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Changes in accounting estimatesIn preparing financial statements, it may be difficult to arrive at exact values for certain items to be presented in the financial statements and thus estimates are normally used.Examples of estimates: Depreciation, provision for doubtful debts and other provisions in relation to contingent liabilities e.g. pending court cases (suits) These estimates are based on the available information as at the time of preparing financial statements.However, in subsequent financial periods, changes may be required on these estimates because of new information becoming available. IAS 8 requires that a change in accounting estimate should be accounted for in the period in which the change arises and where relevant, in other subsequent financial period. E.g. an increase or decrease in provision for doubtful debts will be adjusted for in the current years income statement whereas depreciation will not only be adjusted for in the current year but also in the subsequent financial periods. i.e. the remaining Net Book Value of the assets will be depreciated over the remaining useful life starting with the current financial period.
a) DELL computers sell 100 PCs at Rs.42,000. The variable expenses amount to Rs.28,000 per PC. The total fixed expenses is Rs.14,00,000. Prepare an income statement. b.) Ca
NSC Ltd has a 31 may fiscal year end
Which of the following actions are most likely to directly increase cash as shown on a firm's balance sheet? Explain and state the assumptions that underlie your answer. 1. It i
The key criterion for qualifying as a hedge is that the hedging relationship must be highly effective in achieving offsetting changes in fair values or cash flows based on the hedg
1. You have decided to sell some goods at a local music festival. You have hired a sales stand for $500. Your cost per item is $3 and you will sell each item for $5. When you did y
When a company sells a product for cash, it generally recognize the revenue. However, there are situations when it is not always clear when a company should recognize the revenue.
a) A company has 7000 obsolete toys carried in inventory at a manufacturing cost of $6 per unit. If the toys are reworked for $2 per unit, they could be sold for $3 per unit. If th
Prepare a statement of revenues - deferral method: Wise Owls, an NFPO, began operations at the beginning of 20X1 to provide free tutoring and homework assistance, as well as a
Alta Velocidad Esperanza de L'Argentina, Sociedad Anónima (AVE), a high-speed railway operator domiciled in Rio Norte, Argentina, is a Foreign Private Issuer as defined by the U.S.
Motivation is said to be an internal state that energises an individual to engage in certain types of behaviours. This process is triggered when the individual experiences certain
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