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Chapter 18
Borrowing Costs

Chapter 18: Multiple choice – Computational (SET B) – (For classroom

instruction purposes)
Specific borrowing
1. On January 1, 20x1, HOMILY SERMON Co. borrowed ₱20 million to finance the
construction of a new building. Interest is payable on the loan at 8%. Stage
payments were due throughout the construction period and therefore excess
funds were invested during that period. By the end of the project on
December 31, 20x1, investment income of ₱600,000 had been earned. How
much is the capitalizable borrowing cost?
a. 1,600,000 b. 1,000,000 c. 600,000 d. 0

General borrowing
2. On January 1, 20x1, ENERVATE TO WEAKEN Company had the following
borrowings made for general purposes and a part of the proceeds was used to
finance the construction of a qualifying asset.
Principal
12% short-term note ₱ 40,000,000
14% bank loan (3-year) 72,000,000
16% note payable (5-year) 88,000,000

The construction of the qualifying asset was started on immediately and

expenditures incurred on the qualifying asset were as follows:
Jan. 1 ₱19,200,000
Mar. 31 8,800,000
July 30 14,000,000
October 1 21,600,000
December 31 1,200,000

How much is the capitalizable borrowing cost?

a. 28,960,000 b. 7,556,423 c. 5,362,428 d. 0

General borrowing (expenditures incurred evenly)

3. On January 1, 20x1, MAGISTERIAL AUTHORITATIVE Company had the
following borrowings made for general purposes and a part of the proceeds
was used to finance the construction of a qualifying asset.
Principal
12% short-term note ₱ 40,000,000
14% bank loan (3-year) 72,000,000
16% note payable (5-year) 88,000,000

The construction started on January 1 and was completed on December 20x1.

The total cost of construction was ₱72,000,000 which was incurred evenly during
the year. How much is the capitalizable borrowing cost?
a. 28,960,000 b. 5,212,800 c. 5,362,428 d. 0

Specific and General borrowing

4. On January 1, 20x1, OMNIPRESENT PRESENT EVERYWHERE EVERYTIME Co.
contracted for the construction of a building for ₱80,000,000 on a land that it
had previously purchased. The building was completed on December 20x1.
The following payments were made to the contractor:

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Payment date Amount

January 1, 20x1 ₱ 8,000,000
March 31, 20x1 24,000,000
September 30, 20x1 40,000,000
December 31, 20x1 8,000,000

The following represents the borrowings of OMNIPRESENT Co. as of December

31, 20x1.
 10%, ₱28,000,000, 4-year note dated January 1, 20x1 with simple interest
payable annually, specifically borrowed to finance the construction
project. Interest income earned on the temporary investment of the
proceeds is ₱480,000.
 12.5%, ₱40,000,000, 10-year note dated January 1, 20x1 with interest
payable annually
 10%, ₱60,000,000, 10-year note dated December 31, 19x9 with interest
payable annually

How much is the capitalizable borrowing cost?

a. 13,320,000 b. 3,200,000 c. 2,867,343 d. 0

Specific borrowing used for general purposes

5. UBIQUITOUS WIDESPREAD Co. started construction of a new office building
on January 1, 20x1. Funds borrowed specifically for the construction the
building is ₱8,000,000 accruing interest at 10% annually. However, a part of
the borrowing is used for other business requirements during the year.
Investment income earned on temporary investments of proceeds from the
borrowing amounted to ₱48,000 which was received in cash on September 1,
20x1. Expenditures on the building amounted ₱7,200,000 which was incurred
evenly during the year. How much is the capitalizable borrowing cost?
a. 358,400 b. 324,800 c. 289,600 d. 0

Limit on average expenditures

6. RETRENCH Co. started construction of a qualifying asset for CUT DOWN, Inc.
on January 1, 20x1. The following were expenditures incurred on the
construction.
Date Expenditures
January 1, 20x1 4,000,000
May 1, 20x1 1,800,000
December 1, 20x1 2,880,000

 Included in the January 1, 20x1 expenditures is cost of materials purchased

on account for ₱400,000. The account was settled on July 1, 20x1.
 Included in the May 1, 20x1 expenditures is ₱40,000 cost of materials
obtained in exchange for old equipment.

