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Name:____________________________________________________________________Date:____________
Name:_______________________________________________________ _____________Date:_________________
_____
Section:__________________________________________________________________Score:_______________
Direction: Read and solve the following problems. Write the letter of your best answer on the space provide
number. Erasures are not allowed and considered wrong.

 ___1. Manila Holdings Inc., is the parent company of a group of companies who also does its own trad
equipment from a US supplier for $10,000 on November 2,2008 and opened the corresponding letter of cr
exchange rate was P55.00 to $1.00. On December 31,2008 which is the company’s year end the US su
been paid and the exchange rate at that time was P57.00 to $1.00. On the Statement of Financial Posi
Holdinds, Inc. on December 31,2008 what will be the amount to be presented as Equipment and Acco
respectively?
a. P570,000 and P570,000 c. P550,000 and P550,000
b. P570,000 and P550,000 d. P550,000 and P570,000

 ___2. The
T he accounts of Palawan International,
I nternational, a Philippine
Phil ippine Company,
Com pany, show P813,000 accounts receivable
accounts payable at December 31,2008 before adjusting entries are made. An analysis of the balance
following:
 Accounts Receivable Accounts Payable
Receivable denominated in Philippine peso P285,000 Payable denominated in Philippine peso
Receivable denominated in 200,000 Yen 118,000 Payable denominated in 10,000 dollar
Receivable denominated in 250,000 Baht 410,000 Payable denominated in 150,000 Baht
Total P813,000 Total
Current exchange rates on December 31,2008 are:
YEN P0.66 BAHT P1.65 DOLLAR P7.00
What is the net exchange gain or loss that should be reflected in Palawan’s income statement for 2008 after
adjustments?
a. P19,500 gain c. P19,000 gain
b. P16,500 loss d. P17,500 loss

 ___3. On December 12,2007, Davao Import Inc. entered into a forward exchange contract to purchase
currencies in 90 days to hedge a purchase of inventory on November 30,2007 payable in March 2008.
exchange rates are as follows:
Spot Rate Forward Rate for March 12,2008
November 30,2007 P8.70 P8.90
December 12,2007 8.80 9.00
December 31,2007 9.20 9.30
 At December 31,2007, what amount of net foreign exchange gain or loss to be presented in Davao’s Income
a. P50,000 gain c. P30,000 gain
b. P20,000 loss d. P40,000 loss

 ___4. On December
Decem ber 31,2008, a foreign subsidiary in Hongkong submitted
subm itted the following
fol lowing Statement of Financ
foreign currency: Hongkong Dollar
Total Assets $100,000
Total Liabilities 20,000
Common Stock 50,000
Retained Earnings 12/31 30,000
The exchange rates are: Current Rate –
Rate – P7.40;
 P7.40; Historical Rate –
Rate – P7.10;
 P7.10; and Average Rate –
Rate – P7.00.
 P7.00.
 Assuming that the retained earnings of the subsidiary on December 31,2008 translated to Philippine Peso
what amount of cumulative translation adjustment in other comprehensive income to be presented in the
Statement of Financial Position on December 31,2008?
a. P22,000 credit c. P25,000 credit
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Non-monetary assets 15,000 Expenses (including dep.$1,000) 25,000

Monetary liabilities 18,000 Net income 2,000
Common stock 12,000 Retained earnings, 1/1 3,000
Retained earnings, 12/31 5,000 Retained earnings, 12/31 $ 5,000
The exchange rates are: Current Rate – P37; Historical Rate – P34; and Average Rate – P35
 Assuming the Retained Earnings of the Singaporean Branch in Philippine Pesos is P128,100, what amount
translation adjustment in other comprehensive income to be presented in the Consolidated Statemen
Position on December 31,2008?
a. P22,900 credit c. P12,000 credit
b. P10,000 debit d. P21,900 debit

