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What is the financial accounting issue

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Reference no: EM132657399

Ordinary repairs on capital assets were recorded as follows:

Capital assets 10,000

Cash 10,000

Capital assets are collateral for the Bank's loan, and the Bank is the key user of these financial statements.

Question 1) What is the Financial Accounting issue? (ie. recognition, measurement, presentation, disclosure)

Question 2) Identify and explain the accounting practice violation(s) with reference to the Conceptual Framework for Financial Reporting ('Pyramid' Illustration in Kieso textbook)

Question 3) Identify implications to the users of the financial statements

Question 4) Explain briefly how you would "fix" the problem from a "Proper Accounting Practice" perspective. Provide the correct Journal Entry if possible.

Reference no: EM132657399

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