Advanced Placement Exam Study Guide Book of World History All Rights reserved for the College Board.Full description
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Auditing problemsFull description
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practical accountingFull description
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An analysis of the foreign direct investments in India
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Audit of InvestmentsFull description
details about investment bankingFull description
This study examines the impact of foreign direct investments on domestic investments in Nigeria. Specifically, the study seeks to ascertain the effect of foreign direct investment, per capita income, consumption expenditure, savings and debt burden o
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CPA REVIEW SCHOOL OF THE PHILIPPINES Manila
AUDITING PROBLEMS AUDIT OF INVESTMENTS - QUIZZERS PROBLEM NO. 1
The The follow following ing tran transac sactio tions ns appe appear ar on the the “Tra “Tradin ding g Secu Securit rities ies”” accou account nt of CH C!"!a#in: Date Particulars 03/1/0 03/1/0 Purchas Purchased ed !0"00 !0"000 0 shares shares of of P#DT P#DT at P30$%/share and &0"000 shares of 'enpres at P&3/share 0%/3/0 0%/3/0 Purchas Purchased ed P* P*+,-'-+ +,-'-+ 1. bonds" bonds" face face alue P!"000"000$ -nterest dates ul ul 1 and an 1$ 2aturit date ul 1" &00) 11//0 11//0 Sold Sold 1!"!00 1!"!00 shares shares of P#DT P#DT at P30/sha P30/share re and !"000 shares of 'enpres at P&/share 1&/31/0 Sold P*+,-'-+ bonds at ) plus accrued interest
Debit P1"()0"000
!"000"000 P !
4our audit reealed the following additional infor5ation: 1$
C6-C78 C6-C789 9 recei receied ed on on ct$ ct$ 1" &00" &00" "000 "000 shares shares of P#DT P#DT as stoc; stoc; diiden diidend$ d$
&$
'enpre 'enpres s declare declared d a 1. 1. stoc; stoc; diid diidend end to all all stoc;ho stoc;holder lders s of reco record rd as of < 1" &00 paable Dece5ber 1" &00$
Note: Disregard broker’s commission and stock transfer tax in your solution. solution. QUE!"#N:
'ased on the aboe and the result of our audit" answer the following: 1$
6ow 5uch is the the ad=ust ad=usted ed balanc balance e of C6-C7 C6-C789> 89>s s “tradin “trading g securit securities” ies” as of Dec 31" &00? a$ P)3"&00 b$ P1"1"&00 c$ P1"1"000 d$ P1"&&)"000
&$
6ow 5uch is the the aerag aerage e cost cost per share share of P#DT>s P#DT>s stoc;s stoc;s as of Dece5b Dece5ber er 31 a$ P&3$!3 b$ P&$(3 c$ P&)$0 d$ P30$%
3$
6ow 6ow 5uch 5uch is the the aera aerage ge cost cost per per share share of 'enp 'enpre res s stoc; stoc;s s as of Dece5 Dece5 &00? a$ P&0$00 b$ P&&$0 c$ P&3$00 d$ P&$00
!$
6ow 5uch is the the total total gain gain @lossA @lossA on sale sale of of trading trading securit securities ies for for the the ear ear &00? &00? a$ P&)1"000 b$ P3"000 c$ @P &"up 0to0Avote on this d$title@P)"000A Sign
The following infor5ation was obtained during our eEa5ination: 1$
Fro5 independent sources" ou deter5ine the following diidend infor5ation Tpe of Diidend Stoc; Cash Cash
&$
Date Declared 03/1/&00 11/01/&00 1&/01/&00
Date of 9ecord 0!/01/&00 11/1/&00 1&/1/&00
Date of Pa5ent 0!/30/&00 11/&/&00 01/0&/&00(
9ate 0. P/share &0.
Closing 5ar;et Guotation as at Dece5ber 31" &00: SP-78S Co5pan co55on
'id 13,3/!
*s;ed 1(,1/&
QUE!"#N:
'ased on the aboe and the result of our audit" answer the following: 1$ &$ 3$ !$
$
6ow 5uch is the gain @lossA on the 2a &0" &00 sale? a$ @P"000A b$ @P%0"000A c$ P"000
d$ P0
6ow 5uch is the gain on the Dece5ber 10" &00 sale? a$ P("000 b$ P!&"000 c$ P!"000
d$ P0
6ow 5uch is the total diidend inco5e for the ear &00? You're Reading ac$Preview a$ P300"000 b$ P0"000 P!00"000
d$ P10"000
6ow 5uch is the ad=usted Unlock balance of *ailable for Sale Securities as of Dec full access with a free trial. 31" &00? a$ P1!"000 b$ P110"000 c$ P13&"000 d$ P&0"000 Download With Free Trial 6ow 5uch is the HnrealiIed #oss on *FS as of Dece5ber 31" &00? a$ P)"000 b$ P%("000 c$ P3"000 d$ P0
U$$E!ED %N&E': A$ C$ D$ B$ A
PROBLEM NO.
