t19 .A constructive obligation to restructure arise when an entity has a detailed formal plan for therestructuring identifying at least the following except *O the expenditures that will be undertaken.O the principal locations affected.the location, function, and approximate number of employees who will be compensated for continuingtheir services.the business or part of a business concerned.

A constructive obligation to restructure arises only when an entity, has a detailed formal plan for…

Answered: A constructive obligation to…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter18: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 5P

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29. _____________ are the entity’s present obligations arising from past events, the settlement of which is expected to result in an outflow of resources from the entity. a. Assets b. Expenses c. Liabilities d. Income
All changes in an entity's exonomic resources and claims to those resources result frim the entity's financial performance
Which of the following would not explain the difference between current and non-current assets? A.The future benefit of current assets will generally be used up within the entity's operating cycle B.An expenditure is classified as a non-current asset if it is considered to be material C.The nature and intention of the business can help determine whether an expenditure should be classified as a non-current asset D.An asset is classified as non-current if it is intended to be used within the business for a considerable period of time
Under PFRS 15, in which of the following instances will the revenue from contracts with customers be recognized at a point in time instead of over time? Group of answer choices When the entity’s performance creates or enhances an asset that the customer controls as the asset is created. When the customer simultaneously receives and consumes all of the benefits provided by the entity as the entity performs. When the entity has transferred physical possession and legal title to the asset to the customer When the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date.
The meaning of goodwill in accounting is: Multiple Choice The amount by which a company's value exceeds the value of its individual assets and liabilities. Long term assets held as investment. The support of the board of directors for the operating decisions of management. The cost of developing, maintaining, or enhancing the value of a trademark. Rights granted to an entity to deliver a product or service under specified conditions.
Which of the following statements about accounting recognition is (are) true? In accounting, there are instances when a gain/loss would arise upon initial recognition of an asset. No asset can simultaneously be an asset of more than one entity At times, two or more entities may share the benefits that an asset provides An appropriate basis for recognizing an asset is when a particular enterprise acquires the right to utilize and control access to the asset’s benefits I and II only I, II and III only I and IV only I, II, III and IV
3. For an SME, revenue shall arise on all of the following transactions and events except a. Sale of goods or rendering of services. b. Construction contracts in which the entity is the contractor. c. Use by others of entity assets yielding interest, royalties or dividends. d. Revenue shall arise in any of these transactions.
Which of the following regarding GAAP is true?a. GAAP is an abbreviation for generally appliedaccounting principles.b. Changes in GAAP always affect the amount of incomereported by a company.c. GAAP is the abbreviation for generally acceptedaccounting principles.d. Changes to GAAP must be approved by the SenateFinance Committee.
A performance obligation is satisfied over time if: Group of answer choices The customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs. All of these are correct. The entity’s performance creates an asset with an alternative use to the entity and the entity does not have an enforceable right to payment for performance completed to date. The entity’s performance creates or enhances an asset that the entity controls.
Argue that donated assets should not be reported in company’s balance sheet. Base your arguments on the conceptual framework.
An operating segment is a component of an entity: a. That engages in business activities from which it may earn revenue and incur expenses b. Whose operating results are regularly reviewed by the entity’s chief operating decision maker c. For which discrete information is available d. All of the choices characterize an operating segment
2- In order for an asset to be recognized in the financial statements, which of the following definition is consistent with the IASB framework? Select one: a. Asset is a resource controlled by the entity from which future economic benefits are expected to flow to the entity. b. Asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. c. Asset is a resource controlled by the entity as a result of future events and from which future economic benefits are expected to flow to the entity. d. Asset is a resource controlled by the entity as a result of present events and from which future economic benefits are expected to flow to the entity.

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