The acquisition-related costs in a business combination to be expensed immediately include cost of issuing debt securities. S2: In a business combination any “gain on bargain purchase” shall be recognized in other comprehensive income.

Q: If the amount paid by an investor (parent) is less than the proportional total of the estimated fair…

A: b. Gain from bargain purchase in the income statement of the investor. In extremely rare…

Q: Income arises from the following except: A. sale of merchandise to customers B. rendering of…

A: Income refers to the amount received from day to day activities of the business such as…

Q: 1. Directly attributable costs include: I. Interest Expense when the asset is ready for use II.…

A: Directly attributable costs refer to costs that can be directly linked or traced to a specific…

Q: What is the proper treatment for noncash asset received from a non-stockholder? Group of answer…

A: Accounting entry to be made for noncash asset received from a non-stockholder: Debit Noncash Assets…

Q: A consolidated income statement must clearly separate income attributable to the controlling and…

A: Consolidation is the process of combining financial statements of two companies, in which one is…

Q: Gross selling price includes: I. the amount of the seller's debt assumed by the buyer. II. the fair…

A: Selling price means the rate at which the goods are sold or services are provided by the…

Q: 3. Statement 1: An entity shall begin.capitalizing borrowing costs as part of the cost of qualifying…

A: Answer is Option c)  Both the statements are correct

Q: oncept of capital maintenan -defines the level of profitabil

A: Capital maintenance: It is an accounting principle that says that a business should recognize its…

Q: Only business expenses incurred in the generation of business gross income are deductible. a.…

A:

Q: Which of the following is not considered in the determination of Total Assets after business…

A: In business combination , following are considered for determination of total assets : 1. Fair…

Q: Hi please assist

A: The accounting is based on various concepts such as historical concept, Materiality, conservatism,…

Q: 1. Which of the following may be measured subsequently at amortized cost? a. None of these b. A…

A: solution note: dear student as per the bartleby guideline we are required to solve the first…

Q: PFRS 9 can an entity classify financial assets that meet the amortized cost criteria as at FVTPL?

A: As per PFRS 9, an entity may classify financial assets initially according to the measurement at…

Q: hen a firm disposes of a capital asset, the difference between the net book value of the asset and…

A: Basic Accounting Concept Capital gain or loss on transfer of assets

Q: Revenue Realization and Matching principles

A: Option 1 is wrong because the statement is true. Revenue should be recognized when the process of…

Q: 06) Which of the following is a characteristic of the cost method of accounting for subsidiary…

A: Lets understand the basics. Cost method of accounting for subsidiary operation needs to follow when…

Q: consolidated income statement

A: Consolidated Income Statement -: A revenue or income statement that incorporates the income,…

Q: Transaction costs incurred the effective interest rate to be used for amortization of an investment…

A: Costs incurred during buying and selling any good or a service are generally referred to as…

Q: 1. Which is correct concerning capitalization of borrowing cost? If the borrowing is directly…

A: Introduction:- Borrowing costs are capitalized as a part of the cost of the qualifying asset only…

Q: What is the difference between a revenue and a gain? O a. Revenue results from internal…

A: Analysis: Revenue: Revenue means total  income generated by the company from the sale of goods or…

Q: Which is the proper way to report a contingent asset? a. As an asset b. No disclosure and no accrua…

A: As per IAS 37, Provisions, contingent liabilities and contingent assets. A contingent asset arise…

Q: Which of the following statements is true about conting consideration under the revised PFRS 3? O…

A: Contingent consideration is defined as the obligation or liability of the buyer or acquirer to…

Q: Which of the following scenarios are possible for an entity to have: 1. Deficit & debt 2. Deficit &…

A: The concept of deficit in finance is an important part of the decision making as it is related to…

Q: (TCO B) How are accounting for direct costs, indirect costs, and issuance costs reflected under the…

A: According to IFRS 3 the acquisition method is also called the purchase method which is used for all…

Q: Statement 1: Consolidated operating expenses will not be affected, in any capacity, by an…

A: An intercompany transaction occurs when one category, department, or unit within an organization…

Q: 11. For financial reporting purposes, how should an assignor present equity on assigned account? a.…

A: Assignor and Assignee: These  are two parties who  transfer rights from one entity to another under…

Q: Under PFRS 3, when is a gain recognized in consolidating financial information? a. In a combination…

A: Introduction:- The merger and purchase of several smaller enterprises into a few considerably bigger…

Q: Which of the following accounting treatments for costs related to business combination is incorrect?…

A: The cost related to business corporation, also known as pre incorporation expenditure, are treated…

Q: Also known as the historical cost principle, ________ states that everything the company owns…

A: Accounting principles are those rules or regulations which are used by all the accountants in…

Q: NU Corporation declares and distributes dividend that is a result of current earnings. How will the…

A: Solution Note : As per the Q&A guideline we are required to answer the first question only…

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

A: There are certain items that are directly adjusted to equity rather than recognized in the profit…

Q: requirements of the principle of recognition and A qualifying asset is an asset that meets the an…

A: Asset is the property which the company is having or the property which company owns. Like the plant…

Q: 1. If a Revaluation of an asset is done for the first time and there is a revaluation gain, this…

A: Income Statement - Income Statement is a financial statement that includes revenue earned and…

Q: The unamortized excess account is a. the excess purchase cost that is attributable to goodwill. b.…

A: The unamortized excess account seems to be the account that is utilized to allocate the amount of…

Q: Which of the following statements is/are true about contingent consideration under the revised PFRS…

A: solution concept as pe the provision of PFRS 3 business combinations contingent consideration can be…

Q: Statement I: According to PFRS for SMEs, SME is as an entity that has public accountability and…

A: In the given case the small and medium enterprises entities does not have public accountability and…