Loose Leaf for Fundamental Accounting Principles
23rd Edition
ISBN: 9781259687709
Author: John J Wild, Ken Shaw Accounting Professor, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Question
Chapter 3, Problem 21QS
To determine
Concept Introduction:
International Accounting standards are the accounting standards set up in the UK with the aim to bring harmony in the financial statements worldwide. Since the globe is interconnected, it is important to follow a standard financial reporting framework so as to ease the comparison of the financials globally. It improves the reporting to regulators as well, due to the adoption of the common accounting standards as even though the branches and the entities are set up in different regions, they follow common accounting standards. It not only helps in external comparison but facilitates internal consolidation and comparison as well.
To determine:
a. Whether financial statements prepared under IFRS normally present assets from least liquid to most liquid or vice versa
b. Whether financial statements prepared under IFRS normally present liabilities from furthest from maturity to nearest to maturity or vice versa
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Respond to Ron; Agree or disagree
I work for JP Morgan Chase, and in a bank, plant assets, also known as fixed assets or property, plant, and equipment, refer to long-term tangible assets used in the bank’s operations. Unlike typical manufacturing firms, banks don’t have factories or large-scale production equipment, so their plant assets are more about supporting the financial and administrative functions. Common plant assets in a bank include buildings, or branches, regional offices, headquarters, and operations centers. It could also include land, or property owned for current or future development. Furniture and fixtures like desks, counters, chairs, partitions, teller stations. Office Equipment like computers, servers, printers, ATMs, safes, and vaults. It also has IT Infrastructure such as networking hardware, data centers, and communications systems. As well as vehicles, for bank-owned transport or armored services but are less common, and usually outsourced.
The amount invested…
Companies have a significant amount of investment in long-lived assets, which include property, plant, and equipment (commonly referred to as plant assets); and intangible assets. We will also discuss different types of liabilities and understand how to account for and report those liabilities. What kind of plant assets are used in apple? What is the estimate of the amount invested in those specific plant assets?
Companies have a significant amount of investment in long-lived assets, which include property, plant, and equipment (commonly referred to as plant assets); and intangible assets. We will also discuss different types of liabilities and understand how to account for and report those liabilities. What kind of plant assets are used in a specific company or place of business? What is the estimate of the amount invested in those specific plant assets?
Chapter 3 Solutions
Loose Leaf for Fundamental Accounting Principles
Ch. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - What is an accrued revenue? Give an example..Ch. 3 - Prob. 8DQCh. 3 - Prob. 9DQCh. 3 - Prob. 10DQ
Ch. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - Prob. 1QSCh. 3 - Prob. 2QSCh. 3 - Prob. 3QSCh. 3 - Prob. 4QSCh. 3 - Prob. 5QSCh. 3 - Prob. 6QSCh. 3 - Prob. 7QSCh. 3 - Prob. 8QSCh. 3 - Prob. 9QSCh. 3 - Prob. 10QSCh. 3 - Prob. 11QSCh. 3 - Prob. 12QSCh. 3 - Prob. 13QSCh. 3 - Prob. 14QSCh. 3 - Prob. 15QSCh. 3 - Prob. 16QSCh. 3 - Prob. 17QSCh. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Prob. 21QSCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Prob. 8ECh. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Prob. 11ECh. 3 - Prob. 12ECh. 3 - Prob. 13ECh. 3 - Problem 3-1A Identifying adjusting entries with...Ch. 3 - Prob. 2APSACh. 3 - Prob. 3APSACh. 3 - Problem 3.4* Interpreting unadjusted and adjusted...Ch. 3 - Problem 3-5A Preparing financial statements from...Ch. 3 - Problem 3-6A Recording prepaid expenses and...Ch. 3 - Prob. 1BPSBCh. 3 - Prob. 2BPSBCh. 3 - Prob. 3BPSBCh. 3 - Prob. 4BPSBCh. 3 - Prob. 5BPSBCh. 3 - Prob. 6BPSBCh. 3 - Prob. 3SPCh. 3 - Prob. 1GLPCh. 3 - Prob. 2GLPCh. 3 - Prob. 3GLPCh. 3 - Prob. 4GLPCh. 3 - Prob. 5GLPCh. 3 - Prob. 1BTNCh. 3 - Prob. 2BTNCh. 3 - Prob. 3BTNCh. 3 - Prob. 4BTNCh. 3 - Access EDGAR online (SEC.gov) and locate the 10-K...Ch. 3 - Prob. 6BTNCh. 3 - Prob. 7BTNCh. 3 - Prob. 8BTNCh. 3 - Prob. 9BTN
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Similar questions
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