Progress billings during the year are as follows:

Date of billing Amount billed Date billings were collected
April 1, 20x1 800,000 June 1, 20x1
September 1, 20x1 2,400,000 November 1, 20x1

 Payments on billings are subject to 10% withholding by CUT DOWN, Inc.

 RETRENCH Co. determined the capitalization rate to be 10%.

How much is the capitalizable borrowing cost?

a. 646,000 b. 546,000 c. 446,000 d. 0

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Extended period of construction

Use the following information for the next four questions:
CONVALESCE Co. started construction of a qualifying asset for RECOVER, Inc. on
January 1, 20x1. The following were expenditures incurred on construction.

Date Expenditures
Year 20x1
January 1, 20x1 4,000,000
May 1, 20x1 1,800,000
December 1, 20x1 2,880,000

Year 20x2
January 1, 20x2 3,600,000
August 30, 20x2 1,200,000

Year 20x3
July 1, 20x3 2,400,000

COVALESCE Co. determined the capitalization rate to be 10%. The construction of

the qualifying asset was substantially completed on September 30, 20x3.

7. How much is the capitalizable borrowing cost in 20x1?

a. 430,000 b. 445,0000 c. 544,000 d. 645,000

8. How much is the capitalizable borrowing cost in 20x2?

a. 1,233,400 b. 1,322,400 c. 1342,400 d. 1,440,400

9. How much is the capitalizable borrowing cost in 20x3?

a. 1,210,980 b. 1,233,400 c. 1,435,980 d. 1,580,980

10. How much is the total cost of the constructed qualifying asset on September
30, 20x3?
a. 18,957,830 b. 19,776,830 c. 13,765,380 d. 18,957,380

The answers and solutions to the computational problems above

(Multiple choice – Computational (SET B) can be found in the
accompanying Teacher’s Manual.

Chapter 18: Theory of Accounts Reviewer

Scope
1. Which of the following is the core principle under PAS 23?
a. Borrowing costs incurred in the acquisition, construction or production of
a qualifying asset is expensed. Alternatively, such borrowing costs may be
capitalized.
b. Borrowing costs that are directly attributable to the acquisition,
construction or production of a qualifying asset form part of the cost of
that asset. Other borrowing costs are recognized as an expense.
c. Borrowing costs that are directly attributable to the acquisition,
construction or production of a qualifying asset form part of the cost of
that asset. Alternatively, such borrowing costs are recognized as an
expense.
d. Borrowing costs that are directly attributable to the acquisition,
construction or production of any long-lived asset form part of the cost of

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that asset. Alternatively, such borrowing costs are recognized as an

expense.

2. PAS 23 may be applied to which of the following?

a. actual or imputed cost of equity and interest expense on callable
preference shares.
b. interest expense incurred on borrowings taken to finance the acquisition
of qualifying assets measured at fair value
c. borrowing costs incurred related to the production of inventories that are
manufactured in large quantities on a repetitive basis.
d. interest expense incurred on financial liabilities measured at amortized
cost under the effective interest method.

3. These refer to interest and other costs incurred by an entity in connection

with the borrowing of funds.
a. borrowed costs c. borrowing costs
b. interest income d. cost of qualifying asset

4. Borrowing costs subject to accounting under PAS 23 include all of the

following except
a. interest expense calculated using the effective interest method
b. interest expense incurred on finance leases
c. exchange differences arising from foreign currency borrowings to the
extent that they are regarded as an adjustment to interest costs.
d. interest expense incurred on redeemable preference shares
e. all of these may be subject to accounting under PAS 23

5. It is an asset that necessarily takes a substantial period of time to get ready

for its intended use or sale.
a. qualified asset c. Nine-nine asset
b. qualifying asset d. deferred asset

6. Which of the following assets may not qualify as a qualifying asset?

a. Inventories
b. Property, plant and equipment
c. Investment property measured under the fair model
d. Intangible assets

7. Which of the following may qualify as a qualifying asset?

a. Financial assets
b. Inventories that are produced over a short period of time.
c. Assets that are ready for their intended use or sale when acquired
d. Assets that are routinely manufactured or produced in large quantities on
a repetitive basis.
e. Biological asset measured at cost