 ___6. The Italy branch of Manila Company reports the following results of its operations for 2008 (in Euro):
Sales 10,000 Euro
Cost of Sale:
Purchases 1,000
Shipment from Manila 5,000
Inventory, end (800) 5,200
Gross profit 4,800
Operating expenses 1,000
Net Income 3,800 Euro
The relevant exchange rates for Euro for 2008 are: Jan. 1  – P69.20; December 31 – P69.95; and Average R
The only shipment from Manila during the year was determined to have a cost to home office of P346,50
inventory was identified to have come from shipments from Manila. What is the translated net income of
Italy?
a. P264,940 c. P265,810
b. P264,100 d. P262,960

 ___7. On September 1,2009, Bain Corporat ion received an order from a foreign customer for 300,000 local
when the peso equivalent was P96,000. Bain shipped the equipment on October 15,2009, and billed the
300,000 LCU when the peso equivalent was P100,000. Bain received the customer’s remittance in full
16,2009 and sold the 300,000 LCU for P105,000. In its income statement for the year ended December 3
should report a foreign exchange gain of
a. zero c. P5,000
b. P4,000 d. P9,000

 ___8. On September 1,2009, Cano & Co. sold merchandise to a foreign firm for 250,000 francs. Terms of t
payment in francs on February 1,2010. On September 1,2009, the spot exchange rate was P1.20 per franc.
31,2009, Cano’s year -end, the spot rate was 1.19, but the rate increased to 1.22 by February 1,2010, when
received. How much should Cano report as foreign exchange gain or loss for 2009 and 2010, respectively?
a. P5,000 gain and P2,500 loss c. P5,000 gain and P5,000 loss
b. P2,500 loss and P7,500 gain d. P7,500 loss and P5,000 gain

 ___9. Lindy Corp. bought inventory items from a foreign supplier in Japan on November 15,2009 for 100,0
the spot rate was P0.4295. An Lindy’s December 31,2009, year -end, the spot rate was P0.4245. On Jan
Lindy bought 100,000 yen at the spot rate of P0.4345 and paid the invoice. How much should Lindy report
statements for 2009 and 2010, respectively, as foreign exchange gain or loss?
a. P1,500 gain and P1,000 loss c. P500 gain and P1,000 loss
b. P500 loss and P1,500 gain d. P1,000 gain and P500 loss

 ___10. Craft Corporation sold metal crafts to a US firm for $70,000 and pertinent information on exchan
rates related to this transaction were as follows: November 4:Receipt of Order  – P27.40; November 22:Date
P27.50; December 31:Year-end Date – P27.60; and January 6:Date of Collection – P27.00. What is the am
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a. P1,000 net loss c. P2,000 net loss

b. P1,600 net gain d. P1,000 net gain

 ___12. Phil Corp. sold to American customer merchandise worth US$10,000. As of Phil’s balance sheet
June 30,2009, the exchange rate was P26.60. On August 15,2009, payment was received in the form of a
whereby Phil’s account was credited the amount of P265,400 before any charges. At the time of acce
merchandise in San Francisco, the exchange rate was P26.75. The appropriate exchange rate for the reco
sale should be:
a. P26.54 c. P26.63
b. P26.60 d. P26.75

 ___13. Local Corporation imported heavy machine f rom the US for US$50,000 on October 10,2009. A lette
opened with a Makati branch based on the commercial invoice for US$50,000, on which Local Corporation m
deposit cover based on the exchange rate of $1.00 to P27.50. Shipment of the heavy machine was effected
30,2009, at which time the exporter collected the proceeds of the letter of credit when the prevailing excha
$1.00 to P28.00. From the exchange rate fluctuation, Local Corporation should realize
a. No gain, no loss c. P25,000 gain
b. P5,000 gain d. P25,000 loss

 ___14. On June 15,2010, Boni Corporation purchased merchandise worth 100,000 Swiss Francs from
Switzerland payable within 30 days under an open account arrangement. Boni issued a 30-day, 6% note pay
francs. On July 15,2010, Boni paid the note in full. The following information in spot rates is provided:
Buying Selling
June 15,2010 P24.03 P24.15
July 15,2010 24.10 24.22
What is Boni’s foreign exchange gain or loss for the transaction?
a. P5,040 gain c. P12,075 gain
b. P7,035 loss d. P19,110 loss

