Accounting
Anthropology
Archaeology
Art History
Banking
Biology & Life Science
Business
Business Communication
Business Development
Business Ethics
Business Law
Chemistry
Communication
Computer Science
Counseling
Criminal Law
Curriculum & Instruction
Design
Earth Science
Economic
Education
Engineering
Finance
History & Theory
Humanities
Human Resource
International Business
Investments & Securities
Journalism
Law
Management
Marketing
Medicine
Medicine & Health Science
Nursing
Philosophy
Physic
Psychology
Real Estate
Science
Social Science
Sociology
Special Education
Speech
Visual Arts
Question
IFRS allows companies to revalue plant assets to fair value. Which of the following statements is true regarding revaluation?
a. At the time a company purchases an asset it must decide whether to follow revaluation procedures for the asset; once the election is made, it must be followed for the remainder of the asset's useful life.
b. Assets that are experiencing rapid price changes must be revalued quarterly, other assets can be revalued on an annual basis.
c. The journal entry to record a revaluation when the asset's price has increased includes a credit to the account revaluation surplus.
d. All of the choices are correct regarding revaluation of plant assets.
Answer
This answer is hidden. It contains 1 characters.
Related questions
Q:
Below is a series of cost of goods sold sections for Mikey Inc., Nancie Co., and Oscar Inc.InstructionsFill in the lettered blanks to complete the cost of goods sold sections.
Q:
the acquisition of inventory is debited to the ____________ account when a perpetual inventory system is used.
Q:
presented here are the components in rowland companys income statement. determine the missing amounts.
Q:
*turner corporation returned $110 of goods originally purchased on credit from morgan industries. using the periodic inventory approach, turner would record this transaction as:
Q:
match the items below by entering the appropriate code letter in the space provided.A. Net sales B. Sales discount C. Credit terms D. Periodic inventory system E. Gross profit rate F. Contra revenueG. Freight-outH. Gross profitI. Sales invoiceJ. Purchase discount
Q:
a useful measure of profitability is the ratio of net income to _____________.
Q:
sales returns and allowances and sales discounts are both ______________ accounts and have normal _______________ balances.
Q:
a merchandising company frequently has a need to use contra accounts related to the sale of goods. identify the contra accounts that have normal debit balances and explain why they are not considered expenses.
Q:
what factors affect a company's gross profit ratethat is, what can cause the gross profit rate to increase and what can cause it to decrease?
Q:
the following are the gross profit percentages for naylor company:list four possible explanations for the low gross profit percentage in 2012.
Q:
under international financial reporting standards (ifrs) a.the cash-basis method of accounting is accepted b.events are recorded in the period in which the event occurs c.interim period financial statements are either a calendar year or a fiscal year d.a fiscal year is an accounting time period encompassing less than 12 months
Q:
the expense recognition principle requires that efforts be matched with accomplishments.
Q:
depreciation is the process of: a.valuing an asset at its fair market value b.increasing the value of an asset over its useful life in a rational and systematic manner c.allocating the cost of an asset to expense over its useful life in a rational and systematic manner d.writing down an asset to its real value each accounting period
Q:
from an accounting standpoint, the acquisition of long-lived assets is essentially a(n): a.accrual of expense b.accrual of revenue c.accrual of unearned revenue d.prepaid expense
Q:
the difference between the cost of a depreciable asset and its related accumulated depreciation is referred to as the: a.market value of the asset b.blue book value of the asset c.book value of the asset d.depreciated difference of the asset
Q:
which statement is correct? a.accumulated depreciation should always have a debit balance in the adjusted trial balance b.accumulated depreciation is added to the long-term liabilities on the balance sheet c.accumulated depreciation, office equipment represents the total cost of office equipment that has expired up to the date of the balance sheet d.accumulated depreciation is used to reveal the value of the related asset on the date of the balance sheet
Q:
prepare a trial balance from the ledger accounts of swisher company as of january 31, 2014 .accounts payable1,500rent expense$ 500accounts receivable2,500service revenue3,500cash1,600supplies 200common stock2,200salaries and wages expense1,000dividends1,400
Q:
which of the following errors, each considered individually, would cause the trial balance to be out of balance? a.a payment of $148 to a creditor was posted as a debit to accounts payable and a debit of $148 to cash. b.cash of $530 received from a customer on account was posted as a debit of $350 to cash and as a credit of $350 to accounts payable. c.a payment of $59 for supplies was posted as a debit of $95 to supplies and a credit of $95 to cash. d.a transaction was not posted.
