A contributes P1M, B contributed P1M, and C contributed services. There was no agreement as to profit- loss sharing, what will be the share if C in the profit? A. Equal to share of A and B B. P1M C. Just and equitable under the circumstances. D. Court to fix his share
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- In the final settlement, of the contingent consideration, which of the following statements is valid?I. If the contingent consideration is classified as equity, the amount shall be measured upon settlement and recognized as part of profit and loss.II. If the contingent consideration is classified as financial liability, the amount shall be measured at fair value upon settlement with any gain or loss recognized as part of profit and loss. a. I only b. Both I and II c. II only d. Neither I nor II7.) If the amount paid by an investor (parent) is less than the proportional total of the estimated fair value of investee's (subsidiary's) assets acquired and liabilities assumed, the difference is recorded as ... a. Negative goodwill in the balance sheet of the investor. b. Gain from a bargain purchase in the income statement of the investor. Gain from a bargain purchase in the income statement of the investee. d. Allocated as a reduction to each of the asset and liability accounts when applying consolidation accounting by the investor. c.I. The use of average capital in distributing profits and losses results in equitable distribution thereof. II. When partners are entitled to salaries, they are to be credited for this even when the operation results in a loss. Group of answer choices a. BOTH STATEMENTS ARE FALSE b. ONLY THE 1ST STATEMENT IS FALSE c. BOTH STATEMENTS ARE TRUE d. ONLY THE 1ST STATEMENT IS TRUE
- I. The use of average capital in distributing profits and losses results in equitable distribution thereof. II. When partners are entitled to salaries, they are to be credited for this even when the operation results in a loss. a. ONLY THE 1ST STATEMENT IS TRUE b. ONLY THE 1ST STATEMENT IS FALSE c. BOTH STATEMENTS ARE FALSE d. BOTH STATEMENTS ARE TRUEWhen there is no specified agreement in the profit-sharing, what happens to the distribution of the profits/losses? Does it will be divided equally or according to the capital contributions?If an entity has elected to use the fair value option for a financial liability; a. It is measured at fair value through other comprehensive income. b. It is measured at fair value through profit or loss. c. It is measured at amortized cost. d. Fair value op don is prohibited for financial liabilities.
- 6. What is the proper treatment for noncash asset received from a non-stockholder? Group of answer choices a. The share premium shall be credited for the fair value of the noncash asset. b. The share premium shall be credited for the book value of the noncash asset. c. The income account shall be credited for the fair value of the noncash asset. d. The income account shall be credited for the book value of the noncash asset.Question 3. Classify each of the following accounts as (a) asset, (b) liability, or (c) equity. a.→Defined benefit obligation b.→Plan asset c.→Right-of-use asset d.→Contract asset e.→ Unearned revenue f.→ Deferred tax asset g.→Accumulated other comprehensive losseHow does the fair value model differ from the revaluation model? Question 4 options: a Increases in carrying amount above a cost-based measure are recognized in equity b Changes in fair value are recognized in profit or loss c a and b d neither a or b
- B. Ta'awun O C. Tabarru' O D. All of the above 28. is a profit-sharing contract whereby one party provides the capital and others party supply the expertise. O A. Mudharabah O B. Wakalah O C. Waqf O D. Ta'awunWhich of the following is taxable compensation? A. Commissions B. Honoraria C. Gains on exercise of stock options D. All of the above E. None of the aboveWhich of the following statements is correct? A. The receipt of boot in a § 1031 like-kind exchange can result in the recognition of gain B. The receipt of boot in a § 1031 like-kind exchange cannot result in the recognition of loss C. The giving of boot in a § 1031 like-kind exchange can result in the recognition of gain D. Only A, and B E.A, B, and C Please without plagiarism please
