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Distinguish an equity instrument from a debt instrument

Assignment Help Financial Accounting
Reference no: EM132589398

Question 1: When is a financial asset initially recognized by an entity?

a. A financial asset is recognized when it is probable that future economic benefits will flow to the entity

b. A financial asset is recognized when the entity obtains control of the instrument

c. A financial asset is recognized when the entity obtains the risks and rewards of ownership of the financial asset

d. A financial asset is recognized when the entity becomes a party to the contractual provisions of the instrument

Question 2: All of the following financial assets shall or may be measured at fair value through profit or loss, except

a. Financial assets held for trading

b. Financial assets designated on initial recognition as at fair value through profit or loss

c. Investments in quoted equity instruments

d. Financial assets at amortized cost

Question 3: How would you distinguish an equity instrument from a debt instrument?

Question 4: What is the primary difference between accounting for a debt instrument and accounting for an equity instrument when each is carried at fair value through other comprehensive income?

Reference no: EM132589398

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