. Hard rock cafe is a wholly-owned subsidiary of Jollibee Foods corporation, and Hard Rock Cafe operating results and financial condition are included in the consolidated financial statements of pepsiCo. (Do not use full disclosure) Choices: a. Full disclosure principle b. Time period assumption c. Materiality constraint d. Cost Principle e. Revenue recognition principle f. Conservatism Constraint g. Matching principle h. Economic entity assumption i. Monetary unit j. Going concern k. Some other answers

. Hard rock cafe is a wholly-owned subsidiary of Jollibee Foods corporation, and Hard Rock Cafe operating results and financial condition are included in the consolidated financial statements of pepsiCo. (Do not use full disclosure) Choices: a. Full disclosure principle b. Time period assumption c. Materiality constraint d. Cost Principle e. Revenue recognition principle f. Conservatism Constraint g. Matching principle h. Economic entity assumption i. Monetary unit j. Going concern k. Some other answers

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter13: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 25DQ

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1. Lower of cost or market is used to value inventories. Choices: a. Full disclosure principle b. Time period assumption c. Materiality constraint d. Cost Principle e. Revenue recognition principle f. Conservatism Constraint g. Matching principle h. Economic entity assumption i. Monetary unit j. Going concern k. Some other answers 2. Hard rock cafe is a wholly-owned subsidiary of Jollibee Foods corporation and hard rock cafe operating result and financial condition are included in the consolidated financial statements of pepsiCo. (Do not use full disclosure) Choices: a. Full disclosure principle b. Time period assumption c. Materiality constraint d. Cost Principle e. Revenue recognition principle f. Conservatism Constraint g. Matching principle h. Economic entity assumption i. Monetary unit j. Going concern k. Some other answers
1. Hard Rock Cafe is a wholly owned subsidiary of Jollibee Foods Corporation, and Hard Rock Cafe's operating results and financial condition are included in the consolidated financial statement of pepsiCo. (Do not use full disclosure) 2. A restaurant does not reduce the value of its glassware to liquidation value because of the ______ principle. Choices: a. Full disclosure principle b. Time period assumption c. Materiality constraint d. Cost Principle e. Revenue recognition principle f. Conservatism Constraint g. Matching principle h. Economic entity assumption i. Monetary unit j. Going concern k. Some other answers
Which of the fo allowing statements is most correct?(a) The balance sheet statement summarizes how much the firm owns as well as owes for a typical operating period.(b) The income statement summarizes the ne1 income produced by the corpora1ion at a specified reporting date.(c) The cash now statement summarizes how the corporation generated ca-,hduring the operating period.(d) None of the above.
Listed below are the current Accounting Assumptions and Principles Economic Entity Assumption Monetary Unit Assumption Historical Cost Principle Going Concern Assumption Revenue Recognition Principle Full Disclosure Principle Time Period Assumption Matching Principle Required: For the following situations, identify whether the situation represents a violation or a correct application of GAAP, and which assumption/principle is applicable. g. Buckner Corp is being sued for $1,000,000. There is a probable chance they will lose. The company disclosed this fact in their notes to their financials. Violation: (Yes/No) Applicable Assumption/Principle: h. Nixon Corp records and maintains their books at cost and/or current value, not at a liquidated value.…
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Statement 1: The balance in the “allowance for mark-up” account represents the home office’s realized mark-up on shipments to the branch. Statement 2: The branch records an allocated overhead expense form the home office as a credit to the “home office” account. Statement 3: A subsidiary is not excluded from consolidation simply because the investor is a venture capital organization, mutual fund, unit trust or similar entity. Statement 4: Influence is the power to govern the financial and operating polices of an entity so as to obtain benefits from its activities. Which of the statements above are correct?
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Chancellor Limited provided a loan of $1 500 000 to its subsidiary Park Limited. On consolidation, which of the following adjustments is needed in relation to this intragroup loan? No adjustment needed Dr Loan receivable from subsidiaries $1 500 000 Cr Loan payable to parent $1 500 000 Dr Loan payable from parent $1 500 000 Cr Loan receivable from subsidiaries $1 500 000 Dr Loan payable to parent $1 500 000 Cr Cash $1 500 000 Answer (write your correct choice):
Q1) When a company owns 50% or more of another company, accounting standards require that the owner (parent) consolidates its financial statements with the subsidiary. Explain the rationale and the reasons behind that requirement.
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White Bright Limited has three subsidiary Companies as on 31st March, 2018. Based upon the information given in the following, ascertain how the Cost of Investment will be treated in the Consolidated Balance Sheet. Particulars Amount in Millions Hazy Limited Clear Limited Sun Limited Investment made 205.00 117.00 145.00 Percent of Shares Owned 60% 65% 75% Assets at the time of Investment 625.40 314.84 443.75 Liabilities at the time of Investment 260.44 134.84 329.55 don't give hand written answers plz