2/26/22, 10:18 PM AFAR Quiz 2

AFAR Quiz 2
PSBA-Manila CPA Refresher Course: Nov Batch for May 2022 CPALE

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1. Email *

2. Name (Last, First, M.I.) *

QUIZ PROPER

Problem 1 Given

3. Problem 1. The total amount debited to Laoag Branch on the books of the home office was: * 1 point

Mark only one oval.

x 34,300

34,600

31,300

31,400

Problem 2 Given

4. Problem 2. How much is the shipments to branch account during the year? * 1 point

Mark only one oval.

264,000

x 800,000

880,000

1,040,000

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Problems 3-4 Given

5. Problem 3. How much of the beginning inventory was acquired from outsiders? * 1 point

Mark only one oval.

x 28,800

38,400

43,200

57,600

6. Problem 4. How much is the true cost of goods sold of the branch? * 1 point

Mark only one oval.

655,200

633,600

x 492,000

470,400

Problem 5-6 Given

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7. Problem 5. What was the billed price of the branch beginning inventory? * 1 point

Mark only one oval.

30,000

32,500

22,500

x 37,500

8. Problem 6. The branch net income as far as the home office is concerned: * 1 point

Mark only one oval.

x 102,000

100,000

112,500

112,000

Problem 7-8 Given

9. Problem 7. Under IFRS 15, what is the revenue from initial franchise fees at December 31, 2022? * 1 point

Mark only one oval.

x 1,866,921

3,972,172

3,222,172

1,191,652

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10. Problem 8. Under IFRS 15, what is the total revenue at December 31, 2022? * 1 point

Mark only one oval.

2,241,921

1,566,652
x 2,564,138

4,669,389

Problem 9 Given

11. Problem 9. What is the total income to be recognized by VV Inc. for the year ended December 31, 2022? * 1 point

Mark only one oval.

505,000

455,120

432,447

x 488,395

Problem 10-11 Given

12. Problem 10. How much of the upfront fee is to be allocated to the delivery of raw materials? * 1 point

Mark only one oval.

200,000

3,750,000

5,000,000

x 1,250,000

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13. Problem 11. What is the total amount of revenue to be reported by Zemo Inc. for the year ended December 31, 2020? 1 point
*

Mark only one oval.

8,750,000

5,700,000

10,000,000

x 4,700,000

Problem 12-13 Given

14. Problem 12. How much is the correct balance of the reciprocal accounts on July 31, 2021? * 1 point

Mark only one oval.

970,000

988,000
x 1,060,000

1,078,000

15. Problem 13. How much is the unadjusted balance of the home office current on July 31, 2021? * 1 point

Mark only one oval.

x 910,000

1,000,000

1,090,000

1,150,000

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Problem 14-15 Given

16. Problem 14. How much is the balance of unrealized gross profit as at December 31, 2021? * 1 point

Mark only one oval.

427,500

389,250

x 378,000

339,750

17. Problem 15. How much is the realized gross profit in 2021? * 1 point

Mark only one oval.

427,500

378,000

x 389,250

Problem 16. Given

18. Problem 16. How much net income did JBD realize in August on the consignment? * 1 point

Mark only one oval.

7,500 net income

x 6,500 net income

6,700 net loss

6,500 net loss

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Problem 17 Given

19. Problem 17. What is the total cost of the unsold sneakers? * 1 point

Mark only one oval.

12,000

x 13,200

10,320

14,880

Problem 18 Given

20. Problem 18. How much is the balance of the refund liability as of December 31, 2021? * 1 point

Mark only one oval.

100,000

400,000

x 300,000

Problem 19 Given

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21. Problem 19. The company employs a perpetual inventory system. The entries on July 19, 2021 will include all of the 1 point

following, EXCEPT *

Mark only one oval.

Debit to cash, P1,235,000

x Debit to refund liability, P34,580

Credit to sales revenue, P1,148,550

Credit to inventory, P494,000

Problem 20 Given

22. Problem 20. How much was the cost of goods still out on consignment? * 1 point

Mark only one oval.

220,000

221,100

222,200

x 223,300

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