PROBLEM 1: MULTIPLE CHOICE 1. PAS 29 applies only in case of c. hyperinflation. ahem d. foreign operation. a. inflation. b. deflation. hegoing u naled 2. According to PAS 29, which of the following are restated in is that of a an entity's functional hyperinflationary economy? case currency a. monetary items b. nonmonetary items C. physical assets d. intangible assets 3. Entity A acquires land for 800,000 on February 14, 1998. Entity A's functional currency is that of a hyperinflationary economy. The general price indices are as follows: February 14, 1998 Average- 20x2 December 31, 20x2 100 180 190 What is the restated amount of the land on December 31, 20x27 c. 1,467,649 d. 800,000 a. 1,520,000 b. 844,444
PROBLEM 1: MULTIPLE CHOICE 1. PAS 29 applies only in case of c. hyperinflation. ahem d. foreign operation. a. inflation. b. deflation. hegoing u naled 2. According to PAS 29, which of the following are restated in is that of a an entity's functional hyperinflationary economy? case currency a. monetary items b. nonmonetary items C. physical assets d. intangible assets 3. Entity A acquires land for 800,000 on February 14, 1998. Entity A's functional currency is that of a hyperinflationary economy. The general price indices are as follows: February 14, 1998 Average- 20x2 December 31, 20x2 100 180 190 What is the restated amount of the land on December 31, 20x27 c. 1,467,649 d. 800,000 a. 1,520,000 b. 844,444
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Transcribed Image Text:1. Entity A operates in a hyperinflationary economy. Entity
PAS 29
324
PROBLEMS
PROBLEM 1: MULTIPLE CHOICE
1. PAS 29 applies only in case of
c. hyperinflation.
hem d. foreign operation.
a. inflation.
b. deflation.
2. According to PAS 29, which of the following are restated in
an entity's functional currency is
hyperinflationary economy?
a. monetary items
b. nonmonetary items
that of a
case
C. physical assets
d. intangible assets
3. Entity A acquires land for 800,000 on February 14, 1998.
Entity A's functional currency is that of a hyperinflationary
economy. The general price indices are as follows:
February 14, 1998
Average - 20x2
December 31, 20x2
100
180
190
What is the restated amount of the land on December 31, 20x27
a. 1,520,000
b. 844,444
c. 1,467,649
d. 800,000
PROBLEM 2: FOR CLASSROOM DISCUSSION
nas the following assets before restatement on December
20x1:
Accounts receivable, net
P300,000
Building, net
900,000
indices are as follows:
May 21, 20x0
Average - 20x2
December 31, 20x1
100
180
150
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education