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Problem 1) Which of the following is NOT excluded from the scope of AASB 118 Revenue ?
a) Accounting for share of joint venture revenue.
b) Subscriptions.
c) Revenue arising from primary production activities.
d) Revenue arising from oil and gas exploration.
Problem 2) Under AASB 15 interest revenue is recognised as follows:
a) on a straight line method.
b) on an effective interest method.
c) on either an effective interest method, or a straight line method, depending on which method the entity feels provides the most relevant and reliable information.
d) at the time of receipt of the interest
An investor purchased shares of Acme Company as follows: 500 shares @ $10 per share, What is the investor average cost per share
Hazel purchased a business asset (five - year property) on March 10, 2015, at a cost of $80,000. Determine the cost recovery deduction for 2018
Jerold is the executor of his wife's estate. He maintains the household where he, Travis, and Macy live, and Jerold furnished all of their support. During 2014 and 2015, Travis is a full-time student, while Macy earns $7,000 each year from a part-..
Provide the general journal entry necessary to record the December 31, 2013, interest expense.
Prepare flexible budgets based on the assumptions of service levels at 49,000 hours, 53,000 hours, and 57,000 hours
Mr. and Mrs. Keppner file a joint income tax return. Assume the taxable year is 2019. Compute their standard deduction
Given - Units sold 190000 and Contribution margin per unit=1.41. What is the variable cost, fixed cost and contribution margin ratio
The company has a reportable segment if that segment's revenue exceeds what amount and what is the total amount of expense relating to these three items that should be reported?
Required - Evaluate each of the items above and their impact on the independence of W&S Partners with respect to Cloud 9
A corporate bond has a face value of $1 000, a coupon rate of interest of 10.5% per annum, payable semi-annually, What is the coupon payment of the bond
RC Corp. uses a job order cost accounting system. Make the necessary journal entries to record the above transactions and events
Next, evaluate how the company identified in your research can use the cash flow statement to project efficient uses of the cash hoard it has accumulated.
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