PFRS 9 requires entities to measure their financial assets
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A: Under accrual accounting, expense are recognized even if they are not actually paid and income is…
Q: Each of these assets require companies to use estimates, judgments, and discretion, except:…
A: Non Liquid assets are those assets that require some time to realize in cash. Equipment, Investors,…
Q: PFRS 9 requires entities to measure their financial assets based on The contractual cash flow…
A: Financial assets are those assets which does not carry any physical existence rather the holder of…
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A: Solution: Following are the four basic financial statements of the company: 1. Statement of…
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Q: Text Ch.2 #2 Which of the following statements describe tranasactions that would be recorded in an…
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Q: PFRS 9 requires entities to measure their financial assets based on The contractual cash flow…
A: Solution: PFRS 9 requires entities to measure their financial assets based on: The contractual cash…
Q: Accounting The account "Net-Assets: Resources Released from Restriction" is used to: A) Reduce…
A: Correct option with proper explanation are as follows
Q: exposure deals with cash flows that result from existing contractual obligations. OA. Operating OB.…
A: Exposures means potential changes in value or items in the business. It can be transaction exposure,…
Q: Hi please assist
A: The accounting is based on various concepts such as historical concept, Materiality, conservatism,…
Q: Is it true or not? An entity shall prepare all its financial statements, except the statement for…
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Q: That a business may only report activities on financial statements that are specifically related…
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Q: As per the definition of revenue stated by IFRS15, which of the following statements is correct?
A: The income statement includes revenues and expenses incurred by the business.
Q: Under U.S. GAAP, the statement of cash flows classifies cash expenditures for interest expense as an…
A: (U.S. GAAP) GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ARE COLLECTION OF THE ACCOUNTING RULES AND…
Q: 1. Which of the following statements are correct? (1) Materiality means that only items having a…
A: Materiality means omission or misstatement of any financial information in the financial statement…
Q: Explain which transactions are reported as operating activities, investing activities and financing…
A: Statement of cash flows: The statement of cash flows indicates the amount of cash earned and spent…
Q: Which statement is incorrect? A. An entity shall report cash flows from operating activities either…
A: Cash flow statement is one of the four main financial statement. Cash flow statement shows the…
Q: These are conditions required by IFRS 9 for notes and accounts receivable to be measured at…
A: The accumulated portion of the fixed asset that has been charged to expenditure through either…
Q: ntermediate Accounting 105 What is the purpose of a statement of cash flows? How does it differ…
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Q: Real assets are assets used to produce goods and services always the same as financial assets always…
A: Real assets are tangible / physical assets used in production of goods or services. These assets are…
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Q: Interest received and interest payments must be reported as operating cash flows using a. IFRS. b.…
A:
Q: The following may be presented as current assets, except * A. Advances to shareholders, directors,…
A: Current assets: These include all the assets of the business that can be converted into cash within…
Q: Under ASPE the receipt of interest on loans would be reported on a statement of cash flows under…
A: Operating activities are the routine financial transactions supporting an organization's main…
Q: Statement 1: An entity shall report cash flows from operating activities either using direct or…
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Q: 1. How to determine whether a company's assets have been overstated using only its financial…
A: Financial statements are formal records that provide a summary of a company's financial transactions…
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A: Introduction:- Every company prepare financial statements every financial year. which is very useful…
Q: Question 1 True or False: Monetary Assets and liabilities constitute assets and liabilities…
A: Assets means the resources owned by company. Liabilities means the amount owed towards the outsider…
Q: Investing activities involvewhich of the following? a) borrowing and repaying of debt. b)…
A: cashflow statement can be divided into three parts: investing activites financing activites…
Q: Identify and explain the four possible measurement bases?
A: Measurement is the process of determining the monetary amounts at which the elements of the…
Q: When it comes to determining the materiality of an amount, the accountant typically compares it to…
A: Materiality is a fundamental accounting concept that relates to the significance or importance of an…
Q: Differentiate the cash basis of accounting from the accrual basis of accounting.
