1. When coupons are issued to customers which can be used as payment for their purchases in retail outlets, unredeemed coupons at the end of the accounting period is: A. recorded as additional revenue. B. is recorded as liabilities. C. recorded as liabilities at expected percentage of redemption. D. ignored 2. Statement I. Mandatory deductions for SSS, Philhealth, and PAGIBIG are normally accrued at period-end because the remittance of payments is normally done on the following period. Statement II. Withholding tax for compensation cannot be accrued at month-end because the payroll is already disbursed to the employees even if the remittance to BIR will just be made on the following month. A. Both statements are true. B. Both statements are false. C. Statement I is true; Statement II is false. D. Statement I is false; Statement II is true. 48. Entities may require deposits and advances from customers for the following reasons/purposes EXCEPT: A. For returnable containers delivered to customers, as guarantee against possible damage B. In case of utility companies, for use by customers of electric meters or water consumption meters C. Both a and b D. None of the above
1. When coupons are issued to customers which can be used as payment for their purchases in retail outlets, unredeemed coupons at the end of the accounting period is: A. recorded as additional revenue. B. is recorded as liabilities. C. recorded as liabilities at expected percentage of redemption. D. ignored 2. Statement I. Mandatory deductions for SSS, Philhealth, and PAGIBIG are normally accrued at period-end because the remittance of payments is normally done on the following period. Statement II. Withholding tax for compensation cannot be accrued at month-end because the payroll is already disbursed to the employees even if the remittance to BIR will just be made on the following month. A. Both statements are true. B. Both statements are false. C. Statement I is true; Statement II is false. D. Statement I is false; Statement II is true. 48. Entities may require deposits and advances from customers for the following reasons/purposes EXCEPT: A. For returnable containers delivered to customers, as guarantee against possible damage B. In case of utility companies, for use by customers of electric meters or water consumption meters C. Both a and b D. None of the above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. When coupons are issued to customers which can be used as payment for their purchases in retail outlets, unredeemed coupons at the end of the accounting period is:
A. recorded as additional revenue.
B. is recorded as liabilities.
C. recorded as liabilities at expected percentage of redemption.
D. ignored
2. Statement I. Mandatory deductions for SSS, Philhealth, and PAGIBIG are normally accrued at period-end because the remittance of payments is normally done on the following period.
Statement II. Withholding tax for compensation cannot be accrued at month-end because the payroll is already disbursed to the employees even if the remittance to BIR will just be made on the following month.
Statement II. Withholding tax for compensation cannot be accrued at month-end because the payroll is already disbursed to the employees even if the remittance to BIR will just be made on the following month.
A. Both statements are true.
B. Both statements are false.
C. Statement I is true; Statement II is false.
D. Statement I is false; Statement II is true.
48.
Entities may require deposits and advances from customers for the following reasons/purposes EXCEPT:
A. For returnable containers delivered to customers, as guarantee against possible damage
B. In case of utility companies, for use by customers of electric meters or water consumption meters
C. Both a and b
D. None of the above
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