 ___15. On November 30,2008, Tyrola Publishing Company located in Manila executed a contract with Er
author from Canada, providing for payment of 10% royalties on Canadian sales of Blyton’s book. Payme
in Canadian dollars each January 10 for the previous year’s sales. Canadian sales of the book for th
December 31,2009 totaled $50,000 Canadian dollars. Tyrola paid Blyton his 2006 royalties on January 10,2
2009 financial statements were issued on February 1,2010. Spot rates for Canadian dollars were as follow
30,2008 – P27.87; January 1,2009 – P27.88 – December 31,2009 – P27.89; and January 10,2010  – P27.9
should Tyrola accrue for royalties payable at December 31,2009?
a. P139,350 c. P139,450
b. P139,400 d. P139,500

 ___16. On September 9,2011, Selma Inc. accepted a noncancellable merchandise sales order from a Japan
contract price was 10,000 Yens. The merchandise was delivered on December 14,2011. The invoic
December 11,2011, the shipping date (FOB Shipping point). Full payment was received on January 22,2
direct exchange rates for the Japanese Yens on the respective dates are as follows: September 9,2
December 11,2011  –  P0.78; December 14,2011  –  P0.77; December 31,2011  –  P0.73; and January 22,20
Determine the following:
Sales for 2011 Forex Gain/Loss for 2011 Accounts Receivable,12/31/2011 Forex Gain/Loss for
a. P77,000 P1,000 loss P78,000 P500 loss
b. P78,000 P5,000 loss P73,000 P500 loss
c. P75,000 P3,000 loss P78,000 P1,500 loss
d. P77,000 P1,500 loss P72,500 P2,500 gain
 ___17. An entity purchases a plant from a foreign supplier for P3,000,000 Baht on January 31,2011, when
rate was 2 Baht = P1. At the entity’s year -end of March 31,2011, the amount has not been paid. The closing
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 ___1. UST, a private university, had the following cash inflows during the year ended December 31,2008:
I. P500,000 from students for tuition.
II. P300,000 from a donor who stipulated that the money be invested indefinitely.
III. P100,000 from a donor who stipulated that the money be spent in accordance to the wishes of US
Directors.
On UST’s statement of cash flows for the year ended December 31,2008, what amount of these cash flo
reported as operating activities?
a. P900,000 c. P800,000
b. P400,000 d. P600,000

 ___2. Sta. Clara Hospital, a private nonprofit hospital earned P250,000 revenues from its gift shop locate
and spent P50,000 on research during the year ended December 31,2008. The P50,000 spent on research
P75,000 contribution received during December of 2007 from a donor who stipulated that the donation
medical research. Assume none of the gift shop revenues were spent in 2008. For the year ended Decem
what was the increase in unrestricted net assets from the events that occurred during 2008?
a. P300,000 c. P250,000
b. P200,000 d. P275,000

 ___3. San Luis Hospital, non-profit hospital affiliated with a religious group, reported the following informatio
ended December 31,2008:
Gross patient service revenue at the full rates P980,000
Bad debts expense 10,000
Contractual adjustments, Value added tax 89,090
 Allowance for discounts to hospital employees 15,000
On hospital’s statement of activities for the year ended December 31,2008, what amount should be re
patient service revenue?
a. P875,910 c. P855,000
b. P890,910 d. P955,000

 ___4. San Jose Hospital, a nonprofit hospital affiliated with San Carlos College, had the following cash
year ended December 31,2008:
Patient service revenue P750,000
Contribution from donor to be invested indefinitely (endowment fund) 250,000
Tuition fees from nursing school 50,000
Dividends received from permanent investments 80,000
The dividends received are restricted by the donor for hospital building improvements, No improvement
during 2008. On the hospital’s statement of cash flows for the year ended December 31,2008. what amount
receipts would be included in the amount reported for net cash provided (used) by operating activities?
a. P880,000 c. P1,050,000
b. P800,000 d. P750,000

