INTERMEDIATE ACCOUNTING 3

FINAL EXAMINATION
1. The following statements relate to PAS1 Presentation of Financial Statements. Choose the correct
statement.
a. Many entities also present, outside the financial statements, reports and statements such as
environmental reports and value-added statements, particularly in industries in which
environmental factors are significant and when employees are regarded as an important user
group. Reports and statements presented outside financial statements should be accounted
for using applicable PFRSs.
b. Applying a requirement is impracticable when the entity cannot apply it after making
every reasonable effort to do so.
c. An entity whose financial statements do not comply with PFRSs shall make an explicit and
unreserved statement of such noncompliance in the notes. If the entity’s financial statements
do comply with PFRSs, there is no need to make an explicit and unreserved statement of
such compliance in the notes.
d. Financial statements shall not be described as complying with PFRSs unless they comply
with most of the requirements of PFRSs.

2. Which of the following financial statements would not be dated as covering a certain reporting
period?
a. Statement of financial position
b. Statement of profit or loss and other comprehensive income
c. Statement of cash flows
d. Statement of changes in equity

3. How much is the total comprehensive income?

a. 612,000
b. 627,000
c. 516,000
d. 584,000

a. Profit or loss
b. Other comprehensive income
c. Transactions with owners
d. a and b
e. All of these

4. What is the purpose of reporting comprehensive income?

a. To report changes in equity due to transactions with owners.
b. To report a measure of overall performance of an entity.
c. To replace profit with a better measure.
d. To combine income from continuing operations with income from discontinued operations
and extraordinary items.

5. PFRS 15 applies to
a. contracts with customers.
b. contracts with sellers.
c. all contracts entered into by an entity in the ordinary course of its business.
 d. a and b

6. ABC Co., a dealer of medical machines, enters into the following contracts:
I. ABC Co. transfers a machine to X Hospital at contract inception but ABC Co. retains legal
title until the full payment of the consideration.
II. ABC Co. transfers a machine to Y Medical Clinic at contract inception. The consideration is
due after two years. At contract inception, Y is undergoing financial difficulties. This raises
significant doubt in Y’s ability and intention of paying the consideration. ABC Co. cannot
reliably estimate the outcome of the contract.
III. ABC Co. transfers a machine to Z Co. under a lease contract. The contractual period is 5
years, which is equal to the machine’s estimated useful life. At the end of the contract, Z Co.
is given the option of purchasing the machine. ABC’s past experience shows that almost all
customers avail of the purchase option.

Identify the contracts to which PFRS 15 may be applied.

a. Contract 1 c. Contracts 1 and 3
b. Contract 2 d. None of these

7. The consideration received from a contract with a customer that does not meet the criteria under
‘Step 1’ of PFRS 15 is
a. recognized as liability.
b. recorded through memo entry only.
c. disclosed only.
d. b and c

8. A good or service that is not distinct (choose the incorrect statement)

a. shall be combined with the other promises in the contract.
b. may be treated, together with other promises in the contract, as a single performance
obligation.
c. may be identified as a part of a bundle of goods or services or a part of a series of goods or
services to be transferred to the customer.
d. shall be ignored. The entity allocates the transaction price only to the other promises in the
contract that are distinct.

9. According to PFRS 15, revenue from a performance obligation that is not satisfied over time is
recognized
a. over time as the entity progresses towards the complete satisfaction of the obligation.
b. at a point in time when the performance obligation is satisfied.
c. when the contract ceases to be enforceable.
d. a or b

10. Arrange the following steps of revenue recognition in accordance with PFRS 15.
I. Identify the performance obligations in the contract
II. Recognize revenue when (or as) the entity satisfies a performance obligation
III. Determine the transaction price
IV. Identify the contract with the customer
V. Allocate the transaction price to the performance obligations in the contract
a. IV, I, V, III, II c. IV, I, III, V, II
b. III, IV, I, V, II d. IV, III, I, V, II

11. Which of the following must be met before a contract with a customer is accounted for under
PFRS 15?
 a. The collection of the consideration must be certain.
b. The contract must be in writing so that there will be no doubt in the customer’s ability and
intention to pay the consideration.
c. The promised goods or services must have already been transferred to the customer.
d. Both contracting parties must acknowledge, whether explicitly or implicitly, the rights and
obligations created under the contract.

