The profit or loss section or the statement of profit or loss shall include the following line items, except A. A single amount for the total of discontinued operations B. Gains and losses on distribution of non-cash assets to owners. C. Impairment losses (including reversals of impairment losses or impairment gains) determined in accordance with PAS 36. D. Revenue, presenting separately interest revenue calculated using the effective interest method

Q: An adjustment, to the carrying amount of a non-current asset that ceases to be classified as ‘held…

A: If the noncurrent asset is classified as held for sale, it would be recorded in the income from…

Q: The following are deductions from items of income, except: *   Cost of sales or service Regular…

A: 1) Cost of sales or service refers to the direct cost of producing the goods sold by a company. It…

Q: Reversing entries maybe used in unearned income when the original 1 point collection is recorded as…

A: Answer In a business unearned income record as a assets instead of a liability.

Q: TRUE OR FALSE? 1. Assets of the component held for sale shall be depreciated. 2. The income or loss…

A: The assets are treated as held for sale when the company intends to sell the assets in the near…

Q: Initial operating loss related to Property, Plant and Equipment should be A. Capitalized as part of…

A: Answer:-  Operating loss:- If a company's operational expenditures surpass its gross earnings, the…

Q: Which of the following accountin justification for the fact that the c non-current asset is reported…

A: Solution: "Going Concern" accounting concept  provides justification for the fact that the carrying…

Q: Discuss the appropriate treatment in the income statement for the following items: a.    Loss on…

A: Income statement:   In this statement, the financial records of the company's monetary performance…

Q: Accumulated depreciation, equipment is reported:  Select one: On the balance sheet as a subtraction…

A: Depreciation is the non cash expenditure which is charged in the income statement as per matching…

Q: Net book value is Select one: a. Amount of which an asset is recognized in the balance sheet after…

A: Book value of the asset is the value at which the asset is recorded in the financial statement. All…

Q: Under PFRS 9, a financial asset shall be measured subsequently at amortized cost when: I. The…

A: Financial Assets shall be subsequently measured at amortized cost, when The Business Model is to…

Q: hen assets that have been sold and accounted for by the installment method are subsequently…

A: Inventory is the current asset posted on the balance sheet of the company.

Q: In adjusted P & L account, depreciation on fixed assets will be [A] debited [B] credited [C]…

A: The Profit and Loss Adjustment Account is prepared to account for any error or omission; thus, these…

Q: In accordance with PAS 1, which of the following gains or losses from reclassification of financial…

A: PAS 1 talks about Presentation of Financial Statements which presents the overall requirements for…

Q: According to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations which ofthe…

A: Answer The sum of the post-tax profit or loss of the discontinued operation and the post-tax gain or…

Q: In accordance with PAS 1, the profit or loss section or the statement of profit or loss shall…

A: In accordance with PAS 1, the profit or loss section or the statement of profit or loss shall…

Q: Which method of the matching principle is used when a company recognizes depreciation expense on the…

A: Solution: Depreciation is the way of expensing long term assets over its useful life. Depreciation…

Q: for the following intercompany transaction  state the principle to be used in accounting for…

A: Intercompany Gains means profit arising from transactions like transfer of inventory, sale of assets…

Q: Requirement Complete the following table by indicating: 1. The section of the income statement where…

A: Gain on sale of plant assets is a non operating because plant are used to manufacture and not used…

Q: Question 3. Classify each of the following accounts as (a) asset, (b) liability, or (c) equity.…

A: Assets means resources that the business have. It may be tangible resources or intangible resources.…

Q: According to PFRS 9, impairment gain

A: As per PFRS9 impairment losses and impairment gains (in the case of purchased or originated…

Q: Which of the following statements relating to the Accumulated Depreciation account is correct?…

A: Accumulated depreciation account is cumulative depreciation of an asset. Its not an expense…

Q: Calculate the EBIT which should be used for the EV / EBIT multiple given the information below: Net…

A: EBIT is a financial metric that represents a company's operating profit, indicating how much profit…

Q: When a debt investment at amortized cost is reclassified to FVPL, the difference between the…

A: Debt investments are also known as fixed-income investments in which an investor lends his money to…