In accounting for investment in associates, where an investor is not a parent, the investor will apply the: a. cost method in its individual accounting records b. equity method in its individual accounting records c. fair value method in its individual accounting records d. cost method in the consolidated accounting records OOO
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- Question 16 This principle requires measurement of transaction on the basis of cost price or equal to cash price A. Full disclosure B. Exchange price principle C. Matching principle D. Revenue recognition principle Question 19 The rights of the partner over the net assets of the business is called A. Parter's drawing B. Partners equity C. Partners capital D. None of the aboveThe following relates to the different income components: Employment or loss Business income or loss Property income or loss Capital gain or loss Use the above details to answer questions 11 and 12. What are the most possible sources of income to a business, corporation or trust? Question 8 options: a) i, ii and iii b) ii, iii and iv c) i and iv d) All of the aboveIncome from which source is NOT eligible for the qualified business income? 1) form W-2 wages reported on Form 1040. 2) income from a partnership, reported on Schedule E. 3) income from an S corporation, reported on Schedule E. 4) profit or loss from the business of a sole proprietor, reported on Schedule C.
- Which one of the following item will be debited in profit and loss appropriation account? a. Interest on loan b. Interest on drawings c. Interest on deposits d. Bonus to partners1. What entry is necessary to reflect interest payable on partner's drawings? a. Partner's Current (Dr.), Profit and Loss Appropriation (Cr.) b. Profit and Loss Appropriation (Dr.), Partner's Current (Cr.) c. Profit and Loss Appropriation (Dr.), Cash (Cr.) d. Profit and Loss Appropriation (Dr.), Partner's Capital (Cr.) 2. What entry is necessary to reflect interest earned on capital account balances? a. Partner's Drawings (Dr.), Partner's Current (Cr.) b. Profit and Loss Appropriation (Dr.), Partner's Drawings (Cr.) c. Partner's Drawings (Dr.), Interest Payable (Cr.) d. Partner's Current (Dr.), Profit and Loss Appropriation (Cr.) 3. A partner's personal gas receipts have been treated as part of the partnership's service vehicle expenses. Which of the following entries is necessary to correct the error? a. Drawings (Dr.), Service vehicle expense (Cr.) b. Service vehicle expense (Dr.), Drawings (Cr.) c. Service vehicle expense (Dr.), Capital…1. What is a Statement of Changes in Equity? 2. What are the elements of an SCE? 3. Differentiate the SCE of a sole proprietorship, a partnership and a corporation.
- Salary expense has been incurred but not yet paid to employees will be: a. Added to partners' capital b. Added to share of profits of partners c. Added to current assets in the balance sheet d. Added to corresponding expense in the income statement18) Which one of the following will not be recorded in profit and loss appropriation account? a. Commission to partner b. Interest on capital c. Salary to partner d. Interest paid to bankQuestion 1: a) Differentiate between Partnership and Corporation. (Write any 4) b) Explain about the importance of preparing financial statements in the business. c) Write any four differences between Accrual basis and Cash basis and mention few examples also
- 7 Stockholders' equity is: Multiple Choice a liability of the business. an economic resource controlled by the business. the owners' claims on the business. the profit generated by the business.A4) Finance Analyse the different capacities of Mudarib as Trustee, Partner ,Liable, Employee.Gains are: Select one: a. Inflows from selling a product or service to a customer. b. Increases in equity resulting from transfers of assets to the company from owners. c. None of the above. d. Increases in equity from peripheral transactions of an entity.