Question

1.      All the following are general principles prescribed by AASB 101 to be applied in the...

1.      All the following are general principles prescribed by AASB 101 to be applied in the presentation of financial statements, except for:

  1. Historical cost measurement
  2. Offsetting
  3. Going concern
  4. Materiality aggregation

2.      During 2019, vinnie ltd estimated that the carrying amount of its goodwill was impaired and wrote down by $28,000, In 2020, the company’ goodwill was reassessed and it was decided that the goodwill of $28,000 still existed. The appropriate accounting treatment in 2020 is:

  1. Ignore the reversal as it is prohibited by AASB 136 impairment of assets
  2. Recognize the revalued amount of goodwill by an adjustment the asset revaluation surplus account
  3. Increase goodwill by an adjustment to retained earnings
  4. Reverse the previous goodwill impairment loss

3.      A statement of cash flow provides information about

i. net cash flows arising from financial activities

ii.   Movements in retained earnings

iii. movements in cash and cash equivalents

  1. movements in revaluation reserves

4.      In business combination, an acquirer might obtain control of an acquiree in a variety of ways except

i.        issue share capital

ii.       incure liabilities

iii.      resuming sears in board of directors

  1. by cash payment

5.      when accounting for equity the amount recognized in share capital:

i.        indicates the market value of shares at the reporting date

ii.       as the difference between assets and liabilities

iii.      shows the amount receivable from shareholders

  1. may comprise of one or several classes or shares

Homework Answers

Answer #1

All the following are general principles prescribed by AASB 101 to be applied in the presentation of financial statements, except for Offsetting

statement of cash flow provides information about net cash flows arising from financial activities.

In business combination, an acquirer might obtain control of an acquiree in a variety of ways except resuming sears in board of directors

when accounting for equity the amount recognized in share capital may comprise of one or several classes or shares

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Multiple Choice 1. Use rights assets can be increased due to a. Lease payments made on...
Multiple Choice 1. Use rights assets can be increased due to a. Lease payments made on or before the inception of the lease b. Rental payments made on or before the start of the lease by the tenant and direct costs borne by the lessee c. Initial direct costs are borne by the tenant d. Rent incentives received by tenants 2. A summary statement of the company's financial position as of December 31, 2020, reveals the following: Plant (at cost)...
1. Gibbon Corp., a Canadian public corporation, owns equipment for which the following year-end information is...
1. Gibbon Corp., a Canadian public corporation, owns equipment for which the following year-end information is available: Carrying amount (book value) $59,000 Recoverable amount 52,000 Fair value less disposal costs 55,000 Which of the following best describes the proper accounting treatment for Gibbon's equipment? a. It is not impaired and a loss should not be recognized. b. It is impaired and a loss must be recognized, with no reversal possible. c. It is not impaired, but a loss must be...
QUESTION 1 Which of the following statements is incorrect? Not many companies in Australia have operations...
QUESTION 1 Which of the following statements is incorrect? Not many companies in Australia have operations in both Australia and overseas locations. The financial statements of an entity may be recorded in a foreign currency and translated into Australian dollars for the purpose of combining those statements with the financial statements of a related Australian company. The relevant accounting standard applied in translating financial statements into another currency is AASB 121/IAS 21 The Effects of Changes in Foreign Exchange Rates....
Multiple Choice 1. At the reporting date, the carrying value of the cash-generating unit has been...
Multiple Choice 1. At the reporting date, the carrying value of the cash-generating unit has been reduced by CU800. The unit includes the following assets: CU 4000 land; CU 3000 factory building; Goodwill CU 1000. The carrying amount of goodwill after the allocated impairment value is: a. CU 200 b. CU 0 c. CU 1000 d. CU 900 2. As of December 31, 2018, PT Sensi chartered a vessel from PT Kapalindo for the eight-year period ending December 30, 2026....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT