Are these the correct answers?Homework Answers
1. False
Ifrs does not a loss for revaluation of PPE which is the difference is impacting OCI but not net income.
2.
Priya period adjustments are the correction of errors of the previous year reported financial statements.changes in the lives of depreciable assets will be treated as changes in the accounting estimates but not as the prior period adjustment.
Answer : Option A
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Are these the correct answers?
QUESTION 13 IFRS allows for revaluation of PP&E with the differences...
Please answer both questions. 1.Chase Corp. had the following infrequent transactions during 2014 A $375,000 gain...
Please answer both questions.
1.Chase Corp. had the following infrequent transactions during 2014 A $375,000 gain from selling the only investment Chase has ever owned. A $525.000 gain on the sale of equipment. A $175,000 loss on the write-down of inventories In its 2014 income statement, what amount should Chase report as total infrequent net gains that are not considered extraordinary? a. $200,000 b. $350,000 C. $725,000 d. $900,000. Which of the following should be reported as a prior period...
ACC206: Financial Reporting 3.0 1. When bonds are sold at a discount and the effective interest...
ACC206: Financial Reporting 3.0 1. When bonds are sold at a discount and the effective interest method is used, at each subsequent interest payment date, which of the following is true? a. The cash paid for interest is less than the effective interest expense. b. The cash paid for interest is equal to the effective interest expense. c. The cash paid for interest is more than if the bonds had been sold at a premium. d. The cash paid for...
Question 43 (2 points) Select the correct order for the following items appearing in an income...
Question 43 (2 points) Select the correct order for the following items appearing in an income statement prepared accounting to US Generally Accepted Accounting Principles: 1) Income from Continuing Operations 2) Discontinued Operations 3) Prior period adjustments 4) Taxes on income from continuing operations 5) Dividends 6) Net income 7) Revenues 8) Expenses Question 44 (2 points) Which of the following, if any, should be presented net of tax AND with its own separate Earning per Share disclosure: Net Operating...
ANSWER TRUE OR FALSE: 15-The entry to increase the balance in petty cash from $50 to...
ANSWER TRUE OR FALSE: 15-The entry to increase the balance in petty cash from $50 to $75 would include a credit to Petty Cash of $25. 16-.outstanding checks are checks that the company has written and distributed, yet the bank paid and o deducted from the customer's bank account during the month. 17-A bank reconciliation explains any differences between the balance of a checking account on the depositor's records and the balance reported on the bank statement. 18-A company borrowed...
Saved The post-closing trial balance will have fewer accounts than the adjusted trial balance. Question 4...
Saved The post-closing trial balance will have fewer accounts than the adjusted trial balance. Question 4 options: 1) True 2) False Question 5 (0.5 points) An expense account is closed with a credit to the expense account and a debit to the Income Summary account. Question 5 options: 1) True 2) False Question 6 (0.5 points) Cash is a temporary account. Question 6 options: 1) True 2) False Question 7 (0.5 points) Adjusting entries are often made because some business...
Question 1 (2 points) On June 30, Year 1, Kip Company had an unadjusted credit balance...
Question 1 (2 points) On June 30, Year 1, Kip Company had an unadjusted credit balance of $10,000 in its allowance for uncollectible accounts. An analysis of Kip’s trade accounts receivable at that date revealed the following: Age Amount <fonEstimated Uncollectible</fon 0-30 days $600,000 5% 31-60 days 40,000 10% Over 60 days 20,000 70% What amount should Kip report as allowance for uncollectible accounts in its June 30, Year 1 balance sheet? Question 1 options: $48,000. $30,000. $40,000. $58,000. Question...
Just want to double check my answers. and it its wrong, which one is the corrwcr...
Just want to double check my answers. and it its wrong, which
one is the corrwcr answer.
A) $147,368 B) 552.632 $200,000 D) $140,000 6) Which of the following items should be depreciated? Tangible property, plast, and equipment other than and B) Intangible property C) Land D) Natural resources 7) Which of the following accounting principles requires depreciation? A) The revenue recognition principle B. The matching principle C) The reliability principle D) The entity concept 8) Which of the following...
