Generally Accepted Accounting Principles (GAAP) : These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U. International Financial Reporting Standards (IFRS) : IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports. To explain : The differences in the presentation of balance sheet of Company L and MJ International

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Answer 1

Question

Chapter 13MJ, Problem 2IFRS

(a)

To determine

Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.

International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.

To explain: The differences in the presentation of balance sheet of Company L and MJ International

(b)

To determine

To compare: The financial statement terms used by Company L and MJ International

(c)

To determine

To discuss: The term ‘revaluation reserves’ reported in equity section by Company L

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Please provide the solution to this financial accounting question with accurate financial calculations.

(a) The data in the table below has been collected by John Akoth to appraise the performance of four asset management firms: Fund 1 Fund 2 Fund 3 Fund 4 Market Index Return 6.45% 8.96% 9.44% 5.82% 7.60% Beta 0.88 1.02 1.36 0.8 1 Standard Deviation 2.74% 4.54% 3.72% 2.64% 2.80% Required If the risk-free rate of return for the relevant period is 3%, calculate the following: (i) Ex post alpha ratio. (ii) Treynor measure. (iii) Sharpe ratio. (iv) M2. (v) Rank the funds using a radar chart and state which one you would select.

Please explain the solution to this general accounting problem with accurate principles.

Answer 2

Question

Chapter 13MJ, Problem 2IFRS

(a)

To determine

Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.

International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.

To explain: The differences in the presentation of balance sheet of Company L and MJ International

(b)

To determine

To compare: The financial statement terms used by Company L and MJ International

(c)

To determine

To discuss: The term ‘revaluation reserves’ reported in equity section by Company L

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See solution

Answer 3

Question

Chapter 13MJ, Problem 2IFRS

(a)

To determine

Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.

International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.

To explain: The differences in the presentation of balance sheet of Company L and MJ International

(b)

To determine

To compare: The financial statement terms used by Company L and MJ International

(c)

To determine

To discuss: The term ‘revaluation reserves’ reported in equity section by Company L

Expert Solution & Answer

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See solution

Answer 4

Question

Chapter 13MJ, Problem 2IFRS

(a)

To determine

Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.

International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.

To explain: The differences in the presentation of balance sheet of Company L and MJ International

(b)

To determine

To compare: The financial statement terms used by Company L and MJ International

(c)

To determine

To discuss: The term ‘revaluation reserves’ reported in equity section by Company L

Expert Solution & Answer

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Answer 5

Chapter 13MJ, Problem 2IFRS

(a)

To determine

Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.

International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.

To explain: The differences in the presentation of balance sheet of Company L and MJ International

(b)

To determine

To compare: The financial statement terms used by Company L and MJ International

(c)

To determine

To discuss: The term ‘revaluation reserves’ reported in equity section by Company L

Answer 6

Chapter 13MJ, Problem 2IFRS

(a)

To determine

Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.

International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.

To explain: The differences in the presentation of balance sheet of Company L and MJ International

Answer 7

Chapter 13MJ, Problem 2IFRS

(a)

To determine

Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.

International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.

To explain: The differences in the presentation of balance sheet of Company L and MJ International

Answer 8

(b)

To determine

To compare: The financial statement terms used by Company L and MJ International

Answer 9

(b)

To determine

To compare: The financial statement terms used by Company L and MJ International

Answer 10

(c)

To determine

To discuss: The term ‘revaluation reserves’ reported in equity section by Company L

Answer 11

(c)

To determine

To discuss: The term ‘revaluation reserves’ reported in equity section by Company L

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 13MJ - Prob. 1DQ Ch. 13MJ - Prob. 2DQ Ch. 13MJ - Prob. 3DQ Ch. 13MJ - Prob. 4DQ Ch. 13MJ - Prob. 5DQ Ch. 13MJ - Prob. 6DQ Ch. 13MJ - Prob. 7DQ Ch. 13MJ - Prob. 8DQ Ch. 13MJ - Prob. 9DQ Ch. 13MJ - Prob. 10DQ

Concept explainers

To compare: The financial statement terms used by Company L and MJ International

To discuss: The term ‘revaluation reserves’ reported in equity section by Company L

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Chapter 13MJ Solutions