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Title:

CPA Licensure Exam Philippines - Advanced Financial Accounting - 2

Description:

Take this 20-minute quiz with 25 questions on Advanced Financial Accounting (AFAR), focusing on Home Office, Branch, and Agency Transactions. Test your knowledge on recording transactions, reciprocal account reconciliation, preparing financial statements, special branch procedures, and agency accounting. Free users can enjoy access to all free quizzes anytime, while premium users unlock even more challenging premium quizzes. Challenge yourself, track your progress, and get closer to your CPA dreams—start now!

Questions:

Time Limit:

20 min

Passing Score:

50%

Sample Questions

1.A branch returns unsold merchandise costing P15,000 to the home office (originally transferred at billed price P18,000). What is the entry in the home office books under the invoice price method?

(Choose one correct answer)

Debit Merchandise in Transit; Credit Branch for P18,000

Debit Inventory; Credit Branch for P15,000

Debit Merchandise Inventory; Credit Sales for P18,000

Debit Branch; Credit Inventory for P18,000

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