1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed...
1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed to the buyer. A) True B) False 2) 2) An advantage of FIFO is that it assigns the most recent costs to cost of goods sold, and does a better job of matching current costs with revenues on the income statement. A) True B) False 3) 3) Errors in the period-end inventory balance only affect the current period's records and financial statements. A) True...
Sent Need the answers for that whole question paper True or false questions (25) has any...
Sent
Need the answers for that whole question paper
True or false questions
(25) has any effect SECTION TRUE OR FALSE QUESTION (40 Marks) The following questions indicate if it's True or False. Each question carries 2 Marks 1. Accounting Principle is general law or rule followed in the preparation of financial statements 2. Usefulness, objectivity and feasibility are the three basic norms generally found in accounting principles 3. The Cash book record only the cash payments 4. If a...
12 UM LapurdULY 13) Unmodified opinion-nonstandard report limitation wording (6) Disclaimer (4) Qualified opinion only GAAP...
12 UM LapurdULY 13) Unmodified opinion-nonstandard report limitation wording (6) Disclaimer (4) Qualified opinion only GAAP departure (7) Adverse" 2.27 (OBJECTIVES 3-4, 3-5, 3-6, 3-7, 3-6) The following are independent situations for which ou will recommend an appropriate audit report: 1. Subsequent to the date of the financial statements as part of his post-balance sheet date audit procedures, a CPA learned that a recent fire caused heavy damage to one of a client's two plants; the loss will not be...
Please answer both questions.
1.Chase Corp. had the following infrequent transactions during 2014 A $375,000 gain from selling the only investment Chase has ever owned. A $525.000 gain on the sale of equipment. A $175,000 loss on the write-down of inventories In its 2014 income statement, what amount should Chase report as total infrequent net gains that are not considered extraordinary? a. $200,000 b. $350,000 C. $725,000 d. $900,000. Which of the following should be reported as a prior period...
Question 43 (2 points) Select the correct order for the following items appearing in an income statement prepared accounting to US Generally Accepted Accounting Principles: 1) Income from Continuing Operations 2) Discontinued Operations 3) Prior period adjustments 4) Taxes on income from continuing operations 5) Dividends 6) Net income 7) Revenues 8) Expenses Question 44 (2 points) Which of the following, if any, should be presented net of tax AND with its own separate Earning per Share disclosure: Net Operating...
Just want to double check my answers. and it its wrong, which
one is the corrwcr answer.
A) $147,368 B) 552.632 $200,000 D) $140,000 6) Which of the following items should be depreciated? Tangible property, plast, and equipment other than and B) Intangible property C) Land D) Natural resources 7) Which of the following accounting principles requires depreciation? A) The revenue recognition principle B. The matching principle C) The reliability principle D) The entity concept 8) Which of the following...
1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed to the buyer. A) True B) False 2) 2) An advantage of FIFO is that it assigns the most recent costs to cost of goods sold, and does a better job of matching current costs with revenues on the income statement. A) True B) False 3) 3) Errors in the period-end inventory balance only affect the current period's records and financial statements. A) True...
Sent
Need the answers for that whole question paper
True or false questions
(25) has any effect SECTION TRUE OR FALSE QUESTION (40 Marks) The following questions indicate if it's True or False. Each question carries 2 Marks 1. Accounting Principle is general law or rule followed in the preparation of financial statements 2. Usefulness, objectivity and feasibility are the three basic norms generally found in accounting principles 3. The Cash book record only the cash payments 4. If a...
12 UM LapurdULY 13) Unmodified opinion-nonstandard report limitation wording (6) Disclaimer (4) Qualified opinion only GAAP departure (7) Adverse" 2.27 (OBJECTIVES 3-4, 3-5, 3-6, 3-7, 3-6) The following are independent situations for which ou will recommend an appropriate audit report: 1. Subsequent to the date of the financial statements as part of his post-balance sheet date audit procedures, a CPA learned that a recent fire caused heavy damage to one of a client's two plants; the loss will not be...
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