4our client" UK C'"an(" showed the following details of its -nest5ent in Stoc; a for the ear &00: -nest5ent in Stoc; Date an$ 01 Feb$ 1! 2ar 31
&$ n 2arch 1" stoc; rights were receied entitling shareholders to purchase o for eer fie held at P1 per share$ 2ar;et alues on this date were: shares rights" P$ The ad=usting entr to recogniIe the cost allocated to the right is: Debit a$ b$ c$ d$
Stoc; rights Stoc; rights Stoc; rights
1(0"000 &00"000 3"000
Credit -nest5ent in Stoc; -nest5ent in Stoc; -nest5ent in Stoc;
1(0"000 &00"000 3"000
3$ n 2arch 31" ("000 shares were purchased with the partial eEercise of the right ad=usting entr" after the ad=ust5ent in
Credit 1&0"000 10"000 &"00
Stoc; rights Stoc; rights Stoc; rights
1&0"000 10"000 &"00
!$ n *pril 1" the re5aining rights were sold for P(0"000$ The ad=usting entr" con the ad=ust5ent in
(0"000 &0"000 (0"000
Credit +ain on sale of rights +ain on sale of rights Stoc; rights +ain on sale of rights
(0"000 &0"000 !0"000 &0"000
You're a Preview $ n une 30" !"(00 shares were soldReading for P110"000$ The ad=usting entr is:
Debit
a$ b$ c$ d$
Credit Cash 110"000 -nest5ent in Stoc; +ain on Trial sale of stoc; Download With Free -nest5ent in Stoc; 3("!00 +ain on sale of stoc; -nest5ent in stoc; &"000 +ain on sale of stoc;
"000 &"000 3("!00 &"000
($ 6ow 5uch is the ad=usted balance of the -nest5ent in Stoc; account as of Dece 31" &00? a$ P%("000 b$ P%00"000 c$ P%%("!00 d$ P01"000 U$$E!ED %N&E': A$ A$ A$ C$ B$ C
PROBLEM NO. ,
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The following two subsidiar accounts reflect the trading securities of !/an C for the ear &00:
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Date Sep$ 0 &
ct$ 01 0
Dec$1
FAITHFUL CORP. Shares 9ef$ &0"000 CD
Transactions Purchase Cash diidends to stoc;holders of record Sept$ 1" declared *ug$ 1 Purchase Sale at P( Cash collected for sale 5ade on
Debit P1"000"000
Cr
P 0"000 &0"000
&0"000
C9 CD C9
C9 C9
&"00"000 1"0
$ P3"00"000
3"3 1 P!"
n anuar &" &00" ordano Co5pan purchased 3)"000 shares of Trustworth &00"000 shares of outstanding co55on stoc; for P1"1%0"000$ n that date" the c a5ount of the acGuired shares on Trustworth Co$>s boo;s was P10"000$ attributed the eEcess of cost oer carring a5ount to goodwill$
During &00" ordano>s president gained a seat on Trustworth>s board of Trustworth reported earnings of P00"000 for the ear ended Dece5ber 31" &00 declared and paid cash diidends of P&00"000 during &00$ n Dece5ber 31" Trustworth>s co55on stoc; was trading at P30 per share$ QUE!"#N:
1$
You're Reading a Preview The gain on sale of 10"000 shares of #oal Co5pan on 2arch 30 is a$ P00"000 b$ P1"00"000 P0"000 d$
&$
The gain on sale of 10"000 shares of #oal Co5pan on ul &) is Download With Free Trial a$ P(&"000 b$ P33%"00 c$ P&"000 d$ P10"000
3$
The correct acGuisition cost of &0"000 shares of Faithful Corp$ acG Septe5ber is a$ P3"00"000 b$ P)0"000 c$ P1"000"000 d$ P3"!0"00
!$
The gain on sale of &0"000 shares of Faithful Corp$ ctober is a$ P30"000 b$ P300"000 c$ P1"0&"00 d$ P31!"300
$
The gain on sale of &0"000 shares of Faithful Corp$ on
($
%$
The balance of the Co5pan>s inest5ent in #oal before Sign upCo5pan to vote on this title 5ar;,t on Dece5ber 31" &00 is Useful Not useful a$ P!%"000 b$ P00"000 c$ P1"!%"000 d$ P&"000
The ad=usted balance of the Co5pan>s inest5ent in Faithful Corp$ before 5
