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Interim Financial Reporting, Errors and Other Reporting Frameworks

V. GARCIA & F. CALIWAN

Interim Financial Reporting, Errors and Other

Reporting Frameworks
V.GARCIA & F. CALIWAN

THEORY QUESTIONS
1. Interim financial reports shall include as a minimum
a. A complete set of financial statements.
b. A condensed set of financial statements and selected notes.
c. A statement of financial position and an income statement
d. A condensed statement of financial position, income statement and statement of cash flows.

2. An interim financial report shall include as a minimum all of the following components, except
a. Condensed statement of financial position
b. Condensed statement of cash flows
c. Condensed statement of changes in equity
d. Accounting policies and explanatory notes

3. Which statement is true about interim reporting?

a. All entities that issue an annual report must issue interim financial report.
b. The integral view is the more appropriate approach in preparing interim financial report.
c. A complete set of financial statements must be presented for an interim period.
d. The same accounting principles used for the annual report should be employed for the interim report.

4. Which statement is incorrect about interim reporting?

a. A complete set of financial statements is required.
b. Interim amount like advertising that could benefit later interim periods is expensed immediately.
c. The integral view and the independent view are the two approaches of interim financial reporting.
d. No accrual or deferral in anticipation of future events during the year should be reported

5. Failure to record the expired amount of prepaid rent expense would not
a. Understate expense
b. Overstate net income
c. Overstate owners’ equity
d. Understate liabilities
6. The overstatement of ending inventory in the current year would cause
a. Retained earnings to be understated in the current year-end statement of financial position.
b. Cost of goods sold to be understated in the income statement of next year.
c. Cost of goods sold to be overstated in the income statement of the current year.
d. Statement of financial position not to be misstated in the next year-end.

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7. Failure to record accrued salaries at the end of an accounting period results in

a. Overstated retained earnings
b. Overstated assets
c. Overstated revenue
d. Understated retained earnings
8. Failure to record depreciation at the end of an accounting period results in
a. Understated income
b. Understated assets
c. Overstated expense
d. Overstated assets

9. If at the end of current reporting period, an entity erroneously excluded some goods from ending inventory
and also erroneously did not record the purchase of these goods, these errors would cause
a. The ending inventory to be overstated
b. The retained earnings to be understated
c. No effect on net income, working capital and retained earnings
d. Net income to be understated

PROBLEMS
1. MAC COMPANY provided the following information for the first quarter:
• Loss from typhoon P756,000
• Insurance for the calendar year 324,000
• Loss on inventory write-down 216,000
• Property taxes for the calendar year 648,000
• Advertising of a new product 216,000
• Depreciation expense for the year 864,000
• Year-end bonuses to employees 2,160,000
• Ordinary repairs to equipment 108,000

What total amount of expenses should be reported in the first quarter?

a. 2,435,400
b. 2,403,000
c. 2,324,160
d. 2,295,000

2. BELL Company reported P1,292,000 net income for the quarter ended September 30, 2022 which included
the following after-tax items:
• A P816,000 loss from expropriation incurred on April 30, 2022 was allocated equally to the second, third
and fourth quarters of 2022.
• A P217,600 gain resulting from reversal on inventory writedown was recognized on August 1, 2022. BELL
Company has previously recognized P136,000 loss on inventory writedown during the second quarter.

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• In addition, the entity paid P652,800 on February 1, 2022 for 2022 calendar-year property taxes. Of this
amount, P163,200 was allocated to the third quarter of 2022.

For the quarter ended September 30, 2022, what amount should be reported as net income?
a. 1,224,000
b. 1,754,400
c. 1,482,400
d. 680,000

3. ABC Co. reports profit before tax of P1,740,000 in its 2nd quarter interim financial statements before
consideration for the following:
• Inventory with a carrying amount P145,000 has a net realizable value of P101,500. It is expected that the
decline in value will reverse in 3rd quarter.
• An investment property measured under the cost model has a carrying amount of P362,500 but its
recoverable amount is P319,000.
• An investment in FVPL measured at acquisition cost of P29,000 has a fair value of P43,500 as at the end
of 2nd quarter. However, the increase in fair value is expected to be only temporary
• No depreciation is recognized during the 2nd quarter. The annual straight-line depreciation of items of
PPE is P580,000.
• ABC Co. has a policy of providing 12 days paid vacation leaves for its employees. Total paid vacation
leaves are vesting and accumulating. Total paid vacation leaves eligibility of employees for the full year
is P348,000. However, only P43,500 worth of paid vacation leaves have been availed of during the
quarter.
• It was discovered that depreciation in the previous year was overstated by P13,050.

