Financial Asset at Fair Value under OCI would have its gain or loss reported at what Financial Statement?   Income Statement Cash Flow Changes in Owners Equity Balance Sheet

Q: A resource owned by the business with purpose of using it for generating future profit, is known as…

A: Assets: Anything of worth or a resource of value that may be turned into cash is referred to as an…

Q: Which statement of financial position accounts are most affected by financing activities?   a.…

A: Changes in non current assets are reflected in cash flow from investing activities Changes in non…

Q: the element. Owners' Transaction Assets Liabilities Equity Paid cash for expenses Sold common stock…

A: I am providing you answer for PA5 as more than one questions are posted I am providing the answer…

Q: Which should be subtracted from the net income when using the indirect method? A. Loss on sale of…

A: A cash flow statement is a financial statement that summarizes the cash and cash equivalents…

Q: What is needed to solve a Return on Assets? Balance sheet only or Balance Sheet with Income…

A: Business needs and calculates various type of ratios in its business. These ratios are meant for…

Q: Why is depreciation provided on non-current assets? a. so that the business entity concept is…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: Under this concept a profit is earned only if the financial (or money) amount of the net assets at…

A: The financial capital maintenance conception is that the capital of a corporation is barely…

Q: Statement 1: In the sale of a financial asset measured at fair value through OCI, the difference…

A: As per IFRS 9, Financial instrument, On derecognition of a financial asset measured at fair value…

Q: Expenditures may be either capitalized or expensed. When Expenditure is capitalized it means that:…

A: Expenditures are the outflows of the business which help in the creation of assets that lead to the…

Q: _Accounting concept is in valuation of fixed assets

A: Option A. Historical cost concept says fixes asset is to be recorded at the amount paid to acquire…

Q: an increase in the working

A: Working capital accounts include all the accounts of current assets and current liabilities such as…

Q: According to the acquired assets should be recorded at the amount actually paid rather than at the…

A: Lets understand the each option given for the question to determine the correct answer. Monetary…

Q: Which of the following journal entries correctly reflect settlement date accounting? Select one: a.…

A: In case of settlement accounting, transactions have to be recorded in the books of accounts of the…

Q: Liabilities a. possess service potential. O b. are things of value used by the business in its…

A: Liabilities: A person or corporation may be said to have a liability if they owe anything to another…

Q: The net assets approach of computing for the net income requires this item to be added to the ending…

A: Net Assets is the difference between Outsiders' Liability and Assets of the firm. It gives the Net…

Q: n a restated set of financial statements prepared in accordance with the current cost accounting,…

A: Realized gain is the gain on sale of the asset where its cost price is less than the selling price.…

Q: Companies that use IFRS: a.    must report all their assets on the statement of financial position…

A: IFRS: IFRS - International Financial Reporting Standards. It consists of a set of accounting rules…

Q: What have been the possible reasons for the changes in  Return of Equity (ROEs )? •Decompose the…

A: Common equity means the amount which is held by equity shareholders in a firm. It does not include…

Q: Capitalizing a cost involves increasing what type of account?a. Liabilityb. Expensec. Stockholders’…

A: An asset is something which contains future economic value or future benefit.  A liability is…

Q: What is the name of the accounting concept or principle that determines the amount initially entered…

A: Accounting for an entity is generally governed by various accounting concept that are generally…

Q: Which of the following statements about the FASB conceptual framework, as compared to the IASB…

A: Accounting standards are the standards set by the authorized body of each country in various field…

Q: How are assets to be reported when the liquidation basis of accounting is being applied?a. At cost…

A: Assets cannot be reported at its fair value, book value (cost less accumulated depreciation), or…

Q: Which of the following is a usefulness of the statement of financial position? OA. The use of…

A: For every business, accounting is very important for analysis and evaluation. Accounting is based on…

Q: With reference to the conceptual framework for accounting, explain the nature of goodwill and how…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: value is established on the bases of accepted accounting procedures. value is the amount that could…

A: Solution Concept Book value is the value that appears on the books of accounts . it is as per the…

Q: ?The favorable balance of profit and loss account should be Added in liabilities Added in capital…

A: Favorable Balance of Profit and Loss Account: All costs are recorded on the debit side of the…

Q: In accordance with PAS 1, the profit or loss section or the statement of profit or loss shall…

A: In accordance with PAS 1, the profit or loss section or the statement of profit or loss shall…

Q: The ___________ reports information about assets, liabilities and equity. Select one alternative:…

A: The financial statements of the business includes balance sheet and income statement.

Q: For fi nancial assets classifi ed as available for sale, how are unrealized gains and losses refl…

A: The unrealized gains and losses are realized as Uncomprehensive Income. It’s a line item which…

Q: While putting the value or price of an entity in financial records the lowest price is recorded not…

A: Accounting is the process of recording financial transactions (which can be measured in terms of…

Q: prepare the Statement of Financial Position (SFP)

A: Balance Sheet is a type of financial statements on which the assets, liabilities and the equity are…

Q: Hdoes a company account for the disposal of an asset?how does it report gains and losses on its…

A: Disposal of Assets:   It refers to selling the worn-out assets that is no longer in need for the…

Q: OPERATING ACTIVITIES Net Income Adjustment for depreciation Adjustment for current assets Adjustment…

A: Net Income = $144000 Adjustments made to net income to get Operating Activities.

Q: To carry the value of the asset at its cost or historical value to the statement of financial…

A: The basic assumptions, rules, or conditions specifying the constraints for the working of accounting…

Q: Revenues, gains, and investments by owners are allincreases in net assets. What are the distinctions…

A: All revenues, gains, and investments by owners increases the net assets of the business.

Q: Based on which of the following concepts, is share capital account shown on the liability side of a…

A: Business entity concept says that both businessmen and business are separate person. Business has…

Q: Which of the following statement/s are correct? (a) According to fair value measurement, assets are…

A: Fair value refers to the current worth or the amount at which the assets are sold in the market or…

Q: Depending on the business model for managing financial assets, an entity shall classify financial…

A: A financial  asset can  be measured  at Fair value  through  profit or loss

Q: Total asset turnover indicates the company's:

A: Formula: Asset Turnover Ratio= Sales RevenueTotal Assets

Q: The financial capital concept requires that net assets shall be measured at current cost adjusted…

A: so, the correct answer is 3) Historical cost

Q: _______ 1. Financial assets at amortized cost shall be measured at fair value through profit or…

A: ‘’Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: To compute tangible book value, an analyst wouldA . add goodwill to stockholders’ equity.B . add all…

A: The total assets of a firm is comprised of tangible assets and intangible assets. Tangible assets…

Q: Out of which equation is NOT CORRECT ? Please remember to select "WHICH IS NOT CORRECT" Select one:…

A: Answer -  Total Liabilities = Total Assets - Shareholder's funds - Capital.  This equation is…

Q: What effect does the recognition of depreciation expense have on total assets?  On total equity

A: Depreciation expense is recorded by debiting the depreciaton expense account and crediting…