How does the topic of accounting for government grants relate to the topic of accounting for biological assets
Q: Which of the following errors cannot be detected by the trial balance? a. Incorrect accounts were…
A: The trial balance shows the summarised items with the debit or credit balance. It is the effect of…
Q: Antz is a custom manufacturer of electronic circuit boards. Antz develops bids for jobs based on an…
A: Overheads based on Labor Hours Job 1 ( 2,50,000 x 0.50 x 700/1300) = 67,308 Job 2 (2, 50,000 x 0.50…
Q: Lina Company purchased equipment on January 1, 2022 for P5,000,000. The equipment had a useful life…
A: Solution... Depreciation rate using double Declining method = 200% ÷ life = 200% ÷ 5 = 40%…
Q: Which of the following performance measures is most closely associated with the Balanced Scorecard's…
A: The learning and growth prospective of balanced score card specifies improvement in both…
Q: I. Compensation and business income are returnable income that are subject to final income tax. II.…
A: Taxable income A taxable income refers to the income on which the tax has been imposed. It is the…
Q: 9. Assuming the management chooses the first option, which amount the product lines will be…
A: Blackpink Inc. has 4 product lines - La-Lisa, Jennie, Jisoo and Rose. Two products out of the 4 are…
Q: friendl A merger customer friend unfrie vertic O horizc
A: A friendly merger occurs when both management and shareholders agrees to the deal. An unfriendly…
Q: wants to buy a car when sne graduates from Oniversity o years from now. She belleve that she W buy…
A: The present value formula is PV=FV/(1+i)n, which divides the future value FV by a factor of 1 + I…
Q: 9) Which of the following statements about normal costing is true? A) Direct costs and indirect…
A: Introduction:- Under the normal costing :- It assign costs to products based on the materials,…
Q: You need to borrow $10,000 right now but can repay the loan in 6 months. Since you want to pay as…
A: Simple Interest Loans are the loans in which the interest amount is calculated by multiplying the…
Q: 23 October Purchased tables and chairs for P65 750.00 paid in cash 23 October Paid rental for space…
A: Lets understand the basics. Journal entry is required to make to record event and transaction occur…
Q: Based on the following information provwded by Max Trading Company on December 31, 200C, the end of…
A: Gross profit is calculated by subtracting the Total cost of goods sold from the Net sales. Gross…
Q: Based on the above trial balance, prepare the r Gross Profit Blank 1 Net Income from operation Blank…
A: Preparation of Income Statement
Q: usty Krab Inc. started business on January 1, 2022. Record the required journal entry (F-I) or…
A: Basic Accounting Concept Journal Entries
Q: towards Company was form accounting fees; P150,000 for legal fees; stock certification costs of…
A: Basic Accounting concept Capitalisation of expense Revenue nature expenses identification
Q: Based on the following reconciling items between the bank balance and the book balance on November…
A: A bank reconciliation statement is a statement prepared on a particular date to reconcile the…
Q: Jan. 1 Inventory 3,800 units at $41 Apr. 19 Sale 2,600 units June 30 Purchase 4,600 units at $45…
A: solution: Under LIFO method of inventory costing, goods purchased in last is considered as sold…
Q: St. Matthew Hospital, a private 40-bed hospital in Bataan province, presented the following data for…
A: Gross income = Gross receipts from patient & laboratory + Income earned from unrelated…
Q: P Company is try whother to acau bether
A: Goodwill is recorded ad an asset when there is the purchase of another business. Often the purchase…
Q: What nominal rate compounded semiannually will yield the effective rate 6%? 2. Find the effective…
A: Effective annual interest rate = (1 + (nominal rate / number of compounding periods)) ^ (number of…
Q: mpany manufactures beach umbrellas. The company is preparing detailed budgets for the third quarter…
A: Solution: Direct materials purchase budget represent the quantity of materials that need to be…
Q: As the desire decreases for a given materiality amount, the sample size necessary to test an…
A: Auditing and Assurance
Q: Do an income statement for Gonzo’s Tattoo Parlour and Body Piercing for the month ending November…
A: Income statement means a statement in which all revenue and gain are shown on one side and all…
Q: Josie Gall's firm has develped the following supply, demand, cost and inventory data. Allocate…
A: The final cost can be defined as the cost which includes all related expenses. The minimum cost…
Q: Based on the following selected account balances appearing in the trial balance of Midway Repar…
A: Introduction: Trial balance: All the final ledger account balances are posted in Trial balance to…
Q: Variable Costing, Absorption Costing During its first year of operations, Snobegon, Inc. (located in…
A: The cost per unit under absorption costing consists of variable and fixed manufacturing costs. The…
Q: The following are budgeted data: January February March 15,000 20,000 18,000 18,000 19,000 16,000…
A: This question requires us to calculate Budgeted Purchases of Raw Materials for February month, the…
Q: 4. A company is paying $30 per part for welding operations. They can buy a welding machine with an…
A: Operating cost- Operating costs are connected with the maintenance and management of a business on a…
Q: Angela Airport Company manufactures one product with a standard direct manufacturing labor cost of…
A: Lets understand the basics. Direct labor efficiency variance indicates the variance between the…
Q: Ryan Ltd. sold equipment with a book value of $80,000 for a $10,000 loss, sold Ryan Ltd. common…
A: The question is based on the concept of Cash flow statement. Cash flow from investing activities…
Q: Rayan Corporation was organized on January 1, 2020, with an authorization of 1,200,000 ordinary…
A: The total number of share premium as of December 31, 2020 = Cost of Treasury shares - Cost of…
Q: Husband and Wife are engaged in business of selling product X in Mindanao, where there are many…
A: Return file which means submitting to the tax authority about the incomes which has been earned…
Q: Unit Costs, Inventory Valuation, Variable and Absorption Costing Snyder Company produced 81,700…
A: Solution:- 1)Calculation of unit cost and the cost of finished goods inventory under absorption…
