International Accounting Standards : These are a set of guidelines and standards that are set internationally in the accounting field used to prepare the financial statements and documents of a company. a. To identify : The accounting for merchandise purchases and sales.

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Answer 1

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Chapter 4, Problem 23QS

To determine

International Accounting Standards:

These are a set of guidelines and standards that are set internationally in the accounting field used to prepare the financial statements and documents of a company.

a.

To identify: The accounting for merchandise purchases and sales.

b.

To determine

To Identify: The treatment of the financial cost.

c.

To determine

To Identify: The treatment of alternative measures in US GAAP and IFRS.

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Provide answer general accounting

If an oil rig was built in the sea, the cost to be capitalised is likely to include the cost of constructing the asset and the present value of the cost of dismantling it. If the asset cost $10 million to construct, and would cost $4 million to remove in 20 years, then the present value of this dismantling cost must be calculated. If interest rates were 5%, the present value of the dismantling costs are calculated as follows: $4 million x 1/1.0520 = $1,507,558 The total to be capitalised would be $10 million + $1,507,558 = $11,507,558. This would be depreciated over 20 years, so 11,507,558 x 1/20 = $575,378 per year. Each year, the liability would be increased by the interest rate of 5%. In year 1 this would mean the liability increases by $75,378 (making the year end liability $1,582,936). This increase is taken to the finance costs in the statement of profit or loss.

Answer 2

Question

Chapter 4, Problem 23QS

To determine

International Accounting Standards:

These are a set of guidelines and standards that are set internationally in the accounting field used to prepare the financial statements and documents of a company.

a.

To identify: The accounting for merchandise purchases and sales.

b.

To determine

To Identify: The treatment of the financial cost.

c.

To determine

To Identify: The treatment of alternative measures in US GAAP and IFRS.

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Answer 3

Question

Chapter 4, Problem 23QS

To determine

International Accounting Standards:

These are a set of guidelines and standards that are set internationally in the accounting field used to prepare the financial statements and documents of a company.

a.

To identify: The accounting for merchandise purchases and sales.

b.

To determine

To Identify: The treatment of the financial cost.

c.

To determine

To Identify: The treatment of alternative measures in US GAAP and IFRS.

Expert Solution & Answer

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Answer 4

Question

Chapter 4, Problem 23QS

To determine

International Accounting Standards:

These are a set of guidelines and standards that are set internationally in the accounting field used to prepare the financial statements and documents of a company.

a.

To identify: The accounting for merchandise purchases and sales.

b.

To determine

To Identify: The treatment of the financial cost.

c.

To determine

To Identify: The treatment of alternative measures in US GAAP and IFRS.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 23QS

To determine

International Accounting Standards:

These are a set of guidelines and standards that are set internationally in the accounting field used to prepare the financial statements and documents of a company.

a.

To identify: The accounting for merchandise purchases and sales.

b.

To determine

To Identify: The treatment of the financial cost.

c.

To determine

To Identify: The treatment of alternative measures in US GAAP and IFRS.

Answer 6

Chapter 4, Problem 23QS

To determine

International Accounting Standards:

These are a set of guidelines and standards that are set internationally in the accounting field used to prepare the financial statements and documents of a company.

a.

To identify: The accounting for merchandise purchases and sales.

Answer 7

Chapter 4, Problem 23QS

To determine

International Accounting Standards:

These are a set of guidelines and standards that are set internationally in the accounting field used to prepare the financial statements and documents of a company.

a.

To identify: The accounting for merchandise purchases and sales.

Answer 8

b.

To determine

To Identify: The treatment of the financial cost.

Answer 9

b.

To determine

To Identify: The treatment of the financial cost.

Answer 10

c.

To determine

To Identify: The treatment of alternative measures in US GAAP and IFRS.

Answer 11

c.

To determine

To Identify: The treatment of alternative measures in US GAAP and IFRS.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 4 - Prob. 1MCQ Ch. 4 - A company purchased $4,500 of merchandise on May 1...Ch. 4 - Prob. 3MCQ Ch. 4 - Prob. 4MCQ Ch. 4 - Prob. 5MCQ Ch. 4 - Prob. 1DQ Ch. 4 - Prob. 2DQ Ch. 4 - Prob. 3DQ Ch. 4 - Prob. 4DQ Ch. 4 - Prob. 5DQ

International Accounting Standards : These are a set of guidelines and standards that are set internationally in the accounting field used to prepare the financial statements and documents of a company. a. To identify : The accounting for merchandise purchases and sales.

Solution Summary: The author explains the accounting for merchandise purchases and sales is different between accounting under International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP).

Concept explainers

Videos

International Accounting Standards:

These are a set of guidelines and standards that are set internationally in the accounting field used to prepare the financial statements and documents of a company.

a.

To identify: The accounting for merchandise purchases and sales.

To Identify: The treatment of the financial cost.

To Identify: The treatment of alternative measures in US GAAP and IFRS.

Want to see the full answer?

Chapter 4 Solutions

International Accounting Standards : These are a set of guidelines and standards that are set internationally in the accounting field used to prepare the financial statements and documents of a company. a. To identify : The accounting for merchandise purchases and sales.

Solution Summary: The author explains the accounting for merchandise purchases and sales is different between accounting under International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP).

Concept explainers

Videos

International Accounting Standards: These are a set of guidelines and standards that are set internationally in the accounting field used to prepare the financial statements and documents of a company. a. To identify: The accounting for merchandise purchases and sales.

To Identify: The treatment of the financial cost.

To Identify: The treatment of alternative measures in US GAAP and IFRS.

Want to see the full answer?

Chapter 4 Solutions

International Accounting Standards:

These are a set of guidelines and standards that are set internationally in the accounting field used to prepare the financial statements and documents of a company.

a.

To identify: The accounting for merchandise purchases and sales.