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Explain the situation that a company (in the extractive industry) expenses all exploration and evaluation expenditure as incurred. Would the related financial reports provide ‘relevant’ information?

Property, Plant, and Equipment (PPE) Assessment:a) Describe the company’s Property, Plant and Equipment section in the balance sheet relative to the total fixed assets of the company’s industry (use quantitative and qualitative summaries to support your description. b) Analyze the accounting treatment of Property, Plant and Equipment, including depreciation methods employed and any impairments recognized, and include a brief summary of the accounting standards and principles included in the decision (reference the Notes that inform your summary). c) Discuss the significance of Property, Plant And Equipment in the company’s operations and its impact on financial performance and reporting.

What do you know about PPE ( property, plant and equipment ?  • What range of measures is used to determine amounts for these items in the reports of the individual companies? • Do you think it is valid to add the items, given the measures used? • How would you interpret the total amount for property, plant and equipment in the financial statements? • Compare the measures used by the different companies for similar items. Are there any inconsistencies in how similar items are measured by the different companies?  Answer above by seeing 2020  annual report of Coles & WoolWorths AU and evaluate the PPE disclosure of WOW and COL.

Which of the following would most likely appear under the heading of "Other Long-Term Assets" in the balance sheet? Multiple Choice Goodwill from the acquisition of another company Equipment used in primary operations Significant investment in equity securities of another company Long-term operating leases used in primary operations I

Property, Plant, and Equipment (PPE) Assessment:   Describe the company’s Property, Plant and Equipment section in the balance sheet relative to the total fixed assets of the company’s industry (use quantitative and qualitative summaries to support your description. Analyze the accounting treatment of Property, Plant and Equipment, including depreciation methods employed and any impairments recognized, and include a brief summary of the accounting standards and principles included in the decision (reference the Notes that inform your summary). Discuss the significance of Property, Plant And Equipment in the company’s operations and its impact on financial performance and reporting.

1.       The following are the possible methods of measuring assets and liabilities other than historical cost: I)               Current Cost, II)              Realisable Value, III)            Present Value IV)           Replacement Cost.  According to IASB’s Conceptual framework for financial reporting which of the measurement bases above can be used by an entity for measuring assets and liabilities shown in its statement of financial position.   a. I and II only b. II and II only c.   I, II and III only   d. All four methods

From the Fundamentals of Oil and Gas Accounting; Which oil and gas assets are subject to impairment testing for successful effort companies?

Which of the following is not a required disclosure regarding intangible assets that are amortized for each period a company presents a balance sheet? a. the total costb. the accumulated amortizationc. the amortization expensed. the estimated amortization expense for the next ten years

Hw would you best define an intangible asset? A. Assets that dont impact the company's valuation B. Assets with physical traits, such as property or equipment C. Assets not recorded on the Balance Sheet, such as customer loyyalty or intellectual property D. Assets that were added to the company in the most recent annual report E. Assets that depreciate at an accelerated rate

Match the correct term with its definition.A. Cost principlei. if uncertainty in a potential financial estimate, a company should err on the side ofcaution and report the most conservative amount B. Full disclosureprinciple ii. also known as the historical cost principle, states that everything the company ownsor controls (assets) must be recorded at their value at the date of acquisition C. Separateentity concept iii. (also referred to as the matching principle) matches expenses with associatedrevenues in the period in which the revenues were generated D. Monetarymeasurementconcept iv. business must report any business activities that could affect what is reported onthe financial statements E. Conservatismv. system of using a monetary unit by which to value the transaction, such as the USdollar F. Revenuerecognitionprinciple vi. period of time in which you performed the service or gave the customer theproduct is the period in which revenue is recognized G. Expenserecognitionprinciple…

For each account listed, identify the category in which it would appear on a classified balance sheet. Use the following categories: Current Assets; Long-term Investments; Property, Plant, and Equipment; Intangible Assets; Current Liabilities; Long-term Liabilities; and Owner's Equity. If the item does not belong on the classified balance sheet, put an X. Account Category а. Land (used in operations) b. Accumulated Depreciation-Equipment c. Reed, Capital d. Service Revenue е. Investment in Starbucks Corporation (to be held long-term) f. Accounts Receivable g. Equipment h. Buildings i. Notes Payable (due in 10 years) j. Unearned Revenue k. Cash I. Accounts Payable m. Prepaid Rent n. Reed, Withdrawals o. Land (held for investment purposes) p. Depreciation Expense

Choose the letter that corresponds to the answers.