Q: X corporation produces a decorative pillow. In 2020, it produced 2,000 units a 1,750 at an average…
A: Using absorption Costing, all variable and fixed manufacturing costs are included in the product…
Q: The treatment of repairs and additions to property, plant and equipment can be best described as:…
A: Property, plant, and equipment repairs are a type of expenditure incurred after purchasing a…
Q: David Davis died in 2019 and left an estate valued at $13,900,000 after the payment of his debts.…
A: Given : David Davis died in 2019 and left an estate valued at $13,900,000 after the payment of his…
Q: Research and development costs of $630,000 were incurred during the current fiscal year. Determine…
A: Research & Development Expenses: Direct expenditures linked to a company's efforts to create,…
Q: Sophie Gowna, 47 years old, works for an Ontario company with a Bi-weekly pay cycle. She earns $18.5…
A: Introduction Insurable earning is maximum amount of earnings reported in earning statement or wage…
Q: Question Toy Plc. makes special toy cars which it sells to retailers for K25, 000 per toy car.…
A: The breakeven point is indeed the sales volume at which a company loses money. At this time, a…
Q: Sophie Gowna, 47 years old, works for an Ontario company with a Bi-weekly pay cycle. She earns $18.5…
A: Payroll Process It is important for the business entity to manage the payroll process of the…
Q: Merchandise with a list price of P 20.000 was purchased under the terms 2/10, n/30 vwith trade…
A: The purchases will be recorded at List Price less 10% and then 5% discount. As per terms 2/10, a…
Q: $393,110 Use the table of annual $8,252 Рayroll Advertising expenses to calculate the category…
A: Percentage of payroll can be calculated as: = Payroll expenses / Total expenses * 100
Q: 3. Macaroni Inc. showed the following balances in its financial statements for 2021. 510,000…
A: Assets are the resources being used by the business for its operations and progress. These can be…
Q: John Fleming, chief administrator for Valley View Hospital, is concerned about the costs for tests…
A: The question is based on the concept of Cost Accounting.
Q: . If the coefficient of correlation for machine hours is higher than the coefficient of correlation…
A: The coefficient of correlation is a measure that calculates the relationship between two variables.…
Q: 1. Assume expenses are 40% of revenue. If we trend Revenue growth at 3% per year for 5 YEARS, AND…
A: Answer:- 1 13.97 % higher is Net Operating Income in Year 5 vs Year 1. Notes:- Lets' assume…
Q: Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of…
A: 1. Preparation of standard cost card Standard Quantity Standard rate Standard Cost per unit…
Q: The IASB is the international counterpart to the IFRS. * True False
A: International Financial Reporting Standards (IFRS): These include a set of rules and guidelines that…
Q: . Genel Company provided the following schedule of machinery: Total Cost Residual Value Useful Life…
A: Composite life of the assets = Total depreciable value / Total annual depreciation expense
Q: Compute the partners' capital balances at the end of 2012 under the following independent…
A: The partner's capital account is the account in which all transactions between the partner and the…
How does the topic of accounting for government grants relate to the topic of accounting for biological assets?
Step by step
Solved in 3 steps
- What are current IFRS standards for accounting for government grants?What is the primary difference between revenue grants and capital grants in accounting for government grants? A. Revenue grants are recognized in the income statement immediately, while capital grants are recognized as deferred income. B. Revenue grants are used for long-term asset acquisition, while capital grants support day-to-day operating activities. C. Both revenue and capital grants are recognized in the income statement immediately. D. Capital grants are not accounted for in financial statements.How do governmental funds report capital outlay in fund financial statements? How do government-wide financial statements report capital expenditures?
- What is the purpose of a special revenue fund? To account for revenues legally or externally restricted as an operating expenditure. To account for ongoing activities. To account for gifts when only subsequently earned income can be expended. To account for the cost of long-lived assets bought with designated funds.What is the purpose of a special revenue fund? Choose the correct.a. To account for revenues legally or externally restricted as an operating expenditure.b. To account for ongoing activities.c. To account for gifts when only subsequently earned income can be expended.d. To account for the cost of long-lived assets bought with designated funds.What is the purpose of the capital projects fund, debt service fund, and permanent fund. Please describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments' accounting standards?
- Which of the following statement is true regarding the net approach of presentinggovernment grants?A. Government grant related to income has a deferred income from governmentgrant account.B. Government grant related to asset has a deferred income from government grantaccount.C. For grants related to asset, depreciation expense is higher as compared togross approach (unearned income from government grant approach).D. Government grant related to asset has to recognize an income from governmentgrant. From the below statements, which of them is a false statement regarding FSRSC?A. The chairman should be a senior practitioner of any scope of the accountancyprofession.B. FSRSC members serve without compensation for a term of three years, which canbe renewed for another three years.C. Not all members of FSRSC should be CPAs.D. FSRSC is the current standard setting-body in the Philippines. Its currentpronouncements are PASs. Which of the following statements is correct concerning the…What measurement focus and basis of accounting should be used by a local government's private-purpose trust fund? Current financial resources Modified accrual Economic resources Modified accrual Current financial resources Accrual Economic resources AccrualIn a governmental fund, which of the following is considered an expenditure? a. The purchase of a capital asset b. The consumption of supplies c. Salaries earned by employees d. All of the above