Reference no: EM132475098
A company's offices are located on property that the company owns. The market value of the property has increased by 515 000.
Question A. Should the balance sheet be updated to include this 515 000 increase in assets? Explain.
Question B. 'Which accounting standard(s) affect this situation?
Complete each of the following statements by supplying the missing word or words.
A. If, for any reason, a business is closed down, the claims of the are settled first, before the claim of the
B. The governing body for accounting standards in Canada is called the
C. In 2011, public companies in Canada stopped using Canadian GAAP and replaced them with the
D. The concept keeps the accounting for a business separate from the personal affairs of its owner.
E Listing assets in order of their means ranking them according to how easily they can be converted into
F. The concept assumes that a business will continue to operate, unless it is known that such is not the case.
G. Customers' accounts are listed in the section of the balance sheet.
H. A less common term for capital, or equity, is L In spreadsheet software, A2 is an example of a(n) and =B4+C7 is an example of a(n)
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Determine should the balance sheet be updated
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