 ___5. Santa Rosa College, a private nonprofit college, received the following contr ibutions during 2008:
I. P5,000,000 from alumni for construction of a new wing on the building to be construed in 2008.
II. P1,000,000 from a donor who stipulated that the contribution be invested indefinitely and that th
used for scholarship. As of December 31,2008, earnings from investments amounted to P50,000.
For the year ended December 31,2008, what amount of these contribution should be reported as tempora
revenues on the statement of activities?
a. P50,000 c. P5,000,000
b. P5,050,000 d. P6,050,000
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 ___7. Gentle Care Foundation, a non-profit organization, received the following pledges:
Unrestricted P200,000
Restricted for acquisition of equipments 150,000
 All pledges are legally enf orceable, however, the foundation’s experience indicates that 10% of all pledge
uncollectible. What amount should the foundation report as pledges receivable net of any required allowance
a. P135,000 c. P315,000
b. P180,000 d. P350,000

 ___8. The following receipts were among those recorded by Baliwag College, a non -profit organization durin
Unrestricted gifts P500,000
Restricted current funds (expended for current operating expenses) 200,000
Restricted current funds (not yet expended) 100,000
What amount should be included as revenues and current fund revenue, respectively?
a. P800,000 and P700,000 c. P600,000 and P600,000
b. P700,000 and P800,000 d. P500,000 and P500,000

 ___9. Christian Hospital, a nonprofit hospital affiliated with a religious group, received the following cash
from donors during the year ended December 31,2008:
Capital acquisitions of hospital equipment P400,000
For permanent endowment 300,000
The cash received for acquisition of hospital equipment will be spent in 2009, while the cash received for t
endowment was used to acquire investments during 2008. What effect did these cash contributions have o
reported for cash flows from investing activities and cash flows from financing activities on the statement of
the year ended December 31,2008?
Cash flows from Investing Activities Cash flows from Financing Activities
a. Decrease P300,000 Increase P400,000
b. Decrease P700,000 Increase P700,000
c. Decrease P300,000 Increase P300,000
d. Decrease P300,000 Increase P400,000

 ___10. Miriam Hospital, a nonprofit hospital affiliated with Miriam College, had the following cash receipt
ended December 31,2008:
Collections of Philhealth care receivable P750,000
Contributions from donor to establish a term endowment 250,000
Tuition fee from nursing school 50,000
Dividends received from investments n permanent endowment 80,000
The dividends received are restricted by the donor for hospital building improvements. No improvement
during 2008. On the hospital’s statement of cash flows for the year ended December 31,2008, what amount
receipts would be included in the amount reported for net cash provided (used) by operating activities?
a. P880,000 c. P1,050,000
b. P800,000 d. P750,000

 ___11. Out of its total appropriation for 2008, Department EE received its allotments broken down as follows
Capital outlay (CO) P20,000,000
Maintenance and Other Operating Expenses (MOOE) 10,000,000
Personal Services 5,000,000
Financial Expenses 1,000,000
Total P36,000,000
Department of Budget and Management issued Notice of Cash Allocation to Department EE in th
P20,000,000.

What is the journal entry of Department EE to record the receipt of Notice of Cash Allocation?
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 ___12 Agency SS issued a purchase order for the purchase of office equipment costing P50,000. The
received with the charge invoice and was paid by check after withholding tax of 10%. Agency SS remitted th
to BIR through a government depository bank. What is the entry to record the remittance of the tax withheld
a. Due to BIR 5,000
Subsidy Income from National Government 5,000
b. Accounts payable 5,000
Cash – National Treasury – MDS 5,000
c. Due to BIR 5,000
Cash – National Treasury – MDS 5,000
d. Due to BIR 5,000
Cash – Check Disbursements – MDS 5,000

 ___13. Cash advances were released to the disbursing officer for petty cash fund (PCF) for miscellaneou
P10,000. The petty cash fund was replenished for total expenses of P7,000. At year end expenses liquida
supplies expense, P5,000 and traveling expenses, P3,000. The unused petty cash fund was replenished
entry to record the return of the unused PCF?
a. Cash – National Treasury – MDS 2,000
PCF 2,000
b. Cash – Collecting Officer 2,000
PCF 2,000
c. Cash – Collecting Officer 3,000
PCF 3,000
d. Cash – National Treasury – MDS 3,000
PCF 3,000

