at net realizable value of
P27,000, and the decrease in fair value due to harvest is P1,750. In the income statement for 2018, what is the gain
on biological assets?
A. 39,950
B. 41,100
C. 14,100
D. 12,350

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On September 30, 2018, a fire at an entity’s only warehouse caused severe damage to its entire inventory. Based on
recent history, the entity has a gross profit of 30% on net sales. The following information is available from the
entity’s records for the nine months ended September 30, 2018:
Inventory at January 1, 2018 550,000
Total purchases received and recorded from January to date of fire 3,000,000
Total freight cost of goods purchased and received 60,000
Total credit memo received on goods purchased and received 200,000
Total discounts taken on purchases 80,000
Invoice received for goods purchased but still in transit shipped on
September 30, 2018, FOB shipping point 120,000
Total sales delivered and recorded from January to date of fire 3,600,000
Unrecorded sales invoice for goods delivered 300,000
Total sales returns accounted and recorded to date of fire 160,000
Total sales discounts taken by customers on recorded sales 40,000
A physical inventory disclosed usable damaged goods which the entity estimates can be sold to a jobber for P50,000.
68. Using the gross profit method, what amount of impairment loss on its inventory should the entity report on its
December 31, 2018 profit or loss?
A. 602,000
B. 662,000
C. 782,000
D. 832,000

69. Which of the following is not a component of other comprehensive income?

A. Translation gain or loss on the financial statements translated using temporal method per IAS 21
B. Unrealized gain or loss on available-for-sale securities under IFRS 9
C. Increments on subsequent measurement of PPE items using revaluation model under IAS 16
D. Actuarial gain or loss on plan benefit obligation under IAS 19
70. Under IFRS 8, a reportable segment must have reported at least 10% of any of the following accounts when
compared to the combined accounts of the company as a whole.
A. Revenues and profit or loss C. Revenues, profit or loss and assets
B. Revenues and assets D. Revenues, profit or loss, assets and equity

“The LORD detests lying lips, but he delights in people who are trustworthy.” Proverbs 12:22

“Education without values, as useful as it is, seems rather to make man a more clever devil.” C. S. Lewis

Good luck and God Bless!

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