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Which of the following risk assessments or values is least

1. In which of the following situations would an auditor likely to be characteristic of a small business audit?
ordinarily choose between expressing a qualified opinion or a. Business risk is low.
an adverse opinion? b. Control risk is low.
a. The auditor did not observe the entity's physical c. Inherent risk is low
inventory and is unable to become satisfied about its d. Detection risk is low.
balance by other auditing procedures.
b. Conditions that cause the auditor to have substantial 7. A client follows full PFRSs for its domestic operations and
doubt about the entity's ability to continue as a going foreign GAAP for a foreign subsidiary. The foreign subsidiary
concern are inadequately disclosed. is audited by a component auditor, while the group auditor
c. There has been a change in accounting principles that audits the remainder of the corporation and issues an audit
has a material effect on the comparability of the entity's report on consolidated operations. Which auditor(s) is (are)
financial statements. responsible for evaluating the appropriateness of the
d. The auditor is unable to apply necessary procedures adjustment of the foreign GAAP statements to full PFRSs?
concerning an investor's share of an investee's earnings
recognized on the equity method. Component auditor Group auditor
a. Yes Yes
2. Under which of the following circumstances would an b. No Yes
auditor's expression of an unqualified opinion be c. Yes No
inappropriate? d. No No
a. The auditor is unable to obtain the audited financial
statements of a significant subsidiary. 8. Which of the following is true?
b. The financial statements are prepared on the entity's a. The criteria for any audit (an operational audit or a
income tax basis. financial audit) are GAAP.
c. There are significant deficiencies in the design and b. A financial audit is designed to determine if the company
operation of the entity's internal control. is acquiring resources at the lowest cost and is utilizing
d. Analytical procedures indicate that many year-end its resources in the most useful manner.
account balances are not comparable with the prior c. External auditors may perform operational audits and
year's balances. internal auditors may perform financial audits.
d. Both external and internal auditors can provide
3. An auditor determines that the entity is presenting certain management advice to the company as long as they
supplementary financial disclosures of pension information agreed to do so.
that are required by the SEC. Under these circumstances, the
auditor should: 9. When an accountant compiles projected financial
a. Add an explanatory paragraph to the auditor's report statements, the accountant's report should include a
that refers to the required supplementary information. separate paragraph that:
b. State that the audit is not being performed in a. Explains the difference between a compilation and a
accordance with generally accepted auditing standards. review.
c. Document in the working papers that the required b. Documents the assessment of the risk of material
supplementary information is presented, but should not misstatement due to fraud.
apply any procedures to the information. c. Expresses limited assurance that the actual results may
d. Compare the required supplementary information for be within the projected range.
consistency with the audited financial statements. d. Describes the limitations on the projection's usefulness.

4. In the first audit of a client, an auditor was not able to gather 10. The objective of a review of interim financial information of
sufficient evidence about the consistent application of a public entity (issuer) is to provide an accountant with a
accounting principles between the current and prior year, as basis for reporting whether
well as the amounts of assets or liabilities at the beginning of a. A reasonable basis exists for expressing an updated
the current year. This was due to the client's record retention opinion regarding the financial statements that were
policies. If the amounts in question could materially affect previously audited.
current operating results, the auditor would: b. Summary financial statements or pro forma financial
a. Be unable to express an opinion on the current year's information should be included in a registration
results of operations and cash flows. statement.
b. Express a qualified opinion on the financial statements c. The financial statements are presented fairly in
because of a client-imposed scope limitation. accordance with generally accepted accounting
c. Withdraw from the engagement and refuse to be principles.
associated with the financial statements. d. Material modifications should be made to conform with
d. Specifically state that the financial statements are not generally accepted accounting principles.
comparable to the prior year due to an uncertainty.
11. The auditor with final responsibility for an engagement and
5. Which of the following statements is a basic element of the one of the assistants have a difference of opinion about the
auditor's standard report? results of an auditing procedure. If the assistant believes it is
a. The disclosures provide reasonable assurance that the necessary to be disassociated from the matter’s resolution,
financial statements are free of material misstatement. the CPA firm’s procedures should enable the assistant to
B. The auditor evaluated the overall internal control. a. Refer the disagreement to the AICPA’s Quality Review
b. An audit includes assessing significant estimates made Committee.
by management. b. Document the details of the disagreement with the
c. The financial statements are consistent with those of the conclusion reached.
prior period. c. Discuss the disagreement with the entity’s management
or its audit committee.
d. Report the disagreement to an impartial peer review The following information were obtained from Katrina’s
monitoring team. accounting records:

