Advanced Financial Accounting
12th Edition
ISBN: 9781259916977
Author: Christensen, Theodore E., COTTRELL, David M., Budd, Cassy
Publisher: Mcgraw-hill Education,
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Chapter 13, Problem 13.6Q
To determine
Introduction: The reportable segment is the course of action used to decide which of the operating segments are separately reportable. A separately reportable segment requires separate supplemental disclosures, based on management’s arrangement of these operating segments for the purpose of internal evaluation of the entity’s financial position and operating performance.
The two materiality tests used to determine separately reportable foreign operations.
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TRUE OR FALSE?In computing for the comprehensive income, the translation loss on foreign operation will be deducted from the net income.
Bell International can estimate the amount of loss that will occur if a foreign government expropriates some company property. Expropriation is considered reasonably possible. How should Bell report the loss contingency?
Exchange difference arising from the translation of financial statements of a foreign operation into the presentation currency of the reporting entity shall be accounted for as
Group of answer choices
Translation gain or loss as a component of profit or loss
Transaction gain or loss as component of other comprehensive income
Translation gain or loss as a component of other comprehensive income
Transaction gain or loss as component of profit or loss
Chapter 13 Solutions
Advanced Financial Accounting
Ch. 13 - Prob. 13.1QCh. 13 - Prob. 13.2QCh. 13 - What are the three 10 percent significance tests...Ch. 13 - Prob. 13.4QCh. 13 - A company has 10 industry segments, of which the...Ch. 13 - Prob. 13.6QCh. 13 - Prob. 13.7QCh. 13 - Prob. 13.8QCh. 13 - Prob. 13.9QCh. 13 - Prob. 13.10Q
Ch. 13 - Prob. 13.11QCh. 13 - Prob. 13.12QCh. 13 - Prob. 13.13QCh. 13 - Prob. 13.14QCh. 13 - Maness Company made a change in accounting for its...Ch. 13 - Prob. 13.1CCh. 13 - Prob. 13.2CCh. 13 - Prob. 13.3CCh. 13 - Prob. 13.7CCh. 13 - Prob. 13.8CCh. 13 - Prob. 13.9CCh. 13 - Reportable Segments Data for the seven operating...Ch. 13 - Prob. 13.2.1ECh. 13 - Prob. 13.2.2ECh. 13 - Prob. 13.2.3ECh. 13 - Prob. 13.2.4ECh. 13 - Prob. 13.2.5ECh. 13 - Prob. 13.2.6ECh. 13 - Prob. 13.2.7ECh. 13 - Prob. 13.2.8ECh. 13 - Prob. 13.2.9ECh. 13 - Prob. 13.2.10ECh. 13 - Prob. 13.2.11ECh. 13 - Prob. 13.3.1ECh. 13 - Prob. 13.3.2ECh. 13 - Multiple-Choice Questions on Interim Reporting...Ch. 13 - Prob. 13.3.4ECh. 13 - Prob. 13.3.5ECh. 13 - Prob. 13.3.6ECh. 13 - Prob. 13.3.7ECh. 13 - Prob. 13.3.8ECh. 13 - Prob. 13.3.9ECh. 13 - Prob. 13.3.10ECh. 13 - LIFO Liquidation During July, Laesch Company,...Ch. 13 - Inventory Write-Down and Recovery Cub Company, a...Ch. 13 - MutiniedChoice Questions on Income Taxes at...Ch. 13 - Prob. 13.6.2ECh. 13 - Prob. 13.6.3ECh. 13 - MutiniedChoice Questions on Income Taxes at...Ch. 13 - Prob. 13.6.5ECh. 13 - Prob. 13.6.6ECh. 13 - Prob. 13.7ECh. 13 - Prob. 13.8ECh. 13 - Prob. 13.9ECh. 13 - Prob. 13.10ECh. 13 - Prob. 13.11ECh. 13 - Prob. 13.12ECh. 13 - Prob. 13.13PCh. 13 - Prob. 13.14PCh. 13 - Interim Income Statement Chris Inc. has...Ch. 13 - Prob. 13.17PCh. 13 - Prob. 13.20PCh. 13 - Matching Terms Match the items in the left-hand...
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- The law that specifically prohibits payments to foreign officials in order to attain business is known as ____________________________. FCPA AICPA SOX IFRSarrow_forwardPlease explain and analyze the effect of major differences between IFRS and U.S. GAAP related to the financial reporting of a specific category of account (e.g. intangibles, biological assets, goodwill, non-controlling assets).arrow_forwardUS Tax law contains a two-pronged system for taxing the US source income of foreign persons. Briefly explain this system.arrow_forward
- The legislative body cannot impose tax upon income of certain persons outside Philippine jurisdiction due to this principle. Territoriality International comity Reciprocity Inherent limitation of taxationarrow_forwardThe legislative body cannot impose tax upon income of certain persons outside Philippine jurisdiction due to this principle. Group of answer choices a. International comity b. Reciprocity c. Territoriality d. Inherent limitation of taxationarrow_forward31. Which of the following is not a function of Bureau of Customs? Group of answer choices a. Assessment and Collection of all national internal revenue taxes, fees, and charges b. Simplification and harmonization of customs procedures to facilitate movement of goods in international trade c. Border control to prevent entry of smuggled goods d. Prevention and suppression of smuggling and other customs fraud e. Facilitation and security of international trade and commerce through an informed compliance programarrow_forward
- ell International can estimate the amount of loss that will occur if a foreign government expropriates some company property. Expropriation is considered reasonably possible. How should Bell report the loss contingency?arrow_forwardIncome of kind, to the extent required by any treaty obligation binding upon theGovernment of the Philippines is exempt from income taxation. a.true b.falsearrow_forwardIAS 21 provides that exchange differences/(gain/loss) arising on the settlement or remeasuring foreign currency transaction shall be recognized in Share premium Profit or loss Other comprehensive income Retained earningsarrow_forward
- The translation (remeasurement) adjustment reported in a translation when the functional currency is not the foreign currency is included a. as a separate component of other comprehensive income b. in the current liability section of the balance sheet as deferred revenue c. in the calculation of net income d. none of the abovearrow_forwardTo satisfy geographic area disclosure requirements, what are the minimum and maximum numbers of countries for which information should be reported separately?arrow_forward. What factors lead to differences between countries? What are the implications for the IAS? Are the differences such that it is not appropriate for all countries to adopted IAS? Discussarrow_forward
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