8. Which of the following may qualify as a qualifying asset?

a. 100-storey building purchased from a contractor
b. Titanic ship that took 100 years to construct, purchased from a retail store
c. Movie that takes 10 years to shoot
d. Building that takes 3 years to construct, to be classified as investment
property under fair value model
e. Fish balls

9. Which of the following may not be considered a “qualifying asset” under PAS
23?

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a. A power generation plant that normally takes two years to construct.

b. An expensive private jet that can be purchased from a local vendor.
c. A toll bridge that usually takes more than a year to build.
d. A ship that normally takes one to two years to complete.
(Adapted)

10. What type of borrowing costs is eligible for capitalization under PAS 23?
a. avoidable borrowing costs
b. non-avoidable borrowing costs
c. non-payable borrowing costs
d. either a or b

11. Which of the following principles supports the capitalization of interest?

a. Conservatism c. Full-disclosure
b. Matching d. Relevance
(CGA)

12. Borrowing costs can be capitalized as part of the asset under PAS 23 when
a. They are a qualifying asset and the entity has opted for the benchmark
treatment under PAS 23.
b. They are a qualifying asset; the entity has opted for the allowed
alternative treatment under PAS 23, but it is not probable that they will
result in future economic benefits to the entity.
c. They are a qualifying asset; the entity has opted for the allowed
alternative treatment under PAS 23, and it is probable that they will result
in future economic benefits to the entity, but the costs cannot be measured
reliably.
d. They are a qualifying asset; the entity has opted for the allowed
alternative treatment under PAS 23, and it is probable that they will result
in future economic benefits to the entity, but the costs cannot be measured
reliably.
e. The borrowing costs are directly attributable to the acquisition,
construction or production of a qualifying asset. Other borrowing costs
are recognized as expense in the period in which the entity incurs them.
(Adapted)

Recognition
13. Under PAS 23, the capitalization of borrowing costs as part of the cost of a
qualifying asset commences on the date when which of the following
conditions is met?
a. The entity incurs expenditures for the asset
b. The entity incurs borrowing costs
c. It undertakes activities that are necessary to prepare the asset for its
intended use or sale
d. all of these

14. Which of the following statements regarding the provisions of PAS 23 is not
true?
a. Borrowing costs eligible for capitalization are those that would have been
avoided if the expenditure on the qualifying asset had not been made.
b. Expenditures on a qualifying asset include only those expenditures that
have resulted in payments of cash, transfers of other assets, or the
assumption of interest-bearing liabilities.
c. Expenditures are reduced by any progress payments received and grants
received in connection with the asset.

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d. The average carrying amount of the asset during a period, excluding

borrowing costs previously capitalized, is the expenditures to which the
capitalization rate is applied in that period.

15. Which of the following costs may not be eligible for capitalization as
borrowing costs under PAS 23?
a. Interest on bonds issued to finance the construction of a qualifying asset.
b. Amortization of discounts or premiums relating to borrowings that
qualifies for capitalization.
c. Imputed cost of equity.
d. d Exchange differences arising from foreign currency borrowings to the
extent they are regarded as an adjustment to interest costs pertaining to a
qualifying asset.
(Adapted)

16. In which of the following instances is an entity not permitted under PAS 23 to
capitalize borrowing costs?
a. Prior to the start of physical construction but where technical and
administrative work are being performed.
b. During the period of actual physical construction.
c. During the period when an asset is being held but no production or
development is being made.
d. a and c

17. Capitalization of borrowing costs

a. Shall be suspended during temporary periods of delay.
b. May be suspended only during extended periods of delays in which active
development is delayed.
c. Should never be suspended once capitalization commences.
d. Shall be suspended only during extended periods of delays in which active
development is delayed.
(Adapted)

18. Which of the following is true according to PAS 23?

I. There is no limit on the capitalization of borrowing costs for as long as the
amount capitalized does not exceed the actual borrowing costs incurred
during the period.
II. All borrowing costs on general borrowings taken to finance the
construction of a qualifying asset `may be capitalized, even if the
borrowing costs are unavoidable.
a. True, true b. True, false c. False, true d. False, false