A: Difference between cash basis and accrual basis: Cash basis accounting: Under this method, income…
Q: What is the difference between ‘Cash’ basis and ‘Accrual’ basis of accounting.
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
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A: What are financial assets and what are the different types? A financial asset is a liquid asset that…
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A: Solution Concept IAS 1 is the standard related to presentation of the financial statements It…
Q: IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the…
A: The financial statements are prepared by passing the journal entries, adjusting entries,…
Q: Examined and describe the communication aspect of accounting in relation to assets valuation and…
A: Accounting Principles: Accounting principles are the principles and rules that organizations should…
Q: Identify the cash flow activity involve when an entity sold equipment at book value Options: • Not…
A: Solution: when an entity sold equipment at book value, it receives cash for sale of equipment and…
PFRS 9 requires entities to measure their financial assets based on
- The contractual
cash flow characteristics of the financial asset. - The company’s business model for managing its financial assets.
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- What is the meaning of Revenue recognition on financial statements?Which of the following is NOT TRUE about the basic and additional financial statements a) Revenues and expenses to generate these revenues plus other revenues and prepaid expenses are presented on the Income Statementb) They are all prepared according to the accrual basis of accounting except the statement of cashflowsc) Statement of financial position is another name for the balance sheetd) Assets are presented on the asset side of the statement of financial position; whereas the financial sources of assets are presented on the liabilities & equity sideOn the Statement of Financial Position, which of the following is true? Group of answer choices A. Assets and Liabilities are reported as totals, and Net Assets are reported by unrestricted and restricted classifications. B. Liabilities are reported as a total, and Assets and Net Assets are reported by unrestricted and restricted classifications. C. Assets, Liabilities, and Net Assets are reported by unrestricted and restricted classifications. D. Assets are reported as a total, and Liabilities and Net Assets are reported by unrestricted and restricted classifications.
- Intermediate Accounting 105 What is the purpose of a statement of cash flows? How does it differ from a balance sheet and an income statement? Please provide GAAP concept and own explanation / example.Which statement is incorrect regarding contractual cash flows that are solely payments of principal and interest (SPPI)? a.Contractual cash flows that are SPPI on the principal amount outstanding are consistent with a basic lending arrangement. b.Principal is the fair value of the financial asset at initial recognition. c.An entity shall assesswhether contractual cash flows are SPPI on the principal amount outstanding for the currency in which the financial asset is denominated. d.An originated or a purchased financial asset can be a basic lending arrangement only if it is a loan in its legal form.QUESTION 10 Which of the following in accounts would be classified as current assets on the balance sheet? a. Accounts receivable, inventory, cash equivalents b. Pre-paid expenses, goodwill, long term investments C. Property, plant and equipment, inventory and goodwill d. Marketable securities, accounts payable, property plant and equipment
- assets that are purchased for use in operations but are not intended to be resold are called a. fixed assets b. income statement c. marketing costs d. proper cash flowIDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the following instructions, indicate the following: ASSETS- if the transaction results to an asset LIABILITY- if the transaction results to a liability EQUITY- if the transaction results to an equity INCOME - if the transaction results to an income EXPENSE - if the transaction results to an expense WITHDRAWAL- if the transaction results to a withdrawal N/A- if the transaction does not result to any of the elements. Receipt of cash for services rendered to clients. Collection of rentals from lessees. Purchase of supplies on credit.Assets are creditors claims on assets. These claims reflect company obligations to provide assets, products or services to others True B False
- Statement 1: The term "net assets" represents total contributed capital. Statement 2: Accrued revenue would normally appear in the statement of financial position under current liability. Both statements are true. Both statements are false. Only statement 1 is true. Only statement 2 is true.The cash basis and accrual basis of accounting in the public sector in terms of A. Recognition of revenue B. Recognition of expenditure C. Disclosure of non financial assets D. Notion of depreciation Please answer part A-D1. The aggregate cash flows arising from obtaining or losing control of subsidiaries or other businesses shall a. Be classified as operating activities b. Be classified as investing activities c. Be classified as financing activities d. Not be reported
