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eremiah Company’s property, plant and equipment and related accumulated depreciation
J
accounts had the following balances at December 31, 2018:
Accumulated
Class of PPE Cost Depreciation
Land P3,900,000
Buildings 36,000,000 P7,962,000
Machinery and
equipment 23,250,000 5,886,000
Transportation equipment 3,960,000 2,586,000
Lease improvements 6,630,000 3,315,000
Depreciation
Class of PPE Method Useful Life
Sum of Years
Land improvements Digits 10 years
150% declining
uildings
B balance 25 years
Machinery and
equipment traight-line
S 10 years
150% declining
ransportation equipment
T balance years
5
Lease improvements Straight-line 8 years
eremiah computes depreciation to the nearest month. The salvage values of the
J
depreciable assets are considered immaterial.
Transactions during 2019 and other information are described below:
a) On January 5, 2019, a plant facility consisting of land and a building was purchased
from T Company by issuing 200,000 shares of Jeremiah shares. A mortgage payable
amounting to P5M on the property was assumed by the company. Shares were selling in the
stock market on the same date at P65 per share. It was ascertained that 20% of the total
acquisition cost id attributable to the land.
b) On April 3, 2019, disbursements for land improvements on the purchased plant facility
totalling to P8M were incurred. P5,760,000 of the amount was incurred for fencing, paving
driveways and new parking lots. With the balance being paid to the government as special
assessment for improvements of sewage and roads adjacent to the property.
)
c The leasehold improvements were completed on December 31, 2015, and had an
estimated useful life of 8 years. The related lease, shall terminate on December 31, 2019. At
the beginning of 2019, the lessor gave the company a renewal option for additional 3 years.
Jeremiah is likely to exercise the said option.
)
d On July 1, 2019, new machinery and equipment were exchanged for six-year old
machinery having a carrying value of P3.6M at the beginning of the year. The old machinery
was appraised on the same date at P3.2M. The company paid additional P5.5M to complete
the exchange transaction which was deemed to have commercial substance.
)
e On August 31, 2019, Jeremiah traded in a new automobile with a cash price of
P450,000 for an old automobile purchased exactly 2 years ago at P900,000. The company
paid additional P100,000.
f) On September 29, 2019, a truck with a cost of P720,000 and carrying amount of
P243,000 on the date of sale was sold for P345,000. Depreciation for the 9 months ended
September 30, 2010, was P70,560.
)
g On October 1, 2019, machine with a cost of P510,000 and a carrying amount of
P89,250 at date of disposition was scrapped without cash recovery.
Based on the preceding information, calculate the 2019 depreciation expense on each of the
following classes of PPE.
ow much is the depreciation expense in Buildings in 2019?
H
2,762,280
2,546,280
3,024,000
1,682,280
eremiah Company’s property, plant and equipment and related accumulated depreciation
J
accounts had the following balances at December 31, 2018:
Accumulated
Class of PPE Cost Depreciation
Land P3,900,000
Buildings 36,000,000 P7,962,000
Machinery and
equipment 23,250,000 5,886,000
Transportation equipment 3,960,000 2,586,000
Lease improvements 6,630,000 3,315,000
Depreciation
Class of PPE Method Useful Life
Sum of Years
Land improvements Digits 10 years
150% declining
uildings
B balance 25 years
Machinery and
equipment traight-line
S 10 years
150% declining
ransportation equipment
T balance years
5
Lease improvements Straight-line 8 years
eremiah computes depreciation to the nearest month. The salvage values of the
J
depreciable assets are considered immaterial.
Transactions during 2019 and other information are described below:
a) On January 5, 2019, a plant facility consisting of land and a building was purchased
from T Company by issuing 200,000 shares of Jeremiah shares. A mortgage payable
mounting to P5M on the property was assumed by the company. Shares were selling in the
a
stock market on the same date at P65 per share. It was ascertained that 20% of the total
acquisition cost id attributable to the land.
b) On April 3, 2019, disbursements for land improvements on the purchased plant facility
totalling to P8M were incurred. P5,760,000 of the amount was incurred for fencing, paving
driveways and new parking lots. With the balance being paid to the government as special
assessment for improvements of sewage and roads adjacent to the property.
)
c The leasehold improvements were completed on December 31, 2015, and had an
estimated useful life of 8 years. The related lease, shall terminate on December 31, 2019. At
the beginning of 2019, the lessor gave the company a renewal option for additional 3 years.
Jeremiah is likely to exercise the said option.
)
d On July 1, 2019, new machinery and equipment were exchanged for six-year old
machinery having a carrying value of P3.6M at the beginning of the year. The old machinery
was appraised on the same date at P3.2M. The company paid additional P5.5M to complete
the exchange transaction which was deemed to have commercial substance.
e) On August 31, 2019, Jeremiah traded in a new automobile with a cash price of
P450,000 for an old automobile purchased exactly 2 years ago at P900,000. The company
paid additional P100,000.
f) On September 29, 2019, a truck with a cost of P720,000 and carrying amount of
P243,000 on the date of sale was sold for P345,000. Depreciation for the 9 months ended
September 30, 2010, was P70,560.
)
g On October 1, 2019, machine with a cost of P510,000 and a carrying amount of
P89,250 at date of disposition was scrapped without cash recovery.
Based on the preceding information, calculate the 2019 depreciation expense on each of the
following classes of PPE.
ow much is the depreciation expense in Buildings in 2019?
H
2,762,280
2,546,280
3,024,000
1,682,280
eremiah Company’s property, plant and equipment and related accumulated depreciation
J
accounts had the following balances at December 31, 2018:
Accumulated
Class of PPE Cost Depreciation
Land P3,900,000
Buildings 36,000,000 P7,962,000
Machinery and
equipment 23,250,000 5,886,000
Transportation equipment 3,960,000 2,586,000
Lease improvements 6,630,000 3,315,000
Depreciation
Class of PPE Method Useful Life
Sum of Years
Land improvements Digits 10 years
150% declining
uildings
B balance 25 years
Machinery and
equipment Straight-line 10 years
150% declining
ransportation equipment
T balance years
5
Lease improvements Straight-line 8 years
eremiah computes depreciation to the nearest month. The salvage values of the
J
depreciable assets are considered immaterial.
Transactions during 2019 and other information are described below:
a) On January 5, 2019, a plant facility consisting of land and a building was purchased
from T Company by issuing 200,000 shares of Jeremiah shares. A mortgage payable
amounting to P5M on the property was assumed by the company. Shares were selling in the
stock market on the same date at P65 per share. It was ascertained that 20% of the total
acquisition cost id attributable to the land.
b) On April 3, 2019, disbursements for land improvements on the purchased plant facility
totalling to P8M were incurred. P5,760,000 of the amount was incurred for fencing, paving
driveways and new parking lots. With the balance being paid to the government as special
assessment for improvements of sewage and roads adjacent to the property.
)
c The leasehold improvements were completed on December 31, 2015, and had an
estimated useful life of 8 years. The related lease, shall terminate on December 31, 2019. At
the beginning of 2019, the lessor gave the company a renewal option for additional 3 years.
Jeremiah is likely to exercise the said option.
)
d On July 1, 2019, new machinery and equipment were exchanged for six-year old
machinery having a carrying value of P3.6M at the beginning of the year. The old machinery
was appraised on the same date at P3.2M. The company paid additional P5.5M to complete
the exchange transaction which was deemed to have commercial substance.
e) On August 31, 2019, Jeremiah traded in a new automobile with a cash price of
P450,000 for an old automobile purchased exactly 2 years ago at P900,000. The company
paid additional P100,000.
f) On September 29, 2019, a truck with a cost of P720,000 and carrying amount of
P243,000 on the date of sale was sold for P345,000. Depreciation for the 9 months ended
September 30, 2010, was P70,560.
)
g On October 1, 2019, machine with a cost of P510,000 and a carrying amount of
P89,250 at date of disposition was scrapped without cash recovery.
Based on the preceding information, calculate the 2019 depreciation expense on each of the
following classes of PPE.
ow much is the depreciation expense in Buildings in 2019?
H
2,762,280
2,546,280
3,024,000
1,682,280
You were assigned to audit for the first the time the financial statements of Baby Inc. as of
and for the year ended December 31, 2019. Baby Inc. is a merchandiser of office and school
supplies and has started operations in early 2017. No audit has been made on its financial
statements from its inception. The following was as a result of your audit investigations:
The retained earnings general ledger entry from 2017 to current year appears below:
Date Particulars Debit Credit Balance
12/31/17 Net Income P600,000 P600,000
Land donated by a stockholder at fair
7/1/18 value 400,000 1,000,000
12/31/18 Net Income 750,000 1,750,000
4/2/19 Loss on inventory due to flood P50,000 1,700,000
12/31/19 Net Income 300,000 2,000,000
udit notes:
A
a. The following were omitted at each year end:
2017 2018 2019
Accrued operating expenses P90,000 P110,000 P 98,000
Accrued rental income 40,000 45,000 50,000
Prepaid advertising expenses 20,000 30,000 35,000
.
b The following equipment acquisitions were erroneously charged to repairs and
maintenance expense account each year. It is the company’s policy to depreciated
equipment using straight-line method over 5 years. Moreover, full years depreciation is
charged on the year of acquisition, none on the year of disposal.
