Items directly affecting Retained Earnings include all of the following Except Choices; Non-Current asset held for sale Prior period errors and Effect of change in accounting policy. Dividends declared Appropriation of retained earnings

Q: comprehensive income i

A: Other comprehensive income is closed to Correct answer :- D     - Accumulated other comprehensive…

Q: Which of the following would NOT be reflected in the income statement?

A: Income statement- it is a part of financial statements prepared by the company that shows the…

Q: on which date is retained earnings decreased and liabilities increased?

A: Dividend will have a declaration date, record date and payment date. On declaration date dividend is…

Q: If the cash amount paid to satisfy the “Asset Retirement Obligation” (ARO) account balance is…

A: Asset retirement obligation is the obligation on the entity which is to be paid on the retirement of…

Q: some examples of items that would be adjusted directly against equity, rather than being included as…

A: The items included in other comprehensive incomes are not considered under profit or loss account…

Q: If the allowance method is used, how does recording the recovery of an uncollectible account affect…

A: Solution: Recovery of uncollectible account is recorded by making two entries as under: 1.…

Q: When a business has Available-for-Sale Securities, the account Unrealized Loss on Available-for-Sale…

A: Available-for-sale securities Available-for-securities are referred to as equity or debt security…

Q: The following transactions affect the Statement of Changes in Equity except:

A: A statement of changes in the equity is the statement which shows and reflects all the items by…

Q: When does a dividend become a liability

A: Dividend: dividend is the portions of profit given to the shareholders by the company Major days in…

Q: a correction in the calculation of earnings per share of a prior period   a material difference…

A: Prior period adjustments are adjustments made to periods that are not current but have already been…

Q: Which of the following will be affected by an increase in the provision for doubtful debts? Gross…

A: The question is multiple choice question  Required  Choose the Correct Option.

Q: Under IFRS, the unrealized loss on trading investments should be reported: a. as part of other…

A: Option a: This option is incorrect because unrealized loss on trading investments is a part of other…

Q: On the multiple-step income statement, which of the following would be the least likely to be found…

A: Other losses and incomes head in the multistep income statement shows all the expenses and revenues…

Q: Which of the following accounts should be closed?

A: Closing entries are those entries which are prepared at the end of accounting period. This will…

Q: Which of the following accounts would not be reported in the “Other Expenses and Losses” section of…

A: The objective of the question is to identify which among the given accounts would not be reported…

Q: Any gain or loss on the restatement of non-monetary items is included: In the profit or loss,…

A:

Q: 2) Accounts receivable erroneously debited to note receivable  Effect on retained earnings -Since…

A: We know that both the accounts receivable and notes receivable are current assets. Retained earnings…

Q: What effect does the recognition of depreciation expense have on total assets? On total…

A: Depreciation expense is the amount of estimated wear and tear that will be happened to a fixed asset…