No. 125 Brgy.
San Sebastian
Lipa City, Batangas, Philippines
Mobile : 0927 283 8234
Telephone : (043) 723 8412
Gmail : [email protected]
Icare FAR Final Preboard
Answer Key
Theories:
1. A 11. A 21. C 31. A
2. C 12. B 22. D 32. C
3. C 13. A 23. B 33. A
4. D 14. A 24. D 34. D
5. C 15. A 25. D 35. C
6. A 16. A 26. D 36. A
7. B 17. C 27. D 37. A
8. C 18. B 28. B 38. A
9. A 19. A 29. C 39. C
10. A 20. A 30. A
Problems:
40. B 50. C 60. A 70. B
41. D 51. C 61. A 71. D
42. A 52. C 62. D 72. C
43. A 53. B 63. A 73. B
44. A 54. B 64. B 74. A
45. A 55. A 65. D 75. B
46. A 56. C 66. B 76. A
47. C 57. C 67. B 77. A
48. A 58. C 68. D 78. D
49. B 59. C 69. D 79. A 80. D
40. 50,000 + 4,000,000 + 2,000,000 + 500,000 + 1,000,000 – 5,000 – 5,000 – 100,000 =
7,440,000
41. Expense 35,000
Receivable 5,000
Cash short or over 2,000
Cash in bank 38,000
42. (9,200,000 + 500,000 – 750,000) – (9,000,000 – 400,000) = 350,000
43. (6,550,000 + 150,000 – 50,000) – (7,000,000 – 900,000) = 550,000
44. 2,000,000 x 80% x 90% x 95% - 100,000 – (200,000 x 95%) = 1,078,000
45. 930,000 – 20,000 + 30,000 = 940,000
46. 600,000 x 4.36 + 600,000 = 3,216,000
47. 2,000,000 x 12% / 12 = 20,000
48. 4,410,000 + 380,000 + 510,000 = 5,300,000
49. (7,000,000 – 1,400,000) x 140% - 4,000,000 = 3,840,000
50. Purchase discount lost 74,000
Accounts Payable 74,000*
*(4,000,000 – 300,000) x 2% = 74,000
51. Whichever is lower between 2,000,000 and 1,800,000 = 1,800,000
52. 5,500,000 – (4,000,000 + 700,000) = 800,000
53. 4,000,000 + (5,000,000 x 10%) – (1,500,000 x 10%) = 4,350,000
54. 2,000,000 – [2,000,000 + (1,500,000 x 30%) – (500,000 x 30%) + (1,000,000 x 30%) x 50%] =
700,000
1|P a g e RSORIANO/BVILLALUZ/JABIERA
No. 125 Brgy. San Sebastian
Lipa City, Batangas, Philippines
Mobile : 0927 283 8234
Telephone : (043) 723 8412
Gmail : [email protected]
55. 2,400,000 - [2,000,000 + (1,500,000 x 30%) – (500,000 x 30%) + (1,000,000 x 30%) x 50%] =
1,100,000
56. (120 – 100) x 10,000 = 200,000
57. 435,000 – (47,850,000 / 120) = 36,250 asset
58. 3,600,000 x 95% + 90,000 + 240,000 = 3,750,000
59. 2,000,000 + 50,000 = 2,050,000
2|P a g e RSORIANO/BVILLALUZ/JABIERA
