FAR EASTERN UNIVERSITY 1ST Preliminary Examination Fin ACT 1 Financial Acctg. Part I – Multiple Choice Theory 30% 1.To be reported as “cash and cash equivalent”‚ the cash item must be‚ (a) Unrestricted in use for current operation; (b) Available for the purchase of property‚ plant and equipment; (c) Set aside for the liquidation of long-term debt; (d). Deposited in the bank. Answer: (a) 2. Which of the following shall not be considered cash for financial reporting purposes? (a) Petty cash fund
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90 November 2.74 December 4.20 January 1.45 February 1.80 2.242 March 2.03 2.2498 0.902 2.2575 April 1.99 2.2673 0.878 2.277 May 2.32 2.2685 1.0227 2.262 June 2.20 2.2605 0.973 2.259 July 2.13 2.2945 0.928 2.33 August 2.43 2.334 1.0411 2003 2.338 September 1.90 2.3375 0.8128 2.337 October 2.13 2.347 0.9075 2.357 November 2.56 2.36 1.0847 2.363 December 4.16 2.3603 1.7625 2.3575 January
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2007 to Jul-Dec‚ 2009). 5 Table 2: FDI Inflows by Areas and Components (July-Dec‚ 2008 to July-Dec‚ 2009). 7 Table 3: FDI Inflows classified by Major Countries and Major Sectors for the period of July-December‚ 2009. 10 Table 4: FDI Stock classified by Major Countries and Major Sectors as on December‚ 2009 13 Figure Figure 1: Half Yearly FDI Inflows (Jan-Jun2007 to Jul-Dec 2009) 3 Figure 2: Yearly FDI Inflows (2005 to 2009) 4 Figure 3: Half Yearly FDI Inflows by Components 5 Fig-4: FDI
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|ADJUSTMENT FOR ACCRUALS AND PREPAYMENTS | |Learning outcome | |Explain the foundations of accruals and prepayments‚ including the nature of the resulting change in the income statement. | |Show the entries for accruals and prepayments in the journal‚ ledger and final accounts.
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responsibility for evaluating and disclosing going concern uncertainties. Currently the assessment is performed by auditors under auditing standards. ASU 2014-15 is effective for annual periods ending after December 15‚ 2016 and for interim periods within annual periods beginning after December 15‚ 2016. ASU 2014-14‚ Receivables —Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain
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firm is employed to prepare its accounts after the end of the accounting period from information Brian supplies. You work for this firm as an intern and have been asked to prepare a first draft of the accounts for Dreams Ltd for the year ending 31st December 2010. A list of opening balances at 1st January 2010 is set out below: £ Premises at cost Shop premises: accumulated depreciation Fixtures and fittings: cost Fixtures and fittings: accumulated depreciation Inventories at cost Trade receivables Allowance
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Asset and Liability problems: The information presented here represents selected data from the December 31‚ 2010‚ balance sheets and income statements for the year then ended for three firms. Calculate the missing amounts for each firm. Firm A Firm B Firm C Total assets‚ 12/31/10 $401‚000 $531‚000 $334‚000 Total liabilities‚ 12/31/10 222‚000 143‚000 ___________ Paid-in capital‚ 12/31/10 85‚000 [pic] 42‚000 Retained earnings‚ 12/31/10 [pic] 319‚000 ___________ Net income for
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P500‚000. The employee is expected to retire in 10 years‚ and the salary increase are expected to average 4% per year during the period. On December 31‚ 2011‚ the employee has worked for 15 years‚ The future value of 1 at 4% for 10 periods is 1.48. What is the annual pension payment that should be used in computing the projected benefit obligation on December 31‚2011? a. 555‚000 b. 375‚000 c. 333‚000 d. 225‚000 Answer: c Solution: Future salary (500‚000 x 1.48) 740‚000 Annual
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References: “The World’s Billionaires.” Forbes’ Magazine. March 11‚ 2009. Accessed 10 December 2009 from www.forbes.com Betts‚ Kate [4] “International Directory of Company Histories.” Vol. 49‚ St. James Press‚ 2003 [5] Weston-Thomas‚ Pauline [16] “The World’s Billionaires.” Forbes’ Magazine. March 11‚ 2009. Accessed 10 December 2009 from www.forbes.com [17] Weston-Thomas‚ Pauline
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a passenger train‚ and the Pamban Rail Bridge -tragically all happening at the dead of the night. The storm was unique in many ways. It all started with a formation of a depression with its centre at 5N 93E in South Andaman Sea on 17 December 1964. On 19 December it intensified into a cyclonic storm. The formation of depression at such low latitudes as 5N is rare in Indian seas though such cases of typhoon development within 5 degrees of Equator has been reported in North Western Pacific. The Rameshwaram
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