What is the correct answers for the following questions?
1.
Which of the following are reported in the statement of changes in equity? a. Economic resources and claims b. Inflows and outflows of cash and cash equivalents. c. Changes in economic resources and claims resulting from financial performance. d. Changes in economic resources and claims not resulting from financial performance.. Statement 1: Investors, creditors and other statement users analyze the statement of financial position to evaluate such factors as liquidity, solvency and the need of the entity for additional financing. . Statement 2: All business entities in the country should follow the report form in order for the financial statements to be comparable. a. Neither of the statement is correct. b. Only the first statement is correct. c. Only the second statement is correct. d. Both statements are correct.Which of the following is an essential characteristic of an asset? a. The cost of the asset can be measured accurately. b. It is a result of either past or predictable transactions. c. It must be exclusively owned and must be exchangeable. d. The Inow of future economic benets is controlled by the enterprise. I Statement 1: The computation for net purchases for both manufacturing merchandising businesses is the same. . Statement 2: The aggregate of the raw materials ending balance, direct labor and factory overhead will the total manufacturing cost. a. Both statements are correct. h. Only the rst statement is correct. c. Neither of the statement is correct. d. Only the second statement is correct. Which statement is correct regarding cost of inventories? 3. Storage costs may be Included in the cost of inventories. b. Costs of purchase include variable manufacturing overheads. c. Foreign exchange differences arising directly on the recent acquisition of Inventories invoiced in a foreign currency are included in cost of inventories. d. Cost of conversion include direct materials. MNO, Inc. had the following activities during year 1: . Acquired 2,000 shares of stock in ZZZ, Inc. for P26,000. MNO intends to hold the stock as a long-term investment. . Sold an investment in Rate Motors for P35,000 when the carrying value was P33,000. . Acquired a P50,000, four-year certificate of deposit from a bank. (During the year, interest of $3,750 was paid to MNO) . Collected dividends of P1,200 on stock investments. In MNO's year 1 statement of cash flows, net cash used in investing activities should be a. 41,000 b. 38,050 c. 37,250 d. 39,800in accordance with PAS 1, which of the following expenses need not be presented separately in the profit or loss section or the statement of prot or loss? a. Share of loss of associates b. Depreciation expense c. Tax expense d. Finance costs
