Under the corridor​ approach, a company only amortizes the net accumulated unamortized actuarial gain or loss when the beginning accumulated unamortized balance of the net actuarial gain or loss exceeds the corridor. True False Note: This is a true or false question.

Q: Which is not a scenario wherein revenue is recognized over time? a. The customer simultaneously…

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Q: E2-13 Prepare journal entries and income statement, and determine investment account balance Pop…

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Q: PRO Which of the 1. Financial assets in the form of investments in subsidiaries, associates and…

A: PAS 32 covers Contracts for delivery or receipt of commodity and other non financial assets that can…

Q: Which of the following is not considered as a characteristic of a liability?

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Q: Which of the following statements is not applicable to contract acquisition costs under ASC Topic…

A: In the given case all of the following statements is applicable to contract acquisition costs under…

Q: A deposit received is reported as a *   current asset investment revenue

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Q: 1. According to PAS 1, a currently maturing debt that the entity's management intends to refinance…

A: solution note Dear student as per the Q&A guideline we are required to answer the first question…

Q: The historical cost principle provides that: Select one: O a. the recorded amount of an acquired…

A: Accounting principles are the rules required to be followed by the company in the process of…

Q: A company should record an asset called "Goodwill" when it purchases another company for an amount…

A: Goodwill is one of the intangible assets.

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: 17. Gain contingencies should a. be accrued if they are probable and can be reasonably estimated…

A: Gain Contingencies A gain contingency is an uncertain situation which will be resolved within the…

Q: Short-term obligations can be reported as noncurrent liabilities if the company (a) intends to…

A: There are two conditions in which short term obligations can be reported as non current liabilities…

Q: True or False  According to PFRS 15, if an entity expects that a portion of gift certificates sold…

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Q: What is the largest estimated possible loss that could arise in a safe payment schedule? no need to…

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Q: Where the payment of an investment property is deferred beyond normal credit terms, how should the…

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Q: Short-term obligations are reported as noncurrent

A: Short-term obligations are liabilities to be settled within one accounting year.

Q: Which of the following is correct about subsequent measurement of financial asset at fair value? a.…

A: Fair value through other comprehensive income-financial assets are classified and measured at fair…

Q: When the required balance of the loss allowance decreases, a. the entity recognizes gain. b. the…

A: As per IFRS 9, a loss Allowance is made for the expected losses on any asset.  It reduces the…

Q: A. For an asset, derecognition normally occurs when the entity loses control of all or part of the…

A: Derecognition means derecognizing the assets or liability where some predefined conditions met.

Q: A contingent liability assumed in a business combination: a. Is not accounted for by the acquirer…

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Q: When the contractual cash flows of a financial asset are renegotiated or otherwise modified and the…

A: IFRS:   It stands for International Financial Reporting Standards. It is responsible set standards…

Q: True or False Pls indicate if the statements are True or False. 1. All allocated excess/purchase…

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Q: Which of the following case would allow the capitalization of  Interest Expense     No Case allows…

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Q: If an entity has elected to use the fair value option for a financial liability; a. It is measured…

A: Liabilities: Liabilities are the obligations of an organization that an organization must pay in…

Q: Suppose the analysis of a loss contingency indicates that an obligation is not probable. What…

A: Contingent Liability  Contingent liability is one form of liability that arises based on a…

Q: transaction costs

A: All financial assets are initially measured at fair value plus transaction costs, except C :- Fair…

Q: Which of the following is a false statement regarding revaluation of PPE? A. Revalued amount is…

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Q: instrument conditional on the holder (the counterparty) exercising its contractual obligation to…

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Q: The “excess of the acquirer’s interest in the net fair value of acquiree’s identifiable assets,…

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Q: Is the following statement is true or false? Amortization is not a payment process.

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Q: Which statement is true when a debt investment at amortized cost is reclassified to FVOCI?   a.…

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