2017 2019
Equipment acquisitions charged to repairs and maintenance
expense P400,000 P550,000
.
c Cash dividends declared and paid for each year were charged to other operating
expenses.
2017 2018 2019
Dividends declared and paid P100,000 P150,000 P200,000
hat is the retroactive adjustment to the retained earning beginning balance in 2019?
W
125,000 credit
250,000 credit
195,000 credit
150,000 credit
In auditing the long-term investment account of Tommy Company, Maricar, CPA is unable to
obtained audited financial statements for Buado Inc., an investee of Tommy located in a
foreign country. Maricar concludes that sufficient appropriate evidential matter regarding this
investment cannot be obtained. Under these circumstances, honey would choose between:
dverse opinion and disclaimer of opinion.
A
Unqualified opinion and qualified opinion
Qualified opinion and adverse opinion
Qualified opinion and disclaimer of opinion
The “shareholders’ equity” account of Mania Corporation, after its initial year of operation in
2019 shows the following:
Date Particulars Debit Credit
Jan. 1 Issued 6,000 shares at par of P100
in exchange
for real property with a market P600,000
value of
P800,000; authorized 20,000 share
Jan. 15 Sold 8,000 shares at P120 960,000
Mar. 10 Purchased 800 Mania shares at P120,000
P150
May 15 Loss on sale of machinery 40,000
June 10 Sold 400 treasury shares 68,000
Dec. 31 Cash dividends declared payable, 80,000
Jan. 15, 2020
Dec. 31 Profit for the year 316,000
uestions:
Q
Based on the following presented above and the result of your audit, answer the following:
he adjusted share capital as of December 31, 2019 is
T
P1,400,000
P1,560,000
P1,360,000
P1,340,000
The following information relates to the obligations of Jayna Corporation as of December 31,
2019.
· Accounts payable for goods and services purchased on open account amounted to
P35,000 at December 31, 2019.
· On December 15, 2019, Jayana declared cash dividend of P.05 per share, payable on
January 12, 2020, to shareholders of record as of December 31, 2019. Jayana had 1 million
ordinary shares issued and outstanding.
· On December 31, 2019, Jayana entered into a six-year finance lease on a warehouse
and made the first annual lease payment of P100,000. The incremental borrowing rate was
12%, and the interest rate implicit in the lease, which was known to Jayana, was 10%. The
rounded present value factors for an annuity due for six years are 4.6 at 12% and 4.8 at
10%.
· On July 1, 2019, Jayana issued P500,000, 8% bonds for P440,000 to yield 10%. The
bonds pay interest annually every June 30. At December 31, 2019, the bonds were trading
on the open market at 86 to yield 12%. Jayana uses the effective interest method.
· Jayana’s 2019 accounting profit was P850,000 and its taxable profit was P600,000.
The difference is due to P100,000 permanent differences and P150,000 of temporary
differences related to noncurrent assets. At December 31, 2019, Jayana had cumulative
taxable differences of P300,000 related to noncurrent assets. Jayana’s effective tax rate is
30%. Jayana made no estimated tax payments during the year.
ased on the above and the result of your audit, determine the following:
B
Carrying amount of bonds payable as of December 31, 2019
P430,000
P442,000
P446,400
P444,000
Which of the following would an auditor least likely perform when obtaining understanding of
the entity’s internal control?
Observation of the entity’s activities and operations
Inquiries of appropriate personnel
Inspection of documents and record
Reperformance of internal control
You were assigned to audit for the first the time the financial statements of Baby Inc. as of
and for the year ended December 31, 2019. Baby Inc. is a merchandiser of office and school
supplies and has started operations in early 2017. No audit has been made on its financial
statements from its inception. The following was as a result of your audit investigations:
The retained earnings general ledger entry from 2017 to current year appears below:
Date Particulars Debit Credit Balance
12/31/17 Net Income P600,000 P600,000
Land donated by a stockholder at fair
7/1/18 value 400,000 1,000,000
12/31/18 Net Income 750,000 1,750,000
4/2/19 Loss on inventory due to flood P50,000 1,700,000
12/31/19 Net Income 300,000 2,000,000
udit notes:
A
a. The following were omitted at each year end:
2017 018
2 019
2
Accrued operating expenses P90,000 P110,000 P 98,000
Accrued rental income 40,000 45,000 50,000
Prepaid advertising expenses 20,000 30,000 35,000
.
b The following equipment acquisitions were erroneously charged to repairs and
maintenance expense account each year. It is the company’s policy to depreciated
equipment using straight-line method over 5 years. Moreover, full years depreciation is
charged on the year of acquisition, none on the year of disposal.
2017 2019
Equipment acquisitions charged to repairs and maintenance
expense P400,000 P550,000
.
c Cash dividends declared and paid for each year were charged to other operating
expenses.
2017 2018 2019
Dividends declared and paid P100,000 P150,000 P200,000
What is the correct net income in 2019?
32,000
8
882,000
682,000
632,000
The following information relates to the obligations of Jayna Corporation as of December 31,
2019.
· Accounts payable for goods and services purchased on open account amounted to
P35,000 at December 31, 2019.
· On December 15, 2019, Jayana declared cash dividend of P.05 per share, payable on
January 12, 2020, to shareholders of record as of December 31, 2019. Jayana had 1 million
ordinary shares issued and outstanding.
· On December 31, 2019, Jayana entered into a six-year finance lease on a warehouse
and made the first annual lease payment of P100,000. The incremental borrowing rate was
12%, and the interest rate implicit in the lease, which was known to Jayana, was 10%. The
rounded present value factors for an annuity due for six years are 4.6 at 12% and 4.8 at
10%.
· On July 1, 2019, Jayana issued P500,000, 8% bonds for P440,000 to yield 10%. The
bonds pay interest annually every June 30. At December 31, 2019, the bonds were trading
on the open market at 86 to yield 12%. Jayana uses the effective interest method.
· Jayana’s 2019 accounting profit was P850,000 and its taxable profit was P600,000.
The difference is due to P100,000 permanent differences and P150,000 of temporary
differences related to noncurrent assets. At December 31, 2019, Jayana had cumulative
taxable differences of P300,000 related to noncurrent assets. Jayana’s effective tax rate is
30%. Jayana made no estimated tax payments during the year.
Based on the above and the result of your audit, determine the following:
Current liabilities as of December 31, 2019
367,000
P
P327,000
P347,000
P342,200
The following information relates to the obligations of Jayna Corporation as of December 31,
2019.
· Accounts payable for goods and services purchased on open account amounted to
P35,000 at December 31, 2019.
· On December 15, 2019, Jayana declared cash dividend of P.05 per share, payable on
January 12, 2020, to shareholders of record as of December 31, 2019. Jayana had 1 million
ordinary shares issued and outstanding.
· On December 31, 2019, Jayana entered into a six-year finance lease on a warehouse
and made the first annual lease payment of P100,000. The incremental borrowing rate was
12%, and the interest rate implicit in the lease, which was known to Jayana, was 10%. The
rounded present value factors for an annuity due for six years are 4.6 at 12% and 4.8 at
10%.
· On July 1, 2019, Jayana issued P500,000, 8% bonds for P440,000 to yield 10%. The
bonds pay interest annually every June 30. At December 31, 2019, the bonds were trading
on the open market at 86 to yield 12%. Jayana uses the effective interest method.
· Jayana’s 2019 accounting profit was P850,000 and its taxable profit was P600,000.
The difference is due to P100,000 permanent differences and P150,000 of temporary
differences related to noncurrent assets. At December 31, 2019, Jayana had cumulative
taxable differences of P300,000 related to noncurrent assets. Jayana’s effective tax rate is
30%. Jayana made no estimated tax payments during the year.
ased on the above and the result of your audit, determine the following:
B
Noncurrent liabilities as of December 31, 2019
P850,000
P902,800
P854,400
P895,000
The following statements relate to the examination of prospective financial information will be
achieved
The auditor should not accept, or should withdraw from, an engagement to examine
prospective financial information when the assumptions are clearly unrealistic.
When the auditor’s judgment an appropriate level of satisfaction has been obtained, the
auditor is not precluded from expressing positive assurance regarding the assumptions.
The auditor should express an opinion as t whether the results shown in the prospective
financial information will be achieved.