12. Which of the following may be treated as a performance obligation to be accounted for
separately?
I. A promise to transfer a distinct good or service
II. A promise to transfer a distinct bundle of goods or services
III. A promise to transfer a series of distinct goods or services that are substantially the same and
have the same pattern of transfer to the customer
IV. A promise that is implied by the entity’s customary business practices which, at contract
inception, creates a valid expectation on the part of the customer that the entity will satisfy
the promise
a. I only c. I, II and III
b. I and II d. all of these

13. A good or service is distinct if:

I. The customer can benefit from the good or service either on its own or together with other
resources that are readily available to the customer.
II. The promise to transfer the good or service is separately identifiable from other promises in
the contract.
a. I only c. I and II
b. II only d. none of these

14. Revenue is recognized when (or as) the entity satisfies a performance obligation. According to
PFRS 15, revenue is measured at
a. the fair value of the consideration received or receivable.
b. the transaction price.
c. the stand-alone selling price of the good or services transferred.
d. the amount of the transaction price allocated to the performance obligation satisfied.

15. According to PFRS 15, the transaction price is allocated to each performance obligation identified
in a contract based on the
a. relative stand-alone prices of the distinct goods or services promised to be transferred.
b. contractual agreement with the customer.
c. expected costs of satisfying the performance obligations.
d. a or b

16. According to PFRS 15, revenue from a performance obligation that is satisfied over time is
recognized
a. over time as the entity progresses towards the complete satisfaction of the obligation.
b. at a point in time when the performance obligation is satisfied.
c. when the contract ceases to be enforceable.
d. a or b

17. ABC Co. enters into a contract with XYZ, Inc. to deliver 2 apples, 3 mangoes and 5 potatoes for a
total consideration of ₱100. In accounting for the contract, which of the following is probably not
true?
a. ABC Co. identifies three performance obligations in the contract.
 b. ABC Co. allocates the ₱100 transaction price over the promises to deliver the apples,
mangoes and potatoes on the basis of relative stand-alone selling prices of those goods.
c. The allocation of the transaction price may result to the identification of a discount.
d. No revenue is recognized until all of the 2 apples, 3 mangoes and 5 potatoes are delivered
even though the 2 apples were delivered first before the mangoes and potatoes.

18. Non-current assets are presented as current assets in the statement of financial position
a. only when they are expected to be sold within 12 months from the end of reporting period.
b. only if they are actually sold after the reporting period but before the date of authorization of
the financial statements for issue.
c. only when they qualify as held for sale assets under PFRS 5.
d. never presented as current items.

19. The qualification of an asset to be classified as held for sale after the reporting period but before
the financial statements are authorized for issue
a. is a non-adjusting event after the reporting period.
b. is an adjusting event after the reporting period.
c. is an extraordinary item.
d. a or b

20. A noncurrent asset classified as held for sale in accordance with PFRS 5 has not been sold after a
year. The asset shall continue to be presented as held for sale under PFRS 5 if
a. the delay is due to events beyond the entity’s control.
b. the entity remains committed to its plan to sell the asset.
c. the noncurrent asset is actually sold after the reporting period but before the financial
statements were authorized for issue.
d. a and b

21. According to PFRS 5, gain on impairment reversal on an asset held for sale is
a. recognized for the fair value change during the period.
b. recognized in other comprehensive income.
c. recognized only to the extent of cumulative impairment losses previously recognized.
d. not recognized.

