One reason that an cntity is allowed to change its accounting policy is when It is required by an accounting standard. It is required by law. It is ordered by management. All of these would allow an entity to change an accounting policy.
Q: PROBLEMS Problem 13-1 (IFRS) Forester Company provided the following assets in a fore plantation and...
A: Computation of the amounts of the biological assets and property, plant and equipment is as follows:
Q: What amount should be recognized as loss on purchase pommitment in 2022? 200,000 p. 100,000 E. 300,0...
A: Purchase commitment refers to the firm's commitment to acquire the goods and services from the suppl...
Q: Required Information Problem 3-3A (Statie) Preparing adjusting entrles, odjusted trlal balance, and ...
A: 1. Balance Sheet - This Statement shows the balance of assets liabilities and Equity as of the balan...
Q: Need a ledger and a journal
A: Journal entries is a tool for recording business transactions into accounting records. Adjusting ent...
Q: Meginnis orporati elevant ange f ctivity s ,000 nits o ,000 nits. hen t roduces and sells 5,000 unit...
A: Direct cost are cost that directly charge to production. Direct cost include Direct materials and Di...
Q: QUESTION 4 Jeremiah invested RM100 every month into his Paradise Mutual Fund account for 8 years at ...
A: First we can convert the invested amount and the interest % to annual. 1 month =100 12 months=100*12...
Q: Companies use capital investment analysis to evaluate long-term investments. Capital investment eval...
A: part A The statement is true. Towards making inveatment decision of mutually exclusive projects ,NP...
Q: ion and Statement of changes in equity on Excel.
A: Income statement refers to a statement which shows the revenue and expense of the company of a parti...
Q: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,580 in...
A: ERNST CONSULTINGIncome StatementFor the month ended October 31 Revenue Consultin...
Q: Prepare budgetary entries, using general ledger control accounts only, for each of the following unr...
A: The question is based on the concept of Financial Accounting.
Q: Your Fan retails computer fans in two sizes: small and large. The business has provided you with the...
A: The question is based on the concept of Cost Accounting. As per the Bartleby guidelines we are allow...
Q: If a pension plan is both contributory and qualified, it is
A: First let us understand the key terms in the question. Pension plan- A Pension plan is an accumulate...
Q: do you think the investment in digital assets impact the CPA profession? risk factors
A: Digital assets include Cryptocurrency and other digital assets which have no physical existence and ...
Q: Aracel Engineering completed the following transactions in the month of June. Using the following tr...
A: Journal entries shows the recording of the transactions during an accounting year and every transact...
Q: al places.) itive value.)
A:
Q: An annuity-immediate has 3 annual payments of $200, followed by a perpetuity of ath
A: Present value = Annuity amount x present value of annuity due at $ 1 at 4% for 3 years Present value...
Q: Q7- Downstairs Company has the following sales budget for the last six months of 2010: July August S...
A: Lets start with basics. Budget is prepared by the management to estimate the profit and loss for fut...
Q: what is the value of the firm?
A: Free cash flow refers to the cash flow generated by the company in the year from its operations afte...
Q: 000 check is still outstanding per ban and coins awaiting deposit in a bank closed by BSP h P10,000 ...
A: Amount of cash to be reported under the current assets = Bond sinking fund cash + Checking account i...
Q: Pepper, Inc. agrees to lease equipment from the Blue Corporation for 10 years at $25,000 at the end ...
A: Correct option: Finance lease because the lease term covers the major part of the economic life of t...
Q: Jan. 11: Purchased leather materials for bags on account for $76,000 Accounts payable $ 76,000 Raw M...
A: Manufacturing Overhead (Over/Under-applied)=Actual Manufacturing Overhead-Applied Manufacturing Over...
Q: Mr. Lim ran for a government position during the country’s 2019 elections. He received campaign fund...
A: Answer: Campaign fund donations = Php 100 M Campaign related expenses = Php 75M Excess funds = Php 2...
Q: 国 Re Saved Help Save & Exit Submit Check my work Holiday Laboratories purchased a high-speed industr...
