Financial Accounting I
Chapter 2: Accounting for Cash & Cash Equivalents
- Any item that is used as standard medium of exchange.
- For accounting purposes, an item is considered as cash if it is
acceptable by bank or other financial institution for d
Financial Accounting 2
Investment in Securities IFRS 9 (Financial Instruments) & IAS 28
(Investment in Associates)
Figure 1: Classifications of Investment Securities
at Fair Value through
Profit or Loss (FVPL)
at Fair Value through
FinAcc Quiz 4 Notes (Questions & Answers)
Difference between subscribed and fully paid shareholders?
Stock Certificate Only (Law)
1. Share Dividend Distributable
Included in Legal Capital?
When issued below par, use par as measurement - Valix
BIODIVERSITY AND EVOLUTION
What is biodiversity and why is it important?
A. Biodiversity is a crucial part of the Earths natural capital
1. The biodiversity found in genes, species, ecosystems, and the ecosystem processes of energy flow and
ENVIRONMENTAL PROBLEMS,THEIR CAUSES, AND
What are three principles of sustainability?
A. Environmental science is a study of connections in nature.
1. Environment includes all living and nonliving things with which an organism
Chapter 14 ENVIRONMENTAL HAZARDS AND HUMAN HEALTH
14-1 What major health hazards do we face?
A. Risks are usually expressed as probabilities.
1. A risk is the probability of suffering harm from a hazard that can cause injury, disease, death, economic loss
Chapter 12 GEOLOGY AND NON RENEWABLE MINERALS
12-1 What are the earths major geological processes and hazards?
A. The earth is a dynamic planet.
1. Geology is the science devoted to the study of dynamic processes occurring on the earths surface and in its
ECOSYSTEMS: What they are and How do they work?
What keeps us and other organisms alive?
The earths life-support system has four major components.
1. The atmosphere is the thin membrane of air around the planet.
2. The troposphere is the air
13-1 What is net energy and why is it important?
Basic science: Net energy is the only energy that really counts.
A. The usable amount of high-quality energy available from a given quantity of an energy resource is its net energy
HANDOUT ON COST BEHAVIOUR
A. LECTURE NOTES
Cost Behavior Patterns
Understanding cost behavior patterns (i.e., the relationship between cost and activity) is
important to managers as they plan, control, and make decisions in the operation of their
why deduct unfavorable (P<BP) volume variance (full
from gross margin? (as to no deduction/effect on variable
treatment of normal/abnormal loss units in job
dayag vs others
Supply the correct answer.
ABC Co. asks you to review its December 31, 2012, inventory values and prepare
the necessary adjustments to the books. The following information is given to you:
ABC uses the periodic method of recording inventory. A
Property, Plant, & Equipment 1
The following transactions relate to M. Gibson Company.
a) The national government grants the company a large tract of land to be used as a plant
site. The lands fair value is determined to be P 1,620,000.
b) The comp
Chapter 3: Accounting for Receivables
1. Interest-bearing note
- The amount written on the face of the note is the face value or present value of
- Subsequent to the date of the note, the present value of an interest-bearing not
Shown below is ABC Companys aging schedule of its accounts receivable on
December 31, 2012:
1. In 2012, ABC Company paid P 4 Million to purchase land containing a total estimated
160,000 tons of extractable mineral deposits. The estimated value of the property after
the mineral has been removed is P 800,000. Extraction
Chapter 2 Cash and Cash Equivalents
CASH AND CASH EQUIVALENTS
Checking account in Metrobank
Savings account at Far East Bank
Petty cash fund (1,500 250)
Cash on hand (undeposited sales receipts)
Cash in foreign bank
THE DEVELOPMENT OF THE ACCOUNTING PROFESSION
MULTIPLE CHOICE QUESTIONS
These are expenditures after the initial recognition of the asset. Subsequent expenditures
are classified as either CAPITAL EXPENDITURES or OUTRIGHT EXPENSE.
Probable future economic benefits will
flow to the e
MEASUREMENT AFTER INITIAL RECOGNITION
After the initial measurement of the asset, the company will choose either the COST MODEL
or the REVALUATION MODEL as its accounting policy for property, plant and equipment
applied to an entire class.
FINANCIAL ACCOUNTING 1
Property, Plant and Equipment
NATURE AND COMPOSITION
According to IAS 16, Property, Plant and Equipment are:
1. Tangible assets held by the entity for the production of goods and services, for rental
to others or for administrative
Chapter 11 WATER RESOURCES AND WATER POLLUTION
11-1 Will we have enough usable water?
A. Freshwater is an irreplaceable resource that we are managing poorly.
1. Freshwater is relatively pure and contains few dissolved salts.
2. Earth has a precious layer