What is the adjusted profit before tax?

a. 1,290,500
b. 1,435,500
c. 1,145,500
d. 1,580,500

4. Fragrance Company revealed the following errors in the financial statements:

2018 2019
Ending inventory 162,400 overstated 232,000 understated
Rent expense 55,680 understated 76,560 overstated

If none of the errors were detected or corrected, by what amount will 2019 net income be overstated or
understated?
a. 155,400 overstated
b. 470,960 understated
c. 322,480 understated
d. 415,280 understated

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5. Hapiness Company reported the following errors in the financial statements:

2018 2019
Ending inventory 340,000 under 510,000 over
Depreciation 85,000 under

An insurance premium of P255,000 was prepaid in 2018 to cover 2018, 2019 and 2020. The entire amount
was charged to expense in 2018. On December 31, 2019, fully depreciated machinery was sold for
P425,000 cash but the sale was not recorded until 2020.

There were no other errors during 2018 and 2019 and no corrections have been made for any of the errors.

What is the effect of the errors on 2018 net income?

a. 595,000 understated
b. 595,000 overstated
c. 425,000 understated
d. 425,000 overstated

What is the effect of the errors on 2019 net income?

a. 340,000 understated
b. 340,000 overstated
c. 510,000 understated
d. 510,000 overstated

What is effect of the errors on retained earnings on December 31, 2019?

a. 85,000 overstated
b. 85,000 understated
c. 510,000 overstated
d. 425,000 understated
.
6. Sadness Company began operations on January 1, 2018. The financial statement contained the following
errors:
2018 2019
Ending inventory 160,000 understated 150,000 overstated
Depreciation expense 60,000 understated
Insurance expense 100,000 overstated 100,000 understated
Prepaid insurance 100,000 understated

On December 31, 2019, fully depreciated machinery was sold for P108,000 cash but the sale was not
recorded until 2020. No corrections have been made for any of the errors. Ignore income tax, what is the total
effect of the errors on
Net income for 2018?

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a. 200,000 over
b. 200,000 under
c. 260,000 under
d. 0
Net income for 2019?
a. 302,000 over
b. 302,000 under
c. 410,000 over
d. 410,000 under
Retained earnings on December 31, 2019?
a. 102,000 over
b. 102,000 under
c. 200,000 over
d. 200,000 under

Working capital on December 31, 2019?

a. 42,000 over
b. 58,000 under
c. 60,000 under
d. 98,000 under

OTHER REPORTING FRAMEWORKS

1. Entities in the Philippines are divided in how many numbers of categories for the purposes of determining the
applicable financial reporting framework?
a. 5
b. 4
c. 3
d. 2

2. Which of the following correctly indicates the quantitative threshold for an entity to be considered as ‘large
entity’?
a. Total assets of more than P350 million or total liabilities of more than P250 million.
b. Total assets of more than P350 million and total liabilities of more than P250 million.
c. Total assets of more than P250 million or total liabilities of more than P350 million.
d. Total assets of more than P250 million and total liabilities of more than P350 million.

