ACC 318 Module Four Assignment Complete

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Properly referencing nonauthoritative guidance 19. Correct the errors in the following source citation. Assume this is the first time this source is being mentioned in an issues memo. Concept 8 states, with respect to financial statement footnotes: "Notes to financial statements are subject to the same cost constraint that applies to financial reporting."

Question: 11 Which of the following is not a component of other comprehensive income under GAAP? earnings gains and losses that bypass earnings. impairment losses. accumulated other comprehensive income. e 2021- Shakir A. Mrayyen WhatsApp mage.jpeg WhatsApp Image...jpeg WhatsApp Image..jpeg O Type here to search Jigui 立

Shttps://anu.instructure.comytourses/7789/quires/34131/take Question 7 Sps What is the impact on the accounting equatioon when an accunts receivable is collected? both sides increase both sides decrease only the Asset side changes the total of neither side changes Question 8 Spts

23. What is the process of incorporating an item in the statement of financial position or statement of profit or loss and other comprehensive income, when it meets the definition criteria? a. None of the options b. De-recognition c. Recognition d. Measurement

95 Conceptual Framework Information that is capable of making a difference in the decisions made by users has this qualitative characteristic. a. Relevance b. Faithful representation 2. c. Timeliness d. Verifiability 3. When making materiality judgments, the overriding consideration is a. the ability of the item being judged to influence users' decisions. b. the size of the impact of the item being judged. the characteristics of the item being judged. C. d. cand d 4. This qualitative characteristic is unique in the sense that it necessarily requires at least two items. a. Verifiability b. Faithful representation c. Timeliness d. Comparability 5. Which of the following enhances the comparability of information? a. Making unlike things look alike. b. Making like things look different. c. Using different methods to account for similar transactions from period to period. d. Consistent application of accounting policies from period to period. 6. Information has this qualitative…

Statement of profit or loss and other comprehensive income 9. Which of the following is not an acceptable method of presenting income and expenses? a. Presenting income and expenses that affect profit or loss and those that are components of other comprehensive income in a single statement. b. Presenting an income statement in addition to a statement that presents comprehensive income. c. Presenting an income statement alone without a statement that presents comprehensive income. d. All of these are acceptable methods of presentation.

Assignment

25 _______________is the process of determining the monetary amounts at which the elements of the financial statements are to be recognized and carried in the statement of financial position and statement of profit or loss and other comprehensive income. a. Verifiability b. None of the given options c. Relevance d. Measurement

Please answer correct with reason   Under SFAS 130, Reporting Comprehensive Income, corrections of errors are reported in Other comprehensive income. Other income/(expense). Retained earnings. Stockholders’ equity

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Which of the following are examples of changes in the gross carrying amount of financial instruments (PFRS 7) that contributed to the changes in the loss allowance? *       Changes because of financial instruments originated or acquired during the reporting period       The modification of contractual cash flows on financial assets that do not result in a derecognition of those financial assets in accordance with IFRS 9       Changes because of financial instruments that were derecognised (including those that were written-off) during the reporting period       Changes arising from whether the loss allowance is measured at an amount equal to 12-month or lifetime expected credit losses

Intermediate Accounting 105 Why should inventories be included in (a) a statement of financial position and (b) the computation of net income?  Please provide GAAP concepts and own examples/explanations.   Thank you

8   Which of the following accounts would be classified as a current liability on a classified balance sheet?   Multiple Choice   Dividends   Deferred Revenue   Wages Expense   Accounts Receivable

Discuss the following terms used in MFRS 108 Accounting Policies, Changesin Accounting Estimates and Errors, and MFRS 137 Provisions, ContingentLiabilities and Contingent Assets. Provide brief examples to support thediscussion: i)Retrospective method ii)Prospective method iii)Contingent assets

5. The following items affect the retained earnings account, except Group of answer choices a. net income or loss for the period b. prior period errors c. realization of revaluation surplus d. effect of change in accounting estimate

Kindly answer the following questions.

10. Which of the following should be disclosed in a summary of significant accounting policies? a. Type of executory contract b. Cumulative effect of change in accounting policy c. Claims of equity holders d. Depreciation method

Which of the following is not a characteristic of non-counterbalancing error? a. If not detected, this is not automatically corrected in the next accounting period. b. The income statement of the period in which the non-counterbalancing error is committed is misstated. c. The statement of financial position of the year of non-counterbalancing error and succeeding statement of financial position are incorrect until the error is corrected. d. If the net income of one year is understated due to non-counterbalancing error, the net income of subsequent year is also affected.

Question 1 Segment disclosures are widely regarded as some of the most useful disclosures in financial reports because of the extent to which they disaggregate financial information into meaningful and often revealing groups. Discuss the objectives of segmental information and the requirements for the disclosure of segmental information in annual reports.

IAS 37 Provisions, contingent liabilities and contingent assets prescribes the accounting and disclosure for those items named in its title. Required Define provisions and contingent liabilities and briefly explain how IAS 37 improves consistency in financial reporting.