D Question 1 By using the method in initially recognizing deferrals, generally both real and nominal accounts are involved during the period where adjusting entries is needed to be done for accurate financial statements. O Liability O Equity Asset accrual O income O none of the given choices
D Question 1 By using the method in initially recognizing deferrals, generally both real and nominal accounts are involved during the period where adjusting entries is needed to be done for accurate financial statements. O Liability O Equity Asset accrual O income O none of the given choices
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Question 2
Statement 1: Considering IFRS 16 and on
Lessor's point of view, Lease is recognized as
operating lease if the recognition criteria for
finance lease is not met.
Statement 2: Debt Investment can be carried
using FV through profit or loss but not FV
through OCI.
Statement 3: If an entity concludes it is
probable that a taxation authority will accept
an uncertain tax treatment, the entity shall
determine whether to disclose the potential
effect of the uncertainty as a tax-related
contingency.
two statements are true.
two statement are false
All Statements are true
all statements are false
Transcribed Image Text:Question 1
By using the
method in initially
recognizing deferrals, generally both real and
nominal accounts are involved during the
period where adjusting entries is needed to
be done for accurate financial statements.
O Liability
O Equity
Asset
accrual
O income
O none of the given choices
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