Before accepting an engagement to examine prospective financial information, the auditor
should consider the intended use f the information
Your audit of trading debt securities of Chromium CORP. disclosed the following entries
during the fiscal year ended June 30, 2019:
Particulars Debi
a t Cr
t edi
e t
Nov Acquired 10 shares of P10,000 face value
01
bonds at 102 plus accrued P108,0
interest 00
J 0 Interest received P9
a 1 ,00
n 0
Mar Proceeds from sale of P30,000 par value
31
bonds including accrued 31,
interest. 00
0
REQUIRED:
The correct amount of interest income for the fiscal year ended June 30, 2019 is:
P 7,500
10,650
P
P 9,000
P 12,000
The “shareholders’ equity” account of Mania Corporation, after its initial year of operation in
2019 shows the following:
Date Particulars Debit Credit
Jan. 1 Issued 6,000 shares at par of P100
in exchange
for real property with a market P600,000
value of
P800,000; authorized 20,000 share
Jan. 15 Sold 8,000 shares at P120 960,000
Mar. 10 Purchased 800 Mania shares at P120,000
P150
May 15 Loss on sale of machinery 40,000
June 10 Sold 400 treasury shares 68,000
Dec. 31 Cash dividends declared payable, 80,000
Jan. 15, 2020
Dec. 31 Profit for the year 316,000
uestions:
Q
Based on the following presented above and the result of your audit, answer the following:
he unappropriated retained earnings as of December 31, 2019 is
T
P136,000
P144,000
P156,000
P196,000
In your audit of San Inc.’s cash accounts as of May 31, 2019, you ascertained the following
information:
The bookkeeper bank reconciliation on April 30, 2019, is as follows:
P24,
Bank balance per bank statement, April 30 298
3,64
Add: Deposit in transit 8
P27,
otal:
T 946
Less: Outstanding checks
No. 3408 P440
3413 300
3414 6,820
3416 3,924
12,2
3417 800 84
P15,
alance
B 662
Add: Bank service charge for April* 36
P15,
alance per book
B 698
* Entered in Check Register in May
he Cash Receipts Journal shows a total receipts for May of P371,766. The Check Register
T
reflects total checks issued in May of P377,362. A collection of P5,912 was recorded on
company books on May 31 but was not deposited until June 2, 2019.
he balance per banks statement at May 31, 2019 is P17,516. This statement shows total
T
receipts of P373,502 and checks paid of P380,284.
Your examination revealed the following additional information:
a. Check No. 3413 dated April 24, 2019, was entered in the Check Register as P300.
Your examination of the paid returned with the May bank statement reveals that the
amount of the check is P30.
b. Check No. 3417 was mutilated and returned by the payee. A replacement check
(no. 3453) was issued. Both checks were entered in the Check Register but no entry was
made to cancel check no.3417
c. The May bank Statement includes erroneous bank charge of P480.
d. On June 3, 2019, the Bank informed your client that a May bank charge of P42 was
omitted from the statement.
e. Your examination of the bank credit memo accompanying the May bank statement
discloses that it represents proceeds from the note collection in May for P4,000.
f. The outstanding checks at May 31, 2019, are as follows:
P44
No. 3408 0
No. 3417 800
2,81
No. 3418 4
5,78
No. 3419 8
Required:
hat is the total outstanding check at May 31?
W
9,072
8,602
9,042
9,842
In your audit of San Inc.’s cash accounts as of May 31, 2019, you ascertained the following
information:
The bookkeeper bank reconciliation on April 30, 2019, is as follows:
P24,
Bank balance per bank statement, April 30 298
3,64
Add: Deposit in transit 8
P27,
otal:
T 946
Less: Outstanding checks
No. 3408 P440
3413 300
3414 6,820
3416 3,924
12,2
3417 800 84
P15,
alance
B 662
Add: Bank service charge for April* 36
P15,
alance per book
B 698
* Entered in Check Register in May
he Cash Receipts Journal shows a total receipts for May of P371,766. The Check Register
T
reflects total checks issued in May of P377,362. A collection of P5,912 was recorded on
company books on May 31 but was not deposited until June 2, 2019.
he balance per banks statement at May 31, 2019 is P17,516. This statement shows total
T
receipts of P373,502 and checks paid of P380,284.
Your examination revealed the following additional information:
a. Check No. 3413 dated April 24, 2019, was entered in the Check Register as P300.
Your examination of the paid returned with the May bank statement reveals that the
amount of the check is P30.
b. Check No. 3417 was mutilated and returned by the payee. A replacement check
(no. 3453) was issued. Both checks were entered in the Check Register but no entry was
made to cancel check no.3417
c. The May bank Statement includes erroneous bank charge of P480.
d. On June 3, 2019, the Bank informed your client that a May bank charge of P42 was
omitted from the statement.
e. Your examination of the bank credit memo accompanying the May bank statement
discloses that it represents proceeds from the note collection in May for P4,000.
f. The outstanding checks at May 31, 2019, are as follows:
P44
No. 3408 0
No. 3417 800
2,81
No. 3418 4
5,78
No. 3419 8
Required:
hat is the total outstanding check at May 31?
W
9,072
8,602
9,042
9,842
In your audit of San Inc.’s cash accounts as of May 31, 2019, you ascertained the following
information:
The bookkeeper bank reconciliation on April 30, 2019, is as follows:
P24,
Bank balance per bank statement, April 30 298
3,64
Add: Deposit in transit 8
P27,
otal:
T 946
Less: Outstanding checks
No. 3408 P440
3413 300
3414 6,820
3416 3,924
12,2
3417 800 84
P15,
alance
B 662
Add: Bank service charge for April* 36
P15,
alance per book
B 698
* Entered in Check Register in May
he Cash Receipts Journal shows a total receipts for May of P371,766. The Check Register
T
reflects total checks issued in May of P377,362. A collection of P5,912 was recorded on
company books on May 31 but was not deposited until June 2, 2019.
he balance per banks statement at May 31, 2019 is P17,516. This statement shows total
T
receipts of P373,502 and checks paid of P380,284.
Your examination revealed the following additional information:
a. Check No. 3413 dated April 24, 2019, was entered in the Check Register as P300.
Your examination of the paid returned with the May bank statement reveals that the
amount of the check is P30.
b. Check No. 3417 was mutilated and returned by the payee. A replacement check
(no. 3453) was issued. Both checks were entered in the Check Register but no entry was
made to cancel check no.3417
c. The May bank Statement includes erroneous bank charge of P480.
.
d On June 3, 2019, the Bank informed your client that a May bank charge of P42 was
omitted from the statement.
e. Your examination of the bank credit memo accompanying the May bank statement
discloses that it represents proceeds from the note collection in May for P4,000.
f. The outstanding checks at May 31, 2019, are as follows:
P44
No. 3408 0
No. 3417 800
2,81
No. 3418 4
5,78
No. 3419 8
Required:
hat is the adjusted book balance on May 31?
W
14,782
14,824
14,908
14,866
In your audit of San Inc.’s cash accounts as of May 31, 2019, you ascertained the following
information:
The bookkeeper bank reconciliation on April 30, 2019, is as follows:
P24,
Bank balance per bank statement, April 30 298
3,64
Add: Deposit in transit 8
P27,
otal:
T 946
Less: Outstanding checks
No. 3408 P440
3413 300
3414 6,820
3416 3,924
12,2
3417 800 84
P15,
alance
B 662
Add: Bank service charge for April* 36
P15,
alance per book
B 698
* Entered in Check Register in May
he Cash Receipts Journal shows a total receipts for May of P371,766. The Check Register
T
reflects total checks issued in May of P377,362. A collection of P5,912 was recorded on
company books on May 31 but was not deposited until June 2, 2019.
he balance per banks statement at May 31, 2019 is P17,516. This statement shows total
T
receipts of P373,502 and checks paid of P380,284.
Your examination revealed the following additional information:
a. Check No. 3413 dated April 24, 2019, was entered in the Check Register as P300.
Your examination of the paid returned with the May bank statement reveals that the
amount of the check is P30.
b. Check No. 3417 was mutilated and returned by the payee. A replacement check
(no. 3453) was issued. Both checks were entered in the Check Register but no entry was
made to cancel check no.3417
c. The May bank Statement includes erroneous bank charge of P480.
d. On June 3, 2019, the Bank informed your client that a May bank charge of P42 was
omitted from the statement.
e. Your examination of the bank credit memo accompanying the May bank statement
discloses that it represents proceeds from the note collection in May for P4,000.
f. The outstanding checks at May 31, 2019, are as follows:
P44
No. 3408 0
No. 3417 800
2,81
No. 3418 4
5,78
No. 3419 8
Required:
hat is the adjusted book balance on May 31?
W
14,782
14,824
14,908
14,866
You are examining the financial statements of Frizzy, Inc., for the year ended December 31,
2019. Your analysis of the 2019 entries in the Notes Receivable account follows:
Frizzy , Inc.
