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    10 Quiz 2

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    Charlotte Alcomendas
    The document contains an accounting quiz with multiple choice and true/false questions. It tests understanding of adjusting vs non-adjusting events, related party identification, and segment reporting thresholds. The quiz contains 3 sections with a total of 10 points of questions.

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    Download as PDF, TXT or read online from Scribd

    10 Quiz 2

    Uploaded by

    Charlotte Alcomendas
    13 views1 page
    The document contains an accounting quiz with multiple choice and true/false questions. It tests understanding of adjusting vs non-adjusting events, related party identification, and segment reporting thresholds. The quiz contains 3 sections with a total of 10 points of questions.

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    10_Quiz_2

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    The document contains an accounting quiz with multiple choice and true/false questions. It tests understanding of adjusting vs non-adjusting events, related party identification, and segment reporting thresholds. The quiz contains 3 sections with a total of 10 points of questions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    13 views1 page

    10 Quiz 2

    Uploaded by

    Charlotte Alcomendas
    The document contains an accounting quiz with multiple choice and true/false questions. It tests understanding of adjusting vs non-adjusting events, related party identification, and segment reporting thresholds. The quiz contains 3 sections with a total of 10 points of questions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    BM2218

    NAME: DATE: SCORE:

    APPLICATION OF CONCEPTS

    I. State whether the following events are A) adjusting or B) non-adjusting events after the reporting
    period. (5 items x 2 points)

    1. A debtor of the entity files for bankruptcy. The entity has an


    outstanding account receivable from the debtor.
    2. Settlement of a pending lawsuit at an amount greater than the
    provision recognized at the end of the reporting period.
    3. Declaration of dividends.
    4. Discovery of prior period error.
    5. Filing of a lawsuit against the entity for an accident that occurred
    after the end of the reporting period.

    II. Determine the related parties in the scenario below. (2 points)

    1. Mr. Catibayan is a director at X Co. and also at Y Co.


    a. X Co. and Y Co.
    b. Mr. Catibayan and X Co.
    c. Mr. Catibayan and Y Co.
    d. Mr. Catibayan and X Co. and Mr. Catibayan and Y Co.

    III. Identify the reportable segments under the quantitative thresholds. (5 points: 2 points correct letter; 3
    points correct basis/solution)

    Operating segments Revenues Profit (loss) Assets


    A ₱1,000,000 ₱200,000 ₱14,000,000
    B 1,200,000 140,000 18,000,000
    C 270,000 (70,000) 12,000,000
    D 240,000 (700,000) 1,000,000
    E 290,000 50,000 1,400,000
    Totals ₱3,000,000 (₱380,000) ₱46,400,000

    a. BCDE c. ABCE
    b. ACDE d. ABCD

    10 Quiz 2 *Property of STI


    Page 1 of 1

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