International Financial Reporting Standards : They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice. Generally Accepted Accounting Principles: They are commonly known as GAAP. It is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by International Accounting Standards Board (IASB). To State: the section of reporting of interest paid (finance costs) by LV Company.

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Answer 1

Question

Chapter 12, Problem 12.3IE

(a)

To determine

International Financial Reporting Standards:

They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.

Generally Accepted Accounting Principles:

They are commonly known as GAAP. It is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by International Accounting Standards Board (IASB).

To State: the section of reporting of interest paid (finance costs) by LV Company.

(b)

To determine

To State: the section of reporting of dividends received by LV Company.

(c)

To determine

To explain: The treatment of bank overdrafts is LV Company reports under GAAP rather than IFRS.

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1.3 1.2.5 za When using a computerised accounting system, the paper work will be reduced in the organisation. Calculate the omitting figures: Enter only the answer next to the question number (1.3.1-1.3.5) in the NOTE. Round off to TWO decimals. VAT report of Comfy shoes as at 30 April 2021 OUTPUT TAX INPUT TAX NETT TAX Tax Gross Tax(15%) Gross (15%) Standard 75 614,04 1.3.1 Capital 1.3.2 9 893,36 94 924,94 Tax (15%) 1.3.3 Gross 484 782,70 75 849,08 -9 893,36 -75 849,08 Bad Debts TOTAL 1.3.4 4 400,00 1 922,27 14 737,42 -1 348,36 1.3.5 (5 x 2) (10

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Answer 2

Question

Chapter 12, Problem 12.3IE

(a)

To determine

International Financial Reporting Standards:

They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.

Generally Accepted Accounting Principles:

They are commonly known as GAAP. It is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by International Accounting Standards Board (IASB).

To State: the section of reporting of interest paid (finance costs) by LV Company.

(b)

To determine

To State: the section of reporting of dividends received by LV Company.

(c)

To determine

To explain: The treatment of bank overdrafts is LV Company reports under GAAP rather than IFRS.

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Answer 3

Question

Chapter 12, Problem 12.3IE

(a)

To determine

International Financial Reporting Standards:

They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.

Generally Accepted Accounting Principles:

They are commonly known as GAAP. It is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by International Accounting Standards Board (IASB).

To State: the section of reporting of interest paid (finance costs) by LV Company.

(b)

To determine

To State: the section of reporting of dividends received by LV Company.

(c)

To determine

To explain: The treatment of bank overdrafts is LV Company reports under GAAP rather than IFRS.

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Answer 4

Question

Chapter 12, Problem 12.3IE

(a)

To determine

International Financial Reporting Standards:

They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.

Generally Accepted Accounting Principles:

They are commonly known as GAAP. It is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by International Accounting Standards Board (IASB).

To State: the section of reporting of interest paid (finance costs) by LV Company.

(b)

To determine

To State: the section of reporting of dividends received by LV Company.

(c)

To determine

To explain: The treatment of bank overdrafts is LV Company reports under GAAP rather than IFRS.

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Answer 5

Chapter 12, Problem 12.3IE

(a)

To determine

International Financial Reporting Standards:

They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.

Generally Accepted Accounting Principles:

They are commonly known as GAAP. It is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by International Accounting Standards Board (IASB).

To State: the section of reporting of interest paid (finance costs) by LV Company.

(b)

To determine

To State: the section of reporting of dividends received by LV Company.

(c)

To determine

To explain: The treatment of bank overdrafts is LV Company reports under GAAP rather than IFRS.

Answer 6

Chapter 12, Problem 12.3IE

(a)

To determine

International Financial Reporting Standards:

They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.

Generally Accepted Accounting Principles:

They are commonly known as GAAP. It is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by International Accounting Standards Board (IASB).

To State: the section of reporting of interest paid (finance costs) by LV Company.

Answer 7

Chapter 12, Problem 12.3IE

(a)

To determine

International Financial Reporting Standards:

They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.

Generally Accepted Accounting Principles:

They are commonly known as GAAP. It is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by International Accounting Standards Board (IASB).

To State: the section of reporting of interest paid (finance costs) by LV Company.

Answer 8

(b)

To determine

To State: the section of reporting of dividends received by LV Company.

Answer 9

(b)

To determine

To State: the section of reporting of dividends received by LV Company.

Answer 10

(c)

To determine

To explain: The treatment of bank overdrafts is LV Company reports under GAAP rather than IFRS.

Answer 11

(c)

To determine

To explain: The treatment of bank overdrafts is LV Company reports under GAAP rather than IFRS.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 12 - Prob. 1Q Ch. 12 - Prob. 2Q Ch. 12 - Prob. 3Q Ch. 12 - Prob. 4Q Ch. 12 - Prob. 5Q Ch. 12 - Prob. 6Q Ch. 12 - Why is it necessary to use comparative balance...Ch. 12 - Prob. 8Q Ch. 12 - Prob. 9Q Ch. 12 - Prob. 10Q

Solution Summary: The author explains IFRS, which is a set of accounting standards developed by the International Accounting Standards Board (IASB).

To State: the section of reporting of dividends received by LV Company.

To explain: The treatment of bank overdrafts is LV Company reports under GAAP rather than IFRS.

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Chapter 12 Solutions