Analysis of Notes Receivable
For the Year Ended December 31, 2019
Date
2019 Debit Credit
Balance Forwarded Received P25,000
6% note due 10/29/19 from Anna whose
Jan. 1 trade account was past due P118,000
P
Feb. 28 Discounted Anna note 24,960
eceived non interest-bearing demand
R
note from Julia, the corporation's
Mar. 31 treasurer for a loan 6,200
Received principal and interest due from
Robinson in accordance with
agreement, two principal payments in
Aug. 30 advance 34,200
Paid protest fee on note dishonoured by
Sept. 4 Pepper 500
eceived check dated 2/1/20 in
R
settlement of Tripper note. The check
Nov. 1 was included in cash on hand 12/31/19. 8,120
Paid protest fee and maturity value of
Anna note to bank. Note discounted
Nov. 4 2/28/19 was dishonoured 26,031
Accepted equipment with a fair market
value of P24,00 in full settlement from
Dec. 27 Anna 24,000
Received check dated 1/2/20 from Julia
in payment of 3/31/19 note. (The cash
was included in petty cash until 1/2/20
when it was returned to Julia in
exchange for new demand note for the
Dec. 31 same amount.) 6,200
Received principal and interest on
ec. 31
D Pepper note 42,437
Dec. 31 Accrued interest on Robinson note ,200
1
151,931
P P139,97
The following information is available:
1) Balances at January 1, 2019, were a debit of P1,400 in the Accrued Interest
Receivable account and a credit of P400 in the Unearned Interest Income account. The
P118,000 debit in the Note Receivable account consisted the following three notes:
Robinson note of 8/31/15 payable annual
instalments of P10,000 principal plus accrued
interest at 6% each August 31. P70,000
Tripper note discounted to Frizzy, Inc. at 6%
11/1/18 due 11/2/19. 8,000
Pepper note for P40,000 plus 6% interest
dated 12/31/18 due on 9/1/19. 40,000
2) No entries were made during 2019 to the Accrued Interest Receivable or the
Unearned Interest Income account and only one entry for a credit of P1,200 on
December 31, appeared in the Interest Income account.
3) All notes were from the trade customers unless otherwise indicated.
4) Debits and credits affecting Notes Receivable were correctly recorded unless the
facts indicate otherwise.
QUESTIONS:
he adjusting journal entry to correct the entry made on February 28 would include a
T
Debit to loss on discounting of P290
Debit to notes receivable P25,000
Credit to notes receivable –discounted P24,960
Credit to interest income P40
You are examining the financial statements of Frizzy, Inc., for the year ended December 31,
2019. Your analysis of the 2019 entries in the Notes Receivable account follows:
Frizzy , Inc.
Analysis of Notes Receivable
For the Year Ended December 31, 2019
Date
2019 Debit Credit
Balance Forwarded Received P25,000
6% note due 10/29/19 from Anna whose
Jan. 1 trade account was past due P118,000
P
Feb. 28 Discounted Anna note 24,960
Received non interest-bearing demand
note from Julia, the corporation's
Mar. 31 treasurer for a loan 6,200
Received principal and interest due from
Robinson in accordance with
agreement, two principal payments in
Aug. 30 advance 34,200
Paid protest fee on note dishonoured by
Sept. 4 Pepper 500
eceived check dated 2/1/20 in
R
settlement of Tripper note. The check
Nov. 1 was included in cash on hand 12/31/19. 8,120
Paid protest fee and maturity value of
Anna note to bank. Note discounted
Nov. 4 2/28/19 was dishonoured 26,031
Accepted equipment with a fair market
value of P24,00 in full settlement from
Dec. 27 Anna 24,000
Received check dated 1/2/20 from Julia
in payment of 3/31/19 note. (The cash
was included in petty cash until 1/2/20
when it was returned to Julia in
exchange for new demand note for the
Dec. 31 same amount.) 6,200
Received principal and interest on
Dec. 31 Pepper note 42,437
Dec. 31 Accrued interest on Robinson note ,200
1
151,931
P P139,97
The following information is available:
1) Balances at January 1, 2019, were a debit of P1,400 in the Accrued Interest
Receivable account and a credit of P400 in the Unearned Interest Income account. The
P118,000 debit in the Note Receivable account consisted the following three notes:
Robinson note of 8/31/15 payable annual
instalments of P10,000 principal plus accrued
interest at 6% each August 31. P70,000
Tripper note discounted to Frizzy, Inc. at 6%
11/1/18 due 11/2/19. 8,000
Pepper note for P40,000 plus 6% interest
dated 12/31/18 due on 9/1/19. 40,000
2) No entries were made during 2019 to the Accrued Interest Receivable or the
Unearned Interest Income account and only one entry for a credit of P1,200 on
December 31, appeared in the Interest Income account.
3) All notes were from the trade customers unless otherwise indicated.
4) Debits and credits affecting Notes Receivable were correctly recorded unless the
facts indicate otherwise.
UESTIONS:
Q
The total interest income for the year ended December 31, 2019 is:
P6,267
P7,667
P5,867
P6,017
You are examining the financial statements of Frizzy, Inc., for the year ended December 31,
2019. Your analysis of the 2019 entries in the Notes Receivable account follows:
Frizzy , Inc.
Analysis of Notes Receivable
For the Year Ended December 31, 2019
Date
2019 Debit Credit
Balance Forwarded Received P25,000
6% note due 10/29/19 from Anna whose
Jan. 1 trade account was past due P118,000
P
Feb. 28 Discounted Anna note 24,960
Received non interest-bearing demand
note from Julia, the corporation's
Mar. 31 treasurer for a loan 6,200
Received principal and interest due from
Robinson in accordance with
agreement, two principal payments in
Aug. 30 advance 34,200
aid protest fee on note dishonoured by
P
Sept. 4 Pepper 500
eceived check dated 2/1/20 in
R
settlement of Tripper note. The check
Nov. 1 was included in cash on hand 12/31/19. 8,120
Paid protest fee and maturity value of
Anna note to bank. Note discounted
Nov. 4 2/28/19 was dishonoured 26,031
Accepted equipment with a fair market
value of P24,00 in full settlement from
Dec. 27 Anna 24,000
Received check dated 1/2/20 from Julia
in payment of 3/31/19 note. (The cash
was included in petty cash until 1/2/20
when it was returned to Julia in
exchange for new demand note for the
Dec. 31 same amount.) 6,200
Received principal and interest on
ec. 31
D Pepper note 42,437
Dec. 31 Accrued interest on Robinson note ,200
1
151,931
P P139,97
The following information is available:
1) Balances at January 1, 2019, were a debit of P1,400 in the Accrued Interest
Receivable account and a credit of P400 in the Unearned Interest Income account. The
P118,000 debit in the Note Receivable account consisted the following three notes:
Robinson note of 8/31/15 payable annual
instalments of P10,000 principal plus accrued
interest at 6% each August 31. P70,000
Tripper note discounted to Frizzy, Inc. at 6%
11/1/18 due 11/2/19. 8,000
Pepper note for P40,000 plus 6% interest
dated 12/31/18 due on 9/1/19. 40,000
2) No entries were made during 2019 to the Accrued Interest Receivable or the
Unearned Interest Income account and only one entry for a credit of P1,200 on
December 31, appeared in the Interest Income account.
3) All notes were from the trade customers unless otherwise indicated.
4) Debits and credits affecting Notes Receivable were correctly recorded unless the
facts indicate otherwise.
UESTIONS:
Q
A logical substantive test for accrued interest receivable would be to
Verify the cost, carrying value, and market value of notes receivable.
Compare the interest income with published interest investment records.
Recalculate interest earned and compare it to the amounts received.
erify the interest income by a calculation based n the face amount of notes and the nominal
V
interest rate.
Jeremiah Company’s property, plant and equipment and related accumulated depreciation
accounts had the following balances at December 31, 2018:
Accumulated
Class of PPE Cost Depreciation
Land P3,900,000
Buildings 36,000,000 P7,962,000
Machinery and
equipment 23,250,000 5,886,000
Transportation equipment 3,960,000 2,586,000
Lease improvements 6,630,000 3,315,000
Depreciation
Class of PPE Method Useful Life
Sum of Years
Land improvements Digits 10 years
150% declining
uildings
B balance 25 years
Machinery and
equipment traight-line
S 10 years
150% declining
ransportation equipment
T balance years
5
Lease improvements Straight-line 8 years
eremiah computes depreciation to the nearest month. The salvage values of the
J
depreciable assets are considered immaterial.
Transactions during 2019 and other information are described below:
a) On January 5, 2019, a plant facility consisting of land and a building was purchased
from T Company by issuing 200,000 shares of Jeremiah shares. A mortgage payable
amounting to P5M on the property was assumed by the company. Shares were selling in the
stock market on the same date at P65 per share. It was ascertained that 20% of the total
acquisition cost id attributable to the land.
b) On April 3, 2019, disbursements for land improvements on the purchased plant facility
totalling to P8M were incurred. P5,760,000 of the amount was incurred for fencing, paving
driveways and new parking lots. With the balance being paid to the government as special
assessment for improvements of sewage and roads adjacent to the property.
)
c The leasehold improvements were completed on December 31, 2015, and had an
estimated useful life of 8 years. The related lease, shall terminate on December 31, 2019. At
the beginning of 2019, the lessor gave the company a renewal option for additional 3 years.
Jeremiah is likely to exercise the said option.
)
d On July 1, 2019, new machinery and equipment were exchanged for six-year old
machinery having a carrying value of P3.6M at the beginning of the year. The old machinery
was appraised on the same date at P3.2M. The company paid additional P5.5M to complete
the exchange transaction which was deemed to have commercial substance.
)
e On August 31, 2019, Jeremiah traded in a new automobile with a cash price of
P450,000 for an old automobile purchased exactly 2 years ago at P900,000. The company
paid additional P100,000.
f) On September 29, 2019, a truck with a cost of P720,000 and carrying amount of
P243,000 on the date of sale was sold for P345,000. Depreciation for the 9 months ended
September 30, 2010, was P70,560.
)
g On October 1, 2019, machine with a cost of P510,000 and a carrying amount of
P89,250 at date of disposition was scrapped without cash recovery.
Based on the preceding information, calculate the 2019 depreciation expense on each of the
following classes of PPE.
ow much is the depreciation expense on the Leasehold improvements?
H
828,750
552,500
1,326,000
663,000
Jeremiah Company’s property, plant and equipment and related accumulated depreciation
accounts had the following balances at December 31, 2018:
Accumulated
Class of PPE Cost Depreciation
Land P3,900,000
Buildings 36,000,000 P7,962,000
Machinery and
equipment 23,250,000 5,886,000
Transportation equipment 3,960,000 2,586,000
Lease improvements 6,630,000 3,315,000
Depreciation
Class of PPE Method Useful Life
Sum of Years
Land improvements Digits 10 years
150% declining
uildings
B balance 25 years
Machinery and
equipment Straight-line 10 years
150% declining
ransportation equipment
T balance years
5
Lease improvements Straight-line 8 years
eremiah computes depreciation to the nearest month. The salvage values of the
J
depreciable assets are considered immaterial.
Transactions during 2019 and other information are described below:
a) On January 5, 2019, a plant facility consisting of land and a building was purchased
from T Company by issuing 200,000 shares of Jeremiah shares. A mortgage payable
amounting to P5M on the property was assumed by the company. Shares were selling in the
tock market on the same date at P65 per share. It was ascertained that 20% of the total
s
acquisition cost id attributable to the land.
b) On April 3, 2019, disbursements for land improvements on the purchased plant facility
totalling to P8M were incurred. P5,760,000 of the amount was incurred for fencing, paving
driveways and new parking lots. With the balance being paid to the government as special
assessment for improvements of sewage and roads adjacent to the property.
)
c The leasehold improvements were completed on December 31, 2015, and had an
estimated useful life of 8 years. The related lease, shall terminate on December 31, 2019. At
the beginning of 2019, the lessor gave the company a renewal option for additional 3 years.
Jeremiah is likely to exercise the said option.
)
d On July 1, 2019, new machinery and equipment were exchanged for six-year old
machinery having a carrying value of P3.6M at the beginning of the year. The old machinery
was appraised on the same date at P3.2M. The company paid additional P5.5M to complete
the exchange transaction which was deemed to have commercial substance.
e) On August 31, 2019, Jeremiah traded in a new automobile with a cash price of
P450,000 for an old automobile purchased exactly 2 years ago at P900,000. The company
paid additional P100,000.
f) On September 29, 2019, a truck with a cost of P720,000 and carrying amount of
P243,000 on the date of sale was sold for P345,000. Depreciation for the 9 months ended
September 30, 2010, was P70,560.
)
g On October 1, 2019, machine with a cost of P510,000 and a carrying amount of
P89,250 at date of disposition was scrapped without cash recovery.
Based on the preceding information, calculate the 2019 depreciation expense on each of the
following classes of PPE.
ow much is the depreciation expense on Machinery and Equipment in 2019?
H
1,597,500
3,195,000
2,460,000
2,760,000
When the CPA isnot independent with respect to acompilation client, the CPA must
Change the engagement to a review engagement.
Issue a disclaimer
Not acceptable the engagement
Include a separate paragraph in the report stating the lack of independence.
The decision of whether the criteria are suitable involves considering whether the subject
matter of the assurance engagement is capable of reasonably consistent evaluation or
measurement using such criteria. Which of the following characteristics is not considered
necessary in determining whether the criteria are suitable?
Neutrality
Relevance
Reliability
Sufficiency
hich of the following circumstances least likely result to either a qualified opinion or an
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auditor disclaiming his opinion?
A client- imposed scope limitation with respect to the audit of inventory.
Circumstances did not permit the auditor to perform certain required procedure.
The auditor is unable to carry out an audit procedure believed to be desirable; the auditor
carried out alternative audit procedures to support the management’s assertion
The auditor believed the client’s accounting records are inadequate.
he “shareholders’ equity” account of Mania Corporation, after its initial year of operation in
T
2019 shows the following:
Date Particulars Debit Credit
Jan. 1 Issued 6,000 shares at par of P100
in exchange
for real property with a market P600,000
value of
P800,000; authorized 20,000 share
Jan. 15 Sold 8,000 shares at P120 960,000
Mar. 10 Purchased 800 Mania shares at P120,000
P150
May 15 Loss on sale of machinery 40,000
June 10 Sold 400 treasury shares 68,000
Dec. 31 Cash dividends declared payable, 80,000
Jan. 15, 2020
Dec. 31 Profit for the year 316,000
uestions:
Q
Based on the following presented above and the result of your audit, answer the following:
he adjusted total equity on December 31, 2019 is
T
P1,904,000
P1,744,000
P1,944,000
P1,704,000
hich of the following procedures should an auditor ordinarily perform regarding subsequent
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events?
Send second requests to the client’s customer who failed to respond to initial accounts
receivable confirmation requests.
Communicate material weaknesses in the internal control to the client’s audit committee.
Compare the latest available interim financial statements with the financial statements being
audited.
Review the cutoff bank statements for several months after the year end.
Examples of circumstances that create intimidation threats for a professional accountant in
public practice include the following except:
A professional accountant being informed by a partner of the firm that a planned promotion
will not occur unless the accountant agrees with an audit client’s inappropriate accounting
treatment.
professional accountant feeling pressured to agree with the judgement of a client
A
employee because the employee has more expertise on the matter in question.
A firm having pressured to reduce inappropriately the extent of work performed in order to
reduce fees.
A professional accountant acting an advocate on behalf of an audit client in litigation or
disputes with third parties.
Which statement is incorrect regarding audit evidence?
Accounting records alone do not provide sufficient audit evidence
The auditor uses professional judgments and exercise professional scepticism in evaluating
the quantity and quality of audit evidence, and thus its sufficiency and appropriateness, to
support the audit opinion.
The auditor should obtain sufficient appropriate audit evidence to be able to draw reasonable
conclusions on which to base the audit opinion.
The matter of difficulty or expense involved is a valid basis for omitting and audit procedure
for which there is no alternative
A computer program that attaches itself to a legitimate program or data file and users it as a
transport mechanism to reproduce itself without the knowledge of the user:
Trojan horse
Backup
Hacker
Virus
You were engaged to perform an audit of the accounts of the Jake Corporation for the year
ended December 31, 2019, and you observed the taking of the physical inventory of the
company on December 30, 2019. Only merchandise shipped by the company to customers
up to and including December 30, 2019 has been eliminated from inventory. The inventory
as determined by physical inventory count has been recorded on the books by the
company’s controller. No perpetual inventory records are maintained. All sales are made on
an FOB shipping point basis. You are to assume that all purchase invoices have been
correctly recorded. The inventory was recorded through the cost of sales method.
The following lists of sales invoices are entered in the sales books for the of December
2019 and January 2020, respectively.
DECEMBER 2019
Sales invoice Sales invoice
amount date Cost Date shipped
A. P150,000 Dec. 21 P100,000 Dec. 31, 2019
B. 100,000 Dec. 31 40,000 Nov. 03, 2019
C. 50,000 Dec.29 30,000 Dec.30, 2019
D. 200,000 Dec.31 120,000 Jan. 03, 2020
E. 500,000 Dec. 30 280,000 Dec.29, 2019
(shipped to consignee)
JANUARY 2014
F. P300,000 Dec. 31 P200,000 Dec. 30, 2019
G. 200,000 Jan. 02 115,000 Jan.02, 2020
H. 600,000 Jan. 03 475,000 Dec. 31, 2019
Inventory as of December 31, 2019 is misstated by
P295,000 over
180,000 under
P
P455,000 over
P175,000 over
They are not presented as complete financial statements capable of standing alone, but are
an integral part of the current period financial statements intended to be read only in
relationship to the current period figures.
Comparatives
Prior period figures
Corresponding figures
Comparative and financial statements
This is an unauthorized program placed within an authorized one. Typically, these program
wait until a specific time, when they act and then erase all evidence of their existence.
Trojan horse.
Computer virus
Salami technique.
Trapdoors.
Communication with a predecessor auditor is initiated by:
The chair of the board of directors
The successor auditor
Management
The audit committee of the board of directors
An auditor is considering whether the omission of a substantive procedure considered
necessary ate the time of an audit may impair the auditor’s present ability to support the
previously expressed opinion. The auditor need not apply the omitted procedure if the
Auditor’s previously expressed opinion was qualified because of a departure from GAAP
Omission is due to unreasonable delays by client personnel in providing data on a timely
basis
Financial statements and auditor’s report were not distributed beyond management and the
board of directors.
Results of other procedures that were applied tend to compensate for the procedure omitted
The decision of whether the criteria are suitable involves considering whether the subject
matter of the assurance engagement is capable of reasonably consistent evaluation or
measurement using such criteria. Which of the following characteristics is not considered
necessary in determining whether the criteria are suitable?
