Indicate whether each of the following statements is true or false.
Q: General purpose financial statements are those statements that cater to the common and specific…
A: >The corporations have wide range and variety of stakeholders. >These stakeholders are the…
Q: A corporation is a business owned by its stockholders.
A: Company or Corporate: Company is an acceptable type of business organization or legal structure for…
Q: 1: PFRS 17 allows and insurer to change its accounting policies for insurance contract only if, as a…
A: Only the S1 is correct PFRS 17 said that insurer can change its accounting policy if it provides…
Q: PAS 16, F
A: PAS - 16 refers to the Philippines Accounting Standard on Property, Plant and Equipment. It is used…
Q: If there is a Standard or Interpretation that specifically applies to a transaction, it overrides…
A: The answer for the True or false question on the applicability of Conceptual framework is discussed…
Q: Entity A buys and sells artifacts. Each artifact is unique and not ordinarily interchangeable.…
A: Answer :- PAS 2 lays down various guidelines and rules with regards to inventories. For instance PAS…
Q: Exchange differences arising on a monetary item that forms part of a reporting entity's net…
A: As per IFRS 21 OR PFRS 21 Accounting for foreign currency transactions, Monetary items are units of…
Q: _7. The average daily balance method – new purchases included means that the company adds any new…
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…
Q: Matthias Corporation has provided data concerning the Corporation's Manufacturing Overhead account…
A: 1st Option is correct Manufacturing overhead applied to Work in Process for the month was $97,000.
Q: The basic purpose of accounting is to provide information about economic activities intended to be…
A: Accounting is a system meant for measuring business activities, processing of information into…
Q: 5. Some bonuses or allowances are nontaxable. 6. All benefits of government officials and employees…
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.
Q: The overall approach under PAS 21 is for an entity to translate foreign currency items and…
A: An entity’s functional currency is the currency of the primary economic environment in which the…
Q: Cost of conducting business in a new location or with a new class of customer, including cost of…
A: PPE means property plant and equipment that is used by the business for a longer period of time.…
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
Q: Cash advances and loans to other parties (other than advances and loans made by financial…
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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- Enter the letter of each system principle in the blank next to its best description. A. Control principle C. Compatibility principle E. Cost-benefit principle B. Relevance principle D. Flexibility principle 1. The accounting information system helps monitor activities. 2. The accounting information system conforms to the company’s business activities. 3. The accounting information system changes in response to technological advances and competitive pressures. 4. Affects all other accounting information system principles. 5. The accounting information system provides timely information for effective decision making.Match the qualitative characteristics below with the following statements. 1. Relevance 2. Faithful representation 3. Predictive value 4. Confirmatory value 5. Comparability 6. Completeness 7. Neutrality 8. Timeliness a. Quality of information that permits users to identify similarities in and differences between two sets of economic phenomena. b. Having information available to users before it loses its capacity to influence decisions. c. Information about an economic phenomenon that has value as an input to the processes used by capital providers to form their own expectations about the future. d. Information that is capable of making a difference in the decisions of users in their capacity as capital providers. e. Absence of bias intended to attain a predetermined result or to induce a particular behavior.The objective of Human resource accounting in the modern organizations is to____ a. Attract the employees b. All of the given options c. Attract the investors d. Asset valuation
- how does the accounting process help address issues caused by information asymmetry? What is information asymmetry? Make an analysis of a simple project that you can handle using the Problem Tree? Identifythe stakeholders that will handle the project. In support of your problem tree, what will be your objective tree? what is accounting? what are the accounting process? what is policy? how to formulate policy? circular flow model what is project management?What is a computerized accounting system? Write its advantages and disadvantages?Consider the use of Integrated Accounting, as a computerized accounting system. Write a discussion post in which you respond to the following prompts: Under what circumstances would it be in a business’s best interest to invest in and use a computerized accounting system? Are there circumstances in which it would make sense to use a manual system? Explain your answer.
- The goal of your research into information resources will be articulated by the question, "in the professional practice field of accounting and finance, what information needs to be encountered? What types of information resources will meet these needs? Where would the resources be located, and how would they be accessed?"THEORY PROBLEM Explain why accounting students should study Accounting Information Systems? Explain the Value Chain and also explain how Information Technology plays an important role in the Value Chain. Briefly describe the types of users of the SIA and what are the benefits of the output of the AIS for their work or profession? One of the characteristics of useful information is that it must be timelines and complete. Which is more important, timely but incomplete information, or complete information, but too late? Give an example! Briefly describe the purpose of internal control and provide an example of an internal control application for that purpose!Outline the technical benefits of a conceptual framework. What problems could occur if accounting standards were set without a conceptual framework?
- can you help me with D,E,F,G,and HIn your own understanding, please answer the following: 1. What are the importance of knowing, analyzing and assessing the financial statement in the decision making of internal and external users in the organization? 2. Explain briefly how do you understand the concept of Cost of Good Sold.1. What do you think is automation? 2. Why is automation needed? 3. What do you think are the advantages of automation? 4. Do you think there are any risks regarding automation? Motivate your answer. 5. What do you think are the characteristics of that can be automated? Name three. 6. What do you think will the role of the processes accountant/auditor/tax specialist/financial manager be in the feature?