Reference no: EM133326823
Question 1: What does the conceptual framework say about conservatism?
Question 2: Mangold Ltd received several donations. Record the journal entries for the following events:
a) Cash of $10 000 is received from a shareholder as a donation.
b) The cash donation is used to pay salaries and wages expenses.
c) Equipment is received at the beginning of the year from Lin Pty Ltd as a donation. The fair value is $20 000. The carrying amount for Lin Pty Ltd is $15 000. Estimated useful life at the time of receipt of the equipment is 10 years.
d) The equipment received from Lin Pty Ltd is used in operations for the year.
e) Land is received from a shareholder as a donation. The fair value is $50 000.
f) The land is sold for $55 000.
Question 3: The Flying Fox Group of companies owns the toll way from the centre of a major city to the airport. Under the agreement with the state government, Flying Fox must upgrade the road every 10 years. Flying Fox has established a provision account to allocate the future cost of upgrading the road over the next 10 years. Outline the accounting entries to provide for such a provision. Is this approach consistent with the matching principle? How does this approach relate to IAS 16/AASB 116 Property, Plant and Equipment and IAS 37/AASB 137 Provisions, Contingent Liabilities and Contingent Assets?
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What impacts have get-tough and three-strikes laws
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What does the conceptual framework say about conservatism
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