12. Which of the following statements concerning ownership of Sales for 11 months ended November 30 P3,400,000
working papers is incorrect? Sales for the year ended December 31 3,840,000
a. All working papers made by a CPA and his/her staff in Purchases for 11 months ended Nov. 30 2,700,000
the course of an examination remain the property of Purchases for the year ended Dec. 31 3,200,000
such CPA in the absence of any written or oral Inventory, January 1 350,000
agreement between the CPA and the client to the Inventory, Nov. 30 (per physical count) 380,000
b. Working papers include schedules and memoranda Your audit disclosed the following information:
prepared and submitted by the client of the CPA.
c. All working papers, except reports submitted by a CPA a) Shipments received in unsalable
to his/her client shall be treated confidential and condition and excluded from physical
privileged. inventory. The returns were not
d. Working papers shall be treated confidential and recorded because no credit memos
privileged and remain the property of the CPA unless were received from vendors:
such documents are required to be produced through Total at November 30 P 4,000
subpoena issued by any court, tribunal, or government Total at December 31
regulatory or administrative body. (including the November 30
unrecorded returns) 6,000
13. According to Code of Ethics for Professional Accountants, all b) Deposit made with vendor and charged
professional accountants: to Purchases in October. The goods
a. should be independent in fact and in appearance at all were shipped in January 2016. 8,000
times. c) Deposit made with vendor and charged
b. in public practice should be independent in fact and in to Purchases in November. The goods
appearance at all times. were shipped FOB destination on
c. in public practice should be independent in fact and in November 29 and were included in
appearance when providing assurance services. physical inventory as goods in transit.
d. in public practice should be independent in fact and in 22,000
appearance when providing auditing, tax, and MAS
d) Shipments received in November and
included in the physical count at
November 30 but recorded as
14. When a professional accountant in public practice solicits
December purchases. 30,000
new work through advertising or other forms of marketing,
there may be potential threats to compliance with the e) Due to the carelessness of the receiving
fundamental principles. For example, a __________ to department, a December shipment
compliance with the principle of professional behavior is was damaged by rain. These goods
created if services, achievements or products are marketed were later sold at cost in December. 40,000
in a way that is consistent with that principle.
a. self-interest threat c. familiarity threat Based on the preceding information, determine the following:
b. self-review threat d. advocacy threat
15. When an auditor tests the internal controls of a
computerized accounting system, which of the following is 16. Adjusted net purchases
true of the test data approach? a. Up to November 30: P2,666,000;
a. Test data are coded to a dummy subsidiary so they can Up to December 31: P3,190,000
be extracted from the system under actual operating b. Up to November 30: P2,700,000;
conditions. Up to December 31: P3,164,000
b. Test data programs need not be tailor-made by the c. Up to November 30: P2,696,000;
auditor for each client's computer applications. Up to December 31: P3,186,000
c. Test data programs usually consist of all possible valid d. Up to November 30: P2,704,000;
and invalid conditions regarding compliance with Up to December 31: P3,184,000
internal controls.
d. Test data are processed with the client's computer and 17. Cost of goods sold for 11 months ended November 30, 2015
the results are compared with the auditor's a. P2,688,000 c. P2,670,000
predetermined results. b. P2,666,000 d. P2,692,000

