26 - From which date it has been made mandatory to use a Uniform Chart of Accounts? A) 1992 B) 1990 C) 1989 D) 1993 E) 1994

Q: 6.The assignor's equity in assigned accounts that is required to be disclosed in the notes to the…

A: Accounts receivable shall form part of current assets of the balance sheet.

Q: Enumerate 7 violations on required disclosures in the Notes to Financial Statements.

A: Financial statement Notes These are those supporting notes which are included in the published…

Q: 14. Which of the following statement is not correct as to why an entity must make adjusting entries?…

A: Adjusting entries are those journal entries which are passed at the end of accounting period in…

Q: c. Assume that the unadjusted trial balance on July 31 shows a credit balance for Accounts…

A: The trial balance is prepared as posting of final balance as debit and credit from the ledger…

Q: 14. Applying the concept of double- entry accounting system, which of the following refers to term…

A: Under double entry accounting system, two or more accounts are affected. If one account increases…

Q: 36. The term footing refers to the: process of obtaining the top number in an account. process of…

A: While reviewing a draft Financial Statements, a number of methods are applied on the financial…

Q: nternational Financial Reporting Standards, IFRS 15 – Revenue from Contracts with Customers – was…

A: Answer: IFRS 15 "Revenue from contracts" has core step model which can help the timing and…

Q: General ledger CREDITORS CONTROL 85 DATE DETAILS FOL AMOUNT DATE DETAILS FOL AMOUNT

A: In the creditor's control account , the total amount owed to all individual creditors is reflected.…

Q: 30. T/F. GAO stands for Government Accounting Office

A: The question is related to true or false.

Q: Are official IFRS on accounting changes available anywhere

A: The answer :

Q: 42. The post-closing trial balance would not include which of the following accounts? *

A: After closing entries have been passed, a post-closing trial balance is prepared. Closing entries…

Q: IAS 10: Events after the Reporting Period addresses two issues: adjusting events, namely, those…

A: Events occurring between the reporting date and the date on which the financial statement is…

Q: Requirement: How much accounts receivable shall be presented in Twinkle's December 31, 20x1…

A: Principle - As per IFRS 32 / PAS 32, Financial Assets and Financial Liabilities can be offset only…

Q: 19. Correct the errors in the following source citation. Assume this is the first time this source…

A: Entities generally have not to required to provide in notes information with charges related to…

Q: 10. The following are supporting schedules, except: * A. Summary of adjusting entries B. Cash count…

A: Supporting schedules are the schedules or working that is being attached to the balance sheet and…

Q: How does the FASB codification ASC 310-10-05-4 apply to banks and their accounting transactions? If…

A: The FASB codification 310-10-05-4 deals with the receivables during the year. receivable may arise…

Q: Conceptual Framework and Accounting Standards (Philippines) Discuss how a correction of an error in…

A: Calculated as an arrangement of thoughts and destinations a predictable arrangement of rules and…

Q: Explain the IAS-10 (Events after reporting period).

A: IAS-10 "Events after the reporting period" prescribes :-  (i) when an entity should adjust its…

Q: 1. How much is the adjusted balance of the allowance for doubtful accounts as of December 31, 2005?…

A: Accounts receivable means accounts of those customers to whom business has made credit sales on…

Q: s only in the notes. c. Either a or b as an accounting policy choice. d. None of these. The PFRS…

A: Accounting is a medium of communication, like any languages that we use. For example, two people can…

Q: assigned allowance for doubtful accounts. II – Assets and liabilities of a disposal group classified…

A: Accounting refers to the process of compiling and documenting all the transactions of a company into…

Q: IFRS 15 – Revenue from Contracts with Customers – was issued in September 2015 and applies  to…

A: IFRS 15 states the principles which entity applies while reporting the information regarding the…

Q: Which of the following is not one of the suggested approaches to reporting changes in the accounts?…

A: Reporting changes: These implies to the changes that are required to make to the accounts when there…

Q: The FASB Accounting Standards Codification represents the single source of authoritative U.S.…

A: The purpose of financial accounting standards board (FASB) is the establishment and improvement of…

Q: IAS 10: Events after the Reporting Period addresses two issues: adjusting events, namely, those…

A: Events occurring between the reporting date and the date on which the financial statement are…

Q: The mandatory adoption of a new accounting principle as a result of a new FASB Statement requires…

A: FASB stands financial accounting standards board. It basically aims at improving GAAP (Generally…

Q: Which of the following is not classified as an accounting change by IFRS?(a) Change in accounting…

A: International Financial Reporting Standard (IFRS): An international standard for identifying,…

Q: Enumerate at least 5 violations on required disclosures in the Notes to Financial Statements.

A: The answer for the question on violation on required disclosures in the Notes to financial…

Q: (iii) Change in Accounting Estimate has to be given retrospective effect.

A: Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.