22. The results of discontinued operations are presented separately in the statement of profit or loss
and other comprehensive income
a. as a single amount gross of tax.
b. as a single amount net of tax.
c. as part of the regular line items.
d. a or b

23. According to PFRS 5, held for sale classification is permitted when

a. the noncurrent asset or disposal group is available for immediate sale in its present
condition.
b. the sale is highly probable.
c. a and b
d. the sale actually occurred after the reporting period but before the financial statements were
authorized for issue.

24. According to PFRS 5, assets held for sale are measured at

a. fair value. c. carrying amount.
b. fair value less costs to sell. d. lower of b and c
25. According to PFRS 5, a disposal group may qualify as discontinued operation if
a. it is a component of an entity.
b. it meets the held for sale classification criteria.
c. a and b
d. none of these

26. The results of a discontinued operations are presented in the statement of profit or loss
a. before the profit or loss from continuing operations but after the profit for the year.
b. after the profit or loss from continuing operations but before the profit for the year.
c. separately from the profit or loss from continuing operations and it does not affect the profit
for the year.
d. as an adjustment to the beginning balance of the retained earnings.

27. Which of the following is included in profit from continuing operations?

a. extraordinary items c. other comprehensive income
b. discontinued operations d. income tax expense

28. Year-end net assets would be overstated and current expenses would be understated as a result
of failure to record which of the following adjusting entries?
a. Expiration of prepaid insurance
b. Depreciation of fixed assets
c. Accrued wages payable
d. All of these

29. Dane Co. received merchandise on consignment. As of March 31, Dane had recorded the
transaction as a purchase and included the goods in the physical count of ending inventory.
Dane uses the periodic inventory system. None of the consigned goods have been sold during
the period. The effect of this on its financial statements for March 31 would be
a. no effect.
b. profit is correct but current assets and current liabilities are overstated.
c. profit, current assets and current liabilities are overstated.
d. profit and current liabilities are overstated.

30. If the cost of ordinary repairs is capitalized as an addition to the building account during the
current year,
a. net income for the current year will be understated.
b. stockholders' equity at the end of the current year will be understated.
c. total assets at the end of the current year will not be affected.
d. total liabilities at the end of the current year will not be affected.

31. ABC Co. completes the draft of its December 31, 20x1 year-end financial statements on January
31, 20x2. On February 5, 20x2, the board of directors reviews the financial statements and
authorizes them for issue. The entity announces its profit and selected other financial
information on February 23, 20x2. The financial statements are made available to shareholders
and others on March 1, 20x2. The shareholders approve the financial statements at their annual
meeting on March 18, 20x2 and the approved financial statements are then filed with a
regulatory body on April 1, 20x2. Events after the reporting period are those occurring
a. from December 31, 20x1 to February 5, 20x2.
b. from January 1, 20x2 to February 5, 20x2.
c. from January 1, 20x2 to February 23, 20x2.
d. from January 1, 20x2 to March 18, 20x2.
32. These are events that are indicative of conditions that arose after the reporting period.
a. Events after the reporting period c. Adjusting events
b. Non-adjusting events d. all of these

33. Entity A recognized a provision for a pending litigation amounting to ₱50,000 on December 31,
20x1 (end of current reporting period). This amount is reflected in Entity A’s reported profit of
₱600,000 for the year 20x1. Shortly after December 31, 20x1, but before the financial statements
were authorized for issue, the litigation is settled for ₱40,000. The correct profit in 20x1 is
a. 600,000 . c. 640,000.
b. 610,000 . d. 590,000

34. Which of the following is an example of an adjusting event?

a. Major business combination after the reporting period.
b. A building is totally razed by fire after the reporting period.
c. Sale of inventories after the reporting period that gives evidence to their net realizable value
at the end of reporting period.
d. Issuance of shares of stocks after the reporting period.

35. Which of the following is an example of a non-adjusting event?

a. Bankruptcy of a customer after the reporting period that indicates that the carrying amount
of a trade receivable at the end of reporting period is impaired.
b. Evidence indicating that an asset is impaired as at the end of the reporting period.
c. Legal proceedings after the reporting period for an incident that occurred before the end of
the reporting period.
d. Significant decline in foreign exchange rates after the reporting period resulting to massive
losses on recognized foreign currency denominated financial instruments.

