The control premium in business combinations is .? (A) Expensed immediately (B) Included in goodwill calculation (C) Recorded separately (D) Ignored in valuation
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- Which of the following would trigger a subtraction in the indirect operating section? A. gain on sale of investments B. depreciation expense C. decrease in accounts receivable D. decrease in bonds payableWhich of the following is not a criterion to recognize revenue under GAAP? A. The earnings process must be completed. B. A product or service must be provided. C. Cash must be collected. D. GAAP requires that the accrual basis accounting principle be used in the revenue recognition process.What is the impact on the accounting equation when a sale occurs? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changes
- How are gain contigencies reported in the financial statements? a. a contingent account receivable b. an accrued revenue c. a deferred revenue d. not at allFinancial Accounting 7. How is the valuation of current assets affected if the company follows IFRS? Valuation is based on historical cost. OValuation is based on market adjustments. OValuation is based on LCM accounting. O Assets are expensed immediately.
- 1. If a Revaluation of an asset is done for the first time and there is a revaluation gain, this should be shown in a. Other Comprehensive Income as a Negative figure b. Other Comprehensive Income as a Positive figure c. The Statement of Profit and Loss Account as an Expense d. The Statement of Profit and Loss as Income1. On reporting date, they are measured at market value.2. Initially measured at purchase price, which is the fair value at purchase date.3. Initially recognized at purchase price plus transaction costs.4. Generally, dividends received or receivable are recorded as dividend revenue.5. Change in fair value is not recognized unless there is permanent impairment in value.6. Dividends received are reported as a decrease in the carrying amount of the investment.7. Impairment loss and reversal of impairment are not separately accounted for.8. Bonus issue is not separately recognized in a formal accounting entry.9. Any difference between the cost of investment and the share i the fair value of the net identifiable assets is amortized and is considered an adjustment to the recognized income from this investment.10. At the date of the disposal of the securities, the equity account accumulated in other comprehensive income may be transferred to another equity account.11. The income recognized in…some examples of items that would be adjusted directly against equity, rather than beingincluded as part of profit or loss.
- rrMatch the correct term with its definition. A. cost principle i. if uncertainty in a potential financial estimate, a company should err on the side of caution and report the most conservative amount B. full disclosure principle ii. also known as the historical cost principle, states that everything the company owns or controls (assets) must be recorded at their value at the date of acquisition C. separate iii. (also referred to as the matching principle) matches expenses with associated revenues in the period in which the revenues were generated. D. monetary iv. business must report any business activities that could affect what is reported on the financial statements E. conservatism v. system of using a monetary unit by which to value the transaction, such as the US dollar. F. revenue vi. period of time in which you performed the service or gave the customer the product is the period in which revenue is recognized. G. expense vii. business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally.The gain or loss on net monetary position is computed as a. The difference between the “net monetary items, end – historical” and net monetary itmes, end –restated”. This amount is recognized in profit or loss.b. The difference between the “net monetary items, end – historical” and “net monetary items, end –restated” This amount is recognized in equity.c. The difference between the “net monetary items, beginning – restated” and net monetary items, end – restated.” This amount is recognized in profit or loss.d. The difference between the “net monetary items, beginning – historical” and net monetary items, end – restated.” This amount is recognized in equity.