Use the following information for the next five questions. 18. Gross profit ratio for 11 months ended November 30, 2015
a. 21.58% c. 21.47%
Katrina, Inc. is an importer and wholesaler of cellphone b. 20.94% d. 20.82%
accessories. Its merchandise is purchased from a number of
suppliers and is warehoused until sold to customers. 19. Gross profit for the month of December 2015
a. P92,136 c. P83,760
In conducting your audit of Katrina’s financial statements for the b. P91,236 d. P88,000
year ended December 31, 2015, you determined that the internal
control system is functioning effectively. You observed the 20. Estimated inventory at December 31, 2015
physical count of inventory on November 30, 2015. a. P491,760 c. P490,000
b. P456,000 d. P455,120
Use the following information for the next five questions. 25. Sales
a. P43,000 debit c. P30,000credit
The cost goods sold section of the income statement prepared by b. P43,000 credit d. No adjustment
your client for the year ended December 31 appears as follows:
Use the following information for the next five questions.
Inventory, January 1 P 80,000
Purchases 1,600,000 You noted the following items relative to the company’s
Cost of goods available for sale 1,680,000 Intangible assets in connection with your audit of the Five
Inventory, December 31 100,000 Corporation’s financial statements for the year 2015.
Cost of goods sold P1,580,000
Although the books have been closed, your working paper trial
balance is prepared showing all accounts with activity during the On January 1, 2015, Five signed an agreement to operate as
year. This is the first time your firm has made an examination. franchisee of Clear Copy Service, Inc. for an initial franchise of
The January 1 and December 31 inventories appearing above P680,000. Of this amount, P200,000 was paid when the
were determined by physical count of the goods on hand on agreement was signed and the balance was payable in four
those dates and no reconciling items were considered. All annual payments of P120,000 each, beginning January 1, 2016.
purchases are FOB shipping point. The agreement provides that the down payment is not
refundable and no future services are required of the franchisor.
In the course of your examination of the inventory cutoff, both at The implicit rate for loan of this type is 14%. The agreement also
the beginning and end of the year, you discovered the following provides the 5% of the revenue from the franchise must be paid
facts: to the franchisor annually. Five’s revenue from the franchise for
Beginning of the Year 2015 was P8,000,000. Five estimates the useful life of the
franchise to be ten years.
1. Invoices totaling P25,000 were entered in the voucher
register in January, but the goods were received during Patent
On July 1, 2015, Five purchased a patent from the inventor, who
2. December invoices totaling P13,200 were entered in the asked P1,100,000 for it. Five paid for the patent as follows: cash,
voucher register in December, but goods were not received P400,000; issuance of 10,000 shares of its own ordinary shares,
until January. par P10 (market value, P20 per share); and a note payable due at
the end of three years, face amount, P500,000, noninterest-
End of the Year bearing. The current interest rate for this type of financing is 12
percent. Five estimates the useful life of the patent to be ten
3. Sales of P43,000 (cost of P12,900) were made on account on years.
December 31 and goods delivered at that time, but all
entries relating to the sales were made on January 2. Trademark

4. Invoices totaling P15,000 were entered in the voucher Five purchased for P1,200,000 a trademark for a very successful
register in January, but the goods were received in soft drink it markets under the name POWER!. The trademark
December. was determined to have an indefinite life. A competitor recently
introduced a product that is in direct competition with the
5. December invoices totaling P18,000 were entered in the POWER! product, thus suggesting the need for an impairment
voucher register in December, but the goods were not test. Data gathered by the entity suggests that the useful life of
received until January. the trademark is still indefinite, but the cash flows expected to be
generated by the trademark have been reduced either to P40,000
6. Invoices totaling P12,000 were entered in the voucher per year (with a probability of 70%) or to P80,000 per year (with
register in January, and the goods were received in January, 30% probability). The appropriate risk-free interest rate is 5%.
but the invoices were dated December. The appropriate risk-adjusted interest rate is 10%.

Based on the preceding information, determine the net working QUESTIONS:

paper adjustment that should be made for each of the following
accounts: Based on the above and the result of your audit, determine the
following: (Round off present value factors to 4 decimal places)
21. Retained earnings
a. P13,200 credit c. P25,000 debit 26. Total expenses related to franchise in 2015
b. P11,800 debit d. P38,200 debit a. P503,914 c. P448,950
b. P535,200 d. P454,964
22. Purchases
a. P27,000 debit c. P25,000 credit 27. Carrying amount of franchise as of December 31, 2015
b. P28,000 debit d. P2,000 debit a. P549,644 c. P538,733
b. P494,680 d. P612,000
23. Beginning inventory
a. P25,000 credit c. P13,200 debit 28. Carrying amount of patent as of December 31, 2015
b. P38,200 debit d. P11,800 debit a. P1,045,000 c. P860,310
b. P 955,900 d. P908,105
24. Accounts receivable
a. P43,000 debit c. P30,000 debit 29. Total expenses related to the intangible assets in 2015
b. P43,000 credit d. No adjustment a. P662,759 c. P733,063
b. P711,709 d. P802,212
following facts were determined:
30. The most effective means for the auditor to determine  Included in the undeposited collections is cash from the
whether a recorded intangible asset possesses the hypothecation of accounts receivable. Sales were
characteristics of an asset is to P180,000 on November 30, and P200,000 at December
a. Vouch the purchase by reference to underlying 31. The balance was made up from collections which
documentation. were entered on the books in the manner indicated
b. Inquire as to the status of patent applications. above.
c. Evaluate the future revenue-producing capacity of the  Collections on accounts receivable deposited in
intangible asset. December, other than deposits in transit, totaled
d. Analyze research and development expenditures to P725,000.
determine that only those expenditures possessing
future economic benefit have been capitalized. j. Interest on the bank loan for the month of December
charged by the bank but not recorded in the books,
Use the following information for the next five questions. amounted to P38,000.

