In a defined benefit plan, if the actuarial present value of promised retirement benefits exceeds the net asset
available for benefits, there is
a)	excess	c)	income
b)	deficit	d)	loss

52 The amount of benefits to be received by employees enrolled in defined contribution plan is
		a)	dependent on the contributions and investment income of the fund.
		b)	an amount that can be determined by reference to the plan formula.
		c)	equal to the contributions made to the plan.
		d)	the actuarial present value of all contributions to the fund, adjusted for investment income and costs
			of managing the fund.
PAS #27- Separate Financial Statements
53	According to PAS 27, which of the following is required to present separate financial statements?
		a)	A publicly listed company c) An entity with an investment in associate.
		b)	A parent company d) None of those listed.

According to PAS 27, investments in subsidiaries, associates, or joint ventures are accounted for in the
separate financial statements,
a)	at cost
b)	in accordance with PFRS 9 Financial Instruments.
c)	using the equity method under PAS 28, Investments in Associates and Joint Ventures.
d)	any of these, as a matter of accounting policy choice.

55 Entity A acquired an investment in associate for P1M, many years ago. At the end of the current reporting period
period, the investment has a fair value of P2.9M. If the equity method is used, the investment would have a
current carrying amount of P2.6M. Entity A's financial statement would show a value at
		a)	P1,000,000 c) P2,900,000
		b)	P2,600,000 d) any of these-a matter of accounting policy choice.
PAS #28- Investments in Associates and Joint Ventures
56	Entity A owns 25% of the voting rights in Company B. However, Entity A has no representation on the board of
	directors of Company B. Which of the following statements is correct?
		a)	Entity A cannot be presumed to have significant influence over Company B, because Entity A does not have
			board representation.
		b)	Entity is presumed to have significant influence over Company B because it holds 25% or more of the voting
			rights in Company B.
		c)	Entity is presumed to have significant influence over Company B because it holds 20% or more of the voting
			rights in Company B.
		d)	Representation on an investee's board of directors is never considered when determining the existence of
			significant influence.

its already complete details