3. An entity is a public interest entity if it meets which of the following criteria?

a. Holder of secondary licenses issued by regulatory agencies
b. In the process of filing financial statements for the purposes of issuing any class of instruments in a public
market
c. Either a or b
d. Both a or b

4. Large and/or public interest entities shall use what applicable financial reporting framework?

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a. Full PFRSs
b. PFRSs for SMEs
c. PFRSs for SEs
d. Income tax basis of accounting

5. Which of the following correctly indicates the quantitative threshold for an entity to be considered as ‘medium-
sized entity’?
I. Total assets of more than P100 million up to P350 million.
II. Total liabilities of more than P100 million up to P250 million.
a. I only
b. II only
c. Either I or II
d. Both I and II

6. Generally, medium-sized entities shall apply which of the following as its applicable financial reporting
framework?
a. Full PFRSs
b. PFRSs for SMEs
c. PFRSs for SEs
d. Any of the above

7. An entity has total assets of P275 million and total liabilities of P80 million. In addition, it also has secondary
license given by the government since the entity is a bank. Based on this information, which of the following
is correct?
a. The entity shall apply the full PFRSs.
b. The entity shall apply the PFRSs for SMEs or full PFRSs at its option.
c. The entity shall apply the PFRSs for SMEs.
d. The entity shall apply the PFRSs for SEs.

8. A medium-sized entity is not required to apply the required applicable financial reporting framework and may
opt to apply the other allowable financial reporting framework under each of the following, except
a. The entity is a subsidiary of a parent company reporting under the full PFRSs.
b. The entity has a short-term projection that shows that it will breach the quantitative thresholds set in the
criteria for a medium-sized entity. The breach is expected to be significant and continuing due to its long-
term effect on the entity’s asset or liability size.
c. The entity, either as a significant joint venture or associate, which is part of a group that is reporting under
the full PFRSs.
d. The entity is a significant FVTPL investee of an investor which uses the full PFRSs.

9. Which of the following correctly indicates the quantitative threshold for an entity to be considered as ‘small
entity’?
I. Total assets of P3 million up to P100 million.
II. Total liabilities of P3 million up to P100 million.
a. I only

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b. II only
c. Either I or II
d. Both I and II

10. Generally, small entities shall apply which of the following as its applicable financial reporting framework?
a. Full PFRSs
b. PFRSs for SMEs
c. PFRSs for SEs
d. Income tax basis

11. If a small entity is qualified for the exemption of the application of the required financial reporting framework,
which of these other frameworks can it use instead?
a. Full PFRSs only
b. PFRSs for SMEs only
c. Either full PFRSs or PFRSs for SMEs
d. Neither full PFRSs nor PFRSs for SMEs

12. Which of the following correctly indicates the quantitative threshold for an entity to be considered as ‘micro
entity’?
I. Total assets is below P3 million.
II. Total liabilities is below P3 million.
a. I only
b. II only
c. Either I or II
d. Both I and II

13. Which of the following correctly indicates the applicable financial reporting framework that a micro entity can
choose from?
a. PFRSs for SEs or income tax basis
b. Income tax basis or PFRSs for SMEs
c. PFRSs for SMEs or PFRSs for SEs
d. Income tax basis or full PFRSs

14. The following are required components of a micro entity’s financial statements, except
a. Statement of financial position
b. Statement of income
c. Statement of management’s responsibility
d. Statement of changes in equity

15. PFRSs for SMEs mentions the two most common measurement bases in applying that standard. Which of
the following are those two most common measurement bases?
a. Fair value and current cost
b. Fair value and historical cost
c. Current cost and historical cost

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d. Net realizable value and historical cost

16. Which of the following topics is/are not addressed by PFRSs for SMEs?
a. Segment information
b. Interim financial reporting
c. Earnings per share
d. All of the above are not addressed by PFRSs for SMEs

17. The following components of financial statements are required by to be presented in any case under PFRSs
for SMEs, except
a. Statement of financial position
b. Statement of cash flows
c. Statement of comprehensive income
d. Notes to financial statements

18. A statement of income and retained earnings may be presented instead if the only changes to equity are the
following, except
a. Profit or loss
b. Other comprehensive income
c. Payments of dividends
d. Corrections of prior period errors
e. Changes in accounting policy

19. A statement of income and retained earnings, when prepared, is in lieu of what component/s of complete set
of financial statements?
a. Statement of comprehensive income only
b. Statement of changes in equity only
c. Both a and b
d. Neither a nor b

