Q: one or more of the following statements are characteristics of assets: a. a probable future benefit…
A: Assets are those resources whether tangible or intangible, current or fixed have an economic value…
Q: 9. Over the life of an entity, the total net income under the cash basis will be ____ under the…
A: The principle contrast among accumulation and money premise bookkeeping lies in the circumstance of…
Q: What is the date on which the fair value of the equity instrument granted is measured? a.…
A: Solution: For transactions measured at the fair value of the equity instruments granted, fair value…
Q: An appropriation of accumulated profits for possible contingencies should be a. Transferred to…
A: A contingency expense is an expense which can lead to outflow of funds from the company in the…
Q: how is the acquisition cost of an asset determined when the asset is acquired in exchange for…
A: How is the acquisition cost of an asset determined when the asset is acquired in exchange for…
Q: If the acquirer's interest in the net fair value of the identifiable asset liabilities exceeds the…
A: In extremely rare circumstances, an acquirer will make a bargain purchase in a business combination…
Q: How is goodwill or gain from bargain purchase computed? Group of answer choices a. The difference…
A: Solution How is goodwill or gain from bargain purchase computed Correct answer is option d) The…
Q: All changes in an entity's exonomic resources and claims to those resources result frim the entity's…
A: Changes in economic resources and claims: Changes in a reporting entity's economic resources and…
Q: What do the financial statements of the acquirer include?
A: In consolidation or merger or acquisition there is an acquirer and an acquiree The acquire purchases…
Q: 1. Identifiable intangible assets are those intangible assets that: A. have been purchased by the…
A: Intangible assets are those assets which do not have physical existence.
Q: Recording a write-down from an original partner’s capital of book value to its implied fair market…
A: Write down of capital implies reduction in the capital funded by a partner to the firm in the…
Q: Which of the following is not considered in the determination of Total Assets after business…
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Q: A component of an entity when it has actually disposed of the operation and when operation meets the…
A: Answer- As per IFRS 5- Non-current Assets Held for Sale and Discontinued Operations , A…
Q: The concept of capital maintenance chosen by an entity shall determine the accounting model used in…
A: The capital maintenance concept states that a corporation produces a profit only when all operating…
Q: A currently maturing obligation of the entity is classified on the SFP as a?
A: Here SFP stands for statement of financial position. In a SFP different assets and liabilities are…
Q: How does the Conceptual Framework define an asset? Select one alternative A resource to which…
A: Introduction : The conceptual frameworks can be understood as the textual or graphical depiction of…
Q: text __________________is the residual interest in the assets of the entity after deducting all of…
A: Assets of the business composed of two components, one is related to liabilities part and other is…
Q: What is the purpose of a proposed schedule of liquidation, and how is it developed?
A: Partnership: This is the form of business entity that is formed by an agreement, owned and managed…
Q: one of the following is a definition of asset: a- a present economic resource controlled by the…
A: An asset is a resource with economic value that a firm controls in lieu of that it will provide a…
Q: Which of the application of of a. Presenting a the related s b. Deducting fe gains and pr c.…
A: Presentation of Financial Statements PAS 1 describes the basis for presenting the general purpose…
Q: Which of the following shall be taken to profit or loss for investments measured at fair value…
A: Other Comprehensive Income - This statement includes all the income which is not earned yet by the…
Q: Question 20 What is the principle for recognition of a financial asset in PFRS 9? Group of answer…
A: Question 20What is the principle for recognition of a financial asset in PFRS 9? Explanation - A…
Q: In the statement of financial position, investment of a specific entity OA Can be classited as…
A: In statement of financial position, it includes Assets, Liabilities and Equity of the company are…
Q: A gain arising from a change in the fair value of an investment property for which an entity has…
A: Introduction: Income statement: All revenues and expenses are shown in income statement. It tells…
Q: a premium is purchased by an entity, the effect in the assets section would be
A: Assets refer to the sum value of money invested by an entity into its resources required for the…
Q: The types of assets that qualify for interest capitalization are Assets that are ready for their…
A: Interest capitalization means the amount of interest which is added in the cost of asset instead of…
Q: Required: Financial Assets can be either classified as an equity instrument or a debt instrument.…
A: As per MFRS 9 Financial Instrument, a financial asset can be classified as an equity instrument, if…
Q: Sale of an capital assets is subject to
A: Option a is wrong because regular income tax is applied in case of income from salary, business or…
Q: Identify the term being referred to: An agreement where one party conveys to the another party the…
A: The question contains an agreement between two parties . One party coveys the right to use the asset…
Q: PFRS 9 permits an entity to make an irrevocable election to present in other comprehensive income…
A: Option (a) i.e. neither 1 nor 2, is the correct answer. Explanation is given in the next step.