19. Under PAS 23, capitalization of borrowing costs is suspended

a. when there is temporary delay that is a necessary part of the process of
getting an asset ready for its intended use
b. during a period where substantial technical and administrative work is
being performed
c. during extended periods of suspension of active development of a
qualifying asset
d. when the construction of the asset is completed

20. Under PAS 23, an entity shall cease capitalizing borrowing costs when
a. substantially all the activities necessary to prepare the qualifying asset for
its intended use or sale are complete.
b. the physical construction of the asset is complete even though routine
administrative work might still continue

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c. only minor modifications are all that are outstanding

d. any of these

21. Capitalization of borrowing costs is permitted during the period activities

necessary to prepare the asset for its intended use or sale are being
undertaken. Which of the following is not among the necessary activities?
a. Technical and administrative work prior to the start of physical
construction such as obtaining permits to construct.
b. Actual physical construction.
c. Negotiation is being made with a government official regarding his fair
share so the construction can begin.
d. Merely holding asset when no production or development is being made.

22. Activities necessary in preparing a qualifying asset for its intended use or sale
encompasses more than physical construction. Which of the following is a
necessary activity which is not physical construction?
a. excavation in preparation for the construction of a structure’s foundation
b. survey of land prior to actual construction
c. obtaining permit to start construction and performing technical planning
d. preparing PERT, Gantt Chart or CPM before construction of a small public
toilet

23. In which of the following may capitalization of borrowing costs not be

suspended?
a. Construction is delayed in order to give pavements and other cemented
structures time to fully harden.
b. Construction of a bridge is delayed due to high levels of water which is
common at the construction site.
c. Construction is delayed; however, substantial technical and administrative
work is being performed.
d. The foreman lost his arm due to an accident at the construction site.
e. The capitalization of borrowing costs is not suspended in any of these.

24. In which of the following may capitalization of borrowing costs be

suspended?
a. The accountant lost his calculator and cannot account for the costs of
snacks of workers consisting of banana-Q and sago.
b. Mr. Politician’s daughter is wed and all contractors and workers were
invited.
c. Construction is temporarily delayed due to a typhoon.
d. Construction is delayed because the contractor spent the entire
construction fund at the beer house; it would take up a very long period to
put up the lost fund.

25. The borrowing costs from specific borrowings that are eligible for
capitalization is computed as
a. Interest expense minus investment income
b. Investment income minus interest expense
c. Capitalization rate multiplied by average expenditures
d. Total borrowings minus average expenditures multiplied by capitalization
rate

26. The borrowing costs from general borrowings that are eligible for
capitalization may be computed as
a. Interest expense minus investment income
b. Investment income minus interest expense

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c. Capitalization rate multiplied by average carrying amount of qualifying

asset
d. Total borrowings minus average expenditures multiplied by capitalization
rate

27. A company is constructing an asset for its own use. Construction began in
20x1. The asset is being financed entirely with a specific new borrowing.
Construction expenditures were made in 20x1 and 20x2 at the end of each
quarter. The total amount of interest cost capitalized in 20x2 should be
determined by applying the interest rate on the specific new borrowing to the
a. total accumulated expenditures for the asset in 20x1 and 20x2.
b. average accumulated expenditures for the asset in 20x1 and 20x2.
c. average expenditures for the asset in 20x2.
d. total expenditures for the asset in 20x2.
(AICPA)

28. Which of the following assets do not qualify for capitalization of interest costs
incurred during construction of the assets?
a. Assets under construction for an enterprise's own use.
b. Assets intended for sale or lease that are produced as discrete projects.
c. Assets financed through the issuance of long-term debt.
d. Assets not currently undergoing the activities necessary to prepare them
for their intended use.
(AICPA)

29. Assets that qualify for interest cost capitalization include

a. assets under construction for a company's own use.
b. assets that are ready for their intended use in the earnings of the
company.
c. assets that are not currently being used because of excess capacity.
d. All of these assets qualify for interest cost capitalization.
(AICPA)

30. When computing the amount of interest cost to be capitalized, the concept of
"avoidable interest" refers to
a. the total interest cost actually incurred.
b. a cost of capital charge for stockholders' equity.
c. that portion of total interest cost which would not have been incurred if
expenditures for asset construction had not been made.
d. that portion of average accumulated expenditures on which no interest
cost was incurred.

