1. Identify which type of assets should be classified and measured under these two categories mentioned above. 2. Specify the IIFRS criteria mentioned by Isa.
Q: D. P1,800,000 The QYU, Inc. has sales of P5 million per year (all credit) and an average collection…
A: The average receivable turnover ratio is calculated as net sales divided by average account…
Q: Given the facts in the question above, what is the figure for the bank balance to be reported in the…
A: Introduction: When you make a payment, credit is applied to your account. When you return something…
Q: What is the journal entry to record a $2,000 transaction if someone pays you $2,000 to perform a…
A: Introduction: The systematic recording of business transactions is said to be journal entry. The…
Q: Consider the following per unit data for Jennifer Company, a seller of both chairs and tables: Unit…
A: The Break-even point indicates that total units are to be sold by the business entity to recover its…
Q: In a financial statement audit, inherent risk represents a. The risk that misstatements could occur…
A: In financial and managerial accounting, Inherent risk is that the risk expose by a slip-up or…
Q: D. YOU Company has 40,000 shares of common stock outstanding that it originally issued for P30 per…
A: The dividend yield ratio is calculated as dividend per share divided by market value per share.
Q: How much is the unrealized gain that should be taken to profit or loss statement?
A:
Q: Answer in 20 minut
A: Debentures are an obligation instrument utilized by organizations and governments to give the…
Q: %24 %24 3. Create Adjusting Journal Entry. a. Select Create (+) icon > Journal Entry b. Enter the…
A: Unearned Revenue: Unearned revenue is money received by a person or firm for a service or product…
Q: ccount set up by the for
A: 1. Risk in the workplace is a broad term. It refers to any event or scenario that could hinder and…
Q: What is your perspective on the implication for consolidated group accounts?
A: Introduction: A parent business and all of its affiliates make up a consolidated group. A…
Q: A company's bank statement shows $715 direct debits and $353 investment income not recorded in the…
A: Introduction: A bank statement is a document sent by a bank to its customers about transactions…
Q: In deciding upon the acceptable risk of incorrect acceptance for an account, an auditor considers…
A: Auditing is the procedure of finding the errors and misstatements presented in the financial…
Q: Forex difference arising from translating foreign currency denominated transactions to functional…
A: The income statement represents the net income or net loss that is calculated by deducting the…
Q: 16. The annual premium on an insurance policy is $1, 200. First, find the premium per period if…
A: Insurance means the contract in which one party bears the risk of the other party. In this two-party…
Q: Tri-State Bank and Trust is considering giving Swifty Company a loan. Before doing so, management…
A: Introduction: Inventory is a type of asset that is used to be sold in the business. Inventory may…
Q: Problem. Assume the following cash flow for 2 projects. Assuming that the cash flows are occurring…
A: Solution Concept Payback period is the period in which the initial investment is recovered Payback…
Q: that she is 67 years old, how much of the annuity will be taxable?