Q: If an entity wants to account for investment property, it may choose between two accounting models.
A: The valuation of investment property is a must have feature in the presentation of the company’s…
Q: Which of the following statements is TRUE? O The acquirer shall measure the identifiable assets…
A: As per IFRS 3 Acquisition Method shall be used for accounting businees combination. As per the IFRS…
Q: ancing for an acquisition structu either an asset or stock acquisit
A: To explain the correct option as,
Q: Choose the correct. Under fair-value accounting for an equity investment, which of the following…
A: Under fair value accounting change in the value of investment will be recognized as the change in…
Q: under what conditions a short-term obligation should be excluded from current assets
A: Please find the answer to the above question below:
Q: When the required balance of the loss allowance decreases, a. the entity recognizes gain. b. the…
A: As per IFRS 9, a loss Allowance is made for the expected losses on any asset. It reduces the…
Q: An entity is solvent if it can pay its currently maturing obligation.
A: Solvency: Solvency is the ability of a company to pay off its debts using assets in other words the…
Q: d Jeremy form Forest Corporation by transferring the following item Items transferred Basis Fair…
A: A stock (sometimes called equity) is a financial instrument that reflects ownership of a portion of…
Q: a. to determine the ACA for the joining entity's asset Incorrect b. to spread the ACA over the…
A: TCSA (Tax collected at Source of Assets) and ACA (Affordable Care Act) are two tax…
Q: Th e assumption that an entity will continue to operate for the foreseeable future is called C .…
A: Accounting assumptions or concepts are made the body of accountants to make accounting easy for all…
Q: Th e assumption that an entity will continue to operate for the foreseeable future is called: B .…
A: The assumption that an entity will continue to operate for the foreseeable future is called Going…
Q: which of the following are fixed assets? Financial assets at fair value through profit or loss…
A: Fixed assets are assets acquired for the business for a longer period. This is an important section…
Q: The consideration transferred im O Estimated amount O Transaction value O Acquisition date fair…
A: A business combination is a transaction in which one company buys out another (the acquiree). Rather…
Q: O obligations to transfer ownership shares to other entities in the future. deferred credits that…
A: Solution: Liabilities are "obligations arising from past transactions and payable in assets or…
Q: In an acquisition of assets, the acquirer must give up which of the following? A. Other Assets B.…
A: In business combination, acquirer is the company who invested in another company or purchase another…
Q: Explain the adjustments made in the equity method when the fair value of the net assets underlying…
A: When a company follows equity method when it has significant influence over such company.The…
Q: The difference between fixed assets and ong term liabilities of a business concern is ermed as
A: The correct answer is ) None of the options Liabilities refer to money you owe, and long-term…
Th e assumption that an entity will continue to operate for the foreseeable future is called: A . accrual basis
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- Th e assumption that an entity will continue to operate for the foreseeable future is called: B . comparability.Th e assumption that an entity will continue to operate for the foreseeable future is called C . going concern.A currently maturing obligation of the entity is classified on the SFP as a? a. Current Asset b.Current Liabilities c. Non-Current Liabilities d. Non-Current Assets
- Which of the following statements best describes the term "liability"? *a. An excess of equity over current assetsb. Resources to meet financial commitments as they fall duec. The residual interest in the assets of the entity after deducting all of its equityd. A present obligation of the entity arising from past eventsResidual interest in the asset of an entity that remains after deducting its liabilities is? a. Liabilities b. Expense c. Owner’s Equity d. Assets__________ is defined in the Conceptual Framework as ‘a present obligation of the entity to transfer an economic resource as a result of past events’. Select one alternative: Expense Income Asset Liability
- 29. _____________ are the entity’s present obligations arising from past events, the settlement of which is expected to result in an outflow of resources from the entity. a. Assets b. Expenses c. Liabilities d. IncomeWhat is the date on which the fair value of the equity instrument granted is measured? a. Measurement date b. Report date c. Grant date d. Exercise dateAppropriations of retained earnings are proper a. When required by contractual agreements b. All of the other choices c. When BOD voluntarily designates a portion of retained earnings for future expenses or contingencies d. When required by law
- The elements of financial statements include investments by owners. These are increases in an entity's net assets resulting from owners' Select one: All of these answer choices are correct. satisfaction of liabilities of the entity. transfers of assets to the entity. rendering services to the entity.(TCO D) How is a noncontrolling interest in the net income of an entity reported in the income statement?An entity starts the capitalization of borrowing costs to the cost of a qualifying asset when * A. Expenditures for the asset are being incurred. B. Borrowing costs are being incurred. C. Activities necessary to prepare that asset for its intended use or sale are being undertaken. D. All of the above conditions are met.
