Reference no: EM132702658
Problem 1: A change in accounting policy requires that the cumulative effect of the change for prior periods be shown as an adjustment to
a. Comprehensive income for the earliest period presented.
b. Net income for the period in which the change occurred.
c. Shareholder's equity for the period in which the change occurred.
d. Beginning retained earnings for the earliest period presented.
Problem 2: Which of the following is not treated as a change in accounting policy?
a. A change to a new IFRS requirement.
b. A change from direct write-off method of recognizing bad debt expense to allowance method.
c. A change from FIFO inventory valuation to average cost.
d. A change from cost model to fair model in measuring investment property.
Problem 3: The financial statements are authorized for issue
a. When the financial statements are made available to shareholders.
b. When the shareholders approve the financial statements at their annual meeting.
c. When the approved financial statements are filed with a regulatory body.
d. When the board of directors reviews the financial statements and authorizes them for issue.
Problem 4: When it is difficult to distinguish a change in an accounting policy from a change in an accounting estimate, the change is treated as
a. Correction of an error.
b. Change in accounting policy
c. Change in accounting estimate with appropriate disclosure
d. Initial adoption of an accounting policy
|
What types of accounts should jasmine use for investment
: What types of accounts should Jasmine use for investment? How much should Jasmine contribute to each account and what is the dollar amount of the company match?
|
|
Assess the potential benefits to the organisation
: Critically assess the potential benefits to the organisation of developing individuals in the workplace
|
|
Good working relationship with your project customers
: You want to make sure that you have a good working relationship with your project customers, project stakeholders, and project sponsors.
|
|
International hotel chain
: You have just accepted a job at corporate headquarters of an international hotel chain
|
|
Find which the financial statements are authorized for issue
: Which The financial statements are authorized for issue? Which of the following is not treated as a change in accounting policy?
|
|
Which method is required for reporting change in accounting
: Which method is required for reporting change in accounting policy?Which is the first step within the hierarchy of guidance when selecting accounting policies?
|
|
What happens to a pharaoh and a rich person
: In ancient Egypt, what happens to a Pharaoh, a rich person, a poor person, and a slave, when they die? The response must be typed.
|
|
Discussing gastronomy and tourism
: In discussing gastronomy and tourism, Povey (2011) identifies four food selection behaviours amongst foodies and people in general: neophilia, neophobia
|
|
Would recommend mxm to build the plant and explain why
: The building is estimated to have a useful life of 10 years, Compute the net present value for this investment. Would you recommend MXM to build the plant?
|