 ___14. Agency PP prepares the following payroll fund for the month of June,2005:
Salaries and wages P100,000
 Additional compensation (ADCOM) 30,000
Personnel economic relief allowances (PERA) 20,000
P150,000
Gross payroll P4,000
Less: Withholding tax 3,000
GSIS Contribution 2,000
Philhealth contribution 1,000 10,000
Net payroll P140,000
What is the entry to record the advances to the disbursing officer?
a. Cash – Disbursing Officer 140,000
Cash – Check Disbursements 140,000
b. Cash – Disbursing Officer 140,000
Cash – National Treasury – MDS 140,000
c. Cash – Disbursing Officer 140,000
Cash – Local Currency – Local Bank 140,000
d. Cash – Disbursing Officer 140,000
Cash – Collecting Officer 140,000

 ___15. On February 1,2008. Agency GG signed a contract for the construction of a building. The
P50,000,000. The agency made a down-payment of 30% of the contract price. On May 1,2008, Agency GG
first billing of 50% of the contract price. The agency paid the first billing less P100,000 withholding tax. What
record to payment of the first billing?
a. Accounts payable 25,000,000
Due to BIR 100,000
Cash – National Treasury – MDS 24,900,000
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 ___16. On April 15,2008, BIR collected taxes from individual taxpayers in the amount of P10,000,000.
authority to use these collections in their operation and therefore deposited it to the Bureau of Treasury. Wh
to record the remittance of the collections to Bureau of Treasury thru a government depositary bank?
a. Cash – deposits 10,000,000
Cash – collecting officer 10,000,000
b. Cash – deposits 10,000,000
Cash – local currency – local bank 10,000,000
c. Income taxes – individuals 10,000,000
Cash – collecting officer 10,000,000
d. No entry.

 ___17. On June 30,2008, Agency KK collected P50,000 from tenants for the rent of office space in
deposited the collections to Philippine National Bank. On July 5, the agency uses P20,000 of this collection
of the office space. What is the entry to record the payment of the repair of the office space?
a. Repairs and Maintenance – Office Building 20,000
Cash – Collecting officer 20,000
b. Repairs and Maintenance – Office Building 20,000
Cash in Bank – LCCA 20,000
c. Building 20,000
Cash in Bank – LCCA 20,000
d. Building 20,000
Cash – Collecting Officer 20,000

 ___18. During the year, 2008 Departm ent ZZ received Notice of Cash Allocation of P10,000,000 out of its to
of P15,000,000. Check disbursements during the year amounted to P9,000,000. What adjustment is made f
NCA as of the end of the year?
a. Appropriation allotted 1,000,000
National Clearing Account 1,000,000
b. Subsidy Income from National Government 1,000,000
Cash – National Treasury – MDS 1,000,000
c. Cash – National Treasury – MDS 1,000,000
Subsidy Income from NG 1,000,000
d. Subsidy Income from National Government 6,000,000
Cash – National Treasury – MDS 6,000,000
 ___19. The approved appropriation of Department SS for 2008 was P50,000,000. 90% of this appropriatio
by the DBM accompanied with Notice of Cash Allocation of 80% of the allotment. During the year, t
obligation incurred was equal to 90% of the NCA. 75% of these obligations was paid. What is the adjustin
end of the year to adjust the unused NCA?
a. Subsidy Income from National Government 11,700,000
Cash – National Treasury – MDS 11,700,000
b. National Clearing Account 3,600,000
 Appropriation allotted 3,600,000
c. Subsidy Income from National Government 3,600,000
Cash – National Treasury – MDS 3,600,000
d. Cash – National Treasury – MDS (3,600,000)
Subsidy Income from NG (3,600,000)
 ___20. The following data were taken for the accounting records of Agency RR on December 31,2008:
Notice of Cash Allocation received P150,000,000
Unused NCS 30,000,000
Refund of excess cash advance 5,000,000
Salaries and wages – Regular pay 55,000,000
 ADCOM 2,000,000
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 ___21. Mild Care Centers Inc, a non-for-profit organization, receives revenue from various sources durin
support its day care center. The following cash amounts were received during 2011:
- P2,000 restricted by the donor to be used for meals for the children.
- P1,500 received for subscriptions to a monthly child care magazine with a fair market value to
P1,000.
- P10,000 to be used only upon completion of new playroom that was 75% complete at December 3
What amount should Mild Care Centers record as contribution revenue in its 2011 Statement of Activities?
a. P2,000 c. P10,000
b. P2,500 d. P11,000

