Merchandise invested by an entity under a joint operation agreement should include an entry of a. Credit to Joint Operation under the books of the party investing the merchandise b. Credit to merchandise inventory of the Joint Operator who contributed merchandise c. Debit to Joint Operation under the books of the Joint Operators other than the party who invested d. Credit to merchandise Inventory of all the Joint Operators

Merchandise invested by an entity under a joint operation agreement should include an entry of a. Credit to Joint Operation under the books of the party investing the merchandise b. Credit to merchandise inventory of the Joint Operator who contributed merchandise c. Debit to Joint Operation under the books of the Joint Operators other than the party who invested d. Credit to merchandise Inventory of all the Joint Operators

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter6: Audit Evidence

Section: Chapter Questions

Problem 15CYBK

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1) Merchandise invested by an entity under a joint operation agreement should include an entry of a)Debit to Joint Operation under the books of the Joint Operators other than the party who invested b)Credit to merchandise inventory of the Joint Operator who contributed merchandise c)Credit to merchandise Inventory of all the Joint Operators d)Credit to Joint Operation under the books of the party investing the merchandise 2) The interest of the retiring or withdrawing partner is usually measured by his capital balance before his retirement or withdrawal adjusted by the following adjustments except a)profit or loss after the date of the partner’s withdrawal or retirement b)changes in the valuation of all assets and liabilities c)errors in net income in prior years d)profit or loss from the operation from the last closing date of the date of his retirement or withdrawal 3)In case of admission of a partner, the first adjustment that need to be prepared is a) The…
1. Merchandise invested by an entity under a joint operation agreement should include an entry of: a. Debit to Joint Operation under the books of the Joint Operators other than the party who invested b. Credit to merchandise inventory of the Joint Operator who contributed merchandise c. Credit to merchandise Inventory of all the Joint Operators d. Credit to Joint Operation under the books of the party investing the merchandise 2. S1: In a partnership liquidation, if a partner’s personal liabilities exceed personal assets then the partner is personally insolvent.S2: Cash Priority Program is the schedule prepared to determine the amount of payment prioritized to each partners. a. Both statements are false b. Both statements are true c. S1 True; S2 False d. S2 True; S1 False
Gain on Bargain Purchase treated as other income in a business combination should be: a. Credited to the income account of both acquirer and acquire b. Credited to the share premium account of the acquirer c. Credited to a deferred credit account d. Credited to the income account of the acquirer
Revenue is recognized for sold consignment goods when a. The consignee receives the goods b. When the consignment contract has been agreed upon c. The goods are sold by the consignee to the final customers d. When the consignment contract has been signed by both parties
When the Company Trades with an Investment in Associate, the Reported net income of the Parent Company should report the Intercompany transaction as? (1 Point) -As Inventory -An eliminated Entry -As Expense -As income
When an exchange of inventory items between an enterprise and another entity is undertaken to serve the needs of the enterprise’s customers, the enterprise should record the inventory items received based on theA) Carrying amount of the inventory items relinquished.B) Fair value of the inventory items relinquished.C) Carrying amount of the inventory items received.D) Fair value of the inventory items received.After you make your choice, tell me what theory you are basing your answer on, or what part of the codification applies to the question. explain the answer why?
for the following intercompany transaction state the principle to be used in accounting for intercompany gains on current and future consolidated income statements: a. Gains on merchandise sales
When the Company Trades with an Investment in Associate, the Reported net income of the Parent Company should report the Intercompany transaction as? As Expense As Inventory An eliminated Entry As income
Which of the below mentioned PPIs issued by an entity for facilitating the purchase of goods and services from that entity only a. Closed System PPI's b. Semi Closed System PPI's c. Open System PPI's d. NPCI
Topic: REVENUE FROM CONTRACTS WITH CUSTOMERS Requirement: Compute for the sale revenue to be recognized from the transaction above.
It is a receivable financing activity where the Entire Receivable's ownership is sold to the Factee -Discounting -Pledging -Factoring -Assigning PAS 2 Inventories requires that lower of cost and net realizable value shall be applied -On the basis of industry segment. -On an item-by-item basis. -To total inventories as a whole. -To each class of inventory. A newly admitted general partner is liable to creditors existing at the time of his admission and his liability is -Loss before delivery of a specific thing which a partner had promised to contribute to the partnership. -Loss before delivery of a specific thing where the partner promised to contribute only its use and enjoyment, reserving the ownership thereof. -Loss after delivery of a specific thing where the partner contributed only its use and enjoyment, where such partner reserved the ownership thereof. -Loss of a specific thing after its delivery to and acquisition of its ownership by…
The following certain attributes present into a contract to determine whether the arrangements with customer are contracts within the scope of IFRS 15:I. The parties have approved the contract and are committed to perform their respective obligations.II. Each party’s rights regarding the goods or services to be transferred can be identified.III. Payment terms can be identified.IV. The contract has commercial substance.V. It is probable that the entity will collect the consideration to which it will be entitled in exchange for goods or services that will be transferred to the customer. I only I, II, and IV only All of the above I, II, IV, and V only