PFRS 9 requires entities to measure their financial assets based on The contractual cash flow characteristics of the financial asset. The company’s business model for managing its financial assets. Group of answer choices Neither 1 nor 2 1 only 2 only Both 1 and 2

PFRS 9 requires entities to measure their financial assets based on The contractual cash flow characteristics of the financial asset. The company’s business model for managing its financial assets. Group of answer choices Neither 1 nor 2 1 only 2 only Both 1 and 2

Accounting

27th Edition

ISBN:9781337272094

Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 16.13EX: Reporting land acquisition for cash and mortgage note on statement of cash flows On the basis of the...

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Reporting land acquisition for cash and mortgage note on statement of cash flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows:
Reporting land acquisition for cash and mortgage note on statement of cash flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows:
PFRS 9 requires entities to measure their financial assets based on The contractual cash flow characteristics of the financial asset. The company’s business model for managing its financial assets. a. Neither 1 nor 2 b. 2 only c. Both 1 and 2 d. 1 only
PFRS 9 requires entities to measure their financial assets based on The contractual cash flow characteristics of the financial asset. The company’s business model for managing its financial assets. Both 1 and 2 1 2 none
17.These are conditions required by IFRS 9 for notes and accounts receivable to be measured at amortized cost.I. The financial asset is held within the enterprise's business model whose objective is for trading purposes.II. The financial asset is held within the enterprise's business model whose objective is to hold assets in order to collect contractual cash flows.III. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest. a. I and II only b. II and III only c. I and III only d. I, II and III
30. Financial markets: A. facilitate the exchange of financial assets B. provide information about prices of financial assets C. provide a channel for funds to flow between the providers and users of funds D. All of the given answers.
6.On a statement of financial affairs, a company's liabilities should be valued at Select one: a.the present value of future cash flows. b.the amount expected to be paid if the company could honor its debts. c.net realizable value. d.the amount required for settlement. e.replacement cost.
9.4 Working Capital. Identify the working capital accounts related to (a) revenues recognized and deferred, (b) cost of goods sold, (c) employee salary and wages, and (d)income tax expense. For each account, indicate whether an increase in the working capital asset or liability would be an addition or subtraction when reconciling from net income to cash flows from operations.
38Investing activities involvewhich of the following? a) borrowing and repaying of debt. b) sale of inventory. c) receipt of interest. d) investments in assets other than current assets.
Question 4Each of the following is determined according to IFRS exceptSelect one: a.taxable income. b.income for book purposes. c.income for financial reporting purposes. d.income before taxes. Question 5An assumption inherent in a company’s IFRS statement of financial position is that companies recover and settle the assets and liabilities atSelect one: a.the amount that is probable where “probable” means a level of likelihood of at least more than 50%. b.their reported amounts c.the present value of future cash flows. d.their net realizable value. Question 6Machinery was acquired at the beginning of the year. Depreciation recorded during the life of the machinery could result in Future Future Taxable Amounts Deductible AmountsSelect one: a.Yes No b.No Yes c.Yes Yes d.No No
Current LiabilitiesPROBLEM 1: TRUE OR FALSE4. Financial liabilities other than FVPL liabilities are initiallymeasured at fair value plus transaction costs.5. Amortized cost financial liabilities are subsequently measuredat the present value of the cash outflows from the instrument.6. Financial liabilities may be subsequently reclassified betweenthe amortized cost and fair value measurement categories.7. Trade payables and other liabilities that are part of an entity'sworking capital may be presented as current liabilities even ifthey are expected to be settled beyond one year.8. According to PAS 1, a currently maturing debt that the entity'smanagement intends to refinance is presented as noncurrent.9. According to PFRS 15, if an entity expects that a portion of giftcertificates sold will not be redeemed, the entity recognizes theexpected breakage amount as revenue in proportion to thepattern of rights exercised by customers.10. Unearned revenue is revenue that is earned but not yet…