Sufficiency
Relevance
Neutrality
Reliability
Which of the following statements on quality control is correct?
The audit program, the time budget and the overall audit plan are all helpful tools for the
communication of audit directions.
The term “auditor” means the person with least responsibility for the audit.
The firm’s general quality control policies and procedures should be communicated to its
personnel in a manner that provides absolute assurance that the policies and procedures
are understood and implemented.
“personnel” means all partner, professional and non-professional staff of a firm
The main purpose of risk assessment procedures is to
btain an understanding of the entity and its environment, including its internal control, to
O
assess the risks of material misstatement at the financial statement and assertion levels
Test the operating effectiveness of controls in preventing, or detecting and correcting,
material misstatement at the assertion level.
All of the above
Detect material misstatements at the assertion level.
Which statement is incorrect regarding the auditor’s responsibilities and audit procedures
regarding related parties and transactions with such parties?
The auditor needs to have a level of knowledge of the entity’s business and industry that will
enable identification of the events, transactions and practices that may have a material effect
on the financial statements.
The auditor should perform audit procedures design to obtain sufficient appropriate audit
evidence regarding the identification and disclosure by management of related parties and
the effect of related party transactions that are material to the financial statements.
The auditor is responsible for the identification and disclosure of related parties and
transactions with such parties.
An audit cannot be expected to detect all related party transactions.
In auditing through a computer, the test data method is used by auditors to test the
Accuracy of input data.
Procedures contained within the program.
Validity of the output.
Normalcy of distribution of test data.
Which of the following is not one of the functions of the Board of Accountancy as specifically
provided under RA 9298?
After due process, to suspend, revoke, or reissue certificates of registrations causes
provided for by law by the rules and regulations promulgated therefore
To determine and prescribe minimum requirements leading to the admission of candidates to
the CPA examination.
To perform visitorial powers or review professional work of accounting practitioners in a
general or random basis.
To investigate violations of the Accountancy Law and the rules and regulations promulgated
thereunder.
Your audit of trading debt securities of Chromium CORP. disclosed the following entries
during the fiscal year ended June 30, 2019:
Particulars Debi
a t Cr
t edi
e t
Nov Acquired 10 shares of P10,000 face value
01
bonds at 102 plus accrued P108,0
interest 00
J 0 Interest received P9
a 1 ,00
n 0
ar
M Proceeds from sale of P30,000 par value
31
onds
b including accrued 1,
3
interest. 00
0
REQUIRED:
ow much is the gain or loss on sale of investment on March 31, 2019?
H
P 950 loss
P 275 loss
P 1,850 loss
P 400 gain
Statement 1: Safeguards are actions or other measures that may eliminate threats or reduce
them to an acceptable level.
Statement 2: They fall into two broad categories: (a) Safeguards created by the profession,
legislation or regulation; and (b) Safeguards in the work environment.
False, True
True, True
False, False
True, False
You were assigned to audit for the first the time the financial statements of Baby Inc. as of
and for the year ended December 31, 2019. Baby Inc. is a merchandiser of office and school
supplies and has started operations in early 2017. No audit has been made on its financial
statements from its inception. The following was as a result of your audit investigations:
The retained earnings general ledger entry from 2017 to current year appears below:
Date Particulars Debit Credit Balance
12/31/17 Net Income P600,000 P600,000
Land donated by a stockholder at fair
7/1/18 value 400,000 1,000,000
12/31/18 Net Income 750,000 1,750,000
4/2/19 Loss on inventory due to flood P50,000 1,700,000
12/31/19 Net Income 300,000 2,000,000
udit notes:
A
a. The following were omitted at each year end:
2017 018
2 019
2
Accrued operating expenses P90,000 P110,000 P 98,000
Accrued rental income 40,000 45,000 50,000
Prepaid advertising expenses 20,000 30,000 35,000
.
b The following equipment acquisitions were erroneously charged to repairs and
maintenance expense account each year. It is the company’s policy to depreciated
equipment using straight-line method over 5 years. Moreover, full years depreciation is
charged on the year of acquisition, none on the year of disposal.
2017 2019
quipment acquisitions charged to repairs and maintenance
E
expense P400,000 P550,000
.
c Cash dividends declared and paid for each year were charged to other operating
expenses.
2017 2018 2019
Dividends declared and paid P100,000 P150,000 P200,000
hat is the correct net income in 2017?
W
850,000
990,000
890,000
950,000
The two types of intentional misstatements that are relevant to the auditor’s consideration of
fraud include, misstatements resulting from fraudulent financial reporting and misstatements
resulting from misappropriation of assets. Fraudulent financial reporting least likely involve.
Misrepresentation in, or intentional omission from, the financial statements of events,
transaction or other significant information.
Embezzling receipts, stealing physical assets or intellectual property, causing an entity to
pay for goods and services not received, or using an entity’s assets for personal use.
Intentional misapplication of accounting principles relating to measurement, recognition,
classification, presentation or disclosure
Deception such as manipulation, falsification (including forgery), or alteration of accounting
records or supporting documents from which the financial statements are prepared
In your audit of San Inc.’s cash accounts as of May 31, 2019, you ascertained the following
information:
The bookkeeper bank reconciliation on April 30, 2019, is as follows:
P24,
Bank balance per bank statement, April 30 298
3,64
Add: Deposit in transit 8
P27,
otal:
T 946
Less: Outstanding checks
No. 3408 P440
3413 300
3414 6,820
3416 3,924
12,2
3417 800 84
P15,
alance
B 662
Add: Bank service charge for April* 36
P15,
Balance per book 698
* Entered in Check Register in May
he Cash Receipts Journal shows a total receipts for May of P371,766. The Check Register
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reflects total checks issued in May of P377,362. A collection of P5,912 was recorded on
company books on May 31 but was not deposited until June 2, 2019.
he balance per banks statement at May 31, 2019 is P17,516. This statement shows total
T
receipts of P373,502 and checks paid of P380,284.
Your examination revealed the following additional information:
a. Check No. 3413 dated April 24, 2019, was entered in the Check Register as P300.
Your examination of the paid returned with the May bank statement reveals that the
amount of the check is P30.
b. Check No. 3417 was mutilated and returned by the payee. A replacement check
(no. 3453) was issued. Both checks were entered in the Check Register but no entry was
made to cancel check no.3417
c. The May bank Statement includes erroneous bank charge of P480.
d. On June 3, 2019, the Bank informed your client that a May bank charge of P42 was
omitted from the statement.
e. Your examination of the bank credit memo accompanying the May bank statement
discloses that it represents proceeds from the note collection in May for P4,000.
f. The outstanding checks at May 31, 2019, are as follows:
P44
No. 3408 0
No. 3417 800
2,81
No. 3418 4
5,78
No. 3419 8
Required:
hat is the adjusted bank balance on April 30?
W
16,732
16,774
16,690
16,804
Normally, who is the maker and the recipient of the management representation letter?
Management, management, respectively.
Auditor, management, respectively.
Auditor, auditor, respectively.
Management, auditor, respectively.
In your audit of San Inc.’s cash accounts as of May 31, 2019, you ascertained the following
information:
The bookkeeper bank reconciliation on April 30, 2019, is as follows:
P24,
Bank balance per bank statement, April 30 298
3,64
Add: Deposit in transit 8
P27,
otal:
T 946
Less: Outstanding checks
No. 3408 P440
3413 300
3414 6,820
3416 3,924
12,2
3417 800 84
P15,
alance
B 662
Add: Bank service charge for April* 36
P15,
alance per book
B 698
* Entered in Check Register in May
he Cash Receipts Journal shows a total receipts for May of P371,766. The Check Register
T
reflects total checks issued in May of P377,362. A collection of P5,912 was recorded on
company books on May 31 but was not deposited until June 2, 2019.
he balance per banks statement at May 31, 2019 is P17,516. This statement shows total
T
receipts of P373,502 and checks paid of P380,284.
Your examination revealed the following additional information:
a. Check No. 3413 dated April 24, 2019, was entered in the Check Register as P300.
Your examination of the paid returned with the May bank statement reveals that the
amount of the check is P30.
b. Check No. 3417 was mutilated and returned by the payee. A replacement check
(no. 3453) was issued. Both checks were entered in the Check Register but no entry was
made to cancel check no.3417
c. The May bank Statement includes erroneous bank charge of P480.
d. On June 3, 2019, the Bank informed your client that a May bank charge of P42 was
omitted from the statement.
e. Your examination of the bank credit memo accompanying the May bank statement
discloses that it represents proceeds from the note collection in May for P4,000.
f. The outstanding checks at May 31, 2019, are as follows:
P44
No. 3408 0
No. 3417 800
2,81
No. 3418 4
5,78
No. 3419 8
equired:
R
What is the total book disbursement for the month of May?
377,596
377,632
377,710
377,668
Your audit of trading debt securities of Chromium CORP. disclosed the following entries
during the fiscal year ended June 30, 2019:
Particulars Debi
a t r
C
t edi
e t
Nov Acquired 10 shares of P10,000 face value
01
bonds at 102 plus accrued P108,0
interest 00
J 0 Interest received 9
P
a 1 ,00
n 0
Mar Proceeds from sale of P30,000 par value
31
bonds including accrued 1,
3
interest. 00
0
EQUIRED:
R
Of the following, which is the most efficient audit procedure for testing accrued interest
earned on bond investments?
