Why is there a need for a change in the structure of the International Accounting Standards Committee? What is the role of the IASB in the field of accounting?

Q: You are required to write a essay for no less that 300 words on all the users of accounting infornat...

A: User of accounting information 1. Investors 2. Employees and labour unions 3. Lenders 4. Suppliers 5...

Q: A provision may be the equivalent of an estimated liability or a loss contingency that is accrued be...

A: In this question we will understand that how a provision may be equivalent of an estimated liability...

Q: The December 31, 2021 adjusted trial balance section of Premier Construction's v sheet is below Adju...

A: T-Accounts - T-Accounts are prepare after preparing journal entries. After preparing journal entries...

Q: DOCUMENTATION DELIVERABLES ARE SOMETIMES SHOWN AS SEEPARATE COSTS   IN THE PROJECT COST ESTIMATE.  T...

A: Stock holders are need to evalute the deliverable documentation costs are treated as seperate costs.

Q: The term of a "low value lease" may be more than twelve months * True or False?

A: Lease is an agreement which involves renting of an asset or property in return for a monetary consid...

Q: Is it true or false that corporations muse issue common stock, but may or may not decide to issue pr...

A: It is the decision taken by board of directors whether to issue preference shares/stock.

Q: On January 1, year 1, DEF Company purchased 80% of the stock of UVW for P4,000,000 cash. Prior to th...

A: GIVEN   On January 1, year 1, DEF Company purchased 80% of the stock of UVW for P4,000,000 cash. Pri...

Q: In July 2017, Lenux Corporation (a calendar-year taxpayer) purchased $2,140,000 of new office furnit...

A: The office furniture is put to use in July 2017. therefore half-year convention is used. An office f...

Q: The December 31, 2021 adjusted trial balance section of Premier Construction's work sheet is below A...

A: Closing Entries - Closing entries are required to close the temporary accounts after making financi...

Q: Year        Cost       Market Value      Unrealized Gain / (Loss) 2020 GKKB   P25,250        P23,350...

A: Jounral Entry Here provide the journal entries which are made the investment in the different compan...

Q: trepare the journal entries for 2020 relating to these events, using the a. Legal budgetary basis. D...

A: Journal entry is the entries which have to be recorded in the books of the company on the general jo...

Q: Culver Corporation uses a periodic inventory system and reports the following for the month of June....

A: FIFO Cost of ending inventory  (210 x 7) + (40 x6) = 1710 Cost of goods sold = (100 x 5) + (325 x6) ...

Q: A company had excess funds at the beginning of 2021. The investment committee decided to purchase ma...

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...

Q: ssume that the current ratio for Arch Company is 2.5, its acid-test ratio is 1.5, and its working ca...

A: Let the current liabilities be X  Working capital = Current assets - Current liabilities           ...

Q: On January 1, 2021, PARKSOOYOUNG acquired all the outstanding shares of SUNGJAE for P600,000. The sh...

A: Merger refers to the process under which the two separate organizations forms a new organization. Ac...

Q: 9. Which of the following is not a step that a CAE would perform in assurance mapping? a. Ensure th...

A: Answer To Question no. 9 Assurance can be taken from Internal Auditor as well as Statutory Auditor (...

Q: It would be the owner's responsibility in the management agreement to: Require the manager to keep i...

A: The correct answer for the above mentioned question is given in the following steps for your referen...

Q: You are in charge of auditing PLM (PopoyLangMalakas) Company's investment accounts for the year ende...

A: Retained earnings refer to the amount that is being kept aside after payment of interest and dividen...

Q: Quantitative Problem: Bank 1 lends funds at a nominal rate of 7% with payments to be made semiannual...

A: The Effective Annual Interest Rate (EAR) seems to be the rate of interest that has been adjusted to ...

Q: Sheffield Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning De...

A: PV Table for 9% Period Discount rate @9% 0 1 1 0.9174 2 0.8417 3 0.7722 4 0.7084 5 0....

Q: A. It is probable that an outflow of economic benefits will be required to settle an obligation B. T...

A: Option D

Q: During your audit of Esau Corporation for the year 2021, you found the following postings to the FVP...

A: Carrying amount shall be calculated at fair value as on Decemeber 31,2021

Q: Di Stefano Office Supply Company received a bank statement showing a balance of $68,355 as of March ...

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with ...

Q: Problem 9-15 The FUTA Tax (LO 9.6) Thomas is an employer with two employees, Patty and Selma. Patty'...

A: Maximum FUTA tax rate = 6% This applies on first $7000 of gross pay Thus if unemployment tax rate (S...

Q: Sadie May has decided to start a business where she will sell a single line of high heel shoes. Sadi...

A: Breakeven Point: The breakeven point is the level of creation at which the costs of creation are ide...

Q: ABC Company , a holder of P1,000,000 XYZ Company bonds, collected the interest due on March 31, year...

A: A consolidated balance sheet is acknowledged as the balance sheet prepared by a parents company whic...

Q: Novak Corp. just began business and ma June 1 189 units $1134 June 10 252 units 1764

A: Fifo is short for first in first out. it means the element which is inserted into the structure firs...

Q: You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock u...

A: Inventory Valuation Methods - Inventory valuation involve FIFO Method, LIFO Method and Average Cost ...

Q: Starbucks operates a number of branches in Metro Manila. The fixed monthly expense of a coffee branc...

A: Excel formulas that are used during calculations:-   Notes:- Fixed cost is constant for all the lev...

Q: Which of the following set of taxes are prohibited? I. Imposition at the same time of income tax and...

A: Income tax is direct tax and value added tax is indirect tax so direct and indirect tax can be impos...

Q: rder costing system. The company has two departments through which most jobs pass. Overhead is appli...

A: Job Order Costing System :   Job order costing is a method of calculating the cost of manufacturing ...

Q: Adjustments are: Blair’s Custom Shop performed a count of supplies at the end of the accounting p...

A: Worksheet - Worksheet includes unadjusted Trial Balance, Adjustments and Adjusted Trial Balance. All...

Q: At 30 June 2002 a company had Klm 8% loan notes in issue, interest being paid half- yearly on 30 Jun...

A:

Q: A company uses the periodic inventory system and records purchases net of discounts. On April 1, the...

A: Purchase amount net of discount = P20,000 - 2%  = P19,600

Q: For the current year, Parker Games has the following inventory transactions related to its tradition...

A: Under FIFO method, the cost of goods sold = 106*21 + 51*16                                          ...

Q: Steve Osbourne is considering opening a business, but the major decision faced is how to organize th...

A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued i...

Q: S.A.Q 1.3 ACTIVITY 2: Entrios for Sale of Goods On January 3, 2020, a sale to customer Kim Taehyung ...

A: Perpetual Inventory System – Under Perpetual inventory system on every sales transaction cost of goo...

Q: Which of the following items of interest expense may be deducted from gross income? Interest deducte...

A: Interest expense will be allowed as a deduction if such Expense is incurred in the ordinary course o...

Q: In this scenario, you are presented with the company’s financial records. This activity requires vig...

A: You have posted multiple questions, s as per Bartleby policy, only the first question is answered. I...

Q: IFRS 16 states that lessors shall recognize assets held under finance lease as a receivable at an am...

A: IFRS 16 Leases: It tells the principles related to the recognition, measurement, presentation, &...

Q: Steve Osbourne is considering opening a business, but the major decision faced is how to organize th...

A: The question is related to Characteristics of Companies. A corporate is an artificial person created...

Q: Hawkins Audio​ Video, Inc. manufactures digital cameras. Hawkins is considering whether it should ou...

A: In this question, we have multiple choices and in these one is correct , we solve it and find that w...

Q: 11. On June 30, 2015, the balance sheet of Western Marketing, a partnership, is summarized as follow...

A: A partnership is a relationship between two or more persons who have agreed to share profits of the ...

Q: (in millions) 2020 2021 2022 Beginning inventory $1,900 $2,200 $2,400 Ending inventory 2,200 2,400 2...

A: Gross profit rate is the rate which shows the percentage of gross profit earned on the sales of the ...

Q: On January 1, 2021, Sledge had common stock of $210,000 and retained earnings of $350,000. During th...

A: Solution  Net income means income after deducting costs , allowances and taxes.

Q: The Amber is a product made by Howells Ltd. The following data applies to its production: In one sta...

A: Standard hours to be taken for production of 250 units = 250 units × 12 minutes = 3000 minutes In ho...

Q: Proctor & Gamble (PG)  and Church & Dwight (CHD)  are two iconic American consumer products companie...

A: 1. Accounts receivable turnover = Net sales/ Average Accounts receivables 2. Inventory turnover = Co...

Q: Investments in Stocks - This portfolio is composed of GKKB Company shares (GanyanKabaKatigasBash) an...

A: A current account which is related to the securities account is known as the investment account. Thi...

Q: pr lower will Required: 1. Assume that during the year the company works only 75,000 machine-hours a...

A: Solution: Overhead rate is the rate on the basis of which overhead is applied to production. The rat...

Q: Depreciation for Partial Periods Bean Delivery Company purchased a new delivery truck for $42,000 on...

A: Depreciation Expense - Depreciation Expense is calculated to account the use, wear and tear, obsoles...