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This document contains multiple choice questions about accounting practices, hospital financial statements, property revaluation under hyperinflation, globalization factors, push factors for emigration, and definitions of small and medium enterprises. It tests understanding of accounting rules, calculations of financial metrics like net patient revenue, adjustments for inflation, concepts like globalization and factors driving migration, and size criteria for SME classification.

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Jerauld Bucol
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537 views1 page

CLINCHER

This document contains multiple choice questions about accounting practices, hospital financial statements, property revaluation under hyperinflation, globalization factors, push factors for emigration, and definitions of small and medium enterprises. It tests understanding of accounting rules, calculations of financial metrics like net patient revenue, adjustments for inflation, concepts like globalization and factors driving migration, and size criteria for SME classification.

Uploaded by

Jerauld Bucol
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1. Which of the following accounting practices has been outlawed by PFRS 4?

a. Shadow accounting
b. Catastrophe accounting
c. A test for the adequacy of recognized insurance liabilities
d. An impairment test for reinsurance assets.
2. A hospital has the following account balances:
Revenue from newsstand P 50,000
Amount charged to patients 800,000
Interest income 30,000
Salary expense – nurses 100,000
Bad debts 10,000
Undesignated gifts 80,000
Contractual adjustments 110,000
What is the hospital’s net patient service revenue?
a. P800,000
b. P690,000
c. P680,000
d. P880,000
3. Property was purchased on December 31, 2010 for 20 million pesos. The general price index in the
country was 60.1 on that date. On December 31, 2012, the general price index had risen to 240.4. If
the entity operates in a hyperinflationary economy, what would be the carrying amount in the
financial statements of property after restatement?
a. P20,000,000
b. P80,000,000
c. P4,808,000,000
d. P1,202,000
1. Globalization refers to
a. A more integrated and interdependent world
b. Less foreign trade and investment
c. Global warming
d. Lower income worldwide
2. Which one of the following is a push factor of emigration?
a. Political freedom
b. Job opportunities in the host country
c. Higher income in the host country
d. War
3. Which can be considered an SME?
a. A credit union with total assets of P3,000,000
b. A broker with total liabilities of P3,000,000
c. A bank with a total assets of P350,000,000
d. An unlisted entity manufacturing electrical goods with total liabilities of P250,000,000

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