Requirement: Compute for the income tax expense for the 1starf Co. earns profit before tax of P280,000 during the firstquarter of 20x1.Peauirement: Compute for the income tax expense for the 1stquarter of 20x1.PROBLEM 4: MULTIPLE CHOICE – THEORY1 Which of the following entities are required under PAS 34 toandpresent interim financial reports?preparelisted entitiesb. financial institutionsa.C. a and bd. none of these2. PAS 34 shall be applied bya. entities which are required by the government or otherentities to provide interim financial reportsb. those who choose to provide interim financial reportsC. a and bd. all reporting entities who are adopting the "full" PFRSS3. PAS 34 applies to aa. condensed set of financial statementsb. complete set of financial statementsс.a or bd. none of these4. Which of the following expenses is recognized immediately inthe interim period and not allocated to the other interimperiods?a. Annual depreciation of equipment that benefits the entireannual period.b. Real property taxc. 13th month pay of employeesd. Impairment of assets 484Chapter 95. Which of the following income is recognized immediately inthe interim period and not allocated to the other interimperiods?d. gain on changes in fair values of investmentsb. gain on disposal of propertyC. receipt of dividend income from investmentsd. all of these6. In the interest of timeliness and cost considerations, lessinformation may be provided at interim dates. This is mostlikely an application of the concept ofa. materialityb. consistencyc. relevance over reliabilityd. faithful representation7. When an entity that uses a calendar year period presents astatement of financial position the current and comparativefinancial statements are datedCurrent periodComparative informationa.As of March 31, 20x1As of March 31, 20x0b. As of March 31, 20x1As of December 31, 20x0For the period ended Mar. 31, 20x0For the period ended Mar. 31, 20x1d.С.the period ended Mar. 31, 20x1For the period ended Dec. 31, 20x08. PAS 34 states a presumption that anyone reading interimfinancial reports willUnderstandallInternationalFinancialReportinga.Standards.b. Have access to the records of the entity.с.Have access to the most recent annualreport.report.d. Not make decisions based on the(Adapted)9. Income tax expense in the interim financial statementsprepared in accordance with PAS 34 is measured usinga. the current tax rate applicable to the interim period.b. the substantially enacted future tax rate as at the end ofthe interim period.

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Which of the following entities are required under PAS 34 to prepare and present interim financial reports? a. listed entities b. financial institutions C. a and b d. none of these

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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