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ACC 572 ACC572 ACC/572 Week 11 Final Exam 100% Correct



ACC 572 ACC572 ACC/572 Week 11 Final Exam 100% Correct Carlson Limited purchases some common shares of Gaynor Limited, which trade on the national stock market. Carlson pays $150 plus purchase commissions of $15. At the end of the year, the shares are worth $155. Based on this information, the journal entry on the purchase date, assuming a classification of available for sale financial assets (AFS) would include: If a company sells its accounts receivables to a factor, Which of the following statements concerning receivables is incorrect? What happens if the creditworthiness of the issuer declines significantly for an investment initially classified as held to maturity investments (HTM) and the entity disposes of the investment prior to maturity? Under IAS 17 Leases, lessors are required to account for lease receipts from operating leases as: Contingently issuable shares are included from the beginning of the period (or later if the related contract was issued later) if the conditions are satisfied by year end. Which of the following is typically not an example of these conditions? According to IAS 33, all of the following are potential ordinary shares except: IFRS 4 is the result of Phase 1 of a longer-term IASB project on accounting for insurance contracts by both insurers and policyholders. As such this standard is limited to all of the following except: One of the disclosure requirements of IFRS 4 has the objective of identifying and explaining the amounts in an insurer’s financial statements that arise from insurance contracts. Which of the following disclosures is the best example of meeting this objective? Intangible assets are the rights and privileges that result from ownership of long-lived assets that Which of the following principles best describes the current method of accounting for research and development costs? On January 1, 2011, Chicago Furniture purchased a new delivery truck. The truck is expected to be driven a total of 130,000 miles during its useful life of 4 years; however, Chicago Furniture expects that 2012 and 2013 will be the years the truck is most frequently used for deliveries. If Chicago Furniture wants to achieve the best matching of expenses with revenues, which IFRS acceptable deprecation method should it select? How should research and development costs be accounted for, according to an IASB Statement? Which of the following is considered research and development costs? Which of the following is considered research and development costs? Which of the following statements concerning IFRS and U.S. GAAP is true? According to IAS 24, what are the ways in which significant influence may be gained? Which of the following is a related party transaction for a post-employment benefit plan? All of the following are not related according to IAS 24, except: X Limited entered into a joint venture agreement with Y Limited. Together they formed XY Inc., which will be jointly controlled by X and Y. Based on this information, which of the following statements is false? Which of the following statements is correct? The percentage of receivables basis for estimating uncollectible accounts emphasizes If a company fails to record estimated bad debts expense, The direct write-off method When the allowance method of recognizing bad debts expense is used, the entry to recognize that expense The face value of a note refers to the amount Miles to Go is a travel agency specializing in tours to Africa and Australia. Miles to Go has $2,400,000 in accounts receivable. During 2011, miles to Go enters into a factoring arrangement with Fox Factors to factor 75% of their receivables. The agreement with Fox calls for a services charge of 2% of the amount of receivables sold. The effects on the statement of financial position for Miles to Go of factoring its receivables includes a(n) The sale of receivables by a business Miles to Go


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