Homework Answers
(1)
OPTION D: all of the above choices are correct.
EXPLANATION:
Above mentioned all the options are correct
(2)
OPTION A: The use of the LIFO method of inventories is prohibited.
EXPLANATION:
Under IFRS, LIFO method of inventory valuation is not permitted whereas in US GAAPs it is allowed
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cunuiuis. htus 1. Under IFRS, an entity should initially recognize inventory when A. it has control...
1.Under IFRS 9, IFRS companies can choose from which of the following options for reporting their...
1.Under IFRS 9, IFRS companies can choose from which of the following options for reporting their investments in debt securities, depending on investment objectives? A. Amortized cost or FV-OCI B. FV-NI, FV-OCI, or amortized cost C. Amortized cost or FV-NI D. FV-NI or FV-OCI 2.Which statement is true regarding U.S. GAAP and IFRS for joint ventures? A. Both U.S. GAAP and IFRS require consolidation of joint ventures. B. U.S. GAAP reports joint ventures using the equity method, and IFRS requires...
1. Under the direct write-off method, which is required by the US Internal Revenue Service for...
1. Under the direct write-off method, which is required by the US Internal Revenue Service for income tax purposes, bad debt expense is recognized when a company determines that accounts receivable cannot be collected. US GAAP requires that bad debt expense is recognized using the allowance method. How do these two methods differ with respect to expense recognition and valuation of accounts receivables? 2. Explain how a cost flow assumption such as LIFO is different from a physical flow assumption...
There is an error in computing ending inventory in Year 1. Which statement is TRUE? Question...
There is an error in computing ending inventory in Year 1. Which statement is TRUE? Question 10 options: A) The total gross profit for Year 1 and Year 2 combined will be correct. B) Gross profit will continue to be incorrect until an adjusting entry is made. C) The error will have no effect on Year 2 financial statements. D) After three years, the inventory error will counterbalance. Which of the following is a CORRECT statement about the lower-of-cost-or market...
Interim Financial Reporting―Inventories 1) Which of the following statements is false regarding the interim financial reporting...
Interim Financial Reporting―Inventories 1) Which of the following statements is false regarding the interim financial reporting of inventories? a. Accounting standards permits companies to use estimated gross profit rates to determine the cost of goods sold during interim periods. b. LIFO liquidation computation should be done with respect to the entire year, not just the current reporting period. c. Reduction for lower of cost or market need not be recognized if we expect market prices for the affected inventory to...
QUESTION 9 Under the lower-of-cost-or-market basis in valuing inventory, market is defined as a. current replacement...
QUESTION 9 Under the lower-of-cost-or-market basis in valuing inventory, market is defined as a. current replacement cost. b. selling price. C. historical cost plus 10%. d. selling price less markup.
9. Under IFRS, which of the following methods is not inventory? acceptable for the valuation of...
9. Under IFRS, which of the following methods is not inventory? acceptable for the valuation of a. FIFO b. LIFO c. Average cost Specific identification. 10. Merchandise purchased for resale Freight-in Freight-out Purchase returns Purchase discounts $350,000 10,000 20,000 15,000 10,000 The cost of goods purchased is: a,$355,000. b.$335,000. С.$355,000. d.$380,000. e. None of the above In preparing its August 31, 2012 bank reconciliation, Bing Corp. has available the following information 11. Balance per bank statement, 8/31/12 Deposit in transit,...
Circle the letter of the best answer. FCompany had January I inventory of $300,000 when it...
Circle the letter of the best answer. FCompany had January I inventory of $300,000 when it adopted dollar-va LIFO. During the year, pu Decemb . ngineyear, purchases were SIS00,000 and sales were S,OK,000. $430,080, and the price index was 112. 31 inventory at year-end prices was What is RF Company's ending inventory at dollar-value LIFO? b. $384,000. c. $394.080. d $430,080 Ans. a. $300,000. entory is best described as the 0 Lower of cost or net realizable value as it...
Inventory Method In addition to an accounting method, the method of valuing inventory is important to...
Inventory Method In addition to an accounting method, the method of valuing inventory is important to determine the expense for the inventory that was sold within a period, called Cost of Goods Sold. Read the "Inventories" section starting on page 13 (source 2) and answer the following questions. 10. When is inventory valued to determine taxable income? 11. To determine the value of inventory sold there should be a method for.... Ling Inventory b. V Ling Inventory 12. Since small...
1. True or False: Under IFRS ,valuation allowances for deferred tax assets are not recorded. 2. True or False: To improv...
1. True or False: Under IFRS ,valuation allowances for deferred tax assets are not recorded. 2. True or False: To improve usefulness of defined pension plans, GAAP requires disclosure of reconciliations of the beginning and ending amounts of the projected benefit obligation, including the amounts of the service cost, interest cost, actuarial gains and losses, benefits paid, and plan amendments. 3. Which of the following pension-related definitions is not correct? a. Present value is the current worth of an amount...
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...
QUESTION 9 Under the lower-of-cost-or-market basis in valuing inventory, market is defined as a. current replacement cost. b. selling price. C. historical cost plus 10%. d. selling price less markup.
9. Under IFRS, which of the following methods is not inventory? acceptable for the valuation of a. FIFO b. LIFO c. Average cost Specific identification. 10. Merchandise purchased for resale Freight-in Freight-out Purchase returns Purchase discounts $350,000 10,000 20,000 15,000 10,000 The cost of goods purchased is: a,$355,000. b.$335,000. С.$355,000. d.$380,000. e. None of the above In preparing its August 31, 2012 bank reconciliation, Bing Corp. has available the following information 11. Balance per bank statement, 8/31/12 Deposit in transit,...
Circle the letter of the best answer. FCompany had January I inventory of $300,000 when it adopted dollar-va LIFO. During the year, pu Decemb . ngineyear, purchases were SIS00,000 and sales were S,OK,000. $430,080, and the price index was 112. 31 inventory at year-end prices was What is RF Company's ending inventory at dollar-value LIFO? b. $384,000. c. $394.080. d $430,080 Ans. a. $300,000. entory is best described as the 0 Lower of cost or net realizable value as it...
Inventory Method In addition to an accounting method, the method of valuing inventory is important to determine the expense for the inventory that was sold within a period, called Cost of Goods Sold. Read the "Inventories" section starting on page 13 (source 2) and answer the following questions. 10. When is inventory valued to determine taxable income? 11. To determine the value of inventory sold there should be a method for.... Ling Inventory b. V Ling Inventory 12. Since small...
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