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Questions and Answers
What is the total point value for the True or False section of the quiz?
What is the total point value for the True or False section of the quiz?
- 15 points
- 10 points
- 13 points (correct)
- 20 points
How much time is allocated for the entire quiz?
How much time is allocated for the entire quiz?
- 93 minutes (correct)
- 60 minutes
- 120 minutes
- 90 minutes
Which of the following statements is true about the usage of calculators during the quiz?
Which of the following statements is true about the usage of calculators during the quiz?
- Only basic calculators are allowed.
- Any calculator can be used for solving problems. (correct)
- No calculators are allowed.
- Microsoft Excel can be used for calculations.
What action must be avoided to prevent being detected by the Canvas activity log?
What action must be avoided to prevent being detected by the Canvas activity log?
What happens if a student puts their device in sleep mode during the quiz?
What happens if a student puts their device in sleep mode during the quiz?
Which of the following describes what should be done for computations with present value?
Which of the following describes what should be done for computations with present value?
What is the consequence of cheating during the quiz as per Section 5.3.1.1 of the SH?
What is the consequence of cheating during the quiz as per Section 5.3.1.1 of the SH?
How many items are included in the Problem Solving section of the quiz?
How many items are included in the Problem Solving section of the quiz?
What is the primary purpose of ISSB Standards?
What is the primary purpose of ISSB Standards?
When is an expense recognized according to accounting principles?
When is an expense recognized according to accounting principles?
How is a petty cash fund primarily used?
How is a petty cash fund primarily used?
What implication does an aging schedule of accounts receivable have?
What implication does an aging schedule of accounts receivable have?
Which classification applies to financial assets that are expected to be collected beyond one year?
Which classification applies to financial assets that are expected to be collected beyond one year?
What does the Unrealized Gain or Loss–FVTPL account reflect?
What does the Unrealized Gain or Loss–FVTPL account reflect?
What does an equity security holding between 20 and 50 percent indicate?
What does an equity security holding between 20 and 50 percent indicate?
What happens to the carrying value of an investment when dividends are received under the equity method?
What happens to the carrying value of an investment when dividends are received under the equity method?
What is the purpose of acquiring wealth through regular income such as interests and dividends?
What is the purpose of acquiring wealth through regular income such as interests and dividends?
Which types of investments are reported at fair value?
Which types of investments are reported at fair value?
What should A Corporation report regarding its investment income from B Incorporated after acquiring shares?
What should A Corporation report regarding its investment income from B Incorporated after acquiring shares?
How should cash dividends received from equity investments at FVTPL and FVTOCI be accounted for?
How should cash dividends received from equity investments at FVTPL and FVTOCI be accounted for?
Which account should be excluded when reporting cash and cash equivalents on December 31, 2023?
Which account should be excluded when reporting cash and cash equivalents on December 31, 2023?
What is the correct total cash and cash equivalents reported for A Company on December 31, 2023?
What is the correct total cash and cash equivalents reported for A Company on December 31, 2023?
Which of the following reflects the best classification of a certificate of deposit with a maturity of less than three months?
Which of the following reflects the best classification of a certificate of deposit with a maturity of less than three months?
Which statement about the cash dividend received by an investor in equity investment at FVTOCI is true?
Which statement about the cash dividend received by an investor in equity investment at FVTOCI is true?
What is the adjusted cash balance after accounting for the items provided in the bank reconciliation?
What is the adjusted cash balance after accounting for the items provided in the bank reconciliation?
Which of the following amounts should be included in the non-trade receivables of B, Inc. as of December 31, 2024?
Which of the following amounts should be included in the non-trade receivables of B, Inc. as of December 31, 2024?
Which item would NOT be considered a part of B, Inc.'s total non-trade receivables?
Which item would NOT be considered a part of B, Inc.'s total non-trade receivables?
What is the total amount of the dishonoured cheque in the bank reconciliation?
What is the total amount of the dishonoured cheque in the bank reconciliation?
How is the note received in settlement of a delinquent customer's account classified?
How is the note received in settlement of a delinquent customer's account classified?
Which of the following would NOT affect the adjusted balance in a bank reconciliation?
Which of the following would NOT affect the adjusted balance in a bank reconciliation?
What would the sum of total non-trade receivables of B, Inc. be at year-end?
What would the sum of total non-trade receivables of B, Inc. be at year-end?
Which of the following best describes 'unpresented cheques' in a bank reconciliation?
Which of the following best describes 'unpresented cheques' in a bank reconciliation?
What is the total trade receivables for B, Inc. at December 31, 2024?
What is the total trade receivables for B, Inc. at December 31, 2024?
What percentage of CeCe Corp.'s ordinary shares did C, Inc. acquire?
What percentage of CeCe Corp.'s ordinary shares did C, Inc. acquire?
What is the total dividend received by C, Inc. from CeCe Corp. in 2024?
What is the total dividend received by C, Inc. from CeCe Corp. in 2024?
What was C's cash gain from selling half of its shares in CeCe Corp.?
What was C's cash gain from selling half of its shares in CeCe Corp.?
What should C, Inc. report as investment revenue for 2023?
What should C, Inc. report as investment revenue for 2023?
After purchasing shares at P50 each, what is the total investment value of C, Inc. in CeCe at year-end 2023?
After purchasing shares at P50 each, what is the total investment value of C, Inc. in CeCe at year-end 2023?
How does C, Inc. treat its investment in CeCe at the end of 2023?
How does C, Inc. treat its investment in CeCe at the end of 2023?
What is the total value of shares C, Inc. sold back to CeCe Corp.?
What is the total value of shares C, Inc. sold back to CeCe Corp.?
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Study Notes
C Inc. Investment in CeCe Inc.
- C Inc. purchased 300,000 shares of CeCe Inc.’s ordinary shares on January 7, 2023, at P50 per share, representing a 15% ownership stake.
- The total investment cost was 300,000 shares * P50/share = P15,000,000
- At the end of 2023, CeCe’s shares were trading at P52 per share.
- The investment is classified as a financial asset at fair value through other comprehensive income (FVTOCI).
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