A: Annuity is a form of retirement plan in which the investor gets the income for a finite or infinite…
Q: Adjusting entries are: a. prepared on December 31, except for companies that use the calendar period…
A: Entries in the books of accounts can be of three types; Journal entries - recorded at the start of…
Q: How much should Jaybo Company report as unrealized gain or loss related to the securities in its…
A: Unrealized gain or loss is the unrealized either gain or loss which has been calculated when the…
Q: i cannot get the correct answer even when i have the correct formula (25000+(25000*.055)=26,375.00
A: Lets understand the basics. In this question, we are required to calculate minimum shares that are…
Q: Liabilities which are estimated and payable are; Select one: O a. Not reported on the balance sheet…
A: Liabilities represents the obligation of the entity. It is the amount which is to be paid by the…
Q: A company's bank statement shows $715 direct debits and $353 investment income not recorded in the…
A: Bank Reconciliation Statement: It is the statement prepared by the business man on a particular date…
Q: The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a…
A: Only the variable costs is relevant to the decision as it varies with production .Fixed cost on the…
Q: On January 1, 2022, Collide Company purchased a machine from a supplier which trade discount of 10%.…
A: Cost refers to the amount which is incurred in the purchasing of the raw material and its related…
Q: Peter's Records purchases a new desktop computer for $8,900, on the 1st January 2020 The computer is…
A: Straight line rate = 1 / useful life = 1 / 5 = 20% Reducing balance rate = 2 x 20% = 40%
Q: In an audit of financial statements for a company, the auditor considers internal control a. To the…
A: Audit refers to the examination or checking of the financial statements or the books of company in…
Q: On January 1, year 1, P Company sold a machine for P900,000 to S Company, its wholly owned…
A:
Q: The average price of a gallon of gas In 2018 Increased $0.30 (12.4 percent) from $242 in 2017 to…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Q: 6. The annual premium on an insurance policy is $1, 200. First, find the premium per period if…
A: Insurance is an agreement or arrangement between two parties where one party agrees to pay the…
Q: Theresa bought a car (5-year property) for $10,000 for her business on 1/3/2019. She used it 100%…
A: Depreciation: It is a non-cash expense. This is the decrease in the value of a fixed asset because…
Q: 12. Which of the following statements about the requirements of IFRS 5 is incorrect? a. At the end…
A: As per IFRS 5 THE ASSETS HELD FOR sale are initially recorded at the carrying value of the assets…
Q: Prepare the journal entries for Slaughter and Sons for 2021 and 2022
A: Slaughter & Son sold a funeral package to a customer in exchange of a zero interest bearing note…
Q: Which of the following statements about prepaid insurance is true?
A: prepaid insurance :- debited by client when cash is paid in advance to the insurance company…
Q: In considering whether the firm has the capabilities, competence, time and resources to undertake a…
A: The Correct Answer is B i.e. Whether the client is aggressively concerned with maintaining the firms…
Q: Which of the following statements is true? a. Accumulated depreciation is always higher than…
A: Introduction:- Depreciation is a non cash expenditure. Depreciation is charged on on fixed assets…
Q: 10. An adjusting entry in relation to estimates will always: a. increase total expenses. b. decrease…
A: Accounting Estimates: An accounting estimate is an approximation of the amount of a business…
Q: From the following details, calculate interest coverage ratio: Net Profit after tax $ 60,000; IS%…
A: The interest coverage ratio determines a firm's ability to pay interest on its outstanding debt.…
Q: What is the correct balance of the investment in equity securities to be presented in the statement…
A:
Q: The following is a summary of information presented on the financial statements of a company on 31…
A: Current liabilities are a company short term financial obligation that are due within one year.
Q: A company's bank statement shows $715 direct debits and $353 investment income not recorded in the…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: What is the meaning of “person” when the term is used in the Income Tax Act? _________, __________…
A: Person includes : an Individual; a Hindu Undivided Family (HUF) ; a Company; a Firm an association…
Q: Suppose that the government has a wealth tax at the rate of 2% on the assessed value of wealth.…
A: Wealth tax refers to the tax which is grounded on the assets market value owned through the taxpayer…
Q: Compute for the premiums expense for the year ended: A. December 31, 2020 B. December 31, 2021
A: At the time of selling products, companies offers various discounts and premiums to its customers…
Q: Which one was the correct answer? b?
A: Cost management system refers to procedure of planning as well as controlling the budget of the…
Q: On June 30, 2021, ABC Company acquired 50,000 representing 25% ownership interest in Arthur…
A: Investment is the asset or security bought to earn returns from the same in future.
