Financial contracts are those which give simultaneous rise to the financial assets of one entity and financial liability or equity of another equity?

Q: Tia Kim believes that the analysis of financial statements is directed at two characteristics of an…

A: The question has two parts:- 1. One is related with the analysis of financial statements of an…

Q: Match the element to the correct definition according to the International Accounting Standards…

A: We have the following question:

Q: What is the accounting valuation basis for consolidating assets and liabilities in a business…

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: Distinguish between operating, investing, and financing activities, and describe how noncash…

A: CFS: It illustrates how the balance sheet and revenue adjustments impact cash and cash equal and…

Q: Who are the primary users of general-purpose financial statements? O A. Creditors O B. Investors OC.…

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: What is the purpose of pro forma financial statements

A: Pro forma financial statements are financial reports issued by an entity, using assumptions or…

Q: An entity disclosing comparative information shall present, as a minimum ,all of the below items,…

A: According to IAS 1, Every company should disclose the comparative information of the previous year…

Q: Discuss the significance of the following assumptions in the preparation of an entity’s financial…

A: Accounting Assumptions:- Assumptions are derived from past experience and when it proves to be…

Q: PRO Which of the 1. Financial assets in the form of investments in subsidiaries, associates and…

A: PAS 32 covers Contracts for delivery or receipt of commodity and other non financial assets that can…

Q: Costs directly attributable to a business combination include O general administrative costs. O…

A: business combination means nothing but bringing two separate entities or businesses into one…

Q: Defined by IFRS 2 as a share-based payment transaction in which the entity acquires goods or…

A: The question involves transaction in which the entity acquires goods or services either as…

Q: Discuss the significant of the following assumptions in the preparation of entity financial…

A: Accounting concepts paves the base for formulation of rules and regulations governing accounting…

Q: Discuss the significant of the following assumptions in the preparation of entity financial…

A: Solution:- The following assumptions play vital role  in the preparation of entity financial…

Q: When is a firm required to consolidate the financial statements of a VIE with its own financial…

A: VIE is Variable Interest Entity. This is a business structure that is designed to accomplish a…

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

A: A financial asset is a liquid asset with a contractual right or ownership claim as its source of…

Q: An entity shall measure equity instruments issued to extinguish all or part of a financial liability…

A: An entity shall measure equity instruments issued to extinguish all or part of a financial liability…

Q: Which of the following items appears in both the income statement and the statement of financial…

A: All the accounts in the books after being recorded as journal entries are transferred to one or many…

Q: The primary objective of financial management Can be in the form of   a. Maximise the entity’s asset…

A: Financial management means management of funds or finance in the business. It is about making future…

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: Cover these three key elements and what are the strengths and weaknessess. Qualitative…

A: Qualitative Characteristics of Useful Financial Information: Qualitative Characteristics  are the…

Q: these include debts, obligations to pay, and claims of the creditors on the assets of the business.…

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

Q: How does this following assumptions relevant in the preparation of an entity’s financial statements:…

A: Assumption means the assertion which we take while preparing the financial statements.

Q: The acquisition of assets by issuing securities would be classified as an operating activity. an…

A: Issuing securities for the acquisition of assets doesn't involve any cash flows.

Q: Explain which transactions are reported as operating activities, investing activities and financing…

A: Statement of cash flows:  The statement of cash flows indicates the amount of cash earned and spent…

Q: Investments in equity instruments are financial assets because they are Group of answer choices…

A: Solution: As per IAS, Financial assets are those assets that is: 1. Cash 2. an equity instrument of…

Q: Which of the following statements is correct?

A: The question is regarding "Related Party disclosures".  IAS 24 provides that the financial…

Q: investments in debt instruments are financial asset

A: First option is wrong because debt instruments are not equity instruments. Second option is wrong…

Q: The International Accounting Standards Board’s Conceptual Framework for Financial Reporting  defines…

A: In general term, asset is anything which contains economic value and which can be converted into…

Q: In terms of Accounting Theory: Part A - What are the symptoms of a regulatory system being public,…

A: Here discuss about the theories which are involved for public interest theory, regulatory capture…

Q: Which of the following does IFRS 3 deal with? a) Consolidated accounts b) Equity accounting c)…

A: IFRS 3 is the standard for the accounting of business combinations like mergers, and acquisitions.

Q: True (t) or False (f) ______ Financial statements are the principal means through which financial…

A: The major financial statements are: 1) Balance sheet statement: In this statement, a corporation…

Q: What are the two measurement bases allowed by the conceptual framework for financial reporting (CF)?

A: The Conceptual Framework is a collection of interconnected goals and fundamentals. The aims and…

Q: When is the intra-entity’s profits recognized on transfers between the investor and investee?

A: The period in which intra-entity’s profits recognized on transfers between the investor and investee…

Q: investments in equity instruments are financial assets because they are a) cash equivalents b)…

A: Financial assets are the assets that are derived from contractual claims. It is a more liquid asset…

Q: What uses of financial accounting information are made by (a) investors and (b) creditors?

A: Financial accounting information provides information regarding the financial activities of the…

Q: An entity shall clearly identify each financial statement and display all of the following, except…

A: The entity needs to prepare and present their financial statement for users decisions making.…

Q: How are intra-entity transfers reported in an investee’s separate financial statements if the…

A: Equity method: Equity method is the method used for accounting equity investments which claim a…

Q: Which are the Important Issues in Accounting and Financial Disclosure: Equity REITs2

A: Introduction: Equity REITs requires a direct investment in restaurants, shopping malls and office…

Q: Assets are creditors' claims on assets. These claims reflect company obligations to provide assets,…

A: The resources that a firm possesses or controls are referred to as assets Assets include: Current…

Q: What are comparative financial statements? What issue is introduced when entities present…

A: Comparative financial statement= This is the complete set of financial statements that the business…

Q: The cost of registering equity securities in a business combination should be recorded as

A: Equity securities are those stock or securities which provides ownership rights in the company.…