When a debt investment at amortized cost is reclassified to FVPL, the difference between the previous carrying amount and fair value at reclassification date is   a. Recognized in profit or loss b. Recognized in other comprehensive income c. Not recognized d. Included in retained earnings

Q: portion of long-term debt should elect one: a. be reclassified as a current liability. b. be…

A: The liabilities can be classified as current or long term liabilities.

Q: If in subsequent period, there is objective evidence of recovery in impairment previously recognized…

A: If previously Amortized debt measured by amortised cost has been recognized as debt in equity…

Q: The following are deductions from items of income, except: *   Cost of sales or service Regular…

A: 1) Cost of sales or service refers to the direct cost of producing the goods sold by a company. It…

Q: Impairments of debt investments at amortized cost are

A: Impairment: Impairment is the decrease in the value of a fixed asset other than depreciation. In…

Q: with priority only

A: The statement of affairs is similar to the statement of financial position expect for the asset are…

Q: How should (i) a change in calculating the provision for doubtful accounts, and (ii) change in…

A: The provision for doubtful accounts is accounting estimates that change on a yearly basis. It is…

Q: example of items that are adjusted directly against equity, rather than being included as part of…

A: Definition:   Stockholders’ Equity Section: It is referred to the section of the balance sheet that…

Q: 25. In accounting for debt investments that are classified as FV through profit or loss: O a. any…

A: In accounting for debt investments that are classified as FV through profit or loss unrealised gains…

Q: Which of the following financial assets are assessed for impairment? Equity investments at Fair…

A: The underlying premise of IAS 36 is that an asset should not be carried in the financial statements…

Q: Which of the following is an accrued liability? * Unearned subscriptions revenue Current portion of…

A: Liabilities that are recorded in the balance sheet are of two types they are -  Current liabilities.…

Q: is a correct statement below? A. Equity is the residual interest in the liabilities of the entity…

A: Option A is incorrect The correct statement is  Equity is the residual interest in the assets of the…

Q: Unrealized holding gains and losses on debt securities classified as available for sale would have…

A: Other Comprehensive Income refers to items of income and expenses that are not recognized as a part…

Q: 5. Which of the following incorrectly matches the classification of the debt investment with its…

A: The amortized cost means the accumulated portion of fixed asset expense or depreciation. One of the…

Q: Which of the following accountin justification for the fact that the c non-current asset is reported…

A: Solution: "Going Concern" accounting concept  provides justification for the fact that the carrying…

Q: Your answer is partially correct. Prepare all entries required for 2024, including recognition of…

A: FV-NI stands for "Fair Value through Net Income." Accounting for securities under FV_NI is a method…

Q: When a debt investment at FVOCI is reclassified to amortized cost, the entity will a. Remeasure the…

A: The financial asset is to be transferred at Fair value from FVTOCI to amortized cost.

Q: In an equity-settled transaction, if the total compensation changes in the subsequent period, the…

A: Under share based payment, if during subsequent period, total compensation changes then that change…

Q: A gain or loss from debt restructuring should be * O treated as increase or decrease in Paid-in…

A: Earlier gain or loss from debt restructuring was transferred to capital reserve but now it is…

Q: 1. Which of the following may be measured subsequently at amortized cost? a. None of these b. A…

A: solution note: dear student as per the bartleby guideline we are required to solve the first…

Q: 6. A liability is recognized in the statement of comprehensive income when it is probable that an…

A: As per IASC framework, the liability is recognized in the financial statement when two conditions…

Q: When a loss contingency is recognized, where is it reported on the income statement?

A: A financial statement that lists the company's earnings and expenses is called an income statement.…

Q: If an entity capitalized transaction costs to a financial asset at fair value through profit or…

A: Transaction costs seem to be the costs spent while purchasing or selling a product or service.…

Q: Discuss the appropriate treatment in the income statement for the following items: a.    Loss on…

A: Income statement:   In this statement, the financial records of the company's monetary performance…

Q: Loss contingencies are usually recognized in the income statements of the period when     a.…

A: Solution; Loss contingencies are usually recognized in the income statements of the period when…

Q: a) Prepare the journal entry to record Sarasota's investment in Washi. Assume that any unexplained…

A: Introduction: - Journal entry is the first stage of accounting process. Journal entry used to record…

Q: PFRS 9 can an entity classify financial assets that meet the amortized cost criteria as at FVTPL?

A: As per PFRS 9, an entity may classify financial assets initially according to the measurement at…

Q: GAAP requires that debt issue costs be recorded separately and amortized over the term of the…

A:

Q: some examples of items that would be adjusted directly against equity, rather than being included as…

A: The items included in other comprehensive incomes are not considered under profit or loss account…

Q: Elements of gross income

A: Option B is wrong because realized income is an element of gross income. Option C is wrong because…

Q: The most important non-cash item is a) Debt interest rate b) Income tax c) Dividend d) Depreciation

A: Answer

Q: Transaction costs incurred the effective interest rate to be used for amortization of an investment…

A: Costs incurred during buying and selling any good or a service are generally referred to as…

Q: 4. Which of the following items will appear in the statement of changes in equity? a. Extraordinary…

A: Statement of changes in equity is part of financial statements is used to present the amount which…

Q: Which is the proper way to report a contingent asset? a. As an asset b. No disclosure and no accrua…

A: As per IAS 37, Provisions, contingent liabilities and contingent assets. A contingent asset arise…

Q: To arrive at the accumulated taxable income, which of the following items does not represent a…

A: The Accumulated Adjustments Account (AAA) is a balance sheet account that contains the net…

Q: Where on the financial statements is an unrealized holding gain or loss on available for sale debt…

A: Available for sale debt investment is the kind of investment which is made with a purpose of sale…

Q: A gain or loss from debt restructuring should be A.  treated as increase or decrease in Paid-in…

A: Earlier gain or loss from debt restructuring was transferred to capital reserve, but now gain or…

Q: The return on plan assets   a.is the change in the fair value of the plan assets during the year. b.…

A: Introduction: A long-term employee benefit fund's plan assets are assets/investments kept for the…

Q: Under PFRS 3, when is a gain recognized in consolidating financial information? a. In a combination…

A: Introduction:- The merger and purchase of several smaller enterprises into a few considerably bigger…