A guide through ifrs Study guides, Class notes & Summaries

CHAPTER 9 INVENTORIES: ADDITIONAL VALUATION ISSUES IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer No. Description T 1. When to use lower-of-cost-or-market. F 2. Lower-of-cost-or-market and conservatism. F 3. Purpose of the “floor” in LCM. T 4. Lower-of-cost-or-market and consistency. F 5. Reporting inventory at net realizable value. T 6. Valuing inventory at net realizable value. T 7. Valuation using relative sales value. F 8. Definition o...

CHAPTER 10 ACQUISITION AND DISPOSITION OF PROPERTY, PLANT, AND EQUIPMENT IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer No. Description F 1. Nature of property, plant, and equipment. T 2. Nature of property, plant, and equipment. F 3. Cost of removing old building. T 4. Insurance on equipment purchased. F 5. Accounting for special assessments. T 6. Overhead costs in self-constructed assets. F 7. Overhead costs in self-constructed assets. F 8. I...

CHAPTER 8 VALUATION OF INVENTORIES: A COST-BASIS APPROACH IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer No. Description T 1. Work-in-process inventory. F 2. Merchandising and manufacturing inventory accounts. F 3. Perpetual inventory system. F 4. Determining when title passes. T 5. Inventory errors. T 6. Overstatement of purchases and ending inventory. F 7. Period vs. product costs. T 8. Reporting Purchase Discounts Lost. F 9. Cost flow assum...

CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer No. Description F 1. Nature of conceptual framework. T 2. Conceptual framework definition. F 3. Levels of conceptual framework. T 4 International conceptual framework. F 5. Statements of Financial Accounting Concepts. T 6. Decision usefulness.Objective of financial reporting. F 7. Financial statement users. T 8. Relevance and reliabilityfaithful r...

CHAPTER 13 CURRENT LIABILITIES AND CONTINGENCIES IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer No. Description F 1. Zero-interest-bearing note payable. F 2. Dividends in arrears. T 3. Examples of unearned revenues. T 4. Reporting discount on Notes Payable. F 5. Currently maturing long-term debt. F 6. Excluding short-term debt refinanced. T 7. Accounting for sales tax collected. F 8. Accounting for sick pay. T 9. Social security taxes as liabi...

CHAPTER 19 ACCOUNTING FOR INCOME TAXES IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer No. Description F 1. Taxable income. F 2. Use of pretax financial income. T 3. Taxable amounts. T 4. Deferred tax liability. F 5. Deductible amounts. T 6. Deferred tax asset. F 7. Need for valuation allowance account. T 8. Positive and negative evidence. F 9. Computation of income tax expense. T 10. Taxable temporary differences. F 11. Taxable temporar...

CHAPTER 12 INTANGIBLE ASSETS IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer No. Description F 1. Characteristics of intangible assets. F 2. Internally created intangibles. F 3. Recording internally generated intangibles. F 4. Amortization of limited-life intangible assets. T 5. Amortization of intangible assets. T 6. Amortizing limited-life intangibles. T 7. Accounting for a customer list. F 8. Amortization of patents. T 9. Modification of an ...

CHAPTER 21 ACCOUNTING FOR LEASES IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer No. Description T 1. Benefits of leasing. F 2. Accounting for long-term leases. F 3. Classifying lease containing purchase option. T 4. Accounting for executory costs. F 5. Depreciating a capitalized asset. F 6. Lessee recording of interest expense. T 7. Benefit of leasing to lessor. F 8. Distinction between direct-financing and sales-type leases. F 9. Lessors’ ...

CHAPTER 7 CASH AND RECEIVABLES IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer No. Description T 1. Items considered cash. F 2. Items considered cash. F 3. Items considered cash. F 4. Cash equivalents definition. F 5. Bank overdrafts. T 6. Cash equivalents. F 7. Classification of receivables. F 8. Items considered trade receivables. T 9. Trade discount uses. T 10. Sales discounts. T 11. Valuation of receivables. F 12. Percentage-of-receivab...

CHAPTER 14 LONG-TERM LIABILITIES IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer No. Description T 1. Bond interest payments. F 2. Debenture bonds. T 3. Definition of serial bonds. F 4. Market rate vs. coupon rate. F 5. Definition of stated interest rate. T 6. Stated rate and coupon rate. F 7. Amortization of premium and discount. F 8. Issuance of bonds. F 9. Interest paid vs. interest expense. T 10. Accounting for bond issue costs. T 11....