Q: Quantity produced Direct labor hours Material handling (number of moves) Engineering (hours)…
A: Activity-based costing refers to the method of designating expenses or costs such as overhead and…
Q: Current ratio Debt Ratio 0 33 TIE 05
A: The current ratio is the ratio that tells about the relationship between the current assets and…
Q: The following data were taken from the accounting records of Wrecking Balls, Inc Balance at January…
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…
Q: Alliance Corporation purchased inventory with an invoice price of $22,000 and credit terms of 1/10,…
A: Formula used: Amount to be paid = Invoice price - discount amount
5
Step by step
Solved in 2 steps
- The objective of general-purpose financial reporting is? to provide users with financial information that implies total freedom from error to provide companies with the option to select information that favors one set of interested parties over another O to provide financial information about the reporting entity that is useful to present and potential equity investors, lender and other creditors in making decisions in their capacity as capital providers to provide a metric for financial information used to determine when the boundary between two or more entities should disregarded and the entities considered to be a licensing arrangementFor each of the following situations, indicate whether you agree or disagree with the financial reporting practiceemployed and state the accounting concept that is applied (if you agree) or violated (if you disagree).1. Wagner Corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasingpower of the dollar.Attributes that make financial information useful to the various users of financial statements. In measuring the performance of an identified business entity, a user noticed the following: (i) the entity entered into a finance lease to rent an asset for substantially the whole of its useful economic life. (i) a decision was made by the Board to change the company's accounting policy from one of expensing the finance costs on building new retail outlets to one of capitalising such costs. (in) the entity's income statement prepared using historical costs showed a loss from operating its hotels, but the company is aware that the increase in the value of its properties during the period far outweighed the operating loss. You are required to: a) Explain what is meant by relevance, reliability and comparability and how they make financial information useful. b) Explain how you would expect the user to consider the items in (i) to (ili) above in the entity's financial statements and indicate…
- According to CF of IASB Determining how an asset or liability should be measured should ideally be linked to: Select one: a. All of above b. the perceived objectives of general purpose financial reporting c. to provide information beneficial to decisions involve buying, selling or holding equity and debt instruments, and providing or settling loans and other forms of credit. d. usefulness to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entityWhich of the following accounting concepts do accountantsand auditors assess by using financial analyses?a. Time period. c. Full disclosure.b. Separate entity. d. Going-concern assumption.You have learnt about qualitative characteristics of financial statements in your course, now you are required to write a report on the constraints and trad offs between various qualitative characteristics of financial statement.
- Which of the following statements is not correct? Select your answer. Different users have different objectives and priorities in analyzing financial statements. The ability of an entity to pay its currently maturing obligation is the concern of short-term creditors. Long-term creditors are more concerned with the solvency of a business entity. The financial statements are called general-purpose financial statements because different users have common needs and objectives in analyzing financial statements.In your opinion, what is the most important statement in the financial statements that a financial analyst will use as the reference in assessing the company’s assets and liabilities? Justify your opinion with reason/s.1.Read the statements below and answer the question - The earnings process should be completed entitling the bank to the right to receive - Obligations arises on the part of the customer to remit fixed or determinable obligations - Amount received is known and if not collected is collectable with reasonable certainty What do the above statement reflect? (A) Revenue recognition principles (B) Expenses recognition principles (C) Provision recognition (D) Debt recognition principles 2.An asset is anything that is capable of generating positive cash flows or other economic benefits in the future either by itself or in combination with other assets which the financial institution has acquired the right to as a result of past transactions or events. Although the capacity of the financial institution to control benefits is usually the result of legal rights, an item may nonetheless satisfy the definition of an asset even there is no legal control. Based on the above statement which of…
- Statements of Financial Accounting Concepts set forth financial accounting and reporting objectives and fundamentals that will be used by the Financial Accounting Standards Board in developing stands. Concepts Statement No. 6 defines various elements of financial statements. Instructions: Answer the following questions based on SFAC No. 6: (a-c have already been answered in previous question) d. Define "distributions to owners" and provide examples of this type of transaction. What financial statement element other than equity is typically affected by distributions? e. What are examples of changes within owners' equity that do not change the total amount of owners' equity?Which of the following is an assumption made in the preparation of the financial statements? Select one: a. The current market value is assumed to be less relevant than the original cost paid. b. Financial statements are prepared for a specific entity that is distinct from the entity's owners. c. The preparation of financial statements for a specific time period assumes that the balance sheet covers a designated period of time. d. Financial statements are prepared assuming that inflationExplain the concept of fair value accounting and its application in financial reporting. Discuss the benefits and criticisms of fair value accounting, particularly in relation to the measurement of financial instruments.