You were able to obtain the following information in connection QUESTIONS:

with your audit of the Cash account of the Syria Company as of
December 31, 2016: Based on the above and the result of your audit, answer the
November 30 December 31
a. Balances per bank P480,000 P420,000 31. How much is the unadjusted balance per books as of
b. Undeposited 244,000 300,000 November 30, 2016?
collections a. P504,000 c. P430,000
c. Outstanding checks 150,000 120,000 b. P484,000 d. P356,000

d. The bank statement for the month of December showed 32. How much is the unadjusted book receipts for December,
total credits of P240,000. 2016?
a. P860,000 c. P735,000
e. DAIF checks are recorded as a reduction of cash receipts. b. P770,000 d. P738,000
DAIF checks which are later redeposited are then recorded
as regular receipts. Data regarding DAIF checks are as 33. How much is the unadjusted book disbursements for
follows: December, 2016?
1. Returned by the bank in Nov. and recorded by the a. P773,000 c. P735,000
company in Dec., P10,000. b. P700,000 d. P760,000
2. Returned by the bank in Dec. and recorded by the
company in Dec., P25,000. 34. How much is the unadjusted balance per books as of
3. Returned by the bank in Dec. and recorded by the December 31, 2016?
company in Jan., P29,000. a. P481,000 c. P309,000
b. P530,000 d. P539,000
f. Check of Syrio Company amounting to P90,000 was charged
to the company’s account by the bank in error on December 35. Cash receipts should be deposited on the day of receipt or
31. the following business day. Select the most appropriate
audit procedure to determine that cash is promptly
g. A bank memo stated that the company’s account was deposited.
credited for the net proceeds of a customer’s note for a. Review cash register tapes prepared for each sale.
P106,000. b. Compare the daily cash receipts totals with the bank
h. The company has hypothecated its accounts receivable with c. Review the functions of cash handling and maintaining
the bank under an agreement whereby the bank lends the accounting records for proper separation of duties.
company 80% of the hypothecated accounts receivable. The d. Review the functions of cash receiving and disbursing for
company performs accounting and collection of the proper separation of duties.
accounts. Adjustments of the loan are made from daily sales
reports and deposits. Use the following information for the next five questions.

i. The bank credits the company account and increases the The shareholders’ equity section of the Jerely Corporation’s
amount of the loan for 80% of the reported sales. The loan statement of financial position as of December 31, 2014 is
agreement states specifically that the sales report must be presented below:
accepted by the bank before the company is credited. Sales
reports are forwarded by the company to the bank on the 12% Preference share capital, P100 par P 270,000
first day following the date of sale. The bank allocates each Ordinary share capital, P20 par 1,598,400
deposit 80% to the payment of the loan, and 20% to the Share premium – preference 36,800
company account. Thus, only 80% of each day’s sales and
Share premium – ordinary 235,200
20% of each collection deposits are entered on the bank
statement. The company accountant records the Share premium – treasury shares 3,200
hypothecation of new accounts receivable (80% of sales) as Retained earnings 1,585,840
a debit to Cash and a credit to the bank loan as of the date of Total shareholders’ equity P3,729,440
sales. One hundred percent of the collection on accounts
receivable is recorded as a cash receipt; 80% of the collection Jerely had 65,000 ordinary shares as December 31, 2013.
is recorded in the cash disbursements books as a payment on
the loan. In connection with the hypothecation, the
The following shareholders’ equity transactions were recorded in Accounts receivable 450,000
2014 and 2015: Allowance for doubtful accounts ( 59,000)
Inventories 430,000
2014 Prepaid insurance __15,000
May 1 - Sold 9,000 ordinary shares for P24, par value P20. Total current assets 1,046,000
July 1 - Sold 700 preference shares for P124, par value Property, plant and equipment 426,000
P100. Less accumulated depreciation ( 40,000)
Jul. 31 - Issued an 8% share dividend on ordinary shares. Property, plant and equipment, net 386,000
The market value of ordinary share was P30 per Research and development costs 120,000
share. Total assets P1,552,000
Aug. 30 - Declared cash dividends of 12% on preference
shares and P3 per share on ordinary shares. Liabilities and Shareholders' equity
Dec. 31 - Profit for the year amounted to P1,345,040. Current liabilities:
Accounts payable and accrued expenses P 592,000
2015 Income taxes payable 224,000
Feb. 1 - Sold 2,200 ordinary shares for P30. Total current liabilities 816,000
May 1 - Sold 600 preference shares for P128. Shareholders' equity:
May 31 - Issued a 2-for-1 split of ordinary shares. The par Share capital, P10 par value 400,000
value of the ordinary share was reduced to P10 per Retained earnings 336,000
share. Total shareholders' equity 736,000
Sep. 1 - Purchased 1,000 ordinary shares for P18 to be held Total liabilities and shareholders' equity P1,552,000
as treasury shares.
Oct. 1 - Declared and paid cash dividends of 12% on Bryant Corporation
preference shares and P4 per share on ordinary Statement of Income
shares. For the Fiscal Year Ended November 30, 2014
Nov. 1 - Sold 1,000 shares of treasury shares for P22.
Dec. 31 - Profit for the year amounted to P991,520. Net sales P2,950,000