31. The period of time during which interest must be capitalized ends when
a. the asset is substantially complete and ready for its intended use.
b. no further interest cost is being incurred.
c. the asset is abandoned, sold, or fully depreciated.
d. the activities that are necessary to get the asset ready for its intended use
have begun.
(AICPA)

32. Which of the following statements is true regarding capitalization of interest?

a. Interest cost capitalized in connection with the purchase of land to be
used as a building site should be debited to the land account and not to the
building account.
b. The amount of interest cost capitalized during the period should not
exceed the actual interest cost incurred.

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c. When excess borrowed funds from general borrowings not immediately

needed for construction are temporarily invested, any interest earned
should be offset against interest cost incurred when determining the
amount of interest cost to be capitalized.
d. The minimum amount of interest to be capitalized is determined by
multiplying a weighted average interest rate by the amount of average
accumulated expenditures on qualifying assets during the period.
(AICPA)

33. Construction of a qualifying asset is started on April 1 and finished on

December 1. The fraction used to multiply an expenditure made on April 1 to
find weighted-average accumulated expenditures is
a. 8/8. b. 8/12. c. 9/12. d. 11/12.
(AICPA)

34. When funds are borrowed to pay for construction of assets that qualify for
capitalization of interest, the excess funds not needed immediately may be
temporarily invested in interest-bearing securities. Interest earned on these
temporary investments should be
a. offset against interest cost to be capitalized
b. used to reduce the cost of assets being constructed.
c. multiplied by an appropriate interest rate to determine the amount of
interest to be capitalized.
d. recognized as revenue of the period.
(AICPA)

35. Interest cost that is capitalized should

a. be written off over the remaining term of the debt.
b. be accumulated in a separate deferred charge account and written off
equally over a 40-year period.
c. not be written off until the related asset is fully depreciated or disposed of.
d. none of these.
(AICPA)

36. During 2002, TIER ROW Co. constructed machinery for its own use and for
sale to customers. Machines sold to customers are manufactured in large
quantities on a repetitive basis. Bank loans financed the construction of these
assets, both during and after construction were complete. How much of the
interest incurred should be reported as interest expense in the 2002 income
statement?
Interest incurred for machinery Interest incurred for machinery
constructed for own use held for sale
a. All interest incurred All interest incurred
b. All interest incurred Interest incurred after completion
c. Interest incurred after completion Interest incurred after completion
d. Interest incurred after completion All interest incurred
(Adapted)

37. It is permissible to capitalize interest on

a. assets that are not being used in earning activities of the entity and that
are not undergoing the activities necessary to get them ready for such use.
b. assets manufactured in large quantities on a repetitive basis
c. assets that are already are in use or are ready for their intended use in the
earning activities on the entity.
d. assets under construction.

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38. The following statements relate to the cost of self-constructed assets

I. Direct cost of materials and labor as well as indirect costs and
incremental overhead specifically identifiable and traceable to the
construction shall be capitalized.
II. Financing costs attributable to a long-term construction project that are
incurred up to the completion of construction are to be included in the
gross carrying amount of the asset to which they relate
III. Cost inefficiencies, whether due to temporary idle capacity, industrial
disputes or other causes, should be included as part of the cost of the
asset
a. True, true, true c. True, true, false
b. True, false, true d. True, false, false

39. After determining which items on the balance sheet properly comprise the
basis of interest capitalization for operational assets under construction, the
interest calculation is based on the:
a. accumulated borrowing used only for the construction.
b. accumulated expenditures on qualifying assets as of the start of the
construction period.
c. average accumulated expenditures on qualifying assets during the
construction period.
d. accumulated expenditures on qualifying assets as of the end of the
construction period.

40. The interest capitalization period for a self-constructed asset begins when
certain conditions are met. Which of the following is not one of these
conditions?
a. Activities necessary to get the asset ready for its intended use actually are
in progress.
b. Qualifying expenditures for the asset have actually been made.
c. Interest cost has actually been incurred.
d. Liabilities, such as trade payables or accruals, are incurred in connection
with the asset.