 ___22. Leslie Hospital, a nonprofit hospital affiliated with a private university reported the following inform
ended December 31,2011:
Cash contributions received from donors for capital additions to be acquired in 2012 P150,000
Proceeds from sales at hospital gift shop and snack bar 75,000
Dividend revenue not restricted by donors or by law 25,000
Using the information provided, what amount should be reported as “other revenue and gains” on the hospit
of operations for the year ended December 31,2011?
a. P25,000 c. P100,000
b. P75,000 d. P250,000

 ___23. For the 2011 summer session, FEU assessed its students for tuition and fees. However, the net
was only P290,000 because of the following reductions:
Tuition remissions granted to faculty member’s families  P3,000
Class cancellations refunds 7,000
How much unrestricted current fund revenues from tuition and fees should FEU report for the period?
a. P290,000 c. P297,000
b. P293,000 d. P300,000

 ___24. For the summer session of 2011, Siliman University assessed its students P1,700,000 (net of refu
tuition and fees for educational and general purposes. However, only P1,500,000 was expected to be rea
scholarships totaling P150,000 were granted to students, and tuition remissions of P50,000 were allow
members’ childr en attending Siliman. What amount should Siliman include in the unrestricted current funds
from student tuition and fees?
a. P1,500,000 c. P1,650,000
b. P1,550,000 d. P1,700,000

 ___25. On July 31,2011, St. Vincent’s College showed the following amounts to be used for:
Renewal and replacement of college properties P200,000
Retirement of indebtedness on college properties 300,000
Purchase of physical properties for college purposes but unexpended at 7/31/2011 400,000
What total amount should be include in St. Vincent’s plant funds at July 31,2011?
a. P900,000 c. P400,000
b. P600,000 d. P200,000

 ___26. In 2011, Manila Health, a voluntary health and welfare organization, received a bequest of a P200,
of deposit maturing in 2012. The testator’s only stipulations were that this certificate be held until maturity
interest revenue be used to finance salaries for a pre-school program. Interest revenue for 2012 was P16,0
certificate matured and was redeemed, the board of trustees adopted a formal resolution designating P
proceeds for the future purchase of equipment for the pre-school program. What amount should Manila rep
year-end current funds balance sheet as fund balance designated for the pre-school program?
a. P -0- c. P40,000
b. P16,000 d. P56,000
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 ___28. The following expenditures were made by Green Community, a society for the protection of the envir
Printing of the annual report P12,000
Unsolicited merchandise sent to encourage contributions 25,000
Cost of an audit performed by a CPA firm 3,000
What amount should be classified as fund-raising costs in the society’s activity statement?
a. P37,000 c. P25,000
b. P28,000 d. P-0-

 ___29. The following funds were among those held by CEU at December 31,2011:
Principal specified by the donor as non-expandable P500,000
Principal expendable after the year 2012 300,000
Principal designated from current funds 100,000
What amount should CEU classify as regular endowment funds for Permanently Restricted Endowment?
a. P100,000 c. P500,000
b. P300,000 d. P900,000

 ___30. FEU Hospital, a nonprofit hospital affiliated with FEU University, received the following cash cont
donors during the year ended December 31,2011:
Contributions restricted by donors for research P 50,000
Contributions restricted by donors for capital acquisitions 250,000
Neither of the contributions was spent during 2011, however, during 2012, the hospital spent the e
contribution on research and the entire P250,000 contribution on a capital asset which was placed into serv
year. On the hospital’s statement of activities of operations for the year ended December 31,2012, what
should be reported for “net assets released from restrictions”?
a. P50,000 c. P250,000
b. P300,000 d. P -0-

 ___31. Agency RRR had the following account balances for the year 2011:
Current Assets P10,000,000 Liabilities P18,000,000
Investments and Fixed Assets 90,000,000 Contingent Liabilities 5,000,000
Other Assets 5,000,000 Contingent Assets 3,000,000
What is the Government Equity for the year 2011?
a. P105,000,000 c. P87,000,000
b. P85,000,000 d. P82,000,000

