Describe the answer with explanation Subject: FINANCIAL ACCOUNTINGThe unwinding of discount on provisions isa) Treated as interest expenseb) Added to provision amount onlyc) Recorded in equityd) Ignored until settlement

Explanation of Unwinding of Discount: The unwinding of discount refers to the gradual increase in…

Answered: Subject: FINANCIAL ACCOUNTING The…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

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Which of the following is generally associated with payables classified as A/P? (A) Periodic payments of interest (B) secured by collateral a. Neither b. A and B c. A d. B
Impairments of debt investments at amortized cost are recognized as component of Other Comprehensive Income. based on fair value for non-trading investments. based on discounted contractual cash flows. Evaluated at each reporting date.
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Which of the following is stated correctly? a. Current liabilities follow non-current liabilities on the statement of financial position under GAAP but non-current liabilities follow current liabilities under IFRS. b. IFRS does not treat debt modifications as extinguishments of debt. c. Bond issuance costs are recorded as a reduction of the carrying value of the debt under GAAP but are recorded as an asset and amortized to expense over the term of the debt under IFRS. d. Under GAAP, bonds payable is recorded at the face amount and any premium or discount is recorded in a separate account. Under IFRS, bonds payable is recorded at the carrying value so no separate premium or discount accounts are used.
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Subject: FINANCIAL ACCOUNTING The unwinding of discount on provisions is a) Treated as interest expense b) Added to provision amount only c) Recorded in equity d) Ignored until settlement