QUESTIONS: Operating expenses:

Cost of sales 1,670,000
Determine the amounts, as required, in Jerely Corporation’s Selling and administrative 650,000
comparative financial statements as of and for the years ended Depreciation 40,000
December 31, 2014 and 2015. Research and development 30,000
36. Dividends paid to ordinary shareholders in 2015 Income before income taxes 560,000
a. P652,690 c. P652,960 Provision for income taxes 224 000
b. P692,560 d. P656,960 Net income P 336,000
Bryant is in the process of negotiating a loan for expansion
37. Retained earnings as of December 31, 2015 purposes, and the bank has requested audited financial
a. P1,880,800 c. P1,892,000 statements. During the course of the audit, the following
b. P1,884,800 d. P1,888,000 additional information was obtained:

38. Total equity as of December 31, 2015 a. The investment portfolio consists of short-term investments
a. P4,175,200 c. P4,182,400 in marketable equity securities with a total market valuation
b. P4,171,200 d. P4,157,200 of P55,000 as of November 30, 2014.

39. Basic earnings per share for 2014 b. Based on an aging of the accounts receivable as of November
a. P17.12 c. P 8.56 30, 2014, it was estimated that P36,000 of the receivables
b. P 8.21 d. P18.49 will be uncollectible.

40. Basic earnings per share for 2015 c. Inventories at November 30, 2014 did not include work in
a. P7.40 c. P5.86 process inventory costing P12,000, sent to an outside
b. P7.34 d. P5.81 processor on November 29, 2014.

d. A P3,000 insurance premium paid on November 30, 2014 on

Use the following information for the next five questions. a policy expiring one year later was charged to insurance
Bryant Corporation, a nonpublic entity, was incorporated on
December 1, 2013, and began operations one week late closing e. Bryant adopted a pension plan on June 1, 2014 for eligible
the books for the fiscal year ended November 30, 2014, the employees to be administered by a trustee. Based upon
controller prepared the following financial statements: actuarial computations, the first twelve months' normal
pension was estimated at P45,000.
Bryant Corporation
Statement of Financial Position f. On June 1, 2014, a production machine purchased for
November 30, 2014 P24,000 was charged to repairs and maintenance. Bryant
depreciates machines of this type on the straight-line
Assets method over a five-year life with no salvage value, for
Current assets: financial and tax purposes.
Cash P 150,000
Marketable securities , at cost 60,000
g. Research and development costs of P150,000 were incurred 2015 2014
the development of a patent, which Bryant expects to be 100,000 -
granted during the fiscal year ending November 30, 2015. Share capital, P10 par 260,000 260,000
Bryant initiated a five-year amortization of the P150,000 Share premium 130,000 130,000
total cost during the fiscal year ended November 30, 2014. Retained earnings 465,000 254,000
Total liabilities and equity P1,375,000 P 991,000
h. During December 2014, a competitor company filed suit
against Bryant for patent infringement claiming P200,000 Bulls, Inc.
damages. Bryant's legal counsel believes that an unfavorable Income Statements
outcome is probable. A reasonable estimate of the court's For the Years Ended December 31, 2015 and 2014
award to the plaintiff is P50,000. 2015 2014
Net sales P1,580,000 P1,250,000
i. The 40% effective tax rate was determined to be appropriate Operating expenses:
for calculating the provision for income taxes for the fiscal Cost of sales P 755,000 P 690,000
year ended November 30, 2014. Ignore computation of the Selling and admin. 485,000 365,000
deferred portion of income taxes. Depreciation 29,000 18,000
Est. loss from lawsuit 100,000 -
QUESTIONS: P1,369,000 P1,073,000
Profit P 211,000 P 177,000
Based on the above and the result of your audit, determine the
following as of and for the fiscal period ended November 30, During the course of the audit, the following additional
2014: information was obtained:

