This file features a fully solved exam for ACT 1104 – Intermediate Accounting I from Far Eastern University (FEU), graded A+ and organized for easy reference. Ideal for accounting students under the Institute of Accounts, Business, and Finance, this test bank follows the Philippine Financial Reporting Standards (PFRS) and covers the most tested financial accounting principles.
Designed to reflect the structure of major examinations at FEU, the document includes computational and theory-based questions relevant to real-world accounting practices.
Topics Covered Include:
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Cash, petty cash, and bank reconciliation
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Classification of cash equivalents and restricted funds
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Adjusted book and bank balances
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Accounts receivable, doubtful accounts, and aging schedules
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Financial instrument classification and impairment
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Inventory valuation using FIFO and weighted average methods
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PPE and intangible asset recognition and depreciation
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Note receivable amortization and fair value reporting
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Allowance for bad debts and sales discount accounting
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LCNRV inventory adjustments and cost flow assumptions
Each question includes a breakdown of the accounting treatment, rationale, journal entries, and calculated values. Students preparing for finals or CPA licensure in the Philippines will find this an invaluable resource for mastering ACT 1104 concepts.
Widely used in FEU and similar BSA programs, this file supports financial reporting literacy at a critical stage of accounting education.
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