Recomputing interest earned.
Confirming interest rate with the issuer of the bonds.
Tracing interest declarations to an independent record book.
Vouching the receipt and deposit of interest checks.
The best and the most widely accepted model for explaining why “good people” commit
fraud is known as the:
Gloria Zamora Model
Fraud Triangle
Cressey Model
In performing substantive tests, the auditor is concerned with errors of sampling.
he risk of incorrect rejection (Alpha error or Type I error)
T
The risk of incorrect acceptance (Beta error or Type II error)
hich of the following is true about alpha and beta errors?
W
The alpha error and the beta error are of equal importance to the auditor
The alpha error is of greater concern to the auditor than beta error
Neither the alpha error nor beta error need be considered by the auditor
he beta error is of greater concern to the auditor than alpha error
T
You were engaged to perform an audit of the accounts of the Jake Corporation for the year
ended December 31, 2019, and you observed the taking of the physical inventory of the
company on December 30, 2019. Only merchandise shipped by the company to customers
up to and including December 30, 2019 has been eliminated from inventory. The inventory
as determined by physical inventory count has been recorded on the books by the
company’s controller. No perpetual inventory records are maintained. All sales are made on
an FOB shipping point basis. You are to assume that all purchase invoices have been
correctly recorded. The inventory was recorded through the cost of sales method.
The following lists of sales invoices are entered in the sales books for the of December
2019 and January 2020, respectively.
DECEMBER 2019
Sales invoice Sales invoice
amount date Cost Date shipped
A. P150,000 Dec. 21 P100,000 Dec. 31, 2019
B. 100,000 Dec. 31 40,000 Nov. 03, 2019
C. 50,000 Dec.29 30,000 Dec.30, 2019
D. 200,000 Dec.31 120,000 Jan. 03, 2020
E. 500,000 Dec. 30 280,000 Dec.29, 2019
(shipped to consignee)
JANUARY 2014
F. P300,000 Dec. 31 P200,000 Dec. 30, 2019
G. 200,000 Jan. 02 115,000 Jan.02, 2020
H. 600,000 Jan. 03 475,000 Dec. 31, 2019
ales for the year ended December 31, 2019 is misstates by
S
P200,000 under
P200,000 over
P100,000 under
P100,000 over
A CPA firm name may include
Name(s) of the following partners
Fictitious names
Specialization
Incorporated
The following information relates to the obligations of Jayna Corporation as of December 31,
2019.
· Accounts payable for goods and services purchased on open account amounted to
P35,000 at December 31, 2019.
· On December 15, 2019, Jayana declared cash dividend of P.05 per share, payable on
January 12, 2020, to shareholders of record as of December 31, 2019. Jayana had 1 million
ordinary shares issued and outstanding.
· On December 31, 2019, Jayana entered into a six-year finance lease on a warehouse
and made the first annual lease payment of P100,000. The incremental borrowing rate was
12%, and the interest rate implicit in the lease, which was known to Jayana, was 10%. The
rounded present value factors for an annuity due for six years are 4.6 at 12% and 4.8 at
10%.
· On July 1, 2019, Jayana issued P500,000, 8% bonds for P440,000 to yield 10%. The
bonds pay interest annually every June 30. At December 31, 2019, the bonds were trading
on the open market at 86 to yield 12%. Jayana uses the effective interest method.
Jayana’s 2019 accounting profit was P850,000 and its taxable profit was P600,000. The
difference is due to P100,000 permanent differences and P150,000 of temporary differences
related to noncurrent assets. At December 31, 2019, Jayana had cumulative taxable
differences of P300,000 related to noncurrent assets. Jayana’s effective tax rate is 30%.
Jayana made no estimated tax payments during the year.
ased on the above and the result of your audit, determine the following:
B
Carrying amount of finance lease liability as of December 31, 2019
P380,000
P360,000
P428,000
P480,000
The “shareholders’ equity” account of Mania Corporation, after its initial year of operation in
2019 shows the following:
Date Particulars Debit Credit
Jan. 1 Issued 6,000 shares at par of P100
in exchange
for real property with a market P600,000
value of
P800,000; authorized 20,000 share
Jan. 15 Sold 8,000 shares at P120 960,000
Mar. 10 Purchased 800 Mania shares at P120,000
P150
May 15 Loss on sale of machinery 40,000
June 10 Sold 400 treasury shares 68,000
Dec. 31 Cash dividends declared payable, 80,000
Jan. 15, 2020
Dec. 31 Profit for the year 316,000
uestions:
Q
Based on the following presented above and the result of your audit, answer the following:
The book value per share of Mania Corporation on December 31, 2019 was
132.22
P
P128.20
P125.29
P140.00
Which of the following is a prospective financial statement for general use upon which an
accountant may appropriately report?
Financial projection
Pro forma financial statements
Partial presentation
Financial forecasts.
hich of the following is incorrect regarding the three party relationship element of
W
assurance engagement?
The responsible party and the intended user will often be from separate organizations.
The responsible party is general the addressed of the professional accountant results.
The responsible party may also be one of the intended users.
The responsible party may not be the party who engages the professional accountant.
The following are the major categories of documentary audit evidence as mentioned is PSA
500, except:
Documentary audit evidence created by third parties and held by the entity.
Documentary audit evidence created and held by third parties.
Documentary audit evidence created and held by the entity.
Documentary audit evidence neither created nor held by third parties or the entity.
In auditing through a computer, the test data method is used by auditors to test the
Procedures contained within the program.
Validity of the output.
Normalcy of distribution of test data.
Accuracy of input data.
During the fiscal year, a company issued, at a discount, a substantial amount of
first-mortgage bonds. When performing audit work, the independent auditor
Reviews the minutes for authorization.
Traces the net cash received from the issuance to the bonds payable account.
Confirms the existence of the bondholders.
Inspects the records maintained by the bond trustee.
Jeremiah Company’s property, plant and equipment and related accumulated depreciation
accounts had the following balances at December 31, 2018:
Accumulated
Class of PPE Cost Depreciation
Land P3,900,000
Buildings 36,000,000 P7,962,000
Machinery and
equipment 23,250,000 5,886,000
Transportation equipment 3,960,000 2,586,000
Lease improvements 6,630,000 3,315,000
Depreciation
Class of PPE Method Useful Life
Sum of Years
Land improvements Digits 10 years
150% declining
uildings
B balance 25 years
Machinery and
equipment Straight-line 10 years
150% declining
ransportation equipment
T balance years
5
Lease improvements Straight-line 8 years
eremiah computes depreciation to the nearest month. The salvage values of the
J
depreciable assets are considered immaterial.
Transactions during 2019 and other information are described below:
a) On January 5, 2019, a plant facility consisting of land and a building was purchased
from T Company by issuing 200,000 shares of Jeremiah shares. A mortgage payable
amounting to P5M on the property was assumed by the company. Shares were selling in the
stock market on the same date at P65 per share. It was ascertained that 20% of the total
acquisition cost id attributable to the land.
b) On April 3, 2019, disbursements for land improvements on the purchased plant facility
totalling to P8M were incurred. P5,760,000 of the amount was incurred for fencing, paving
driveways and new parking lots. With the balance being paid to the government as special
assessment for improvements of sewage and roads adjacent to the property.
)
c The leasehold improvements were completed on December 31, 2015, and had an
estimated useful life of 8 years. The related lease, shall terminate on December 31, 2019. At
the beginning of 2019, the lessor gave the company a renewal option for additional 3 years.
Jeremiah is likely to exercise the said option.
)
d On July 1, 2019, new machinery and equipment were exchanged for six-year old
machinery having a carrying value of P3.6M at the beginning of the year. The old machinery
was appraised on the same date at P3.2M. The company paid additional P5.5M to complete
the exchange transaction which was deemed to have commercial substance.
e) On August 31, 2019, Jeremiah traded in a new automobile with a cash price of
P450,000 for an old automobile purchased exactly 2 years ago at P900,000. The company
paid additional P100,000.
f) On September 29, 2019, a truck with a cost of P720,000 and carrying amount of
P243,000 on the date of sale was sold for P345,000. Depreciation for the 9 months ended
September 30, 2010, was P70,560.
)
g On October 1, 2019, machine with a cost of P510,000 and a carrying amount of
P89,250 at date of disposition was scrapped without cash recovery.
Based on the preceding information, calculate the 2019 depreciation expense on each of the
following classes of PPE.
hat is the depreciation expense on land improvements?
W
2,760,000
1,090,500
1,454,545
1,047,273
You are examining the financial statements of Frizzy, Inc., for the year ended December 31,
2019. Your analysis of the 2019 entries in the Notes Receivable account follows:
Frizzy , Inc.