 ___32. Agency ABC sold a 50% depreciation motor vehicle which had an original cost of P300,000 for
proceeds shall be deemed automatically appropriated for the purchase of replacement higher capacity
P500,000 net of applicable tax. The agency subsequently received a NCA for P500,000 for the purchase
vehicle. What is the entry to record the receipt from the disposal of the motor vehicle?
a. Cash – Collecting Officer 200,000
Due to BTR 200,000
b. Cash – Collecting Officer 200,000
Gain on sale of Disposed Assets 200,000
c. Cash – Collecting Officer 200,000
 Acc. Depreciation – Vehicles 150,000
Motor Vehicles 300,000
Gain on sale of disposed assets 50,000
d. Cash – Collecting Officer 200,000
 Acc. Depreciation – Vehicles 150,000
Motor vehicles 300,000
Due to BTR 50,000
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c. Rent expense 20,000

Office supplies expense 5,000
Due to BTR 75,000
Cash in Bank – LCCA 100,000
d. Subsidy Income from NG 75,000
Cash in Bank – LCCA 75,000

 ___34. Agency JJJ grants cash advance to Mr. Ube for traveling expenses amount to P12,000. Mr.
certificates of appearance for the travel completed along with the necessary documents to support the tra
P10,000. Mr. Ube refunded the agency for the excess. What is the entry for this presentation of certificates o
and the refund?
a. Traveling expenses 10,000
Cash Collecting Officer 2,000
Due from officers and employees 12,000
b. Cash collecting officer 2,000
Traveling expenses 2,000
c. Cash – National Treasury – MDS 2,000
Traveling expenses 2,000
d. Traveling expenses 10,000
Cash – National Treasury – MDS 2,000
Due from officers and employees 12,000

 ___35. Agency OOO had a balance of P1,000,000 unused NCA (Cash-NT, MDS) balance, what would
adjust this Unused NCA?
a. Subsidy Income from National Government 1,000,000
Due from National Government 1,000,000
b. Subsidy Income from National Government 1,000,000
Cash – National Treasury – MDS 1,000,000
c. Cash – National Treasury, MDS 1,000,000
Subsidy income from National Government 1,000,000
d. No entry

 ___36. Agency AAA received the following allotm ent for year 2011:
Capital Outlay (CO) P50,000,000
Maintenance and Other Operating Expenses (MOOE) 10,000,000
Personal Services (PS) 5,000,000
Financial Expenses (FE) 100,000
P65,100,000
What is the entry to record the above allotment?
a. No entry
b. Memorandum entry in Registry of Allotments and Obligations
c. National Clearing Account 65,100,000
 Appropriations Alloted 65,100,000
d. Cash – National Treasury – MDS 65,100,000
Subsidy Income from National Gov’t  65,100,000

 ___37. Agency HHH received spare parts amounting to P10, 000 and set-up liability. What is the entry for
a. Spare parts expense 10,000
 Accounts payable 10,000
b. Spare parts inventory 10,000
 Accounts payable 10,000
c. Spare parts inventory 10,000
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c. IT Equipment and Software 120,000

 Accounts payable 120,000
d. IT Equipment and Software 120,000
Subsidy Income from National Gov’t  120,000

 ___39. Agency NNN issued check to Non-government organizations (NGO’s) for fund assistance amounting
What is the entry to record this transaction?
a. No entry
b. Memorandum entry in RAOMO
c. Due from National Gov’t Agency  100,000
Cash – National Treasury – MDS 100,000
d. Other receivables 100,000
Cash – National Treasury – MDS 100,000

 ___40. Agency PPP had a P20,000 credit balance of Subsidy Income from National Government. What
entry to record the transaction?
a. Subsidy income from National Gov’t  20,000,000
Income and expense summary 20,000,000
b. Subsidy income from National Gov’t  20,000,000
Cash – National Treasury – MDS 20,000,0000
c. Subsidy Income from National Gov’t  20,000,000
Due from National Gov’t agency 20,000,000
d. No entry