A: Answer: a. Calculation of total cost of Equipment: Cost of Purchase $410,000 Add: Shipping costs $19...
Q: Which of the following statements is correct about closing entries?
A: The answer for the multiple choice question and relevant explanation are presented hereunder : At th...
Q: Problem 13-10 (AICPA Adapted) On September 30, 2021, a fire destroyed most of the merchandise invent...
A: SOLUTION WORKING NOTES GROSS PROFIT RATE ON COST = (2250000/6750000)*100 = 33.33% PERCENTAGE FOR SAL...
Q: Why is it important to check if debt is decreasing if we have decline in interest expense in financi...
A: The cost of borrowing funds is referred to as interest expenditure. It is the fee charged by a lende...
Q: Information for Duncan Corporation is shown below: 20X1 Net Income ₱ 400,000 Average Inv...
A: Return on investment (ROI) = Net Income / Average Investment where, Average Investment = (Beginning...
Q: 1.New CEO is quite domineering and dictates accounting issues. Answer the following question a.ls th...
A: Since you have asked multiple sub parts, we will solve the first three sub parts for you. If you wan...
Q: 10. Rahim runs a lawn-care business. One day the company's large mower breaks down in the middle of ...
A: A manager's programmed decisions are those that he or she has made before. Despite being well-organi...
Q: Explain how the consideration to be paid should be accounted for in our consolidated financial state...
A: solution concept There are different type of consideration that has to be paid by the parent company...
Q: During 2019 , Lina Co. incurred the following costs: Testing in search for process alternatives $ 40...
A: Step 2 in solution.
Q: I don't understand how to get the percentage for the Sales to start off.... Income statement inf...
A: For vertical analysis of income statement, the accounts of income statement are compared with the sa...
Q: Davis Corporation reported the following for the month of November: Total hourly wages of plant w...
A: The question is based on the concept of Cost Accounting.
Q: Christina Company (a U.S.-based company) has a subsidiary in Canada that began operations at the sta...
A: The following rate shall be applicable for translation: For balance sheet items = Closing rate For ...
Q: Changes in accounting policy are Permitted if the change will result in a more reliable and more re...
A: Change in accounting policy refers to change in the method of accounting principles or rules followe...
Q: A Blue Ocean Co. has the following balance sheet: Cash ...
A: Retained earning is the portion of the net income which is left after dividend payout to the company...
Q: asing revisions their cos for Project A and Project B, as outlined below. Project A Pr Project A's r...
A: Internal rate of return (IRR) is rate at which the NPV is zero . In other words where the present va...
Q: A manager at Thocc, a business retailing and servicing custom keyboards, needs help with interpretin...
A: The question is related to explaining brief narration describing the economic event that corresponds...
Q: The ending Retained Earnings balance of ABC decreased by $1.5 million from the beginning of the year...
A: Answer) Calculation of Net Income earned During the Year Net Income Earned = (Ending Balance of Reta...
Q: Forest Components makes aircraft parts. The following transactions occurred in July. Purchased $...
A:
Q: Both are sub parts of single question 1.1 Which of the following is an example of an accrued reve...
A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are ...
Q: Required information Use the following information for exercise 15 to 18 LO P2 [The following inform...
A: Retained earnings are an important principle in accounting. The term refers to a firm's future profi...
Q: The City of South River budget for the fiscal year ended June 30, 2020, included an appropriation fo...
A: Unexpended Appropriation balance=sum of appropriations, expenditures, and encumbrances
Q: Determine the ending balance of each of the following T-accounts. Cash Accounts Payable 210 160 3,10...
A: •Normal Debit Balance of Account: Ending Balance - Debit - Credit . •Normal credit Balance of Acco...
Q: 1. On August 1, the company billed customers $2,500 on account for services renc ered. Customers are...
A: The journal entries are prepared to record day to day transactions of the business on regular basis....
Q: Data pertaining to Lakers Co.’s manufacturing operations: INVENTORIES April 1, 20X1 April 30,...
A: Cost of goods sold (COGS): The cost of goods sold budget shows the expenses incurred for producing a...
Q: SOUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands of Wire...