36. According to PAS 8, in the absence of a PFRS that specifically deals with a transaction,
management shall
a. refer to the concepts under the Conceptual Framework.
b. adopt the provisions of the US GAAP.
c. use its judgment in developing and applying an accounting policy that results in information
that is relevant and reliable.
d. consider the applicability of relevant accounting literature.

37. According to PAS 8, a change in accounting policy is accounted for

a. using a transitional provision, if any.
b. retrospectively.
c. prospectively, if retrospective application is impracticable.
d. a, b or c, whichever is most appropriate

38. This refers to applying a new accounting policy to transactions, other events and conditions as if
that policy had always been applied.
a. Retrospective application c. Prospective application
b. Retrospective restatement d. Impracticable application

39. According to PAS 8, a change in accounting estimate is accounted for

a. using a transitional provision, if any.
b. retrospectively.
c. prospectively.
d. a, b or c, whichever is most appropriate
40. Entity A changes its inventory cost formula from FIFO to weighted average. How should Entity
A account for this change?
a. by retrospective restatement, as a change in accounting policy
b. by prospective application, as a change in accounting estimate
c. by retrospective application, as a change in accounting policy
d. as a correction of prior period error

41. According to PAS 24, related party disclosures are necessary

a. because related party transactions may have resulted to assets and liabilities that were
recognized in the financial statements of the reporting entity.
b. to notify users of financial statements of the fact that related party transactions may not have
been made on arm’s length basis.
c. to indicate the possibility that an entity’s financial position and performance might have
been affected by the existence of such relationship.
d. in order to eliminate or minimize the effects of related party transactions on the financial
statements of the reporting entity.

42. What is overriding consideration when determining the existence of a related party relationship?
a. The ability of one party to affect decisions of another party regarding relevant activities
through the existence of control, joint control or significant influence.
b. The presence of relationship either by consanguinity or affinity.
c. The presence of a significant interest by one party over the other.
d. The presence of significant business transactions and economic dependence between the
parties.

43. Mr. Y and Ms. Z share joint control over Ventures, Inc. Which of the following are related parties?
a. Mr. Y and Ms. Z c. Ventures, Inc. and PAS 24
b. Ventures, Inc. and Mr. Y d. none of these

44. Entity A is the parent company of Entity B. Which of the following is required to be disclosed in
the group’s (Entity A and B’s) consolidated financial statements?
a. the related party relationship between Entity A and Entity B
b. the related party transactions during the period
c. the outstanding balances in (c)
d. all of these

45. Catalyst Co. is engaged in business process outsourcing. Catalyst subcategorizes its main services
into four: Information Technology, After-sales Support, Accounting, and Offsite Data
Management. Catalyst operates in five major geographical areas: Southeast Asia, North America,
South America, Australia and Europe. Internal reports are based on these five geographical
areas. What is the most appropriate basis of segment reporting for Catalyst?
a. On the basis of the main services provided.
b. On the basis of the geographical areas of operations.
c. On the basis of the domicile country of Catalyst and the rest of the world.
d. Any of these.

46. Segment A qualifies under the 10% test of total revenues but not on the profit or loss and total
assets tests. Segment A
a. is not a reportable segment.
b. is nonetheless included in the “all others” segment.
c. may be reported as a separate segment.
 d. all of these

47. Entity A wants to publish quarterly interim financial reports. Which of the following standards
may Entity A apply in preparing and presenting its interim financial reports?
a. PAS 1 c. PFRS 1
b. PAS 34 d. a or b

48. If an entity does not prepare interim financial reports,

a. its annual financial statements would not conform to the PFRSs.
b. its annual financial statements should not be described to have been prepared in accordance
with PFRSs
c. the conformance of its annual financial statements with the PFRSs is not affected.
d. a and b

49. Which of the following is correct regarding the provisions of PAS 34?
a. All entities should publish quarterly interim reports.
b. All publicly-listed entities should publish quarterly interim reports.
c. All publicly-listed entities should publish semi-annual interim reports.
d. PAS 34 does not require any entity to publish interim reports, and how often.