Q:
the procedure of transferring journal entries to the ledger accounts is called a.journalizing. b.analyzing. c.reporting. d.posting.
Q:
management could determine the amounts due from customers by examining which ledger account? a.service revenue b.accounts payable c.accounts receivable d.supplies
Q:
journalize the following business transactions in general journal form. identify each transaction by number. you may omit explanations of the transactions. 1)stockholders invest $40,000 in cash in starting a real estate office operating as a corporation. 2)purchased $500 of supplies on credit. 3)purchased equipment for $25,000, paying $3,500 in cash and signed a 30-day, $21,500, note payable. 4)real estate commissions billed to clients amount to $4,000. 5)paid $700 in cash for the current month's rent. 6)paid $250 cash on account for office supplies purchased in transaction 2 . 7)received a bill for $800 for advertising for the current month. 8)paid $2,500 cash for office salaries. 9)paid $1,200 cash dividends to stockholders. 10)received a check for $2,000 from a client in payment on account for commissions billed in transaction 4 .
Q:
selected transactions from the journal of giambi inc. during its first month of operations are presented here.DateAccount TitlesDebitCreditAug. 1Cash10,000 Common Stock 10,00010Cash1,700 Service Revenue 1,70012Equipment8,200 Cash 1,200 Notes Payable 7,00025Accounts Receivable2,500 Service Revenue 2,50031Cash600 Accounts Receivable 600instructions(a)post the transactions to t-accounts.(b)prepare a trial balance at august 31, 2014 .
Q:
the basic steps in the recording process are: _______________ each transaction, enter the transaction in a ______________, and transfer the _______________ information to appropriate accounts in the ________________.
Q:
an adjusted trial balance proves the ______________ of the total debit and credit balances after all ______________ entries have been made.
Q:
match the items below by entering the appropriate code letter in the space provided.A. Periodicity assumption B. Cash basis C. Revenue recognition principle D. Prepaid expenses E. Expense recognition principle F. Accrued revenuesG. DepreciationH. Post-closing trial balanceI. Accrued expensesJ. Book value
Q:
The Golden Petting Zoo operates a drive-through tourist attraction in Colorado. The company adjusts its accounts at the end of each month. The selected accounts appearing below reflect balances after adjusting entries were prepared on April 30. The adjusted trial balance shows the following:Prepaid Rent $ 15,000Fencing 42,000Accumulated Depreciation—Fencing 5,500Unearned Ticket Revenue 400Other data:1. Three months' rent had been prepaid on April 1.2. The fencing is being depreciated at $6,000 per year.3. The unearned ticket revenue represents tickets sold for future zoo visits. The tickets were sold at $4.00 each on April 1. During April, twenty of the tickets were used by customers.Instructions:(a) Calculate the following:1. Monthly rent expense.2. The age of the fencing in months.3. The number of tickets sold on April 1.(b) Prepare the adjusting entries that were made by the Golden Petting Zoo on April 30.
Q:
in a service company, revenue is earned when the service is _______________.
Q:
Presented below is the Trial Balance and Adjusted Trial Balance for Stabler Company on December 31.Instructions:Prepare in journal form, with explanations, the adjusting entries that explain the changes in the balances from the trial balance to the adjusted trial balance.
Q:
the ______________ assumption states that the economic life of a business can be divided into artificial time periods.
Q:
On Friday of each week, Prawn Company pays its factory personnel weekly wages amounting to $55,000 for a five-day work week.Instructions:(a) Prepare the necessary adjusting entry at year end, assuming December 31 falls on Wednesday.(b) Prepare the journal entry for payment of the week's wages on the payday which is Friday, January 2 of the next year.