FINANCIAL-ACCOUNTING-AND-REPORTING-BY-YEYE.docx - FINANCIAL...

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FINANCIAL ACCOUNTING AND REPORTING BY YEYEPRELIM May mga tanong na idk saan ko nakuha o baka nagha hallucinate nako kasi inaantok nako and angsakit na ng ulo kes btw kung may mga tanong na wala dito sa sauce ko palagay naman pati sagot kahit mali pakinote nalang para accurate na sauce sa accounting and alam ko extended exam kaya wag magmadali okay HAHAHAHAHAHAH tapos diba may mga ninote ako na mali ‘yung mga answer kapag nagkamali kayo sa same question and isa lang nakanote na mali sakin lagay mona dindito para mahanap na natin ‘yung tama. Kung 2 naman maling answer na ninote ko manghula kanalang ng isa malalaman na natin tamang answer tapos kapag nakuha mona tamang answer pakilagay nalang ditto sa sauce ko thankie so muchmagtulungan tayo para di tayo bumagsak ‘yon langbabye goodnightAfter being held for 30 days, a 90-day, 15 percent interest-bearing note receivable was discounted at a bank at 18 percent. The proceeds received form the bank upon discounting would be the:
= Maturity value less the discount at 18%Which the basic purpose of the Conceptual Framework for Financial Reporting?= To assist preparers of financial statements in applying accounting standards and in dealing withissues that have yet to faint the subject of accounting standardsComprises of cash on hand and demand deposits=CashTay Corp. factored P400,000 of accounts receivable to Rick Corp. on July 1, year 2. Control was surrendered by Tay. Rick accepted the receivables subject to recourse for nonpayment. Rick assessed a fee of 2% and retains a holdback equal to 5% of the accounts receivable. In addition, Rick charged 15% interest computed on a weighted-average time to maturity of the receivables of forty-one days. The fair value of the recourse obligation is P12,000.= 365,260Of the following items, which would be included in cash on hand and classified as a current asset?A. Negotiable checksB. Certificates of depositC. Bank draftsD. Coins and currency= A, B, C, and DThe percentage-of-receivables approach of estimating uncollectible accounts emphasizes matching over valuation of accounts receivable.= FalseWho is responsible, at all times, for the amount of the petty cash fund?= The petty cash custodianSubsequent to the date of the note or the draft, the present value of an interest-bearing note is equal to= Face value plus accrued interestWhich of the following best describes the characteristics of a financial instrument?=There must be a contract (not sure pakitama if mali thankie)
If financial assets are exchanged for cash and other consideration but the transfer does not meet the criteria for a sale, the transferor and the transferee should account for the transaction as (I) Secured borrowing and (II) Pledge of collateral=II only (mali ‘to) try mo ‘toBoth I and II pagmali pakitamaIf accounts receivable are pledged against borrowings, the amount of accounts receivable pledged shall be;=This is called the balance sheet approach in accounting for doubtful accounts expense= Cash equivalents are short-term, highly liquid investments that are=

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Term
Fall
Professor
Gudani

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