On January 1, 20x1, Entity acquires 30% of Co. B, for P600,000. Co. B reports profit of P200,000 and also declares dividends of P50,000 in 20x1. How much is the carrying amount of the investment in associate, Dec 31, 20x1? a) P600,000 c) P645,000 b) P660,000 d) P630,000 58 A Company acquired a 30% interest in B Company, for P400,000 on January 1, 2020. During the year, B Company earned profits of P80,000 and paid no dividends. IN the year 2021, B Company incurred losses of P32,000 and paid dividends of P10,000. In A Company's consolidated financial statements, at the end of 2021, what would be the carrying amount of its interest in B Company, according to IAS 28, Investments in Associates ? a) P438,000 c) P414,400 b) P411,400 d) P400,000 Conceptual Framework/ Accounting Overview/ Standards/Financial Statements 59 Which of the following is one of the fundamental qualitative characteristics? a) Faithful representation c) Reliability b) Comparability d) Relevant 60 A concept that states that all the components of a complete set financial statement are interrelated. a) Concept of Entity c) Accounting Process Concept b) Concept of Articulation d) Concept of Fair Presentation

PAS 29 - Financial Reporting in Hyperinflationary economies 61 Under constant peso accounting a) all items in the statement of profit or loss and other comprehensive income are restated. b) some items in the statement of profit or loss and other comprehensive income are restated. c) items in the statement of profit or loss and other comprehensive income are not restated. d) items in the statement of profit or loss are restated but not in other comprehensive income The gain or loss on net monetary position is computed as, a) the difference between the "net monetary items, end - historical" and "net monetary items, end - restated'. This amount is recognized in profit or loss. b) the difference between the "net monetary items, end - historical" and "net monetary items, end - restated'. This amount is recognized in equity. c) the difference between the "net monetary items, beg. - historical" and "net monetary items, end - restated'. This amount is recognized in profit or loss. d) the difference between the "net monetary items, beg. - historical" and "net monetary items, end - restated'. This amount is recognized in equity.