50. Interim financial reports prepared in accordance with PAS 34 shall, at a minimum, include
a. semi-annual interim financial statements.
b. complete set of financial statements.
c. condensed set of financial statements.
d. a statement of financial position and an income statement.

51. Under the cash basis of accounting, revenues are recorded

a. when they are earned and realized.
b. when they are earned and realizable.
c. when they are earned.
d. when they are collected.

52. White Co. wants to convert its 2003 financial statements from the accrual basis of accounting to
the cash basis. Both supplies inventory and office salaries payable increased between January 1,
2003 and December 31, 2003. To obtain the 2003 cash basis net income, how should these
increases be added to or deducted from accrual-basis net income?
Supplies inventory Office salaries payable
a. Deducted Deducted
b. Deducted Added
c. Added Deducted
d. Added Added

53. All of the following may not qualify as “small and medium-sized entity” (SME) except
a. banks c. investment house
b. insurance company d. cooperative

54. Which of the following most likely would not qualify as a “small and medium-sized entity”
(SME)?
a. A cooperative with total assets of ₱3M and liabilities of ₱2M.
b. A real estate company with total assets of ₱350M and liabilities of ₱250M.
c. A finance corporation with total assets of ₱2M and liabilities of ₱1M.
d. All of these entities qualify as SMEs.
55. Generally, non-financial liabilities of SMEs are measured at
a. the present value of future cash flows on the obligation
b. the best estimate of the amount that would be required to settle the obligation at the
reporting date
c. the mid-point value of the obligation
d. fair value

56. Which of the following is incorrect regarding the application and compliance with the PFRS for
SMEs?
a. The application of the PFRS for SMEs, with additional disclosure when necessary, is
presumed to result in financial statements that achieve a fair presentation of the financial
position, financial performance and cash flows of SMEs.
b. The application of the PFRS for SME by an entity with public accountability does not result
in a fair presentation even when a local legislation permits entities with public accountability
to use the PFRS for SMEs.
c. An entity whose financial statements comply with the PFRS for SMEs shall make an explicit
and unreserved statement of such compliance in the notes and on the face of each component
of a complete set of financial statements as provided under the PFRS for SME.
d. Financial statements shall not be described as complying with the PFRS for SMEs unless they
comply with all the requirements of the PFRS for SMEs.

57. According to the PFRS for SMEs, in assessing whether the going concern assumption is
appropriate, management takes into account all available information about the future, which is
at least, but is not limited to,
a. 12 months from the reporting date.
b. two years from the reporting date.
c. 3 months from the reporting date
d. it depends on professional judgment

58. Under the PFRS for SMEs, investments in equity instruments that are not publicly traded and do
not give the entity significant influence, control, or joint control over the investee, shall be
measured at
a. cost less impairment
b. amortized cost
c. fair value unless fair value cannot be measured reliably, in which case , at cost less
impairment
d. fair value with changes in fair value recognized in other comprehensive income

59. An SME shall measure its investment in associate using

a. Fair value model
b. Cost model
c. Equity method
d. any of these

60. Under the PFRS for SMEs, relationships between a parent and its subsidiaries shall be disclosed
a. only when there have been related party transactions.
b. irrespective of whether there have been related party transactions.
c. even when control is lost
d. any of these

61. The ceiling of the threshold for total assets of an SME qualifier is
 a. 400M b. 3M c. 350M d. 250M

62. (Use the PFRS for SMEs) On 15 March 20X1 the entity authorized for issue its annual financial
statements for the year ended 31 December 20X0. On 10 March 20X1 the entity’s factory and
several items of equipment were damaged in an earthquake. The event (quake damage):
a. is an adjusting event after the end of the 31 December 20X0 reporting period.
b. is a non-adjusting event after the end of the 31 December 20X0 reporting period.
c. is neither an adjusting event after the end of the 31 December 20X0 reporting period nor a
non-adjusting event after the end of the 31 December 20X0 reporting period.
d. None of these

