100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
(WGU D102) ACCT 2313 - Financial Accounting - Final Assessment Guide $14.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Western Governors University
  4.  
  5. ACCOUNTING

Exam (elaborations)

(WGU D102) ACCT 2313 - Financial Accounting - Final Assessment Guide

 4 views  0 purchase

(WGU D102) ACCT 2313 - Financial Accounting - Final Assessment Guide (WGU D102) ACCT 2313 - Financial Accounting - Final Assessment Guide (WGU D102) ACCT 2313 - Financial Accounting - Final Assessment Guide

Preview 3 out of 24  pages

Document information

  • September 2, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Unknown

Subjects

  • wgu d102 acct 2313 financial accounting fina

Written for

All documents for this subject (56)

Seller

avatar-seller
Bankart

Reviews received

Content preview

D102 ACCT 2313



Financial Accounting




FINAL ASSESSMENT GUIDE




© WGU 2024/2025

,1. When preparing consolidated financial statements, which of
the following adjustments would you typically make?
a. Eliminate intercompany sales transactions.
b. Recognize unrealized intercompany profits.
c. Treat non-controlling interest as an expense.
d. Convert all sub-ledger accounts to fair value.
Answer: a. Eliminate intercompany sales transactions.
Rationale: Intercompany sales create transactions within the
group that should not appear in consolidated statements, ensuring
only external transactions are shown.


2. Which financial reporting framework requires the preparation
of a Statement of Changes in Equity?
a. IFRS
b. GAAP
c. Both IFRS and GAAP
d. Neither
Answer: c. Both IFRS and GAAP.
Rationale: Both IFRS and GAAP require a comprehensive
report on changes in equity during the period.
© WGU 2024/2025

, 3. In the context of accounting for leases under IFRS 16, which of
the following is NOT classified as a right-of-use asset?
a. Vehicle leases
b. Building leases
c. Land use leases
d. Short-term equipment rentals
Answer: d. Short-term equipment rentals.
Rationale: Short-term rentals are typically excluded from the
right-of-use asset definition.


4. According to IFRS 3, for a business combination, the acquirer
should recognize identifiable assets acquired and liabilities assumed
at:
a. Carrying amount
b. Fair value
c. Historical cost
d. Amortized cost
Answer: b. Fair value.
Rationale: IFRS 3 requires assets and liabilities in a business
combination to be recognized at their fair values at the acquisition
date.

© WGU 2024/2025

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Bankart. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $14.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80796 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$14.49
  • (0)
  Add to cart