I need help with these questions please What principle(s) from the conceptual framework does Henday Limited use in each of the following situations?(a)Henday includes the activities of its subsidiaries in its financial statements.(b)Henday was involved in litigation with Kinshasa Ltd. over a product malfunction. Thislitigation is disclosed in the financial statements.Going concernFair valueMonetary unitPeriodicity and timelinessEconomic entity or controlMatching(c)Henday allocates the cost of its tangible assets over the period when it expects to receiverevenue from these assets.Full disclosure(d)Henday records the purchase of a new packaging machine at its cash equivalent price.Historical costRevenue recognition(e)Henday prepares quarterly financial statements for its users.(f)In preparing its financial statements, Henday assesses its ability to continue to operatefor the foreseeable future.(g)Henday records revenue when risks and rewards (control) are passed to the purchaser.

Conceptual framework is a concept with several variations and contexts.It basically helps you to…

Answered: What principle(s) from the conceptual…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter18: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 5P

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Which of the following accounting treatments for costs related to business combination is incorrect? Group of answer choices a. Acquisition related costs such as finder’s fees; advisory, legal, accounting, valuation and other professional and consulting fees; and general administrative costs, including the costs of maintain an internal acquisitions department shall be recognized as expense in the Profit/Loss in the periods in which the costs are incurred. b. The costs related to issuance of financial liability at fair value through profit or loss shall be recognized as expense while those related to issuance of financial liability at amortized cost shall be recognized as deduction from the book value of financial liability or treated as discount on financial liability to be amortized using effective interest method. c. The costs related to the organization of the newly formed corporation also known as pre-incorporation costs shall be capitalized as goodwill or deduction from…
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PLEASE ANSSWER ASAP. WILL DO THUMBS UP. 1. Assuming the Parent entity elects to measure the NCI at proportionate basis, the computation of non- controlling interest in net income of subsidiary is reduced by the following, except: O Amortization of undervalued assets O All of the above O Amortization of overvalued liabilities O Impairment loss of goodwill 2. Which of the following statements is correct? Statement 1: Any unrealized profit or loss made by the subsidiary should be eliminated from its profit. Statement 2: only the group portion of any unrealized profit need to be eliminated. a. both I and II b. I c. Neither 1 or 2 d. II
Question If a company adopted a particular accounting policy that ASIC considered to be questionable, in principle ASIC might consider taking legal action against the company’s directors for failing to produce true and fair financial statements. However, from a practical perspective, why would it be difficult for ASIC to prove in court that the company’s financial statements were not true and fair?
Which of the following requires recognition in the auditor's report as to consistency?A. Changing the salvage value of an assetB. Changing the presentation of prepaid insurance from inclusion in "other assets" to disclosing it as a separate line itemC. Division of the consolidated subsidiary into two subsidiaries that are both consolidateD. Changing from consolidating a subsidiary to carrying it on the equity basi

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