Which of the following accounts is reciprocal account to the Investment in Branch account? A. Equity in Home Office B. None of the above C. Home Office capital D. Branch Income

Q: The principle of conservatism is concerned with Oa. the company's procedures for recording…

A: conservatism principle is one of the basic principle of accounting that provides guidance on how…

Q: Choose the correct. Which of the following statements is not true under U.S. GAAP?a. Operating…

A: Operating segments can be determined by looking at a company's organization chart Companies that…

Q: prepares separate financial statements

A: Correct Answer is :- A at cost

Q: Read and T for True and F for False of the following phrases: In translating the financial…

A: The answer is false.

Q: In accounting for investment in associates, where an investor is not a parent, the investor will…

A: Accounting refers to a process through which all day-to-day activities or transactions occurred or…

Q: Choose the correct. What information about revenues by geographic area should a company present?a.…

A: Identify the information about revenues by the geographic area that should a company present. a.…

Q: investment

A: Investment banks are is a type of financial institution who provide advisory based services…

Q: PRO Which of the 1. Financial assets in the form of investments in subsidiaries, associates and…

A: PAS 32 covers Contracts for delivery or receipt of commodity and other non financial assets that can…

Q: Partners' withdrawals of assets are: O Credited to their withdrawals account. O Debited to their…

A: When the net assets are withdrawn, it will account for debit to withdrawal accounts.

Q: hen an investor uses the cost method to account for investments in subsidiary, cash dividends…

A: Solution Concept Cost method to account for investments in subsidiary           This method is used…

Q: A partner's withdrawal of assets from a LLP that is considered a permanent reduction in that…

A: Limited liability partnership (LLP) refers to a partnership wherein a few or all partners (depending…

Q: Translation exposure results when an MNC translates each subsidiary's financial data to its home…

A: Translation Exposure: When a company's equity, assets, obligations, or income fluctuate in value as…

Q: 1. For external reporting, the individual financial statements of the home office and the branch are…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: The journal entry to transfer the profit on revaluation, to Revaluation account: Dr Revaluation A/c…

A: Partnership means where two or more person comes together to do some common business activity and…

Q: Please concisely explain how the excess investment cost over book value is allocated. When is the…

A: 1. The excess cost of investment over book value can be allocated through the process of…

Q: 1. What is an intercorporate share investments? a) Significance Influence b) Financial Assets vs…

A: Investments are the resources that the entity or individual has when capital is allocated for a…

Q: What are changes in accounting principle and how do they affect financial statements? What are two…

A: 1)What are changes in accounting Principle and how do they affect financial statements? 2)What are…

Q: a) Which of the following is a financial instrument' as defined by MFRS 9? Give reasons for your…

A: Financial Instruments are contracts which include monetary transactions between different…

Q: (i)Branch Account prepared under Debtors Method of Branch Accounting is a nominal account.

A: Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: In preparing combined financial statements, which of the following accounts are eliminated in the…

A: There are three kind of Branches  1. Dependent Branch: They don't maintain separate books of…

Q: hen the Company Trades with an Investment in Associate, the Reported net income of the Parent…

A: Solution: When the Company Trades with an Investment in Associate, the Reported net income of the…

Q: T

A: Branch Reciprocal Accounts: When the transactions of business are recorded by both head office and…

Q: Each economic event or transaction will have a dual effect on financial position. Explain what is…

A: Accounting transaction: Accounting exchanges are those exchanges that legitimately influence the…

Q: Which of the following entity is involved in regulating the financial sector Ⓒa PFRDA Ob. SEBI OC…

A: The financial sector is a sector that is responsible for providing financial services to the…

Q: Investments in equity instruments are financial assets because they are Group of answer choices…

A: Solution: As per IAS, Financial assets are those assets that is: 1. Cash 2. an equity instrument of…

Q: Profit on exchange differences, arising on transaction of foreign operations are classified as: a.…

A: Introduction: Foreign exchange: Buying and selling of foreign currencies , entering in to the…

Q: Financial contracts are those which give simultaneous rise to the financial assets of one entity and…

A: Introduction: A financial contract is an arrangement in the form of an individually negotiated deal,…

Q: Purchases inventories on behalf of the joint venture, such as goods, felling rights and vacant…

A: When an entity purchases goods on behalf of its joint venture, it means that it has increased its…

Q: When is the intra-entity’s profits recognized on transfers between the investor and investee?

A: The period in which intra-entity’s profits recognized on transfers between the investor and investee…

Q: To know whether a particular situation for a family, business, or government involves an equilibrium…

A: In order to determine whether a particular situation for a family, business, the government is in…

Q: What is difference in conventional income statement and a commercial bank’s income statement?…

A: Financial statements are essentially prepared in order to understand the performance of a company.…

Q: Conceptual Framework and Reporting Standard: Small and Medium Sized Enterprise 1. In SME, borrowing…

A: IFRS for SMEs provide Conceptual Framework for Small and Medium Sized Enterprise

Q: What is a subsidiary’s functional currency? Choose the correcta. The parent’s reporting currency.b.…

A: Definition:   Where foreign currency is the primary currency of the foreign entity operating…

Q: onsolidated financial statements are I. The financial statements of a group presented as those of a…

A: Solution: Consolidated Financial Statements are: 1. The financial statements of a group presented as…

Q: Balance Sheets show the Flow of Assets and Liabilities between one accounting period and another.…

A: Answer:- True Explanation:- Balance sheet is one of the most important financial statement of an…

Q: Discuss the differences between investment in associate and interest in joint venture in accounting…

A: Malaysian Financial Reporting Standards (MFRS): It was established by the Malaysian Accounting…

Q: What is a subsidiary’s functional currency?a. The parent’s reporting currency.b. The currency used…

A: Where foreign currency is the primary currency of the foreign entity operating environment, it can…

Q: 36 - Which of the following is the basic accounting equivalence? A) Resources = Assets + Liabilities…

A: An asset is a resource having an economic value that is owned or regulated by a person,…

Q: the "investment in branch" is an asset account in the branch's individual financial statements  a.…

A: A branch is an underlying department or division of an organization. The scattered distribution of…

Q: How are intra-entity transfers reported in an investee’s separate financial statements if the…

A: Equity method: Equity method is the method used for accounting equity investments which claim a…

Q: What information about revenues by geographic area should a company present?a. Disclose separately…

A: Revenue: The account which is to be credited when a company receives donated assets is the revenue…

Q: Which one of the following will not be recorded in profit and loss appropriation account? a.…

A: Profit and loss appropriation account includes the appropriation of profit and loss to the partners.…

Q: What is the name given to a subsidiary of a firm that exists solely to handle the credit functions…

A: Captive Finance company is the name given to a subsidiary of a firm that exists solely to handle the…

Q: method, an investment in associate or joint venture is initially and subsequently measured at…

A: Answer - Option B Initial measurement - Cost Subsequent measurement- Cost, adjusted for the investor…

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…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.