Why an entity may choose a particular accounting policy

Assignment Help Financial Accounting
Reference no: EM132942674

Question 1: Discuss the reasons why an entity may choose a particular accounting policy where an International Financial Reporting Standard allows an accounting policy choice and whether faithful representation and comparability are affected by such choices.

Reference no: EM132942674

Questions Cloud

Explains accounting principle : Write a brief paragraph that explains accounting principles and how they are used within financial management in relation to analyzing financial health.
Outline the responsibilities a financial analyst : Outline the responsibilities a financial analyst has in terms of financial management. Add 5-7 specific bullet points outlining these responsibilities.
Explain FOB shipping point : Briefly explain FOB shipping point and specific identification method to calculate ending inventory under LIFO method, which assumption we take
Make proforma journal entries relating to the preparation : Make proforma journal entries relating to the preparation of consolidated financial statements. On 1 January 2020 Jamii Ltd acquired 100% of Bidii Ltd for Ksh.2
Why an entity may choose a particular accounting policy : Discuss the reasons why an entity may choose a particular accounting policy where an International Financial Reporting Standard allows an accounting policy
How many semi-annual payments are necessary : How many semi-annual payments of 6,000 pesos each are necessary to accumulate 300,000 pesos if interest is at 7% compounded semi-annually
What amount should GSM report as total accounts payable : The invoice price was P130,000. At December 31, 2020, what amount should GSM report as total accounts payable
Calculate lri taxable income or loss : Calculate LRI's taxable income/loss for 2016. In its first two years of operations, Living Robotics Inc. (LRI) generated taxable income of $50,000
Calculate the annual lease rental expense : H Ltd enters into a lease of a piece of machinery for $1000 per annum for 5 years. Calculate the annual lease rental expense

Reviews

Write a Review

Financial Accounting Questions & Answers

  How much did hij corporation report as current liabilities

How much did HIJ Corporation report as Current liabilities and Long-term liabilities, respectively, in its classified 2019 Balance sheet?

  Allocate the joint costs to betalite and alphalite

Allocate the joint costs to Betalite and Alphalite under the subsequent methods: a. Sales value at splitoff b. Physical measure (pounds) c. Net realizable value

  Why the available criterion on revenue recognition is deemed

Why the "available" criterion on revenue recognition is deemed significant? When is modified accrual versus full accrual used? Why?

  Which part of the preceding narrative fits the definition

James Burrow is the loan officer for the National Bank of Dallas. National has a loan of $325,000 outstanding to Regional Delivery Service, a company specializing in delivering products of all types on behalf of smaller companies. National’s collater..

  On january 1 2010 sycamore co issued 7 5 year bonds with a

on january 1 2010 sycamore co. issued 7 5 year bonds with a face amount of 5 million dollars. the market yield for

  Failure to prepare an adjusting entry at the end of period

Failure to prepare an adjusting entry at the end of the period to record an accrued expense would cause

  Who can change the settings on the company preferences tabs

Which account is used as the offsetting account when opening balances are entered for Vendors? Who can change the settings on the Company Preferences tabs?

  Prepare the adjusting entries

The trial balances before and after adjustment for Frinzi Company at the end of its fiscal year are presented.- Prepare the adjusting entries that were made.

  Which future economic benefits are expected to flow

Which future economic benefits are expected to flow to the entity is the definition of? Resources controlled by the entity as a result of past transactions.

  What rate must the company hedge exposure

If the current spot rate is AUD/USD 65 cents, at what rate must the company hedge its exposure if it is to comply with its own policy

  Prepare a bank reconciliation and journal entries

Preparing a bank reconciliation and journal entries. Accounting for uncollectible accounts using the allowance method. Accounting for uncollectible accounts using the allowance method

  Which would increase the portfolio beta

Which would increase the portfolio beta? Selling stocks with low unsystematic risk and buying stocks with high unsystematic risk.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd