Apps 6 . i - Iginlo O YouTube Google daz 6 OpenEMIS Core Os gw - Zgiall gguill http://emis.moe.go.. 9 https://www.joljo.c. G Google iy - 2492 Question : 6 a Which of the following statements is correct? Total elimination is consistent with the parent company concept. Partial elimination is consistent with the economic unit concept. Past accounting standards required the total elimination of unrealized intercompany profit in assets acquired from affiliated companies. none of these. 2021 - Shakir A Mrayyen EWhatsApp image.jpeg WhatsApp Image.jpeg WhatsApp mage.jpeg 因多回如急酒河令 2G Type here to search

Apps 6 . i - Iginlo O YouTube Google daz 6 OpenEMIS Core Os gw - Zgiall gguill http://emis.moe.go.. 9 https://www.joljo.c. G Google iy - 2492 Question : 6 a Which of the following statements is correct? Total elimination is consistent with the parent company concept. Partial elimination is consistent with the economic unit concept. Past accounting standards required the total elimination of unrealized intercompany profit in assets acquired from affiliated companies. none of these. 2021 - Shakir A Mrayyen EWhatsApp image.jpeg WhatsApp Image.jpeg WhatsApp mage.jpeg 因多回如急酒河令 2G Type here to search

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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E Question 1 Benefits of organizing a business as a corporation include all the following except: Ease of raising capital O Low costs of compliance O Limited liability Ease of ownership transfer 2 on shareholders include all the following es 5.5 pts
E Which one of the following statements is correct? A B E Comparing results across geographic locations is easier since all countries now use a common set of accounting standards. Peer group analysis is easier when seasonal firms have different fiscal years. Adjustments have to be made when comparing the income statements of firms that use different methods of accounting for inventory. Peer group analysis is simplified when firms use varying methods of depreciation. Peer group analysis is easier when a firm is a conglomerate versus when it has only a single line of business.
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3 4 ✔The systems must serve the competitive needs of companies working to uniquely serve specific The systems must provide different sets of financial statements; some companies don't provide sheet. Which of the following is a better description of MANAGERIAL accounting than it is of FINANCIAL accounting? O Focuses on the preparation of the balance sheet, income statement, and statement of cash flow O Emphasizes compliance with generally accepted accounting principles O Compares planned and actual results O Standardized across companies Used primarily by investors and creditors. Which of the following is more true of MANAGERIAL accounting systems than it is of FINANCIAL accounting syste 0 Have substantial competitive value. Based on debits and credits. O Use only historical information. Primarily based on the statement of cash flows. Type here to search nude- C =; 12
Question 6 Indicate with the appropriate letter the nature of each situation described below: Туре оf Chang e PR Change in policy reported retrospectively P Change in policy reported prospectlively E Change in estimate EC Emror comection Not an accounting change 1. Settling a lawsuit for less than the amount accrued previousily as a provision. 2. Change from FIFO inventory costing to the weighted average inventory costing. However, the oumulative effect of the change cannot be determined. 3. Change by a retail store from recognizing refunds on an actual claims basis to the allowance method. 4. A shift of certain manufacturing overhead costs to inventory that previously were expensed as incurred to more acourately measure cost of goods sold. (Either method is acceptable.) 5. Change from cost model to fair value model for investment property
Plz take care of plagiarism i humble request
True or False Question 1. The Comparabilty concept in accounting means different companies use similar accounting principles.
5 Which of the following would not affect a company's net income? A change in the company's income taxes Changing the selling price of a company's product Paying a dividend to stockholders Advertising a new product
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Give a detailed explanation of the following standards. 1. IFRS 3 Business Combinations2. IFRS 10 Consolidated Financial Statements 3. IAS 27 Separate Financial Statements
Consistent with ASC Topic 280 which of the following is a key characteristic defining a separate segment for reporting purposes? The unit: Multiple Choice produces discrete financial information. produces information that is used by chief operating decision makers. earns revenue within or outside the company represents the largest unit of a large corporation.
03-__________has a long-run self-interest where the organization accomplishes activities for the betterment of society to be profitable in the future. a. Corporate responsibility for economic growth b. None of the options c. Corporate ethical responsibility d. Corporate social responsibility