Reference no: EM132912623
Problem 1: GHI Company made P1,000,000 in payments to its suppliers during the year. GHI's beginning inventory was P40,000, and its ending Inventory was P70,000. Moreover, GHI had a beginning Accounts Payable of P100,000 and an ending Accounts Payable of P140,000. How much is GHI's accrual basis purchases?
a. P 930,000
b. P 960,000
c. P1,010,000
d. P1,040,000
Problem 2: What is GHI's cost of goods sold?
a. P 930,000
b. P 990,000
c. P1,010,000
d. P1,040,000
Problem 3: Rent revenue collected one year in advance should be reported as?
a. Accrued liability
b. Current liability
c. Separate item of shareholders' equity
d. Revenue in the year collected
Problem 4: Under PFRS for Small Entities, a lessee shall recognize all lease payments as:
a. Expenses in profit or loss in the period in which they are incurred.
b. Income in profit or loss in the period in which they are incurred.
c. Expenses in profit or loss in the period in which they are paid.
d. Income in profit or loss in the period in which they are collected.
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