Homework Answers
question 1
The share capital consists of mainly two parts which is common stock accounts and retained earning. The share capital's basic component is common stock accounts.
Hence the statement is false
question 2
The accounting principles are of two types. The IFRS and the GAAP. The IFRS principles are set iof accounting principles accepted internationally whereas the GAAP are accounting principles which are accepted is generally accepted in one are/country. The GAAP rules are set by the country's authority such as CPAC establishes the rules and procedure of accepted accounting principles in Canada.
The IFRS and GAAP can have different treatement and rules. For example in calculation of cost of goods sold the GAAP and IFRS rules vary in terms of last in first out methods.
Hence the statement is True
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The basic component of share capital is retained earnings. O True O False Generally accepted accounting...
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3 value: 15.00 points The Financial Accounting Standards Board is responsible for establishing O generally accepted...
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