Direction: Choose the correct answer. 1. A provision is a. An event which is not recognized because it is not probable or cannot be measured reliably b. An event which is probable and measurable c. An event which is probable, possible or remote and measurable. d. An evet which is probable but not measurable.
Direction: Choose the correct answer.
1. A provision is
a. An event which is not recognized because it is not probable or cannot be measured reliably
b. An event which is probable and measurable
c. An event which is probable, possible or remote and measurable.
d. An evet which is probable but not measurable.
2.Which of the following statements is true?
a. Vested and unvested past service cost shall be amortized over the remaining vesting period.
b. Vested past service cost shall be recognized as expense and unvested past service cost shall be amortized over the remaining vesting period.
c. Vested and unvested past service cost shall be recognized in retained earnings
d. Vested and unvested past service cost shall be expense immediately.
3. In computing basic earning per share, an entity would include which of the following?
a. Dividends on nonconvertible cumulative
b. Dividend on ordinary shares
c. Interest on convertible bonds
d. Number of nonconvertible cumulative preference shares.
4. Financial statement that are expressed under a stable monetary unit are
a. Constant peso financial statements
b. Nominal peso financial statements
c. Current cost financial statements
d. Fair value financial statements
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