63. (Use the PFRS for SMEs) Which of the following is a non-adjusting event after the end of the
reporting period that an entity should disclose in its financial statements for 20X5? In each case,
the financial statements for 20X5 have not yet been authorized for issue.
a. An entity has a portfolio of shares with quoted market prices. These are measured at fair
value through profit or loss in accordance with Section 11 of the PFRS for SMEs. After the
end of the reporting period, there was a substantial decline in the stock market. The fair
value of the entity’s portfolio of shares declined significantly.
b. At 31 December 20X5 one individual owned 100 per cent of the entity’s outstanding shares.
In February 20X6 that individual sold 80 per cent of her holding to another party.
c. All of the above.
d. None of these

64. (Use the PFRS for SMEs) The goods or services received or acquired in a share-based payment
transaction are recognized as
a. assets
b. expenses
c. income
d. a or b

65. (Use the PFRS for SMEs) Notes to the financial statements:
a. contain only information required to be disclosed by the PFRS for SMEs that was not
presented in the statement of financial position, statement of comprehensive income,
statement of changes in equity or cash flow statement.
b. contain information required by Section 8 Notes to the Financial Statements without
reference to the other sections of the PFRS for SMEs.
c. contain the information required to be disclosed by the PFRS for SMEs that was not
presented in the statement of financial position, statement of comprehensive income,
statement of changes in equity or statement of cash flows and additional information relevant
to an understanding of the financial statements.
d. None, an SME is not required to present notes.

66. (Use the PFRS for SMEs) The cross-reference between each line item in the financial statements
and any related information disclosed in the notes to the financial statements:
a. is voluntary.
b. is mandatory.
c. depends on the industry.
d. any of these

67. (Use the PFRS for SMEs) The presentation of the notes to the financial statements in a systematic
manner:
a. is voluntary.
 b. is mandatory.
c. is mandatory, as far as is practicable
d. any of these

68. (Use the PFRS for SMEs) An entity normally presents the notes in the following order:
a. First, a statement that the financial statements have been prepared in compliance with the
PFRS for SMEs. Second, a summary of significant accounting policies applied. Third,
supporting information for items presented in the financial statements, in the sequence in
which each statement and each line item is presented. Last, any other disclosures.
b. First, supporting information for items presented in the financial statements, in the sequence
in which each statement and each line item is presented. Second, a statement that the
financial statements have been prepared in compliance with the PFRS for SMEs. Third, a
summary of significant accounting policies applied. Last, any other disclosures.
c. First, supporting information for items presented in the financial statements, in the sequence
in which each statement and each line item is presented. Second, a summary of significant
accounting policies applied. Third, a statement that the financial statements have been
prepared in compliance with the PFRS for SMEs. Last, any other disclosures.

69. (Use the PFRS for SMEs) An entity shall disclose in the summary of significant accounting
policies:
a. the measurement basis (or bases) used in preparing the financial statements.
b. all the measurement bases specified in the PFRS for SMEs irrespective of whether they were
used by the entity in preparing its financial statements.
c. the measurement basis (or bases) used in preparing the financial statements and the
accounting policies used that are relevant to an understanding of the financial statements.
d. all of the measurement bases and the accounting policy choices available to the entity (i.e.,
specified in the PFRS for SMEs) irrespective of whether they were used by the entity in
preparing its financial statements.