Analysis of Notes Receivable
For the Year Ended December 31, 2019
Date
2019 Debit Credit
alance Forwarded Received P25,000
B
6% note due 10/29/19 from Anna whose
Jan. 1 trade account was past due P118,000
P
Feb. 28 iscounted Anna note
D 24,960
Received non interest-bearing demand
note from Julia, the corporation's
Mar. 31 treasurer for a loan 6,200
Received principal and interest due from
Robinson in accordance with
agreement, two principal payments in
Aug. 30 advance 34,200
Paid protest fee on note dishonoured by
Sept. 4 Pepper 500
eceived check dated 2/1/20 in
R
settlement of Tripper note. The check
Nov. 1 was included in cash on hand 12/31/19. 8,120
Paid protest fee and maturity value of
Anna note to bank. Note discounted
Nov. 4 2/28/19 was dishonoured 26,031
Accepted equipment with a fair market
value of P24,00 in full settlement from
Dec. 27 Anna 24,000
Received check dated 1/2/20 from Julia
in payment of 3/31/19 note. (The cash
was included in petty cash until 1/2/20
when it was returned to Julia in
exchange for new demand note for the
Dec. 31 same amount.) 6,200
Received principal and interest on
ec. 31
D Pepper note 42,437
Dec. 31 Accrued interest on Robinson note 1,200
P151,931 P139,97
The following information is available:
1) Balances at January 1, 2019, were a debit of P1,400 in the Accrued Interest
Receivable account and a credit of P400 in the Unearned Interest Income account. The
P118,000 debit in the Note Receivable account consisted the following three notes:
Robinson note of 8/31/15 payable annual
instalments of P10,000 principal plus accrued
interest at 6% each August 31. P70,000
Tripper note discounted to Frizzy, Inc. at 6%
11/1/18 due 11/2/19. 8,000
Pepper note for P40,000 plus 6% interest
dated 12/31/18 due on 9/1/19. 40,000
)
2 No entries were made during 2019 to the Accrued Interest Receivable or the
Unearned Interest Income account and only one entry for a credit of P1,200 on
December 31, appeared in the Interest Income account.
3) All notes were from the trade customers unless otherwise indicated.
4) Debits and credits affecting Notes Receivable were correctly recorded unless the
facts indicate otherwise.
QUESTIONS:
he adjusting journal entry to correct the entry made on August 30 would include a
T
Credit to interest receivable P4,200
Debit to cash P34,200
Credit to interest income P2,800
Debit to notes receivable P2,800
Jeremiah Company’s property, plant and equipment and related accumulated depreciation
accounts had the following balances at December 31, 2018:
Accumulated
Class of PPE Cost Depreciation
Land P3,900,000
Buildings 36,000,000 P7,962,000
Machinery and
equipment 23,250,000 5,886,000
Transportation equipment 3,960,000 2,586,000
Lease improvements 6,630,000 3,315,000
Depreciation
Class of PPE Method Useful Life
Sum of Years
Land improvements Digits 10 years
150% declining
uildings
B balance 25 years
Machinery and
equipment traight-line
S 10 years
150% declining
ransportation equipment
T balance years
5
Lease improvements Straight-line 8 years
eremiah computes depreciation to the nearest month. The salvage values of the
J
depreciable assets are considered immaterial.
Transactions during 2019 and other information are described below:
a) On January 5, 2019, a plant facility consisting of land and a building was purchased
from T Company by issuing 200,000 shares of Jeremiah shares. A mortgage payable
amounting to P5M on the property was assumed by the company. Shares were selling in the
stock market on the same date at P65 per share. It was ascertained that 20% of the total
acquisition cost id attributable to the land.
b) On April 3, 2019, disbursements for land improvements on the purchased plant facility
totalling to P8M were incurred. P5,760,000 of the amount was incurred for fencing, paving
riveways and new parking lots. With the balance being paid to the government as special
d
assessment for improvements of sewage and roads adjacent to the property.
)
c The leasehold improvements were completed on December 31, 2015, and had an
estimated useful life of 8 years. The related lease, shall terminate on December 31, 2019. At
the beginning of 2019, the lessor gave the company a renewal option for additional 3 years.
Jeremiah is likely to exercise the said option.
)
d On July 1, 2019, new machinery and equipment were exchanged for six-year old
machinery having a carrying value of P3.6M at the beginning of the year. The old machinery
was appraised on the same date at P3.2M. The company paid additional P5.5M to complete
the exchange transaction which was deemed to have commercial substance.
e) On August 31, 2019, Jeremiah traded in a new automobile with a cash price of
P450,000 for an old automobile purchased exactly 2 years ago at P900,000. The company
paid additional P100,000.
f) On September 29, 2019, a truck with a cost of P720,000 and carrying amount of
P243,000 on the date of sale was sold for P345,000. Depreciation for the 9 months ended
September 30, 2010, was P70,560.
)
g On October 1, 2019, machine with a cost of P510,000 and a carrying amount of
P89,250 at date of disposition was scrapped without cash recovery.
Based on the preceding information, calculate the 2019 depreciation expense on each of the
following classes of PPE.
ow much is the total gain or loss on the exchange transaction and trade in transaction on
H
July 1 and August 31, respectively?
789,000 gain
791,000 loss
709,000 gain
809,000 loss
Communication with a predecessor auditor is initiated by:
The audit committee of the board of directors
Management
The successor auditor
The chair of the board of directors
Your audit of trading debt securities of Chromium CORP. disclosed the following entries
during the fiscal year ended June 30, 2019:
Particulars Debi
a t Cr
t edi
e t
Nov Acquired 10 shares of P10,000 face value
01
bonds at 102 plus accrued P108,0
interest 00
J
0 Interest received 9
P
a 1 ,00
n 0
Mar Proceeds from sale of P30,000 par value
31
onds
b including accrued 1,
3
interest. 00
0
EQUIRED:
R
The nominal rate for this bond is
9%
16.67%
8.33%
18%
The “shareholders’ equity” account of Mania Corporation, after its initial year of operation in
2019 shows the following:
Date Particulars Debit Credit
Jan. 1 Issued 6,000 shares at par of P100
in exchange
for real property with a market P600,000
value of
P800,000; authorized 20,000 share
Jan. 15 Sold 8,000 shares at P120 960,000
Mar. 10 Purchased 800 Mania shares at P120,000
P150
May 15 Loss on sale of machinery 40,000
June 10 Sold 400 treasury shares 68,000
Dec. 31 Cash dividends declared payable, 80,000
Jan. 15, 2020
Dec. 31 Profit for the year 316,000
uestions:
Q
Based on the following presented above and the result of your audit, answer the following:
he total share premium as of December 31, 2019 is
T
P168,000
P368,000
P360,000
P160,000
Control environment component of internal control
Includes the governance and management functions and the attitudes, awareness, and
actions of those charged with governance and management concerning the entity’s internal
control and its importance in the entity.
Consists of the policies and procedures that help ensure that management directives are
carried out.
Is the entity process for identifying business risks relevant to financial reporting objectives
and deciding about actions to address those risks, and the results thereof?
onsists of the procedures and records established to initiate, record, process, and report
C
entity transactions (as well as events and conditions) and to maintain accountability for the
related assets, liabilities, and equity.
Which of the following is incorrect regarding the three party relationship element of
assurance engagement?
The responsible party may not be the party who engages the professional accountant.
The responsible party and the intended user will often be from separate organizations.
The responsible party may also be one of the intended users.
The responsible party is general the addressed of the professional accountant results.
In your audit of San Inc.’s cash accounts as of May 31, 2019, you ascertained the following
information:
The bookkeeper bank reconciliation on April 30, 2019, is as follows:
P24,
Bank balance per bank statement, April 30 298
3,64
Add: Deposit in transit 8
P27,
otal:
T 946
Less: Outstanding checks
No. 3408 P440
3413 300
3414 6,820
3416 3,924
12,2
3417 800 84
P15,
alance
B 662
Add: Bank service charge for April* 36
P15,
alance per book
B 698
* Entered in Check Register in May
he Cash Receipts Journal shows a total receipts for May of P371,766. The Check Register
T
reflects total checks issued in May of P377,362. A collection of P5,912 was recorded on
company books on May 31 but was not deposited until June 2, 2019.
he balance per banks statement at May 31, 2019 is P17,516. This statement shows total
T
receipts of P373,502 and checks paid of P380,284.
Your examination revealed the following additional information:
a. Check No. 3413 dated April 24, 2019, was entered in the Check Register as P300.
Your examination of the paid returned with the May bank statement reveals that the
amount of the check is P30.
b. Check No. 3417 was mutilated and returned by the payee. A replacement check
(no. 3453) was issued. Both checks were entered in the Check Register but no entry was
made to cancel check no.3417
.
c The May bank Statement includes erroneous bank charge of P480.
d. On June 3, 2019, the Bank informed your client that a May bank charge of P42 was
omitted from the statement.
e. Your examination of the bank credit memo accompanying the May bank statement
discloses that it represents proceeds from the note collection in May for P4,000.
f. The outstanding checks at May 31, 2019, are as follows:
P44
No. 3408 0
No. 3417 800
2,81
No. 3418 4
5,78
No. 3419 8
Required:
hat is the book balance at May 31?
W
9,832
9,754
9,796
9,868
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