Solution-Which an entity preparing interim financial

Which an entity preparing interim financial statement should

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Reference no: EM132765939

Problem 1: The applicable standard for a property being constructed or developed for future use as investment property is

a) IAS 2 Inventories, until construction is done and then it is accounted for under IAS 40 Investment property

b) IAS 40 Investment property

c) IAS 11 Construction contracts, until construction is done and then it is accounted for under IAS 40 Investment property

d) IAS 16 Property, plant and equipment, until construction is done and then it is accounted for under IAS 40 Investment property

Problem 2: In general, an entity preparing interim financial statements should

a) Defer recognition of seasonal revenue

b) Use the same accounting principles followed in preparing the latest annual financial statements

c) Allocate revenue and expenses evenly over the quarters, regardless of when they actually occurred

d) Disregard permanent decreases in the market value of inventory

Reference no: EM132765939

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Which an entity preparing interim financial statement should

Reference no: EM132765939

Reference no: EM132765939

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