t20 Which of the following is not a disclosure for a provision? *The carrying amount at the beginning and end of the period.Unused amounts reversed during the period.Comparative informationthe increase during the period in the discounted amount arising from the passage of time and the effectof any change in the discount rate

solution : correct answer is option : comparative information as per IAS 37 , comparative…

Answered: Which of the following is not a…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 12Q

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When the amount of rebate on bills discounted shown in the adjustments, then it has to be: a. Deducted from discounts received on bills and shown in other liabilities b. Deducted from discounts on bills purchased and shown in fixed assets c. Deducted from discounts received on bills and shown in other assets d. Added to discounts received on bills and shown in other liabilities
what is the effect of purchase on account on current rattion?
Indicate whether each statement best describes the allowance (A) method or the direct write-off (DW)method. Estimates bad debts expense related to the sales recorded in that period.
The following are based on FASB Codification. #1. Describe the accounting for refund liabilities. #2. What procedures are followed in the allocation of a discount?
Which of the following is not one of the suggested approaches to reporting changes in the accounts? a. current period. b. retrospective. c. prospective. d. selective period.
Using the percentage of sales method, the balance in Allowance for Doubtful Accounts must be taken into consideration before making the adjusting entry.
What will be the result for failing to record the year-end adjustment for accrued interest on a note payable? O An understatement of expense and an understatement of current liabilities An understatement of expense and an overstatement of current liabilities An overstatement of expense and an understatement of current liabilities An overstatement of an expense and an overstatement of current liabilities
If an adjustment includes an entry to a payable or receivable account, which type of adjustment is it? a. Estimate b. Accruals c. Deferrals d. Provision
A change in the liability for warranty costs requires a. presenting prior-period financial statements as previously reported. b. presenting the effect of pro forma data on income and earnings per share for all prior periods presented. c. reporting an adjustment to the beginning retained earnings balance in the statement of retained earnings. d. reporting current and future financial statements on the new basis.
Which of the following accounts would be classified as a current liability on a classified balance sheet? Multiple Choice Dividends Deferred Revenue Wages Expense Accounts Receivable
Under the direct write-off method of accounting for uncol-lectible accounts: a. The current year uncollectible accounts expense is lessthan the expense would be under the allowance approach.b. The relationship between the current period net sales and current period uncollectible accounts expense illus-trates the matching principle.
State how each of the following items is reflected in thefinancial statements.(a) Change from FIFO to LIFO method for inventoryvaluation purposes.(b) Charge for failure to record depreciation in a previousperiod.(c) Litigation won in current year, related to prior period.(d) Change in the realizability of certain receivables.(e) Write-off of receivables.(f) Change from the percentage-of-completion to thecompleted-contract method for reporting net income.

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