Please help me with these. Thank you.

1."An entity which adopts international

financial reporting standards must always adhere to the requirements of every

standard, no matter what the circumstances" 2. The role of the IFRS

Advisory Council is to Appoint members to the IASB

both statements are false

both statements are true

1st statement is true

1st statement is false

2.Which statement is true regarding the FRSC?

All of the statements are true.

The chairman and members of FRSC are appointed by Professional

Regulation Commission upon recommendation of the Board of Accountancy and shall

have a term of three years renewable for another term.

The FRSC shall be composed of 15 with a Chairman and 14

representatives.

The FRSC is created by Professional Regulation Commission upon

recommendation of the Board of Accountancy in carrying out its powers and

functions under R.A. 9298.

3.Which of the following types of cost would

not form part of the prime cost of a product?

Direct labour costs

Factory overhead costs

Direct expense costs

Direct material costs

4.1. Accounting Standards in the Philippines are adopted from

the International Financial Reporting Standards (IFRS) issued by the

International Accounting Standards Board (IASB) 2. Philippine Financial

Reporting Standards (PFRS) are issued by the Financial Reporting Standards

Council (FRSC).

1st statement is false

both statements are true

both statements are false

1st statement is true

5. A company had sales of $695,000 and cost of goods sold of

$278,000. Its gross margin equals:

Your answer

6.1. the PIC established and improves the GAAP in the

Philippines 2. The Accounting Standards Council replaced the Financial

Reporting Standards Council

1st statement is false

1st statement is true

both statements are true

both statements are false

7.It is a "global phenomenon" intended to bring about

transparency and a higher degree of comparability in financial reporting in

order to achieve the goal of one uniform and globally accepted financial

reporting standards.

WORLD TRADE

PFRS

Borderless accounting

IFRS

8.Which of the following is the best definition of product

costs?

Product costs are those costs that change with changes in the

level of product activity, over a defined period of time.

Product costs are the costs associated with unsold products

retained in stock.

Product costs are overhead costs that are allocated over a

number of products of the business for which costs are to be determined

Product costs are those costs associated with goods or services

purchased, or produced, for sale to customers

9.Which of the following is normally regarded as a direct labour

cost?

The wages of an operative paid on the basis of output achieved

A bonus paid to the storeman

Costs of the payroll accounting section

Supervisors' salaries in the factory

10.Which of the following is not a reason for the physical

inventory count to differ from what is recognized on the company's books?

damage

mismanagement

sale of services to customers

shrinkage

11.You delivered a printing press to your customer. When it was

delivered, it was slightly dented on one side, but the dent had no effect on

the performance of the printing press. To maintain company goodwill, you

authorized a $500 reduction in the invoice price if the customer would keep the

printing press. The customer accepted the offer. The journal entry to record

the $500 would include which of the following?

A credit to Sales Returns and Allowances for $500

A credit to Sales Discount for $500

A debit to Sales Returns and Allowances for $500

A debit to Sales Discount for $500

12.Which of the following accounts would not be reported under

revenue on a simple income statement?

operating expenses

rent revenue

net sales

interest revenue

13.A customer returns P870 worth of merchandise and receives a

full refund. What accounts recognize this sales return (disregarding the

merchandise condition entry) if the return occurs before the customer remits

payment to the retailer?

sales returns and allowances, merchandise inventory

accounts receivable, cost of goods sold

accounts receivable, cash

accounts receivable, sales returns and allowances

14.If an accounting manager asks you to delay recording an

invoice for the purchase of merchandise until after the closing of the general

ledger, but include the merchandise in the physical count of the ending

merchandise inventory (periodic inventory method), the manager is attempting to

do which of the following?

Employ the cost method of recording purchases

Take advantage of the credit terms related to the purchase

Increase the reported net income in the income statement of the

current period

Follow the matching principle

15.1. PIC should meet at least 12 times in a year 2. FINEX is

not represented in PIC

both statements are true

both statements are false

1st statement is true

1st statement is false

16.the word "entity" as used by the IASB refers to

Not-for-profit organisations only

Companies only

Corporations only

Profit-oriented organisations only

17.Sales were $600,000, gross profit was $220,000, operating

expenses were $120,000, and the income tax rate is 30%. Calculate the cost of

goods sold and net income.

$380,000 and $70,000, respectively

$380,000 and $30,000, respectively

$100,000 and $70,000, respectively

$380,000 and $100,000, respectively

18.Which of the following is an advantage of the periodic

inventory system?

time consuming

cost prohibitive

real-time information for managers

frequent physical inventory counts

19.A simple income statement ________.

combines all revenues into one category

separates cost of goods sold from operating expenses

does not combine all expenses into one category

separates revenues into several categories

20.Which of the following accounts would be reported under

operating expenses on a multi-step income statement?

interest expenses

advertising expense

sales return

income tax