Accounting

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LJU4801 Assignment 1 Semester 1 for 2021- Legal philosophy. Distinction guarantee

t is any contract that gives rise to both a financial asset of one entity and a financial liability or an equity instrument of another entity a. Financial instrument b. Equity instrument c. Debt instrument d. Derivative instrument 2. A financial asset is any asset that is (choose incorrect answer) a. Cash b. Contractual right to receive cash or another financial asset from another entity c. A contractual right to exchange financial instruments under conditions that are potentially unf...

Accounting has been given various definitions, which of the following is not one of those definitions a. Accounting is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions. b. Accounting is the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part of at least, of a financial cha...

I. Cash and Cash Equivalents – Theories and Problems 1. Which of the following statements about cash equivalents is true? a. Cash equivalents include treasury bills, money market instruments, equity securities, commercial papers, and preference share with a specified redemption date b. It presents an insignificant risk of changes in value because of the changes in inflation rate c. Investments that have a maturity of 90 days or less is considered as a cash equivalent d. It is shown on the...

True or False – Conceptual 1. 1. Financial statements are the principal means through which financial information is communicated to those outside an enterprise. TRUE 2. Capital markets are increasingly integrated and companies have greater flexibility in deciding where to raise capital. TRUE 3. The major financial statements used under International Financial Reporting Standards (IFRS) include the statement of changes in financial position and the statement of stockholders’ equity. FA...

Understand revenue recognition issues. 2. Identify the five steps in the revenue recognition process. 3. Identify the contract with customers. 4. Identify the separate performance obligations in the contract. 5. Determine the transaction price. 6. Allocate the transaction price to the separate performance obligations. 7. Recognize revenue when the company satisfies its performance obligation. 8. Identify other revenue recognition issues. 9. Describe presentation and disclosure regarding ...

In the short run, a perfectly competitive firm earning positive profit is … a. at the minimum of its ATC. b. on the upward sloping portion of its ATC. c. on the downward sloping portion of its ATC. d. above its ATC. If current output is less than the profit-maximising output, then the next unit produced will… a. increase revenue more than it increases cost. b. decrease profit. c. increase revenue without increasing cost. d. increase cost more than it increases revenue. Which of the following...

Test Bank for Horngren's Cost Accounting A Managerial Emphasis, 9e Canadian Edition, Srikant