41. Net income a. The trading securities were acquired on December 31, 2014.
a. P253,260 c. P235,260 The securities have a fair value of P67,000 at December 31,
b. P283,260 d. P239,760 2015.

42. Current assets b. In discussion with the company officials, it was determined
a. P1,084,000 c. P1,079,000 that the doubtful accounts expense rate based on net sales
b. P1,061,000 d. P1,073,000 should be reduced to 2% from 3%, effective January 1, 2015.

43. Total assets c. As a result of errors in the physical count, inventories were
a. P1,484,200 c. P1,489,200 overstated by P12,000 at December 31, 2014 and by P17,500
b. P1,486,600 d. P1,491,600 at December 31, 2015.

44. Total liabilities d. On January 1, 2014, the cost of equipment purchased for
a. P833,340 c. P855,840 P30,000 was debited to repairs and maintenance. Bulls
b. P783,340 d. P805,840 depreciates equipment of this type by the straight-line
method over a five-year life with no residual value.
45. Total equity
a. P683,260 c. P639,760 e. On July 1, 2015, fully depreciated equipment purchased for
b. P635,260 d. P653,260 P21,000, was sold as scrap for P2,500. The only entry Bulls
made was to debit cash and credit property and equipment
for the scrap proceeds. The property and equipment (net)
Use the following information for the next five questions. had a current cost of P250,000 at December 31, 2015.

Bulls, Inc., a nonpublic enterprise, is negotiating a loan for f. Advertising and promotion expense for the year ended
expansion purposes and the bank requires audited financial December 31, 2014 includes the P25,000 cost of printing
statements. Before closing the accounting records for the year sales catalogs for a special promotional campaign held in
ended December 31, 2015, Bulls' controller prepared the January 2015.
following comparative financial statements for 2015 and 2014:
g. Bulls was named as a defendant in a lawsuit in October 2015.
Bulls, Inc. Bulls' counsel is of the opinion that Bulls has a good defense,
Statements of Financial Position and does not anticipate any impairment of Bulls' assets or
December 31, 2015 and 2014 that any significant liability will be incurred. Nevertheless,
2015 2014 Bulls’ management wished to be conservative and,
Assets therefore, established a loss contingency of P100,000 at
Cash P 275,000 P150,000 December 31, 2015.
Trading securities 78,000 78,000
Accounts receivable 487,000 392,000 QUESTIONS:
Allow. for doubtful accounts (50,000) (32,000)
Inventories 425,000 307,000 Based on the above and the result of your audit, compute for the
Property and equipment 310,000 217,000 following: (Disregard income taxes)
Accumulated depreciation (150,000) (121,000)
Total assets P1,375,000 P 991,000 46. Adjusted retained earnings as of January 1, 2015
a. P266,000 c. P285,000
Liabilities and Equity b. P297,000 d. P291,000
Accounts payable and accrued
liabilities P 420,000 P347,000 47. Adjusted profit for the year ended December 31, 2015
Estimated liability from lawsuit a. P281,800 c. P287,800
b. P181,800 d. P306,800 b. P180,500 d. P192,500

48. Adjusted current assets as of December 31, 2015 50. Adjusted shareholders’ equity as of December 31, 2015
a. P1,226,760 c. P1,154,900 a. P962,800 c. P974,800
b. P1,190,300 d. P1,202,300 b. P950,800 d. P862,800

49. Adjusted carrying amount of property and equipment as of

December 31, 2015
a. P168,500 c. P178,000