70. (Use the PFRS for SMEs) Disclosure of information about key sources of estimation uncertainty:
a. is voluntary.
b. is mandatory.
c. is not required.
d. a and c

71. (Use the PFRS for SMEs) Disclosure of information about judgments, apart from those involving
estimations, that management has made in the process of applying the entity’s accounting
policies and that have the most significant effect on the amounts recognized in the financial
statements:
a. is voluntary.
b. is mandatory.
c. is not required.
d. a and c

72. According to PAS 1 Presentation of Financial Statements, expenses are presented using
a. Nature of expense method
b. Function of expense method
c. a or b
d. Classified and Unclassified

73. Which is incorrect concerning recognition of revenue?

 a. Revenue from rendering of services over an extended contractual period shall be recognized
by reference to the stage of completion of the transaction at balance sheet date.
b. Interest revenue shall be recognized on a time proportion basis that does not take into
account the effective yield on the asset.
c. Royalty revenue shall be recognized on an accrual basis in accordance with the substance of
the relevant agreement,
d. Dividend revenue shall be recognized when the stockholder’s right to receive payment is
established.

74. In a normal sale, generally the most uncertain factor in the revenue recognition process is
a. the seller's fulfillment of its responsibility in the transaction
b. the measurability of the resource or item received by the seller
c. the realizability of the resource or item received by the seller
d. the relevance of the resource or item received by the seller

75. Which of the following methods of service revenue recognition usually would be most
appropriate for a business engaged in packing, loading, transporting and delivering freight
(where each of the processes is an input to a combined output specified by the customer)?
a. Proportional performance method (i.e., over time as the entity progresses towards the
complete satisfaction of the performance obligation)
b. Completed performance method (i.e., at a point in time when the entity completes the output
specified in the contract)
c. Specific performance method (i.e., when the customer pays for the completion of a single
specific activity)
d. Collection method (i.e., when cash is collected)

Use the following information for the next four questions:

The entity’s financial year ends December 31 (calendar year). The entity will present the
following financial statements (condensed or complete) in its quarterly interim financial
report as of June 30, 20x1:
76. Statement of financial position
a. At June 30, 20x1; December 31, 20x0
b. At March 31, 20x1; June 30, 20x1; June 30, 20x0
c. At March 31, 20x1; June 30, 20x1; June 30, 20x0; December 31, 20x0
d. At June 30, 20x1; June 30, 20x0; December 31, 20x0

77. Statement of profit or loss and other comprehensive income

a. 6 months ending June 30, 20x1; June 30, 20x0
3 months ending June 30, 20x1; June 30, 20x0
b. 6 months ending June 30, 20x1; June 30, 20x0
3 months ending June 30, 20x1; June 30, 20x0
c. 6 months ending June 30, 20x1; June 30, 20x0;
Interim period ending June 30, 20x1; Year ended December 31, 20x0
d. 6 months ending June 30, 20x1; June 30, 20x0
3 months ending June 30, 20x1; June 30, 20x0; Year ended December 31, 20x0

78. Statement of Changes in Equity

a. 6 months ending June 30, 20x1; June 30, 20x0
3 months ending June 30, 20x1; June 30, 20x0
b. 6 months ending June 30, 20x1; June 30, 20x0
 3 months ending June 30, 20x1; June 30, 20x0
c. 6 months ending June 30, 20x1; June 30, 20x0;
Interim period ending June 30, 20x1; Year ended December 31, 20x0
d. 6 months ending June 30, 20x1; June 30, 20x0
3 months ending June 30, 20x1; June 30, 20x0; Year ended December 31, 20x0

79. Statement of cash flows

a. 6 months ending June 30, 20x1; June 30, 20x0
3 months ending June 30, 20x1; June 30, 20x0
b. 6 months ending June 30, 20x1; June 30, 20x0
3 months ending June 30, 20x1; June 30, 20x0
c. 6 months ending June 30, 20x1; June 30, 20x0;
Interim period ending June 30, 20x1; Year ended December 31, 20x0
d. 6 months ending June 30, 20x1; June 30, 20x0
3 months ending June 30, 20x1; June 30, 20x0; Year ended December 31, 20x0

80. PAS 34 states a presumption that anyone reading interim financial reports will
a. Understand all Philippine Financial Reporting Standards.
b. Have access to the records of the entity.
c. Have access to the most recent annual report.
d. Not make decisions based on the report.