41. Which of the following costs generally would be capitalized to property, plant,
and equipment account?
a. Interest on debt incurred to purchase the item
b. Property taxes relating to periods after acquisition
c. Import duties incurred on purchase
d. Freight-out
(Adapted)

42. An entity imported machinery to install in its new factory premises before
year-end. However, due to circumstances beyond its control, the machinery
was delayed by a few months but reached the factory premises before year-
end. While this was happening, the entity learned from the bank that it was
being charged interest on the loan it had taken to fund the cost of the plant.
What is the proper treatment of freight and interest expense under PAS 16?
a. Both expenses should be capitalized.
b. Interest may be capitalized but freight should be expensed.
c. Freight charges should be capitalized but interest cannot be capitalized
under these circumstances.
d. Both expenses should be expensed.
(Adapted)

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43. A firm decides to capitalize the interest expenditure on a large, building

construction project, instead of expensing it. This ________ its debt-to-equity
ratio.
a. has an ambiguous effect on c. decreases
b. leaves unaffected d. increases
(Adapted)

44. According to PAS23 Borrowing costs, which of the following assets could be
treated as qualifying assets for the purpose of capitalizing interest costs?
I. Investment property
II. Investments in financial instruments
III. Inventory of finished goods produced over a short period of time
IV. Power generation facilities
a. I, II, III b. I, III, IV c. I, II, IV d. I, IV
(ACCA)

45. According to PAS23 Borrowing costs, which of the following statements about
the capitalization of borrowing costs as part of the cost of a qualifying asset is
true?
a. If funds come from general borrowings, the amount to be capitalized is
based on the weighted average cost of borrowing
b. Capitalization always continues until the asset is brought into use
c. Capitalization always commences as soon as expenditure of the asset is
incurred
d. Capitalization always commences as soon as interest on relevant
borrowings is being incurred
(ACCA)

46. The following events take place: An entity buys some land on December 1.
Planning permission is obtained on January 31. Payment for the land is
deferred until February 1. The entity takes out a loan to cover the cost of the
land and the construction of the building on February 1. Due to adverse
weather conditions there is a delay in starting the building work for six weeks
and work does not commence until March 15. Capitalization of borrowing
costs will start on
a. December 1 b. January 1 c. February 1 d. March 15
(ACCA)

47. If the acquisition or construction of a qualifying asset has been financed partly
through specific and partly through general borrowings, then when
computing for the borrowing costs eligible for capitalization
a. the capitalization rate shall be multiplied to the average expenditures
during the year
b. the capitalization rate shall be multiplied to the average carrying amount
of the qualifying asset financed through specific borrowings
c. the capitalization rate shall be multiplied to the average carrying amount
of the qualifying asset financed through general borrowings
d. the borrowing costs are treated as incurred on general borrowings only

48. Which of the following statements is true in relation to PAS 23?

I. The capitalization rate is computed as the ratio of borrowing costs
incurred on general borrowings over total general borrowings.
II. The borrowing cost to be capitalized during the period should exceed the
actual borrowing costs incurred for that period.
a. True, true b. True, false c. False, true d. False, false

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49. Which of the following is not a disclosure requirement under PAS 23?
a. Accounting policy adopted for borrowing costs.
b. Amount of borrowing costs capitalized during the period.
c. Segregation of assets that are “qualifying assets” from other assets on the
balance sheet or as a disclosure in the footnotes to the financial
statements.
d. Capitalization rate used to determine the amount of borrowing costs
eligible for capitalization.
(Adapted)

Chapter 18 - Suggested answers to theory of accounts questions

1. B 11. B 21. D 31. A 41. C
2. D 12. E 22. C 32. B 42. C
3. C 13. D 23. E 33. A 43. C
4. E 14. D 24. D 34. A 44. D
5. B 15. C 25. A 35. D 45. A
6. C 16. C 26. C 36. D 46. D
7. E 17. D 27. B 37. D 47. C
8. C 18. D 28. D 38. C 48. B
9. B 19. C 29. A 39. C 49. C
10. A 20. D 30. C 40. D

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