1. Exploration and evaluation assets are initially measured at  a. cost. b. revalued amount. c. fair value. d. a or b 2. Exploration and evaluation assets are exploration and evaluation expenditures recognized as  a. assets in accordance with the entity’s accounting policy. b. expenses in accordance with applicable PFRSs. c. assets in accordance with (a) above, subject to the limitations provided under PAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. d. any of these Use the following information for the next two questions: In 20x1, OBSTREPEROUS NOISY Mining Corp. acquired the right to use 1,000 acres of land to mine for gold. The lease cost is ₱200,000,000, and the related exploration costs on the property amounted to ₱40,000,000. It is the policy of OBSTREPEROUS Mining Corp. to capitalize all costs of exploration and evaluation of mineral resources. Intangible development costs of drilling, tunnels, shafts, and wells incurred before opening the mine amounted to…

29. A public utility reports noncurrent assets as the first item on its balance sheet. This is an example of a. Conservatism b. Improper statement presentation c. Substance over form d. Industry practice

7. How is the valuation of current assets affected if the company follows IFRS? Valuation is based on historical cost. OValuation is based on market adjustments. OValuation is based on LCM accounting. O Assets are expensed immediately.

What is net income? Group of answer choices -part of asset -Calculate the asset and liabity -part of the financial statement which calculate equity -part of financial statements, which contains the results of its operations during an accounting period.       Flag question: Question 32   What is discontinued operation? Group of answer choices -no longer operable and fall under asset -result of the operation which has been disposed or classified by the entity as held for sale -no longer consider part of balance sheet -consider disposable and need to be calculate as part of retained earnings       Flag question: Question 33   Why is budget important? Group of answer choices -It gives stakeholder good information about financial statement; -provide a good orderly management activities within an organization; -it is important to create balance sheet; -It is useful to manage liabilities.       Flag question: Question 34   What is a flex budget?…

For each account listed, identify the category in which it would appear on a classified balance sheet. Use the following categories: Current Assets; Long-term Investments; Property, Plant, and Equipment; Intangible Assets; Current Liabilities; Long-term Liabilities; and Owner's Equity. If the item does not belong on the classified balance sheet, put an X. Account a. Land (used n operations) b. Accumulated Depreciation-Equipment c. Reed, Capital d. Service Revenue e. Investment in Starbucks Corporation (to be held long-term) Accounts Receivable g. Equipment h. Buildings i. Notes Payable (due in 10 years) j. Unearned Revenue Cash 1. Accounts Payable m. Prepaid Rent n. Reed, Withdrawals o. Land (held for investment purposes) p. Depreciation Expense Category Current Assets Long-term Investments Property, Plant, and Equipment Intangible Assets Current Liabilities Long-term Liabilities Owner's Equity X W

Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material effect on the financial statements for the current year of your business enterprise. 1. A change from the completed-contract method to the percentage-of-completion method of accounting for long-term construction-type contracts. 2. A change in the estimated useful life of previously recorded fixed assets as a result of newly acquired information. 3. A change from deferring and amortizing preproduction costs to recording such costs as an expense when incurred because future benefits of the costs have become doubtful. The new accounting method was adopted in recognition of the change in estimated future benefits. 4. A change from including the employer share of FICA taxes with payroll tax expenses to including it with “Retirement benefits” on the income statement. 5. Correction of a mathematical error in…

Which method of the matching principle is used when a company recognizes depreciation expense on the income statement? Group of answer choices A. Installment method B. Systematic and rational allocation C. Immediate recognition D. Associating cause and effect

Which of the following items are added back to Net Income when the Indirect method is being used to prepare the Operating Activities section? Please mark the correct answers and leave the incorrect answers unmarked Depreciation expense Accumulated depreciation Bad Debt Expense Accounts Receivable balance Loss on sale of equipment Gain on sale of equipment