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Exam (elaborations)

Advanced Financial Accounting and Reporting Theories

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  • Advanced Financial Accounting
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  • Advanced Financial Accounting

Advanced Financial Accounting and Reporting Theories Derivatives Gain or Loss - answerChanges in value presented in OCI with reclassification adjustment if realized Exchange Differences Treatment - answerTranslated in OCI with/without reclassification adjustment or in profit/loss Nonprofit Op...

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  • October 15, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Advanced Financial Accounting
  • Advanced Financial Accounting
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sirjoel
©SIRJOEL EXAM SOLUTIONS
10/7/2024 11:03AM



Advanced Financial Accounting and
Reporting Theories


Derivatives Gain or Loss - answer✔Changes in value presented in OCI with reclassification
adjustment if realized

Exchange Differences Treatment - answer✔Translated in OCI with/without reclassification
adjustment or in profit/loss

Nonprofit Operating Activities - answer✔Cash flows like service bus acquisition payment
classified as operating

Budget Legislation Phase - answer✔Enactment of General Appropriations Act by Congress in
budget process

Equivalent Unit Production - answer✔FIFO vs. Average Process direct materials addition timing

Parent Corp Investment Income - answer✔Income items in separate statement using cost method
for subsidiary

Business Control Acquisition - answer✔Accounting treatment under PFRS 3 for acquirer
obtaining control

Foreign Currency Translation - answer✔Exchange rate for translating foreign asset into
functional currency under PAS 21

Corporate Liquidator Settlement - answer✔Priority in settling credits during dissolved
corporation winding up

Retiring Partner Capital Balance - answer✔Reason for remaining partners' capital decrease post-
retirement

Cost of Goods Sold Increase - answer✔Factor increasing COGS like decrease in finished goods
inventory

, ©SIRJOEL EXAM SOLUTIONS
10/7/2024 11:03AM


Incorporating Entity Interests - answer✔Accounting for interests in Entity C by Entity A and B
under agreements

Home Office Branch Transaction - answer✔Transaction resulting in credit to home office
account in branch's books

Skyway Development Accounting - answer✔SLEX Incorporated's accounting for skyway
development under contract

Direct Labor Variance - answer✔Net unfavorable variance with higher standard hours than
actual hours

Direct labor cost - answer✔The cost associated with the actual direct labor hours rendered,
including wages and benefits.

Revenue recognition under PFRS 15 - answer✔Recognition occurs when it is probable that
future economic benefits will flow to the entity and the fair value of revenue can be reliably
measured.

Balance of construction in progress - answer✔The amount computed under the cost recovery
method may be higher than under the percentage of completion method in specific scenarios.

Excess of net installment receivable - answer✔The difference between the net installment
receivable and the fair value of repossessed inventory due to default, with various accounting
treatments.

Acquisition costs under PFRS 3 - answer✔Costs related to the acquisition of an acquiree, such as
finder's fee, professional fees, etc., and their accounting treatment.

Measurement basis of revenue under PFRS 15 - answer✔Revenue is measured based on the fair
value of the consideration received or receivable from the contract with customers.

Cost of goods manufactured - answer✔Transactions that increase the cost of goods
manufactured, impacting financial statements for the year.

Liquidation of general partnership - answer✔The order in which claims are settled during the
liquidation process of a general partnership.

Balance of construction in progress comparison - answer✔Determining when the balance under
percentage of completion method equals the balance under cost recovery method.

Liquidation of stock corporation - answer✔The order in which claims are settled during the
liquidation process of a stock corporation.

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