Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 1, Problem 28Q
30. Which of the general-purpose financial statements provides information about the enterprise at a specific designated date?
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30 -
Which of the following is the gross amount of the values obtained from the sale of goods and services that are in the main field of activity of the enterprise or the sale of assets other than the main field of activity, interest, rent, participation income and the like ?
a)
Capital
B)
debts
NS)
Snow
D)
Income
TO)
Balance
The financial position of an enterprise as revealed by its financial statement may be seriously affected by events occurring after the balance sheet date and contingencies. For this reason FRS 21 Events after the Balance Sheet Date and FRS12 provisions, Contingent Liabilities and Contingent Assets lay down rules to ensure that such events and contingencies are properly reflected in financial statements.
Required:
What factors determine whether events after the balance sheet date require adjustment to the financial statements, according to FRS 21 Events after Balance Sheet Date?
Explain the different accounting treatments required for contingent liabilities and contingent assets depending on their degree of probability.
3. Up to what date would it normally be necessary to adjust for or disclose events after the balance sheet date or to disclose contingent liabilities and contingent assets?
25 - Which of the following is the table showing all the revenues of an enterprise in a certain period, the costs and expenses incurred in the same period and the profit or loss gained by the enterprise as a result?A) INCOME STATEMENTB) CASH FLOW STATEMENTC) BALANCE SHEETD) COST TABLEE) ASSETS STATEMENT
Chapter 1 Solutions
Survey Of Accounting
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - 4. In a business context, what does the term...Ch. 1 - 5. What market trilogy components are involved in...Ch. 1 - 6. Give an example of a financial resource, a...Ch. 1 - Prob. 7QCh. 1 - 8. How do financial and managerial accounting...Ch. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - 12. Distinguish between elements of financial...Ch. 1 - Prob. 13QCh. 1 - 14. To whom do the assets of a business belong?Ch. 1 - 15. Describe the differences between creditors and...Ch. 1 - Prob. 16QCh. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - 19. What does a double-entry bookkeeping system...Ch. 1 - 22. How does acquiring capital from owners affect...Ch. 1 - Prob. 21QCh. 1 - Prob. 22QCh. 1 - 25. What are the three primary sources of assets?Ch. 1 - 26. What is the source of retained earnings?Ch. 1 - 27. How does distributing assets (paying...Ch. 1 - 28. What are the similarities and differences...Ch. 1 - Prob. 27QCh. 1 - 30. Which of the general-purpose financial...Ch. 1 - 31. What causes a net loss?Ch. 1 - 35. What three categories of cash receipts and...Ch. 1 - Prob. 31QCh. 1 - 37. Discuss the term articulation as it relates to...Ch. 1 - 38. How do temporary accounts differ from...Ch. 1 - Prob. 34QCh. 1 - 41. Identify the three types of accounting...Ch. 1 - Prob. 36QCh. 1 - Prob. 37QCh. 1 - Prob. 1ECh. 1 - Prob. 2ECh. 1 - Exercise 1-3A Identifying the reporting entities...Ch. 1 - Exercise 1-4A Define Terms and Identify Missing...Ch. 1 - Exercise 1-5 Effect of events on the accounting...Ch. 1 - Exercise 1-6 Effect of transactions on general...Ch. 1 - Exercise 1-7 Missing information and recording...Ch. 1 - Prob. 8ECh. 1 - Exercise 1-9A Record events and interpret...Ch. 1 - Exercise 1-10 Interpreting the accounting equation...Ch. 1 - Prob. 11ECh. 1 - Exercise 1-12A Differences between interest and...Ch. 1 - Exercise 1-13A Classifying events as asset source,...Ch. 1 - Prob. 14ECh. 1 - Exercise 1-15 Preparing an income statement and a...Ch. 1 - Prob. 16ECh. 1 - Prob. 17ECh. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Riley Company paid 60,000 cash to purchase land...Ch. 1 - Prob. 21ECh. 1 - As of January 1, 2018, Room Designs, Inc. had a...Ch. 1 - As of December 31, 2018, Flowers Company had total...Ch. 1 - Prob. 24ECh. 1 - Critz Company was started on January 1, 2018....Ch. 1 - The Candle Shop experienced the following events...Ch. 1 - Prob. 27ECh. 1 - Prob. 28PCh. 1 - Prob. 29PCh. 1 - Match the terms (identified as a through r) with...Ch. 1 - Problem 1-30A Classifying events as asset source,...Ch. 1 - Problem 1-31A Relating titles and accounts to...Ch. 1 - Marks Consulting experienced the following...Ch. 1 - Prat Corp. started the 2018 accounting period with...Ch. 1 - Maben Company was started on January 1, 2018, and...Ch. 1 - Required Use the Target Corporations Form 10-K to...Ch. 1 - ATC 1-5 Writing Assignment Elements of financial...
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- 21. Which of the following describes the purpose of a management accounting system?a) Recording the historical financial transactions of a businessb) Preparation of annual financial statementc) Record statements for external stakeholdersd) Preparation of plans for the future direction of a businessarrow_forward5. Which statement is correct concerning interim financial reporting?I. An entity shall apply the same accounting policies in its interim financial statements as are applied in the annual financial statements. II. If an entity’s interim financial report is in compliance with PFRS, that fact shall be disclosed.arrow_forward75. According to the GAM for NGAs, the responsibility over financial statements rests with the entity’s management, particularly Head of the Entity Head of Finance/Accounting COA All of thesearrow_forward
- 13. Which of the following information is not specifically a required disclosure of IAS 1? a. Whether the financial statements cover the individual entity or a group of entities. b. Names of major/significant shareholders of the entity. c. Name of the reporting entity or other means of identification, and any change in that information from the previous year. d. Level of rounding used in presenting the financial statements.arrow_forwardWhich of the following standards set the required disclosures forconsolidated financial statements? a. IFRS 3 – Business Combinationb. IFRS 10 – Consolidated Financial Statementsc. IFRS 12 – Disclosure of Interest in Other Entitiesd. IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errorsarrow_forwardHow many reportable segments does the entity have under IFRS 8, Operating Segments?arrow_forward
- 73. According to the GAM for NGAs, the statement of financial position is presented in comparative form and in A condensed format A detailed format A classified format All of thesearrow_forwardWhich of the following elements of financial statements is most closely related to companyperformance?a. assetsb. liabilitiesc. expensesarrow_forward25.Financial accounting reports are directed toward the needs of a. regulatory agencies. b. internal users. c. external users. d. stockholders.arrow_forward
- An entity shall disclose for each reportable segment a measure of all of the following, except A. Net assets B. Total liabilities if such amount is regularly provided to the chief operating decision-maker C. Total assets if such amount is regularly provided to the chief operating decision-maker D. Profit or lossarrow_forwardWhich of the following is most associated with financial accounting reports? a.can be prepared for the entity or segment b.prepared in accordance with GAAP c.can be prepared periodically, or as needed d.can have both objective and subjective informationarrow_forwardWrite the definition, recognition, measurement, important key points and disclosure if any provided for the following: Interim Financial Reporting PAS 34arrow_forward
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