1.

Statement |. Reforestation projects are recognized as Land Improvements Reforestation Project in the books of the DENR or other entity concerned. {SAM Vol. I, Chapter 10. Sec. 32) Statement ll: Initial costs tor reforestation projects would include survey, mapping and planning (8MP), nursery operation and seedling production or procurement, plantation establishment {site preparation, hauling of seedlings and planting) aooomted for mder the account title, Construction in ProgrmsLand Improvements- (GAM Vol. l, Chapter 10, Sec.33) 0 Both statements are true. 0 Only the second statement is true. 0 Only the first statement is true. 0 Both statements are false. Statement I. There are five given examples of service concession arrangements provided under R.A. 7718 and these include BOT, BTO, CAO, DOT, and ROT. (GAM Vol. I, Chapter 14, Sec.4) Statement II: Where the grantor recognizes a service concession asset, the grantor shall also recognize a liability at the same amount as the asset, adjusted by the amount of any other consideration from the grantor to the operator or from the operator to the grantor. (GAM Vol. I, Chapter 14, Sec. 5) O Both statements are true. O Only the second statement is true. O Only the first statement is true. O Both statements are false.Statement I. The grantor shall present information in accordance with the presentation and disclosure of assets, liabilities, revenue, expenses, and net assets/equity provided in Chapter 19, Financial Reporting of the Manual (GAM Vol. I, Chapter 14, Sec. 13) Statement II: A grantor shall disclose the description of the arrangement, significant terms that may affect the amount, timing, and certainty of future cash flows, the nature and extent of certain rights, and changes in the arrangement occurring during the reporting period. (GAM Vol. I, Chapter 14, Sec. 13) O Only the second statement is true. Only the first statement is true. O Both statements are true. O Both statements are false.Statement I. A jointly controlled entity maintains its own accounting records and prepares and presents financial statements in the same way as other entities in conformity with IPSASs, or other accounting standards if appropriate. (GAM Vol. I, Chapter 15, Sec.) Statement II: Each venturer usually contributes cash or other resources to the jointly controlled entity, where these contributions are included in the accounting records of the venturer and recognized in its financial statements as an investment in the jointly controlled entity. (GAM Vol. I, Chapter 15, Sec.) Only the second statement is true. O Both statements are true. O Both statements are false. O Only the first statement is true.Statement I. The Construction In Progress account shall be transferred to the Reforestation Projects account based on the Final Inspection and Acceptance Report submitted by the implementing agency/contractor and duly accepted by the unit concerned of the agency covered by a Memorandum of Agreement/Letter of Authority and work and Financial Plan. (GAM Vol. I, Chapter 10, Sec. 34) Statement II: The costs for maintenance and protection incurred during and after the duration or turn-over of the reforestation project shall be charged to the Reforestation Projects account together with the cost of replacing trees. (GAM Vol. I, Chapter 10, Sec. 35) O Both statements are true. Only the first statement is true. O Both statements are false. Only the second statement is true.Statement I. Provisions of PPSAS 1-Presentation of financial statements and the applicable PAG shall be applied in the presentation and preparation of GPFS. (GAM Vol. I, Chapter 19, Sec.1) Statement II: The application for the following PPSAS topics shall be discussed: a. Presentation of Financial Statements; b. Statement of Cash Flows; c. Events after the Reporting Date; d. Related Party Disclosures; e. Accounting Policies, Changes in Accounting Estimates and Errors; and f. Accounting Process (GAM Vol. I, Chapter 19, Sec.) O Both statements are false. O Both statements are true. Only the first statement is true. O Only the second statement is true.Statement I. Not-for-profit organizations are required to use accrual basis in accounting for the funds established and maintained by these organizations. (Other NPOs, Dayag, 2019) Statement II: The nature and timing of donor restrictions must be disclosed and that voluntary restrictions of unrestricted net assets by the entity's governing body, resulting to board-designated funds may be disclosed as temporarily restricted. (Other NPOs, Dayag, 2019) O Both statements are true. Only the first statement is true. Only the second statement is true. O Both statements are false.Statement I. The seven principles of cooperation include but are not limited to voluntary and open membership, democrative member control, member economic participation, autonomy and independence, education, training and information, cooperation among cooperatives, and promotion of unionism. (R.A. 9520, Chapter 1, Art. 4) Statement II: According to the Cooperative Code, no member of primary cooperative other than the cooperative itself shall own or hold more than ten per centum (10%) of the share capital of the cooperative. (R.A. 9520, Chapter VIll, Art. 73) Only the first statement is true. Only the second statement is true. O Both statements are true. O Both statements are false.Statement I. A venture shall recognize its interest in a jointly controlled entity using the equity method except if the interest is acquired and held exclusively with a view to its disposal within twelve months from acquisition, and the management is actively seeking a buyer. (GAM Vol. I, Chapter 15, Sec. 7 & 8) Statement II: Jointly controlled operations have venturers recognizing in their financial statements their share of the jointly controlled assets classified according to the nature of the asset rather than as an investment. (GAM Vol. I, Chapter 15, Sec. 4) O Both statements are false. Only the first statement is true. O Both statements are true. Only the second statement is true.Statement I. When the templates are registries and cards, there is no portion that certifies its correctness nor the identification of who updated the registry or card, unlike that of reports, journal entry vouchers, and ledgers where certifications are done and accountable persons are identified. (GAM Vol. II) Statement II: In the description of accounts in Volume Ill, each line item classification account provides the account title, account number, normal balance, and description which may include specifying subsidiary ledgers needed to be set up and reconciled to principal accounts. (GAM Vol. III) Only the second statement is true. O Both statements are true. Both statements are false. O Only the first statement is true