accountable entity
Q: You are the manager of an oil company, and safety/environmental issues are an important part of the…
A: The importance of safety measures and environmental regulations can be gauged from the BP oil spill…
Q: The least problems encountered when comparing the financial statemen when the firms: Multiple Choice…
A: Are in different lines of business:When firms are in different lines of business, they operate in…
Q: The manager of your company said that he and his board members do not understand the depreciation of…
A: Depreciation is the gradual decrease of a fixed asset's estimated expense. Buildings, fixtures, and…
Q: J-Chron's board of directors periodically meets with the CFO of the company. The CFO reports on the…
A: Board of directors usually meet to discuss the performance of the company and to check compliance of…
Q: nts and nationalization elaborate on the key issue of compensation on the part of private ownership…
A: When a government-owned firm, enterprise, or property is privatised, it is bought by a private,…
Q: Choose the correct.Which of the following does not indicate an investor company’s ability to…
A: Significant influence: One can exercise significant influence on the other, if one holds 20% or more…
Q: MBM Trading Company is a multi-disciplined Engineering, Contracting and Construction company based…
A: In this case, The auditor of the MBM Trading Company, based in Sohar, during the audit, he finds…
Q: Briefly explain how research and development (R&D) expenditure should be accounted for according to…
A: IAS 38: The objective of the standard is to prescribe the accounting treatment for the intangible…
Q: An entity shall suspend capitalization of borrowing costs during extended periods in which it…
A: Borrowing costs are capitalised only during the capitalization period. When all of the following…
Q: Statement 1: It is not always necessary to identify both fair value less cost to sell and value in…
A: Impairment loss: Impairment is the result of a decrease in the fair market value of an asset than…
Q: Walkin Inc. is considering the write-down of its longtermplant because of a lack of profitability.…
A:
Q: How can an Investment be considered a liability since the company is forced to put resources into…
A: An investment can be considered a liability for a company when the company is forced to put…
Q: It is a circumstance in which the liquidation value of an industry is examined for purposes that are…
A: Any company's liquidation is the process of winding up the business because it has lost money due to…
Q: A company believes that it is subject to scrutiny by particular interest groups such as employee…
A: Revenue recognition is a pillar of accrual accounting that states that revenue must be recognised…
Q: If an organization’s operations rely heavily on the specialized expertise of its management team,…
A: To generate income, an entity has to manage its team at all the levels and must rely on the assets…
Q: ord increases and decreases in the fair value of an investment when accountants do not record…
A: In the case of property, plant and equipment, it has always been seen that they are maintained in…
Q: Which of the following statements regarding IFRS impairment testing for goodwill is false? Group of…
A: The objective of the question is to identify the false statement among the given options related to…
Q: Which of the following is a distinguishing characteristic of a nonbusiness organization? Select…
A: The Non business Organizations are the organizations that are formed and operated for the benefits…
Q: Business Risk , refers to the certainty of operating income caused by products, customers, machinery…
A: Risk is the possibility of suffering harm or loss. It is the chance that an event or action will…
Q: A key limitation of Baumol’s model is the fact that substitution between labor and capital takes…
A: Baumol hypothesis explains the logic of unbalanced growth in public and private sector
Q: (a) Who are the stakeholders in this situation? (b) Are the president's motives and actions ethical?…
A: Ethics: Ethics in business is a much debated yet less followed topic. Every business has to…
Q: Mining, explorations and other similar extractive businesses are naturally and fundamentally…
A: The given statement is partially correct because there are different phases in the operations of…
Q: A landowner who sells the mineral rights to a parcel of land while maintaining surface rights…
A: 1.A mineral right is a property right that may be sold, transferred, or leased in the same way that…
Q: The going concern assumption is the basis for the rule that: Group of answer choices the cost of…
A: The shares that are purchased back by the company from the stockholders are known as the treasury…
Q: Assets and liabilities, and income and expenses, when material, shall not be offset against each…
A: As per general accounting principal, liabilities & assets and income & expenses should not…
Q: Can a project generate a negative taxable income for an operation firm?
A: A company that reports net income but negative cash from operations is attributable to a bad cash…
Q: Maximizing the value of a company is a priority only for public companies, not for privately owned…
A: Public company: A corporation is considered a public firm if it has issued securities, such as…
Q: How would one characterize holding company? a). A company that "holds" only assets, no…
A: A holding company is a business entity—usually a corporation or limited liability company (LLC).…
Q: ms, given the measures used? • How would you interpret the total amount for property, plant and…
A: 1. Measures used to determine the amount- WOW- Property, plant and equipment are measured at cost…
Q: This is the situation where liquidation value is considered for industries which purpose are related…
A: The liquidation of any company is the process to wind up the company so because they loss money -…
Q: he company has an option of investing in Project A or Project B. If Project A is accepted, Project B…
A: Mutually exclusive projects are those projects, if one is selected then other cannot be selected or…
Q: Goldworld Mining Inc. (GMI) is a new, privately owned gold mining company that will prepare its…
A: The answer is stated below:
Q: True and fair profit of any business can only be determined after charging depreciation because it…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: Non cash consideration received from customer should be:
A: GIVEN Noncash consideration should be IS
Q: In the accounting literature, there is substantial scepticism towards the adoption of the…
A: The process of defining, assessing, and reporting transactions to regulatory authorities, tax…
Q: Mining, explorations and other similar extractive businesses are naturally and…
A: Introduction: IFRS 6: Exploration for and evaluation of mineral resources, is a standard which…
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- Bansi Breken is a financial institution that provides loans to businesses. It rejects an iron ore company's request for a loan after it reviews the value of the company's assets, liabilities, and owners' equity and finds them to be unsatisfactory. In this scenario, Bansi Breken most likely analyzed the company's _____ to assess its financial condition. Group of answer choices balance sheet operating budget income statement statement of cash flowsPierogi Corp is deciding on buying a property for expanding its operation. The acquisition cannotbe afforded with the company’s current financial situation and a highly onerous bank loan may berequired in order to make the purchase possible. Meanwhile, the property proposed anotheroption that will still allow the company the use of the property. The owner is offering the propertyfor lease with a purchase option. In your opinion, which would be a better option?Under GASB Statement No. 34, which of the following is true of infrastructure?a. Infrastructure must be recorded and depreciated unless a modified approach is used, in which case, depreciation is not required.b. Infrastructure must be recorded and depreciated in all cases.c. Infrastructure is not to be recorded and depreciated.d. The state and local governments have the option, but are not required, to record and depreciate infrastructure.
- Agency costs are -‒‒‒‒‒‒ O costs that managers bear when they do not act in the interests of shareholders O costs that shareholders bear because managers pursue their own interests rather than acting in the interests of shareholders O costs that firms must pay to comply with the regulations imposed by federal government agencies O costs that are exempt from taxation9 You are trying to decide if an entity you are reviewing is a government or a not-for-profit. Which of the following would indicate it is a government rather than a not-for-profit entity? Multiple Choice Absence of profit motive. A primary source of revenues is taxes. Resource providers do not expect benefits proportional to the resources provided. Absence of a defined ownership interest that can be sold, transferred, or redeemed.jag
- One of the disadvantages associated with sole proprietorships is that: raising working capital is difficult. acquiring total ownership of the business's finances is not easy. O creating a sole proprietorship is a complicated process. obtaining licenses and permits is difficult. making autonomous business decisions is difficult.According to the IPSASB's Conceptual Framework, how would you define an "asset"? Please select the right answer. Sorry, your answer was not correct! A resource owned by a public sector entity as a result of past events and from which future economic benefits are expected to flow to the enterprise A resource presently controlled by a public sector entity as a result of past events A resource owned and controlled by a public sector entity as a result of past events and from which service potential is generated None of the above3. Which of the following statements is true? O a. Managers may have a long-term focus and thereby sacrifice the short-term liquidity of the entity. b. Governments may engage in activities like activities engaged in by for-profit entities. O c. There are a small number of different types of governments. O d. All governments engage in the same activities.
- Which of the following, if any, correctly describes the research activities credit? a.If the research activities credit is claimed, no deduction is allowed for research and experimentation expenditures. b.The research activities credit is the greater of the incremental research credit, the basic research credit, or the energy research credit. c.The credit is not available for research conducted outside the United States. d.All corporations qualify for the basic research credit.A concept that a business enterprise will not be sold or liquidated in the nearfuture is known as :(a) Going concern(b) Economic entity(c) Monetary unit(d) None of the aboveParts e and f are wrong! below is the reason why these parts were wrong: "I would like you to write out the ED entry so you can see that it decreases depreciation expense. It has a credit to an expense account, which decreases the expense account balance. Therefore, it would not reduce consolidated income, it would increase it. The subsidiary's reported income is separately affected by the ED entry before taking the noncontrolling interest share." Plz, help me!
