Homework Answers
Solution:
"Comply with most disclosure and presentation requirements" is not one of the steps to prepare IFRS statements for the first time.
Hence last option is correct.
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Which of the following is not one of the steps to prepare IFRS statements for the...
Which of the following statements is incorrect concerning balance sheets prepared under IFRS and GAAP? A)...
Which of the following statements is incorrect concerning balance sheets prepared under IFRS and GAAP? A) The same elements are used in preparing balance sheets under both GAAP and IFRS. B) Under IFRS stockholders' equity is listed before liabilities, while under GAAP liabilities are listed before stockholders' equity. C) Under GAAP assets are usually listed in increasing order of liquidity, while under IFRS assets are usually listed in decreasing order of liquidity. D) Under GAAP current items are presented first,...
Indicate whether each of the following describes an accounting treatment that is acceptable under IFRS, U.S....
Indicate whether each of the following describes an accounting treatment that is acceptable under IFRS, U.S. GAAP, both, or neither. A company takes out a loan to finance the construction of a building that will be used by the company. The interest on the loan is capitalized as part of the cost of the building. Inventory is reported on the balance sheet using the last-in, first-out (LIFO) cost flow assumption. ,The gain on a sale and leaseback transaction classified as...
Which of the following is a benefit of the convergence between US GAAP and IFRS? Group...
Which of the following is a benefit of the convergence between US GAAP and IFRS? Group of answer choices B. All companies now have a choice between different sets of financial reporting standards C. The IASB and FASB use the exact same conceptual framework to generate accounting standards D. All companies will produce financial statements in English A. Increased comparability between financial statements produced in different countries As a result of the convergence efforts since 2007: Group of answer choices...
IFRS 3 outlines the accounting requirements for business combinations. Which of the following statements is correct?...
IFRS 3 outlines the accounting requirements for business combinations. Which of the following statements is correct? Multiple Choice The new entity method can only be used when cash is the sole consideration offered by the acquirer in a business combination. The only acceptable method of accounting for business combinations is the new entity method. Companies may choose between the new entity method and the acquisition method when accounting for business combinations. The only acceptable method of accounting for business combinations...
financial statements for Gary and Allen for the year ended Decem- ber 31, 2017. Situation 3...
financial statements for Gary and Allen for the year ended Decem- ber 31, 2017. Situation 3 A company decides in January 2017 to adopt the straight-line method of depreciation for plant equipment. This method will be used for new acquisitions as well as for previously acquired plant equipment for which depreciation had been provided on an accel- erated basis. Sometimes a business entity changes its method of accounting for certain items. The change may be classified as a change in...
Case 2-1 The Impact of Culture on Conservatism PARTI The framework created by Professor Sidney Gray...
Case 2-1 The Impact of Culture on Conservatism PARTI The framework created by Professor Sidney Gray in 1988 to explain the development country's accounting system is presented in the chapter in Exhibit 2.6. Gray theorized the culture has an impact on a country's accounting system through its influence on accoun ing values. Focusing on that part of a country's accounting system comprised of financial reporting rules and practices, the model can be visualized as follows: Financial reporting rules and practices...
ACC206: Financial Reporting MCQ 1. International Financial Reporting Standards (IFRSs) are; a. currently issued and administrated...
ACC206: Financial Reporting MCQ 1. International Financial Reporting Standards (IFRSs) are; a. currently issued and administrated by the International Financial Reporting Interpretation Committee (IFRIC). b. currently issued and administrated by the Financial Accounting Standards Board (FASB), an independent standard-setting board based in US. c. currently issued and administrated by the International Federation of Accountants (IFAC). d. currently issued and administrated by the International Accounting Standards Board (IASB), an independent standard-setting board based in London. 2. Which ONE of the following...
24. Which of the following is an indication that a customer has gained control of a...
24. Which of the following is an indication that a customer has gained control of a good or service under the new revenue recognition standard? A) The seller has transferred legal title to the customer B) The seller has transferred physical possession of the product C) The buyer has significant risks and rewards of ownership D) All of the above 25. Revenue is recognized by a consignor of inventory when the A) goods are shipped to the consignee. B) consignee...
QUESTION Z Amortization is a term which means the same as Depreciation. Which of the following...
QUESTION Z Amortization is a term which means the same as Depreciation. Which of the following standards discourages but does NOT restrict the use of the term "Amortization" on depreciable assets? IFRS OCICA O ASPE GAAP QUESTION 8 Adjusting entries are needed O never if you are reporting on an annual basis. o every time financial statements are prepared. o every time cash is received. o every time expenses are incurred or revenue is performed. Click Save and Sub ....
1.Which of the following statements is true regarding the new ASC Topic 606 for revenue recognition?...
1.Which of the following statements is true regarding the new ASC Topic 606 for revenue recognition? Multiple Choice The focus is on when the firm has earned the consideration to which it is entitled. Early adoption is not allowed. The new rules are more rules-based than principle-oriented. Under IFRS, both public and non-public firms must adopt by 2018 2.Assuming the requirements for recognizing revenue over time are met, the measure of completion is computed by dividing Multiple Choice profits earned...
Indicate whether each of the following describes an accounting treatment that is acceptable under IFRS, U.S. GAAP, both, or neither. A company takes out a loan to finance the construction of a building that will be used by the company. The interest on the loan is capitalized as part of the cost of the building. Inventory is reported on the balance sheet using the last-in, first-out (LIFO) cost flow assumption. ,The gain on a sale and leaseback transaction classified as...
financial statements for Gary and Allen for the year ended Decem- ber 31, 2017. Situation 3 A company decides in January 2017 to adopt the straight-line method of depreciation for plant equipment. This method will be used for new acquisitions as well as for previously acquired plant equipment for which depreciation had been provided on an accel- erated basis. Sometimes a business entity changes its method of accounting for certain items. The change may be classified as a change in...
Case 2-1 The Impact of Culture on Conservatism PARTI The framework created by Professor Sidney Gray in 1988 to explain the development country's accounting system is presented in the chapter in Exhibit 2.6. Gray theorized the culture has an impact on a country's accounting system through its influence on accoun ing values. Focusing on that part of a country's accounting system comprised of financial reporting rules and practices, the model can be visualized as follows: Financial reporting rules and practices...
24. Which of the following is an indication that a customer has gained control of a good or service under the new revenue recognition standard? A) The seller has transferred legal title to the customer B) The seller has transferred physical possession of the product C) The buyer has significant risks and rewards of ownership D) All of the above 25. Revenue is recognized by a consignor of inventory when the A) goods are shipped to the consignee. B) consignee...
QUESTION Z Amortization is a term which means the same as Depreciation. Which of the following standards discourages but does NOT restrict the use of the term "Amortization" on depreciable assets? IFRS OCICA O ASPE GAAP QUESTION 8 Adjusting entries are needed O never if you are reporting on an annual basis. o every time financial statements are prepared. o every time cash is received. o every time expenses are incurred or revenue is performed. Click Save and Sub ....
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