Any gain or loss on the restatement of non-monetary items is included: In the profit or loss, without separate disclosure. O In the profit or loss, with separate disclosure. O In the other comprehensive income. O As part of the equity section in the balance sheet.

The gain or loss on net monetary position is computed as a. The difference between the “net monetary items, end – historical” and net monetary itmes, end –restated”. This amount is recognized in profit or loss.b. The difference between the “net monetary items, end – historical” and “net monetary items, end –restated” This amount is recognized in equity.c. The difference between the “net monetary items, beginning – restated” and net monetary items, end – restated.” This amount is recognized in profit or loss.d. The difference between the “net monetary items, beginning – historical” and net monetary items, end – restated.” This amount is recognized in equity.

A debit balance in the Retained Earnings accounts is reported as a (an) a. assetb. contra-liabilityc. liabilityd. contra-equity

Financial Accounting ‏

What is meant by the terms elements and items as theyrelate to the income statement? Why might items have tobe disclosed in the income statement?

1) On the Statement of Retained Earnings where does the Beg Balance of RE come from?2) Also regarding this financial statement, what is the purpose and reason for adding Net Income to the Beg Bal of RE?

Which of the following is not an element of the income statement? Revenues. Liabilities. Expenses. Gains.

Under IFRS, liabilities and shareholders' equity on the balance sheet usually appear in which order? Equity, noncurrent liabilities, and current liabilities O Equity, current liabilities, and noncurrent liabilities Current liabilities, noncurrent liabilities, and equity Noncurrent liabilities, current abilities, and equity

The following are the typical classifications used in a balance sheet: Current assets b. Investments c. Property, plant, and equipment d. Intangible assets e. other assets f. Current liabilities g. Long-term liabilities h. Paid-in capital i. Retained earnings a. Required: For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.) 1. C Equipment 10. ſa Inventory ces 2. t Accounts payable 11. Patent 3. lа Allowance for uncollectible accounts Land (used in operations) a 12. 4. b Land (held for investment) 13. Accrued liabilities (due in 6 months) 5. g Notes payable (due in 5 years) 14. Prepaid rent (for the next 9 months) 6. Deferred revenue (for the next 12 months) 15. h Common stock 7. f Notes payable (due in 6 months) 16. Building (used in operations) 8. i vAccumulated amount of net income less dividends 17. a Cash 9. b Investment in XYZ…

9. Write-downs of inventories to their net realizable value are recognized a. in profit or loss b. in other comprehensive income c. directly in equity d. any of these