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Questions -
Q1. In the past provisions for repairs and maintenance were often recorded as liabilities by companies. Explain why this is no longer accepted with reference to the definition of a provision according to AASB137 Provisions, Contingent Liabilities and Contingent Assets. Provide one example of provision which is accepted under the accounting standard.
Q2. Biological assets have unique characteristics which can differentiate them from other assets. Discuss at least two of the unique characteristics of biological assets.
Q3. What are the key distinctions between 'income" and 'revenue'? Why do you think the AASB/IASB made these distinctions? Explain with examples.
Q4. The CEO of Banjo Ltd suggests that the costs of the opening ceremony for a new plant should be included in the cost of the plant rather than being expensed. Do you agree and explain what expenditure should be included in the cost of property, plant and equipment?
Each yearly installment will include both principal repayment of $4000 and interest payment for the preceding one-year period. On March 1, 2019
a companys office supplies account shows a beginning balance of 540 and an ending balance of 460. if office supplies
An invoice for $8,100, terms f.o.b. destination, was received and entered January 2, 2011. The receiving report shows that the materials were received December 28, 2010.
max nat and roberta formed a partnership to operate a dry-cleaning business. they agreed to share initial capital and
The company offers 10 different courses, and each course may generate up to eight classes. Identify the entities that should be included in the erd
Discuss the difference between budget and standard cost. How does standard costing improve the control function
The company sold 1,000 units during the month for $12 per unit. Kibbee uses the average cost method
Vernon Corporation offered detachable 5-year warrants to buy one ordinary share (par value €5) at €20, What amount should be allocated to the warrants
Jones Company had 100 units in beginning inventory at a total cost of $10,000. Compute the cost of the ending inventory and the cost of goods sold
A company's budgeted manufacturing costs for 75,000 units are as follows: Under a flexible budget, how much are budgeted total manufacturing costs
She offered to carry out some work on his business van if he needed it in the next few months. Peter thought about it and agreed and the next day Tilly paid.
Installment loans are used for longer-term loans. These require monthly payments throughout the duration of the loan. Loan repayments are made by an accounts payable clerk from one of its checking accunts. Create Big R's financing business process..
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