Homework Answers
Answer- 19
Option- D......because all the things are generally done in both GAAP and IFRS. The only main difference between GAAP and IFRS is that GAAP does its working on Rule Basis but IFRS is Principle Based.
Answer-20
Option - B.....because the company has to vest the unearned compensation for next 10 years as the tenure of CEO is 10 years and the compensation is to be equally recorded in each year.
Answer-21
Option - D...yes the value can be amortized till the sale is not done....in case of trading and held to maturity a person is earning interest and can amortize the discount till the life of bond..says its 10 year so the amortization is done for 10 years.
Answer-22
Option- D ...EBAy is principle as its works as platform for consumers and sellers and its agents.
Answer-23
Option- B....its is not determined as per new standards of Revenue Recognitions
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19 US GAAP and IFRS accounting principles are substantially the same for which area? A) Accounting...
Which of the following is a benefit of the convergence between US GAAP and IFRS? Group...
Which of the following is a benefit of the convergence between US GAAP and IFRS? Group of answer choices B. All companies now have a choice between different sets of financial reporting standards C. The IASB and FASB use the exact same conceptual framework to generate accounting standards D. All companies will produce financial statements in English A. Increased comparability between financial statements produced in different countries As a result of the convergence efforts since 2007: Group of answer choices...
International accounting 6. Which method is not allowed in US GAAP but is in IFRS? Revaluations...
International accounting 6. Which method is not allowed in US GAAP but is in IFRS? Revaluations of property plant and equipment. Revaluations of Equity Both a and b. Revaluation of bad debts. None of the answers apply 7. The section in Sarbanes Oxley that requires assessment of internal controls. 301 302 304 404 None of the answers apply. 8. The section in Sarbanes Oxley that requires CEO and CFO to certify each quarterly and annual financial report. 301 302 304...
cunuiuis. htus 1. Under IFRS, an entity should initially recognize inventory when A. it has control...
cunuiuis. htus 1. Under IFRS, an entity should initially recognize inventory when A. it has control of the inventory. B. it has the ability to direct the use of and obtain substantially all the benefits from the inventory. C. it has the ability to prevent other companies from directing the use of or receiving benefits from the inventory. D, all of the above choices are correct. 2. With respect to accounting for inventories, which of the following is a difference...
Which statement is correct as it relates to diverse accounting practices across countries? A. U.S. GAAP...
Which statement is correct as it relates to diverse accounting practices across countries? A. U.S. GAAP is acceptable worldwide wherever IFRS has not been adopted. B. Translating financial statements of various currencies into one common currency for consolidation purposes does not resolve the problem of diversity of accounting practices across countries. C. To have stock listed on a U.S. stock exchange, all financial statements submitted to the SEC must be prepared either using U.S. GAAP or using IFRS. D. Stock...
Which of the following lists different accounting standards? Group of answer choices a)GAAP/IFRS b)AIA/EIA c)Centralized/coordinated d)NYSE/DAX...
Which of the following lists different accounting standards? Group of answer choices a)GAAP/IFRS b)AIA/EIA c)Centralized/coordinated d)NYSE/DAX e)Managerial/financial
18. Both IFRS and U.S, GAAP permit valuation of long-term debt and other ligbilities at A)...
18. Both IFRS and U.S, GAAP permit valuation of long-term debt and other ligbilities at A) present value discounted at the firm's cost of capital. B) current market values of the obligations, based on changes in the discount rate with unrealized gains and losses reflected in a separate account in stockholders' equity C) fair val D) histori ue with gains and losses on changes in fair value recorded in income in certain situations. c costs without reflecting changes in valuation...
Quick multiple choice accounting questions. I will rate if all answered thank you! Exceptions to the...
Quick multiple choice accounting questions. I will rate if all
answered thank you!
Exceptions to the realization principle include the installment basis of revenue recognition for sales revenue and the completed-contract method for long-term construction projects Select one True False At the end of the accounting period, three trial balances are prepared. Select one: O True O False The conceptual framework project resulted in identifying two primary qualitative characteristics that accounting information should possess relevance and reliability Select one True...
Multiple choice accounting questions. Assume the following facts regarding the construction of a bridge: Construction costs...
Multiple choice accounting questions.
Assume the following facts regarding the construction of a bridge: Construction costs this period - 3,000,000 Total estimated construction costs - 10,000,000 Total sales price -15,000,000 The revenue that should be recognized this period is: Select one or more a 6,500,000 b. 4,500,000 c 5,000,000 d 3,000,000 Exceptions to the realization principle include the installment basis of revenue recognition for sales revenue and the completed contact method for long-term construction projects Select one: True False At...
SaulGroup, Inc., a U.S.-based corporation, currently uses U.S. GAAP to prepare its consolidated financial statements. SaulGroup...
SaulGroup, Inc., a U.S.-based corporation, currently uses U.S. GAAP to prepare its consolidated financial statements. SaulGroup is considering switching to IFRS and asking for your help in assessing the impact this change will have on its financial statements. SaulGroup’s accounting principles differ from IFRS in the following areas– restructuring, pension plan, stock options, revenue recognition, and bonds payable. Instructions: Please respond to the following questions in each scenario: 1. Restructuring Provision On December 1, 2017 the management of SaulGroup, Inc....
24. Which of the following is an indication that a customer has gained control of a...
24. Which of the following is an indication that a customer has gained control of a good or service under the new revenue recognition standard? A) The seller has transferred legal title to the customer B) The seller has transferred physical possession of the product C) The buyer has significant risks and rewards of ownership D) All of the above 25. Revenue is recognized by a consignor of inventory when the A) goods are shipped to the consignee. B) consignee...
cunuiuis. htus 1. Under IFRS, an entity should initially recognize inventory when A. it has control of the inventory. B. it has the ability to direct the use of and obtain substantially all the benefits from the inventory. C. it has the ability to prevent other companies from directing the use of or receiving benefits from the inventory. D, all of the above choices are correct. 2. With respect to accounting for inventories, which of the following is a difference...
18. Both IFRS and U.S, GAAP permit valuation of long-term debt and other ligbilities at A) present value discounted at the firm's cost of capital. B) current market values of the obligations, based on changes in the discount rate with unrealized gains and losses reflected in a separate account in stockholders' equity C) fair val D) histori ue with gains and losses on changes in fair value recorded in income in certain situations. c costs without reflecting changes in valuation...
Quick multiple choice accounting questions. I will rate if all
answered thank you!
Exceptions to the realization principle include the installment basis of revenue recognition for sales revenue and the completed-contract method for long-term construction projects Select one True False At the end of the accounting period, three trial balances are prepared. Select one: O True O False The conceptual framework project resulted in identifying two primary qualitative characteristics that accounting information should possess relevance and reliability Select one True...
Multiple choice accounting questions.
Assume the following facts regarding the construction of a bridge: Construction costs this period - 3,000,000 Total estimated construction costs - 10,000,000 Total sales price -15,000,000 The revenue that should be recognized this period is: Select one or more a 6,500,000 b. 4,500,000 c 5,000,000 d 3,000,000 Exceptions to the realization principle include the installment basis of revenue recognition for sales revenue and the completed contact method for long-term construction projects Select one: True False At...
24. Which of the following is an indication that a customer has gained control of a good or service under the new revenue recognition standard? A) The seller has transferred legal title to the customer B) The seller has transferred physical possession of the product C) The buyer has significant risks and rewards of ownership D) All of the above 25. Revenue is recognized by a consignor of inventory when the A) goods are shipped to the consignee. B) consignee...
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