Homework Answers
Answer 10. With respect to the revaluation model in AASB 116, Once adopted, the firm can no longer revert back to the cost model.
Answer 11. Such financial statement is known as a General purpose financial statement.
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QUESTION 10 Which of the following statements is true of the revaluation model in AASB 116?...
finance
A financial statement that complies with the requirements of the Conceptual Framework and accounting standards, and that meets the information needs common to users who are unable to prepare financial statements tailored specifically to satisfy all of their information needs, is known as a __________.general purpose financial statementspecial purpose financial statementdemand financial statementtrue and fair financial statement
Question 2 2 pts Which of the following statements is true? O According to the objective...
Question 2 2 pts Which of the following statements is true? O According to the objective of general purpose financial reporting, the reporting entity need not be a legal entity. O The best justification for recording a liability at the high end of an estimate is prudence. O The objective of general purpose financial reporting only addresses the needs of existing investors and creditors. O The Periodicity assumption best justifies using the different measurement bases described in the Conceptual Framework....
The IFRS has implemented IAS 1 - Presentation of financial statements, and IAS 7 - Statement...
The IFRS has implemented IAS 1 - Presentation of financial statements, and IAS 7 - Statement of cash flows to outline the requirements for the presentation of general purpose financial statements. The standards also provide guidelines for the structure and minimum requirements for their content. These financial statements are intended to serve users who are not in a position to require financial statements tailored to their particular information needs. Required: Discuss the importance of the above statement as a part...
QUESTION 1 AASB are initials that stand for: Australian Accounting Standards Board O Auditing & Assurance...
QUESTION 1 AASB are initials that stand for: Australian Accounting Standards Board O Auditing & Assurance Standards Board O Australian Accounting Standards Bureau O Accounting & Auditing Supervision Board QUESTION 2 AASB 1053 introduced a _-tier reporting system for entities producing general purpose financial statements. O three one two four QUESTION 7 Which of the following statements is correct with respect to research and development expenditures in accordance with AASB 138? O Activities aimed at obtaining knowledge that are likely...
QUESTIONS is the application of research findings or other knowledge to a plan or design for...
QUESTIONS is the application of research findings or other knowledge to a plan or design for the production of new or substantially improved materials, devices, products, processes, systems or services prior to the commencement of commercial production or use. O investigation O development O production O planning QUESTION 10 O'Briens Construction Ltd exchanged equipment that had a book value of $40 000 for a truck that had a book value in the other entity's books) of $38 000. The fair...
QUESTION 16 The financial information included within the financial statements reflects only the financial performance of...
QUESTION 16 The financial information included within the financial statements reflects only the financial performance of the entity as determined by applying the guidance and rules incorporated within the Conceptual Framework and within applicable accounting standards: they do not provide a means of assessing the performance of the entity. legal technological social or environmental political QUESTION 17 Which of the following are considered in the AASB Framework as primary qualitative characteristics? Relevance, faithful representation, materiality and comparability Relevance, faithful representation,...
QUESTION 17 The financial information included within the financial statements reflects only the financial performance of...
QUESTION 17 The financial information included within the financial statements reflects only the financial performance of the entity as determined by applying the guidance and rules incorporated within the Conceptual Framework and within applicable accounting standards: they do not provide a means of assessing the performance of the entity. legal O technological O social or environmental O political QUESTION 18 Which among the following is not a current value measurement? Fair value Value in use for assets) or fulfilment value...
Which of the following items is NOT included in FASB's conceptual framework of accounting theory? qualities...
Which of the following items is NOT included in FASB's conceptual framework of accounting theory? qualities of useful accounting information fundamental principles and assumptions that guide financial accounting and reporting O objectives of financial reporting All of these choices are included in the conceptual framework Question 36 3 pts Which of the following statements about the FASB Accounting Standards Codification is true? It only exists as an electronic database: paper copies are not available. When the Codification was adopted in...
Which one of the following statement(s) are true? A. Financial accounting is geared toward outside users...
Which one of the following statement(s) are true? A. Financial accounting is geared toward outside users of information who are concerned w planning, control and how daily business decisions are made by the company. B. Management accounting is geared toward internal users who are responsible for making daily business decisions while financial accounting is geared toward outside users and must conform to Generally Accepted Accounting Principles (GAAP) rules when preparing general purpose financial statements such as the balance sheet and...
< a. buy, sell, hold equity and debt instruments b. decide whether to invest in the...
< a. buy, sell, hold equity and debt instruments b. decide whether to invest in the company. c. evaluate borrowing capacity to determine the extent of a loan to grant. d. plan and control company's operations. 6. Generally accepted accounting principles a. are fundamental truths or axioms that can be derived from laws of nature. b. derive their authority from legal court proceedings c. derive their credibility and authority from general recognition and acceptance by the accounting profession. d. have...
Question 2 2 pts Which of the following statements is true? O According to the objective of general purpose financial reporting, the reporting entity need not be a legal entity. O The best justification for recording a liability at the high end of an estimate is prudence. O The objective of general purpose financial reporting only addresses the needs of existing investors and creditors. O The Periodicity assumption best justifies using the different measurement bases described in the Conceptual Framework....
QUESTION 1 AASB are initials that stand for: Australian Accounting Standards Board O Auditing & Assurance Standards Board O Australian Accounting Standards Bureau O Accounting & Auditing Supervision Board QUESTION 2 AASB 1053 introduced a _-tier reporting system for entities producing general purpose financial statements. O three one two four QUESTION 7 Which of the following statements is correct with respect to research and development expenditures in accordance with AASB 138? O Activities aimed at obtaining knowledge that are likely...
QUESTIONS is the application of research findings or other knowledge to a plan or design for the production of new or substantially improved materials, devices, products, processes, systems or services prior to the commencement of commercial production or use. O investigation O development O production O planning QUESTION 10 O'Briens Construction Ltd exchanged equipment that had a book value of $40 000 for a truck that had a book value in the other entity's books) of $38 000. The fair...
QUESTION 16 The financial information included within the financial statements reflects only the financial performance of the entity as determined by applying the guidance and rules incorporated within the Conceptual Framework and within applicable accounting standards: they do not provide a means of assessing the performance of the entity. legal technological social or environmental political QUESTION 17 Which of the following are considered in the AASB Framework as primary qualitative characteristics? Relevance, faithful representation, materiality and comparability Relevance, faithful representation,...
QUESTION 17 The financial information included within the financial statements reflects only the financial performance of the entity as determined by applying the guidance and rules incorporated within the Conceptual Framework and within applicable accounting standards: they do not provide a means of assessing the performance of the entity. legal O technological O social or environmental O political QUESTION 18 Which among the following is not a current value measurement? Fair value Value in use for assets) or fulfilment value...
Which of the following items is NOT included in FASB's conceptual framework of accounting theory? qualities of useful accounting information fundamental principles and assumptions that guide financial accounting and reporting O objectives of financial reporting All of these choices are included in the conceptual framework Question 36 3 pts Which of the following statements about the FASB Accounting Standards Codification is true? It only exists as an electronic database: paper copies are not available. When the Codification was adopted in...
< a. buy, sell, hold equity and debt instruments b. decide whether to invest in the company. c. evaluate borrowing capacity to determine the extent of a loan to grant. d. plan and control company's operations. 6. Generally accepted accounting principles a. are fundamental truths or axioms that can be derived from laws of nature. b. derive their authority from legal court proceedings c. derive their credibility and authority from general recognition and acceptance by the accounting profession. d. have...
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