User Account

All Pages

Which of the following is true regarding whether ifrs

Assignment Help Accounting Basics
Reference no: EM13576483

1. An assumption inherent in a companys IFRS statement of financial position is that companies recover and settle the assets and liabilities at

a. the amount that is probable where "probable" means a level of likelihood of at least more than 50%.

b. the present value of future cash flows.

c. their reported amounts.

d. their net realizable value.

2. Stephens Company has a deductible temporary difference of $2,000,000 at the end of its first year of operations. Its tax rate is 40 percent. Stephens has $1,800,000 of income taxes payable. At the end of the first year, after a careful review of all available evidence, Stephens determines that it is probable that it will not realize $200,000 of this deferred tax asset. At the end of the second year of operations, Stephens Company determines that it expects to realize $1,850,000 of this deferred tax assets. On Stephens Company's statement of financial position at the end of its second year of operations, what is the amount of deferred tax asset?

a. $800,000

b. $740,000

c. $60,000

d. $720,000

3. Which of the following is true regarding whether IFRS specifically addresses the accounting and reporting for effects of changes in accounting policies?
ch22_q51

4. Which of the following is shown on a statement of cash flows?

a. A share dividend

b. A share split

c. An appropriation of retained earnings

d. None of these

Reference no: EM13576483

Questions Cloud

On february 24 amw purchased 4000 shares of kmp newly : on february 24 amw purchased 4000 shares of kmp newly issued 6 percent cumulative 75 par preferred stock for 304000.
Calculate the nav for the following illustration market : calculate the nav for the following illustrationname of the scheme ab balancedsize of the scheme rs 200 croreface
What is the expected value for the amount they will pay in : question an insurance company expects 10 of its policyholders to collect claims of 400 this year and the remaining 90
In examining recognition and measurement sterling believes : in examining recognition and measurement sterling believes that measurement should precede recognition whereas archer
Which of the following is true regarding whether ifrs : 1. an assumption inherent in a companys ifrs statement of financial position is that companies recover and settle the
Suppose that when certain geological conditions exist there : suppose that when certain geological conditions exist there is a 20 chance of striking oil. a drilling company finds 5
Presented below is financial information for two different : presented below is financial information for two different companies.nbsplee companychan companysales90000dsales
Statistics is a method of decision making in the face of : statistics is a method of decision making in the face of uncertainty and the basis of numerical data and calculated
A what is the base rate for the diseasenbsp b what is the : the table below shows the breakdown of actual status versus medical test results for a rare disease where n

Reviews

Write a Review

Accounting Basics Questions & Answers

  What amount of gain should anderson recognize

On October 1, 2009, Donald Anderson exchanged an apartment building, having an adjusted basis of $375,000 and subject to a mortgage of $100,000, for $25,000 cash and another apartment building with a fair market value of $550,000 and subject to a ..

  Prepare ingood form a statement of revenues

Prepare ingood form (proper heading, etc.) a statement of revenues,expenditures, and changes in fund balance for this fund for20X9.

  The charter authorized 750000 shares of common stock with a

heavenly sounds corp. an electric guitar retailer was organized by mickey blessing john frey and nancy stein. the

  Rosiek corporation uses part a55 in one of its products the

rosiek corporation uses part a55 in one of its products. the companys accounting department reports the following costs

  Statement of cash flows prepared by the indirect method

On the statement of cash flows prepared by the indirect method, a $50,000 gain on the sale of investments would be:

  The blue corporation started and completed 4800 units

the blue corporation started and completed 4800 units during february. blue started the month with 700 units in process

  Plant and equipment with an original cost of 150000 was

impact of operating and investing activities indirect methodthe following account balances were taken from the records

  Determine the amount of expenses

Determine the amount of expenses Walton will report relataive to the lease for 2011 and the amount of revenue Mullen will report for the same period.

  Determine the cost of goods available for sale

Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods.

  Semiannual interest payment problem

A company issued 3%, 16-year bonds with a par value of $560,000. The current market rate is 3%. The journal entry to record each semiannual interest payment is ??

  Problem related to annual exclusion

Barbara sells a house with a FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of:

  On march152011birkshire energy obtained a nine-month

on march152011birkshire energy obtained a nine-month working capital loan from the first national bank of oglesby. the

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd