Consolidated financial statements must be prepared

174. Consolidated financial statements must be prepared using
uniform accounting policies.
The non-controlling interest in the net assets of subsidiaries may
be shown by way of note to the consolidated statement of financial
position.
A. true, true C. false, true
B. true, false D. false, false PRTC 0515
Not-for-Profit Organization
98. This fund is established for assets contributed to a nonprofit
organization with the stipulation that the organization shall pay
specified fixed amount periodically to a designated beneficiary for
a specified period of time
A. Agency fund C. Life income fund
B. Annuity fund D. Loan fund PRTC 0514, 0515
176. An alumnus donates securities to a nonprofit college and
stipulates that the principal be held in perpetuity and revenue be
used for faculty travel. Dividends received from the securities
should be recognized as revenue in
A. Endowment fund C. Restricted current fund
B. Quasi-endowment fund D. Unrestricted current fund PRTC
0515
Government Accounting
177. The phase in the national budget cycle which involves the
comparison of performance with predetermined plan and the
evaluation of expenditures and performance is called
A. Accountability C. Execution
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CPA REVIEW SCHOOL OF THE PHILIPPINES THEORY OF ACCOUNTS
B. Authorization D. Preparation PRTC 0515
178. Which of the following journals shall be used under the NGAS?
A. General journal C. Journal of checks issued PRTC
0515
B. Journal of bills rendered D. Journal and analysis of
obligations
99. The government entity charged with the responsibility and
approval of accounting system for government agencies is the
A. Bangko Sentral ng Pilipinas C. Commission on Audit PRTC
0514
B. Bureau of Treasury D. Dept. of Budget &
Management (DBM)
100. General income accounts of the government encompass
I. All types of revenue or income generated by agencies in the
exercise of their administrative and regulatory function, income
from public enterprises or income from investments and income
from grants-and donations.
II. All taxes imposed on income, properties and use or sale, of
goods and services, taxes on international trade and
transactions and other taxes including fines and penalties
A. I only C. Both I and II
B. II only D. Neither I nor II PRTC 0514
Financial Statement Analysis
78. What effect would a payment of a cash dividend (declaration of
which has been previously recorded) have on a positive current
ratio and working capital balance, respectively?
A. Decrease, decrease C. Increase, no effect
B. Increase, decrease D. No effect, no effect PRTC 0511
Security & Exchange Commission