Indicate whether each of the following statements is true or false.
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Q: PAS 16, F
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A: The average daily balance method computes the interest costs by considering the purchases, the…
Q: Positive laws are passed and promulgated by competent and legitimate
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
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A: 1st Option is correct Manufacturing overhead applied to Work in Process for the month was $97,000.
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A: Accounting is a system meant for measuring business activities, processing of information into…
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A: Allowances refers to the money of fixed amount which is received by an employee from his/her…
Q: You would rather have a tax deduction thana tax credit of equal size. Ture False A large tax refund…
A: FALSE Tax Credits and Tax Deductions both help in reducing the amount of income tax to be paid by a…
Q: 5. Development original and planned investigation undertaken with the prospect of gaining scientific…
A: Since you have asked multiple sub-parts so we can solve only first three sub parts for you please…
Q: The cost of an item of PPE comprises the initial estimate of the cost of dismantling and removing…
A: Cost of PPE: In addition to the asset's purchase price, tariffs, and taxes that are not recoup able,…
Q: deferred tax asset and deferred tax liability
A: Deferred tax is the tax arises due to the differences between accounting income and taxable income.…
Q: 1. Asset has been defined by the industry as transactions that would yield future economic benefits…
A: Answer 1. False Reason: "Assets is a resource which is in control of entity and from which future…
Q: A debit side entry must have a corresponding credit side entry. The normal balance of an account…
A: Solution Debit and credit are used in company bookkeeping in order for its books to balance.
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A: An entity’s functional currency is the currency of the primary economic environment in which the…
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Q: 15. Grants shall not be recognized on a cash basis as this is not consistent with GAAP.
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Indicate whether the statement is true or false. 1. A credit card can be used to purchase items on…
A: Credit card can be used to purchase items on credit only
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A: >Statement of Cash flows is one of the financial statements, and is prepared for a particular…
Q: I. A provision is a present obligation which may either be legal or constructive. II. Even if a…
A: As per IAS 37 Provisions, Contingent Liabilities and Contingent Assets, A provision is a present…
Q: PAS 2 provides clearcut principles concerning measurement of inventory: Paragraph 9 provides that…
A: Inventory Measurement refers to the process of assigning fair value to the inventory held by an…
Q: The accounting cycle refers to a series of sequential steps or procedures performed to accomplish…
A: 1) The accounting cycle is the process of identifying, recording, classifying, and summarizing the…
Q: _5. A finance charge is applied to your charge account each month whether you have an unpaid balance…
A: Finance charges are a form of compensation to the lender for providing the funds/credit to a…
Q: Decide if the following statements are true or false and select the correct answer: If a company is…
A: Allowance is made from the net income from the business. So any uncollectible accounts are then…
Q: Which of the following statements is currently true:
A: Statement (a) This statement is not true because if a person keeps working at the age of 66 and…
Q: ANSWER THE QUESTION USING PRO-FORMA STATEMENT
A: Proforma income statement shows budgeted amount of sales revenue as well as budgeted or estimated…
Q: IS THE STATEMENT CORRECT OR INC
A: Budget is prepared to plan each and every activity performed in an organization. While performing…
Q: Exchange of Assets means an asset account increases and a corresponding claims (liabilities owners'…
A: Assets on the balance sheet represent what the company owns. And liabilities and capital indicate…
Q: 12. Government assistance is action by government designed to provide an economic benefit specific…
A: Hi, there, Thanks for posting the question. As per our Q&A honour code, we must answer the first…
Q: The great advantage of the IRR technique over the NPV technique is that you don't need to calculate…
A: There are different discounting methods that can be used to evaluate projects. One of the most…
Q: 1. Merchandise purchased on Feb 1 with credit terms of 2/10, n/30, must be paid sooner than with…
A: 2/10, n/30 means If the customers pays the amount within 10 days of purchased then he is eligible…
Q: 27. Management accounting produces information that helps workers, manager, and executives in…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: S1: In accordance with the accrual assumption, the full amount of the premium is recognized…
A: In accordance with accrual concept, the full amount of the premium is recognised immediately as…
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- Indicate whether each of the following statements is true or false. If an intangible asset has its fair value determined in an active market, IFRS permits the use of the revaluation model. Answer If an intangible asset has an indefinite life, no amortization is recorded and no test for impairment is required. Answer When dealing with internally developed intangibles, once the asset is ready for its intended use, any subsequent costs are capitalized.please dont plagiarise otherwise i will reportUnder IFRS, a company that acquires an intangible asset may use the revaluation model for subsequent measurement only if a. The useful life of the intangible asset can be readily determined. b. An active market exists for the intangible asset. c. The cost of the intangible asset can be measured reliably. d. The intangible asset is a monetary asset.
- Which of the following is/are not capitalized as an intangible asset? Select one: a. Legal costs to defend a patent successfully and goodwill acquired when a company purchases another company. b. Costs of an internally developed patent and goodwill acquired when a company purchases another company. c. Costs of an internally developed patent and legal costs to defend a patent successfully. d. Goodwill acquired when a company purchases another company and costs to purchase a patent. e. Costs to purchase a patent and legal costs to defend a patent successfully.All of the following are true regarding the revaluation model allowed under GAAP except; Select one: a. Once selected, the revaluation policy applies to an entire class of property, plant and equipment. b. When an asset is revalued, any increase in carrying amount is reported as miscellaneous revenue. c. After initial recognition, the revalued amount is fair value less subsequent depreciation and impairment losses. d. Revaluations must be made regularly to ensure that the carrying value is not materially different from fair value.An entity that acquires an intangible asset may use the revaluation modelfor subsequent measurement only if A. The useful life of the intangible asset can be reliably determined.B. An active market exists for the intangible asset.C. The cost of the intangible asset can be measured reliably.D. The intangible asset is a monetary asset.
- Under IFRS, an entity that acquires an intangible asset may use the revaluation model for subsequent measurement only if The intangible asset is a monetary asset The cost of the intangible asset can be measured reliably The useful life of the intangible asset can be reliably determined An active market exists for the intangible assetIFRS allows a corporation to utilize the revaluation model for future assessment only if the useful life of the intangible asset can easily be established. As a result, there is a healthy intangible asset market. c. The intangible asset's cost can be accurately calculated. It is a financial asset when an intangible asset is a monetary one.When an intangible asset has a finite life, amortization should be taken over what period of time? The shorter of the asset’s useful life or its legal life. The longer of the asset’s useful life or its legal life. According to U.S. GAAP, all costs should be expensed. No amortization should be taken on intangible assets.
- If fair value of an impaired intangible asset recovers after an impairment has been recognized, a restoration gain may be recorded in a subsequent period. O a. True O b. FalseIFRS: permits reversal of impairment losses when there has been a change in economic conditions. O requires expensing of all R&D costs. O permits revaluation for goodwill. O permits capitalization of all internally generated intangible assets.Under U.S. GAAP, litigation costs to successfully defend an intangible right are capitalized and amortized over the remaining useful life of the related intangible. How are these costs typically accounted for under IFRS?