20. The following are items of other comprehensive income under PFRSs for SMEs, except
a. Changes in revaluation surplus for property, plant and equipment
b. Gains or losses arising on translating the financial statements of a foreign operation
c. Changes in the fair value of investments in equity instruments accounted at FVTOCI
d. Some actuarial gains and losses

21. Under PFRSs for SMEs, all of an SME’s investments in associate shall be accounted using
a. Cost model
b. Equity model
c. Fair value model
d. Any of the above models

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22. Statement 1: Even if an entity has chosen to apply the cost model, it shall use fair value model for its
investments in associate for which there is a published price quotation.
Statement 2: Assuming an SME chose the fair value model in accounting for its investments in associate, it
shall apply the cost model for any investment in an associate for which fair value cannot be measured reliably
without undue cost or effort.
a. True, True
b. True, False
c. False, True
d. False, False

23. Statement 1: If an SME applies cost model to its investments in associate, it shall measure the investments
at their cost less accumulated impairment losses.
Statement 2: If an SME applies fair value model to its investments in associate, it shall measure the
investments at their fair value with the changes recognized in other comprehensive income.
a. True, True
b. True, False
c. False, True
d. False, False

24. When subsequently accounting for PPE, an SME shall apply which of the following accounting policies?
a. Cost model
b. Revaluation model
c. Either a or b
d. Neither a nor b

25. When an SME has a qualifying asset and there is a related specific and/or borrowings, the amount of
borrowing costs shall be accounted for as
a. Part of the initial cost of the qualifying asset
b. Outright expense
c. Either a or b
d. Neither a nor b

26. Statement 1: Under PFRSs for SMEs, an SME shall review the depreciation method used only if there is an
indication that it has changed.
Statement 2: Under PFRSs for SMEs, an SME shall review the amount if residual value at each reporting
date.
a. True, True
b. True, False
c. False, True
d. False, False

27. Statement 1: Only those investment properties with fair value that can be measured reliably without undue
cost or effort on an ongoing basis are covered by Investment Property section of PFRSs for SMEs.

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Statement 2: Investment properties with fair values that cannot be measured reliably without undue cost or
effort on an ongoing basis shall be accounted for using cost model under the Property, Plant and Equipment
section of PFRSs for SMEs.
a. True, True
b. True, False
c. False, True
d. False, False

28. Statement 1: Under PFRSs for SMEs, research and development costs are not capitalized as part of initial
cost of an intangible asset, but shall be expensed outright.
Statement 2: Under PFRSs for SMEs, all intangible assets shall be considered to have a finite useful life.
a. True, True
b. True, False
c. False, True
d. False, False

29. Under PFRSs for SMEs, if the useful life of an intangible asset cannot be established reliably, the life shall be
determined based on management’s best estimate but shall not exceed
a. 5 years
b. 10 years
c. 15 years
d. 20 years

30. When subsequently accounting for intangible assets, an SME shall apply which of the following accounting
policies?
a. Cost model
b. Revaluation model
c. Either a or b
d. Neither a nor b

31. Under PFRSs for SMEs, leases are classified as either finance lease or operating lease on the point-of-view
of
a. Lessor
b. Lessee
c. Both a and b
d. Neither a nor b

32. Accounting for financial instruments under PFRSs for SMEs shall utilize the requirements under
a. Sections 11 and 12 of PFRSs for SMEs
b. Recognition and measurement requirements of PAS 39 and the disclosure requirements of Sections 11
and 12.
c. Either a or b
d. Neither a nor b

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33. Financial instruments under PFRSs for SMEs are classified in which of the following classifications?
a. Basic and other financial instruments
b. Basic and complicated financial instruments
c. Basic and compound financial instruments
d. Basic and elaborate financial instruments

34. Basic financial instruments, depending on their subclassification, shall be subsequently measured under the
following manners, except
a. At amortized cost using the effective interest method
b. Fair value through other comprehensive income
c. Cost less impairment
d. Fair value through profit or loss

35. The following are examples of basic financial instruments, except

a. Cash
b. Demand and fixed-term deposits when the entity is the depositor
c. Derivatives
d. Commercial paper and commercial bills held

