MAS: Which of the following factors would suggest a switch to activity-based costing?

Overhead costs constitute a significant portion of total costs.

FAR: An automobile manufacturer should normally recognize revenue when an

Automobile is shipped to a dealer on a non-consignment basis

Audit: The accounts payable department receives the purchase order form to accomplish all of the following except to

Ensure that the goods had been received by the party requesting the goods

Tax: There is no taxable income until such income is recognized. Taxable income is recognized when the

income has been received, either actually or constructively.

No, since the donation and its acceptance are not in a public instrument.

Audit: Preliminary engagement activities include:

Determining engagement team requirements.

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JPIA 3rd Year Accounting Quiz Bowl

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Questions 20

Answers

1
MAS
410
675
410
1,000
2
MAS: Which of the following factors would suggest a switch to activity-based costing?
Overhead costs constitute a significant portion of total costs.
Product lines similar in volume and manufacturing complexity
Production managers use data provided by the existing system.
The manufacturing process has been stable.
3
AFAR
721,000
800,000
746,260
446,260
4
MAS
96,000
102,400.
98,600.
100,000.
5
FAR: If a note receivable is exchanged for a PPE and no interest rate is stated, the note is to be recorded at
fair value of PPE or notes
note’s face value
note’s maturity value
book value of PPE
6
Audit: The permanent file of an auditor’s working papers generally would not include
Bond indenture agreements.
Flowchart of internal control
Lease agreements.
Working trial balance.
7
FAR: An automobile manufacturer should normally recognize revenue when an
Automobile comes off of the assembly
Order is received from a dealer
Automobile is shipped to a dealer on a non-consignment basis
Automobile is shipped to a dealer serving as a sales agent
8
RFBT
Reformation
Reconstitution
Rescission
Annulment
9
Audit: The accounts payable department receives the purchase order form to accomplish all of the following except to
Compare quantity ordered to quantity purchased
Ensure that the goods had been received by the party requesting the goods
Compare invoice price to purchase order price
Ensure that the purchase had been properly authorized
10
FAR
196,410
0
81,125
230,576
11
FAR: After initial recognition, Investment property are measured using
neither a or b
either a or b
cost mode
fair value model
12
Tax: There is no taxable income until such income is recognized. Taxable income is recognized when the
income has been actually received in money or its equivalent
income has been received, either actually or constructively.
taxpayer fails to include the income in his income tax return.
ransaction that is the source of the income is consummated.
13
RFBT
No, since the donation and its acceptance are not in a public instrument.
No, since the marriage did not take place.
Yes, since all the requisites of a donation of an immovable are present.
Yes, since X freely donated the property to Y who became its owner.
14
FAR
4,411,000
1,189,000
1,319,790
3,091,210
15
Audit: Preliminary engagement activities include:
Setting materiality.
Evaluating internal controls.
Assessing audit risk at the account balance level.
Determining engagement team requirements.
16
Tax: The actual effort exerted by the government to effect the exaction of what is due from the taxpayer is known as
Collection
Levy
Payment
Assessment
17
MAS
2,725 U
2,725 F
3,250 U.
3,250 F.
18
FAR
0
18,000
15,000
22,500
19
FAR
0
4,000
6,000
8,000
20
AFAR
cost model
equity method
fair value model
proportionate consolidation

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