What does ifrs stand for - Study guides, Class notes & Summaries

"the objective of IFRS is to have a single set of high quality accounting standards applied consistently around the world: correct answers What is the objective is IFRS? International Financial Reporting Standards correct answers What does IFRS stand for? b) For a given set of facts and circumstances, there should be consistency in acceptable interpretations supported by professional judgment by every company in every country. correct answers Identify which statement is correct in regard...

Three Types of Businesses - sole proprietorship, partnership, corporation Sole Proprietorship - business owned by one person Partnership - business owned by two or more people associated as partners Corporation - separate legal entity for which evidence of ownership is provided by shares of stock Types of Financial Statements - income statement, statement of retained earnings, balance sheet, statement of cash flows Beg RE + Net Income - Dividends = End RE - Equation for Ending Retained Ear...

MGT 8803 Week 1 Questions and Answers 100% Pass A business owned by a single owner proprietorship A business owned by more than one owner partnership In ___ & ___, the business and the owner(s) are legally one entity - there is unlimited liability and no taxation. proprietorship and partnership What does unlimited liability mean? The obligations of the business are the same as the obligations of the owners; i.e., a bank can go after the owners if the business defaults on its loan What does ...

Solution Manual For Financial Statement Analysis, 13th Edition By Charles H. Gibson || All Verified Chapters (1 - 13) | Complete Newest Version 2024 A+ 1 © 2013 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 1 Introduction to Financial Reporting QUESTIONS 1- 1. a. The A...

Advanced Accounting Final EXAM 100% solved A translation adjustment must be calculated and disclosed when financial statements of a foreign sub are translated into the parents reporting currency. How is this figure computed, and where is the amount reported in the financial statements? - ANSWER1st compute it to be a gain or loss from foreign currency transactions, and then it is reported in net income during the period in which the fluctuation exchange rate occurred. 2nd is cumulative tr...

What two things does financial accounting consist of correct answer: measuring and reporting What forms of businesses do we measure and report for? correct answer: Proprietorship, partnership, corporation What are separates a proprietorship and a partnership from a corporation correct answer: the owners and the businesses are the same entity What does unlimited liability mean? correct answer: Unlimited liability means that sole proprietors and general partners must pay all debts and...

A business owned by a single owner - ANSWER proprietorship A business owned by more than one owner - ANSWER partnership In ___ & ___, the business and the owner(s) are legally one entity - there is unlimited liability and no taxation. - ANSWER proprietorship and partnership What does unlimited liability mean? - ANSWER The obligations of the business are the same as the obligations of the owners; i.e., a bank can go after the owners if the business defaults on its loan What does "no taxat...

Fundamental Financial Accounting Concepts, 10e (Edmonds) Chapter 1 An Introduction to Accounting Indicate how each event affects the elements of financial statements. Use the following letters to record your answer in the box shown below each element. You do not need to enter amounts. (Note that "No Effect" means that the event does not effect that element of the financial statements or that the event causes an increase in that element is offset by a decrease in that same element.) Increase ...

Assets - answer--Cash -A/R -Securities -Inventory -PP&E *Normal Balance is a DEBIT (Debits increase asset accounts) Liabilities - answer--A/P -Wages Payable -Notes Payable -Pension Obligations *Normal Balance is a CREDIT (Credits increase liabilities) Equity - answer-1. Paid-in Capital 2. Retained Earnings *Normal Balance is a CREDIT (Credits increase equity) -A debit to the equity account is an increased expense -A credit to the equity account is an increase in ret...

ACCA F7 - The Conceptual Framework Exam Practice Questions and Answers Advantages of the conceptual framework? - ANSWER• Standardised consistent accounting practices, • Standards are less subject to political pressure • Consistent methodology used • Avoids reactionary approach to setting standards Disadvantages of the conceptual framework? - ANSWER• Needs of all users cannot be considered • Different users may require different conceptual • May hamper development What does...