Answer the following in the image provided that i upload thank you.

1. All of the following will be included in the entity's inventory, except A. Goods in transit purchased CIF B. Goods held on consignment C. Goods in transit sold ex-ship D. Goods in transit purchased free alongside 2. The purchase of inventories is always recorded net of A. Cash discounts B. Trade discounts C. Both cash and trade discounts D. Cash, trade and bargaining discounts 3. An exchange of assets with no cash exchanged: A. records the asset received at the fair value of the asset given. B. records the cost of the asset received at the book value of the asset given. C. culminates to an earning process. D. results in recognition of a loss or gain of each party. 4. From an accounting perspective, expenditure on research and development is: A. recognized directly as a part of equity. B. capitalized as an intangible asset. C. regarded as a contingent asset and not capitalized. D. expensed as incurred. 5. Which of the following factors should not be considered in determining the useful life of an intangible asset? A. Expected actions of competitors and potential competitors B. The salvage value of the asset C. Effects of obsolescence, changes in market demand for the product D. The period of control over the asset and legal or similar limits on the use of the asset, such as expiry dates of related leases or contractual or regulatory provisions 6. Investment in 15% of the voting stocks of a certain company shall be accounted for using the A. Equity method in all instances B. Cost method in all instances C. Equity method, only if the investor has significant influence over the company D. Equity method, even if the investor has no significant influence over the company7. Which of the following is not considered investment property? A. Building held for undetermined use. B. Land held for capital gains. C. Building being constructed for use as Investment property. D. Land to be leased out under a finance lease. 8. Gerry Company owns a number of herds of cattle. Where should changes in the fair value of a herd of cattle recognized in the financial statements, according to PAS 41 Agriculture? A. In other comprehensive income only. B. In profit or loss only. C. In profit or loss or other comprehensive income. D. In the statement of cash flows only. 9. If the qualifying asset is financed by specific borrowing, the borrowing cost capitalized is equal to A. Actual borrowing costs incurred during the construction period less any investment income on the temporary investment of borrowings. B. Actual borrowing costs incurred during and after the construction period less any investment income on the temporary investment of borrowings. C. Actual borrowing costs incurred during and after construction period. D. Actual borrowing costs incurred during the construction period. 10. The cost of self-constructed property, plant and equipment does not include A. Financing costs attributable to construction incurred up to the completion of construction. B. Direct costs of materials and labor. C. Abnormal amount of wasted material, labor or overhead incurred in the construction. D. Indirect costs and overhead specifically identifiable or traceable to the construction. 11. In which of the following types of accounts are decreases recorded by debits? A. assets B. revenues C. dividends D. expenses12. YZC Company has beginning inventory of 1,000 units of product A @ P50. During the month, the following has transpired: *Purchased 500 units @ P52 * Sold 1,200 units *Purchased 2,000 units @ P54 * Sold 1,000 units Each units sells for P120. How much is the cost of ending inventory under FIFO? A. P63,200 B. P68,500 C. P70,200 D. P71,600 13. Using the information in item 12, how much is the cost of goods sold under FIFO? A. P113,800 B. P115,600 C. P118,900 D. P119,100 14. Using the information in item 12, how much is the cost of ending inventory under weighted average? A. P65,325 B. P67,847 C. P68,341 D. P69,904