36. The following are examples of basic financial instruments, except

a. Investments in non-convertible preference shares
b. Investments in non-puttable ordinary and preference shares
c. Accounts, notes and loans receivable and payable
d. Commitments to make a loan to another entity

37. The following debt instruments are considered as basic financial instruments, except
a. A bank loan with fixed interest rate for an initial period that then reverts to variable interest rate after that
period.
b. A bank loan with interest rate based on LIBOR plus 2%.
c. An investment in convertible bonds
d. Accounts payable in foreign currency
e. A bank loan that permits the borrower to prepay the loan plus penalty to compensate the bank.

38. Which of the following subsequent measurement of basic financial assets are not subject to impairment loss?
a. At amortized cost using the effective interest method
b. Cost less impairment
c. Fair value through profit or loss
d. All of the above are subject to impairment loss

39. Under PFRSs for SMEs, impairment loss amount is comprised of

a. Future credit losses
b. Actual incurred credit losses
c. Both a and b
d. Neither a nor b

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40. Generally, non-basic financial instruments shall be measured subsequently at

a. Fair value with changes recognized in profit or loss
b. Cost less impairment
c. Fair value with changes recognized in other comprehensive income
d. None of the above

41. An SME shall use the projected credit method to measure its defined benefit obligation, provided it is made
without undue cost or effort. Otherwise, an SME is allowed the following simplifications in measuring for its
defined benefit obligation, except
a. Ignoring estimated future salary increase
b. Ignoring future service of current employees
c. Ignoring possible in-service mortality of current employees between the reporting date and the date
employees are expected to begin receiving post-employment benefits
d. All of the above are allowable simplifications under PFRSs for SMEs.
42. An SME maintains a defined benefit plan from which it recognized actuarial gains and losses. The SME shall
present these amounts in its
a. Profit or loss
b. Other comprehensive income
c. Either a or b as accounting policy choice
d. Neither a nor b
43. Under PFRSs for SEs, an inventory shall be measured subsequently at
a. Lower of cost or net realizable value
b. Lower of cost or market value
c. Lower of cost or estimated selling price less costs to complete and sell
d. None of the above
44. Under PFRSs for SEs, the lessor and lessee of a lease contract can account for it as
a. Operating lease only
b. Finance lease only
c. Either a or b
d. Neither a nor b
45. For equity-settled share-based payment, the entity shall measure the goods or services received, and the
corresponding increase in equity
a. Equal to the fair value of goods or services
b. With reference to the fair value of the equity instruments granted
c. With reference to the net asset value of the equity instruments granted
d. None of the above
46. Under PFRSs for SEs, defined benefit liability shall be measured using
a. Accrual approach under The Philippine Retirement Pay Law
b. Company policy
c. Either a or b, whichever is superior

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d. Either a or b, whichever is inferior

47. Total comprehensive income under PFRSs for SEs is composed of
a. Profit or loss only
b. Other comprehensive income only
c. Both a and b
d. Neither a nor b

48. Under PFRSs for SEs, investments in associate can be subsequently measured under each of the following,
except
a. Cost model
b. Fair value model
c. Equity method
d. All of the above are applicable subsequent measurement of investments in associate

49. Depending on the basic financial instrument’s subclassification, it can be subsequently accounted for under
any of the following ways, except
a. Amortized cost using effective interest method
b. Cost less impairment
c. Lower of cost or fair value
d. All of the above are applicable subsequent measurement of basic financial instruments

50. On accounting for income tax, a small entity can apply which of the following methods?
a. Taxes payable approach
b. Deferred income taxes approach
c. Either a or b
d. Both a and b

51. If there are prior period adjustments in the financial statements of a small entity, how many statements of
financial position are required?
a. 4
b. 3
c. 2
d. 1

52. Property, plant and equipment of a small entity can be subsequently measured using the following methods,
except
a. Cost model
b. Fair value model
c. Revaluation model
d. All of the following are allowable subsequent measurement models for property, plant and equipment.

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