INTERMEDIATE ACCOUNTING ACCESS 540 DAY
10th Edition
ISBN: 9781264706327
Author: SPICELAND
Publisher: MCG
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Textbook Question
Chapter 1, Problem 1.2BE
Financial statement elements
• LO1–7
For each of the following items, identify the appropriate financial statement element or elements: (1) probable future sacrifices of economic benefits; (2) probable future economic benefits owned by the company; (3) inflows of assets from ongoing, major activities; (4) decrease in equity from peripheral or incidental transactions.
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95
Conceptual Framework
Information that is capable of making a difference in the
decisions made by users has this qualitative characteristic.
a. Relevance
b. Faithful representation
2.
c. Timeliness
d. Verifiability
3. When making materiality judgments, the overriding
consideration is
a. the ability of the item being judged to influence users'
decisions.
b. the size of the impact of the item being judged.
the characteristics of the item being judged.
C.
d. cand d
4. This qualitative characteristic is unique in the sense that it
necessarily requires at least two items.
a. Verifiability
b. Faithful representation
c. Timeliness
d. Comparability
5. Which of the following enhances the comparability of
information?
a. Making unlike things look alike.
b. Making like things look different.
c. Using different methods to account for similar
transactions from period to period.
d. Consistent application of accounting policies from period
to period.
6. Information has this qualitative…
11. Which type of financial assets are purchased only with the intent of selling them in the near future?
DAFVTPL financial assets
ⒸBFVTOCI Financial assets
C. Amortized Cost financial assets
OD. Investment accounted for using the equity method
13
Under what circumstances under PFRS 9 can an entity classify financial assets that meet the amortized cost criteria as at FVTPL?
Group of answer choices
Where the instrument is held to maturity.
Where the business model approach is adopted.
Where the financial asset passes the contractual cash flow characteristics test. Not sure
If doing so eliminates or reduces an accounting mismatch.
Chapter 1 Solutions
INTERMEDIATE ACCOUNTING ACCESS 540 DAY
Ch. 1 - Prob. 1.1QCh. 1 - What is meant by the phrase efficient allocation...Ch. 1 - Identify two important variables to be considered...Ch. 1 - What must a company do in the long run to be able...Ch. 1 - Prob. 1.5QCh. 1 - Prob. 1.6QCh. 1 - Prob. 1.7QCh. 1 - Prob. 1.8QCh. 1 - Prob. 1.9QCh. 1 - Prob. 1.10Q
Ch. 1 - Prob. 1.11QCh. 1 - Prob. 1.12QCh. 1 - Prob. 1.13QCh. 1 - Prob. 1.14QCh. 1 - Prob. 1.15QCh. 1 - Explain what is meant by: The benefits of...Ch. 1 - Prob. 1.17QCh. 1 - Briefly define the financial accounting elements:...Ch. 1 - Prob. 1.19QCh. 1 - What is the going concern assumption?Ch. 1 - Prob. 1.21QCh. 1 - Prob. 1.22QCh. 1 - What are two advantages to basing the valuation of...Ch. 1 - Describe how revenue recognition relates to...Ch. 1 - What are the four different approaches to...Ch. 1 - In addition to the financial statement elements...Ch. 1 - Briefly describe the inputs that companies should...Ch. 1 - Prob. 1.28QCh. 1 - Prob. 1.29QCh. 1 - Prob. 1.30QCh. 1 - Prob. 1.31QCh. 1 - Prob. 1.32QCh. 1 - Accrual accounting LO12 Cash flows during the...Ch. 1 - Financial statement elements LO17 For each of the...Ch. 1 - Prob. 1.3BECh. 1 - Basic assumptions and principles LO17 through...Ch. 1 - Prob. 1.5BECh. 1 - Prob. 1.6BECh. 1 - Accrual accounting LO12 Listed below are several...Ch. 1 - Accrual accounting LO12 Listed below are several...Ch. 1 - Prob. 1.3ECh. 1 - Prob. 1.4ECh. 1 - Prob. 1.5ECh. 1 - Financial statement elements LO17 For each of the...Ch. 1 - Concepts; terminology; conceptual framework LO17...Ch. 1 - Prob. 1.8ECh. 1 - Prob. 1.9ECh. 1 - Prob. 1.10ECh. 1 - Basic assumptions and principles LO18, LO19...Ch. 1 - Prob. 1.12ECh. 1 - Prob. 1.13ECh. 1 - Prob. 1.14ECh. 1 - Prob. 1.15ECh. 1 - Prob. 1.1DMPCh. 1 - Research Case 12 Accessing SEC information through...Ch. 1 - Prob. 1.7DMPCh. 1 - Prob. 1.8DMPCh. 1 - Prob. 1.9DMPCh. 1 - Prob. 1.10DMPCh. 1 - Real World Case 115 Elements; disclosures; The...Ch. 1 - Prob. 1.12DMPCh. 1 - Target Case LO19 Target Corporation prepares its...
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- 2arrow_forwardQ11 Which of the following options is INCORRECT regarding financial assets and the subsequent measurement model(s)? Select one: a. Financial Asset: Equity instrument Management Intention: Realise fair value changes Measurement Model: Fair value, adjustments in OCI _ b. Financial Asset: Debt instrument Management Intention: Earning contractual cash flows Measurement Model: Amortised cost _ c. Financial Asset: Equity instrument Management Intention: Realise fair value changes Measurement Model: Fair value, adjustments in SPL _ d. Financial Asset: Debt instrument Management Intention: Earning contractual cash flows Measurement Model: Fair value, adjustments in OCI _arrow_forwardjust the answerarrow_forward
- 19 Which of the following any two main ways are relevant to compare an entity's capital at the beginning and end of an accounting period for determining the profit for that period? (i) Financial capital maintenance. (iii)Fixed capital maintenance (ii) Working capital maintenance. (iv)Physical capital maintenance a. ii & iii b. i & iv c. i & iii d. iii & ivarrow_forwardquestion 25 choose the correct answer from the choicesarrow_forwardM4arrow_forward
- Question 12 Which of the following is a usefulness of the statement of financial position? OA. The use of judgments and estimates. OB. Omitted items. OC. Valuation of items at historical cost. OD. Evaluate capital structure. larrow_forward27. Are the following statements true or false, according to IAS1 Presentation of Financial Statements? I. Provisions should be recognized in the statement of financial position. II. A revaluation surplus on non-current assets should be recognized in profit or loss. a. True, True b. False, True c. True, False d. False, Falsearrow_forwardSaved TB 02-91 According to the principle of conservatism, ... According to the principle of conservatism, when faced with uncertainty about the value of an item, a company should use the measure that avoids: Multiple Choice understating assets and liabilities. O overstating assets and liabilities. overstating assets and understating liabilities. O understating assets and overstating liabilities.arrow_forward
- 9arrow_forward2.arrow_forward8 Required For each of the following, select plus (+) if a high or increasing value of the item is generally associated with stronger financial condition, a minus (-) if a high or increasing value of the item is generally associated with a weaker financial condition, and NE if the item generally has no effect on the financial condition or the direction of the effect cannot be predicted. a. Unfunded pension liability. b. Operating deficit. c. Revenues over expenditures. d. Intergovernmental revenues. e. Level of business activity. f. Education level of citizens. Unemployment rate. g. h. Fund balances. i. Personal income per capita. Debt service. J. k. Percentage of households below the poverty level. I. Short-term borrowing. m. Property values. n. Capital maintenance. o. Birthrate.arrow_forward
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