Please help me with these. Thank you.

1.Financial accounting standard-setting

is a legislative process based on rules promulgated by government agencies

is a social process which incorporates political actions of various interested user groups as well as professional research and logic

is based solely on research

is a democratic process in that a majority of practicing accountants must agree with a standard before it becomes enforceable

2.Which of the following is likely to be classified as a direct material cost of a motor car wheel?

The metal used to manufacture a motor car wheel.

The metal used to manufacture one of the tools used in the car wheel factory.

The cost of the quality inspection checks on the finished car wheels.

The cost of operating the raw material stores in the factory.

3a.1. the president of the Phil appoints the chairman & members of FRSC 2. The PIC has 15 representatives from the regulators & accounting firms

1st statement is false

1st statement is true

both statements are true

both statements are false

3b. A company using a periodic inventory system can complete its closing procedures in the same manner as if a perpetual inventory system is being used:

by creating a Cost of Goods Sold account.

when there is no inventory shrinkage.

when there are no sales returns and allowances.

when there are no accounts payables outstanding.

4.1. Accounting standards set out the broad rules which govern financial reporting but do not lay down the detailed accounting treatments of transactions and other items 2. The body to which the International Accounting Standards Board is responsible is the IFRS Foundation

1st statement is false

both statements are false

both statements are true

1st statement is true

5.Sales were $424,000. Beginning inventory was $45,000. Purchases were $245,000. Ending inventory is $38,000. Operating expenses were $124,000. Calculate the cost of goods sold.

$128,000

$252,000

$172,000

$290,000

6.Which of the following is not a characteristic of FOB Shipping Point?

The point of transfer is when the goods leave the seller's place of business.

The point of transfer is when the goods arrive at the buyer's place of business.

The buyer owns goods in transit.

The buyer pays for shipping.

7.Which of the following is an example of a contra revenue account?

merchandise inventory

sales return & allowance

purchases discount, sales discount

depreciation expense

8.What accounts are used to recognize a retailer's purchase from a manufacturer on credit?

accounts receivable, merchandise inventory

sales, accounts receivable

accounts payable, cash

accounts payable, merchandise inventory

9.1. The process for approving and making the appointment of IASB's Board members is the same as for the initial term. 2. When an Board member position is due to become vacant, the 1st process applied is to invite applications thru advertisement around the world via the IFRS Foundation website. The application process is open for a period of at least five weeks.

1st statement is true

both statements are false

both statements are true

1st statement is false

10.One of the main advantages of standardization in financial reporting is:

The use of creative accounting practices

Comparability between accounting periods and between entities

The production of prudent financial statements

Increased flexibility in financial reporting

11.The international Accounting Standards Board was formed to

Establish accounting standards for multinational entities

Develop a single set of high quality IFRS

Enforce IFRS in foreign countries

Develop accounting standards for countries that do not have standard setting-body

12.1. The IASB's Board Members are appointed for a five-year term, with eligibility for renewal for a further five years, although in exceptional circumstances reappointments of up to three years might be available. 2. When an Board member position is due to become vacant, the 1st process applied is to invite applications thru advertisement around the world via the IFRS Foundation website. The application process is open for a period of at least five weeks.

both statements are false

both statements are true

1st statement is true

1st statement is false

13.1. The IFRS Advisory Council has approximately 40 members who advises IASB 2. both IASB and IFRS Interpretations committee have 14 members and appointed by the Monitoring Board

both statements are false

both statements are true

1st statement is true

1st statement is false

14.Which of the following is not a characteristic of FOB Destination?

The buyer owns goods in transit.

The point of transfer is when the goods arrive at the buyer's place of business.

The point of transfer is when the goods leave the seller's place of business.

The buyer pays for shipping.

15.What is the chronological order in the evaluation of a typical standard?

Exposure draft, Discussion paper and Standards

Discussion paper, Exposure draft and standard

Standard, Discussion paper and Exposure draft

Exposure draft, Standard and Discussion paper

16.A company purchased $10,000 of merchandise inventory from a vendor who offers credit terms of 2/10 n/30. The company uses the net cost method of recording purchases of merchandise. The company paid the vendor 30 days after receiving the invoice. The journal entry to record the payment would include which of the following?

A debit to Accounts Payable for $10,000, debit merchandise inventory 9800

A credit to Cash for $10,000. debit to account payable 9,800

a debit to account payable 10,000, credit purchase discount 200

A debit to Purchase Discounts for $200, credit to cash 9,800

17.The steps of the operating cycle for a retailer usually take place in which order?

Sale of merchandise on account Purchases of merchandise Collection of the receivables

Purchases of merchandise Sale of merchandise on account Collection of the receivables

Purchases of merchandise Collection of the receivables Sale of merchandise on Account

Collection of the receivables Purchases of merchandise Sale of merchandise on Account

18.Which statement is true regarding the FRSC?

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.

All of the statements are true.

19.In the development of accounting standards, the FRSC employs a "due process" system which

Identifies the accounting issues that are the most important

Requires that all CPAs must receive a copy of IFRS

Is efficient for collecting dues from members

Enables interested parties to express their views on accounting issues under consideration

20.Which of the following is a disadvantage of the perpetual inventory system?

Inventory is automatically updated.

It allows managers to make current decisions about purchases, stock, and sales.

It is cost-prohibitive.

Inventory information is in real-time.