A: Perpetual inventory system or method for inventory/stock method which records the sale and purchase ...
Q: Required information Use the following information for the Exercises below. (Algo) [The following in...
A: Equivalent units of production = Units completed and transferred out + (Ending work in process x Per...
Q: For each transaction, (1) analyze the transaction using the accounting equation, (2) record the tran...
A: Bookkeeping: Bookkeeping alludes to the most common way of checking the monetary exchanges of an ass...
Q: Return on Total Assets A company reports the following income statement and balance sheet informati...
A: Introduction:- The return on assets (ROA) measures how lucrative a company's assets are at generatin...
One reason that an cntity is allowed to change its accounting policy is when
It is required by an accounting standard.
It is required by law.
It is ordered by management.
All of these would allow an entity to change an accounting policy.
Step by step
Solved in 2 steps
- In virtually all circumstances, a fair presentation is achieved by compliance with applicable IFRSS. A fair presentation also requires an entity: (choose the incorrect statement) * to select and apply accounting policies in accordance with PAS 8 Accounting Policies, Changes in Accounting Estimtes and Errors. PAS 8 sets out a hierarchy of authoritative guidance that management considers in the absence of a standard or an interpretation that specifically applies to an item. to present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information. to provide additional disclosures when compliance with specific requirement in PFRSS is insufficient to enable users understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance. to establish a system of internal control the responsibility for which is the entity's management. Furthermore, the…According to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, an entity must select and apply its accounting policies consistently from one period to the next and among various items in the financial statements. However, an entity may change its accounting policies under certain conditions. Required: Identify the circumstances under which it may be appropriate to change accounting policy in accordance with the guidance given in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.A business entity is required to maintain the same accounting policies. However, the entity is permitted by MRFS 108 Accounting Policies, Changes in Accounting Estimates and Errors to change its accounting policies under two situations.Required: -Explain the two (2) situations stated in MFRS 108.
- If a company registered with the SEC justifies a change in accounting method as preferable under the circumstances, and the circumstances change, can that company switch back to its prior method of accounting before the change? Why or why not?According to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, an entity must select and apply its accounting policies consistently from one period to the next and among various items in the financial statements. However, an entity may change its accounting policies under certain conditions.Identify the circumstances under which it may be appropriate to change accounting policy in accordance with the guidance given in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.Which of the following does not constitute fair presentation and compliance with IFRS? A) an entity apply IFRS, with additional disclosure when necessary. B) an entity rectify inappropriate accounting policies by additional disclosures. C) an entity did not selectively apply standards it likes. D) an entity follows the recognition criteria for assets, liabilities and expenses set out in the conceptual framework.
- Under IFRS, changes in accounting policies are a. permitted if the change will result in a more reliable and more relevant presentation of the financial statements. b. permitted if the entity encounters new transactions, events, or conditions that are substantively different from existing or previous transactions. c. required on material transactions, if the entity had previously accounted for similar, though immaterial, transactions under an unacceptable accounting method. d. required if an alternate accounting policy gives rise to a material change in assets, liabilities, or the current- year net income.15. A fair presentation is achieved by compliance with applicable IFRSs. A fair presentation also requires an entity: (choose the incorrect statement) a. to provide additional disclosures when compliance with the specific requirements in IFRSs is insufficient to enable users to understand the impact of transactions b. to select and apply accounting policies in accordance with IAS 8 c. to establish a system of internal control, the responsibility for which is the entity’s auditor. d. to present information, including accounting policies, in a manner that provides relevant, reliable, comparable, and understandable information.What are accounting errors and how they are reported. What are the disclosure requirements for correction of errors. Please see FASB codification to discuss the disclosure requirements.
- What are some examples of assurance services performed on nonfinancial information?What are some of the major areas of public accounting services?Which one of the following statements is false? O A. Management accounting reports tend to be specific. O B. Management accounting reports are produced as often as required. O C. Management accounting reports are subjected to the principles and practices of GAAP. O D. Management accounting reports are not required by law.What might explain the fact that different accounting standard-setters have developed accounting standards that are sometimes quite different in nature?