Centralization of managemen Continuity of life Free transferability of owners Limited liability
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- Multiple choice: 1. The business entity concept means that: A. the owner of the business entity and the business entity are treated the same from a legal and accounting B. the business entity is organized according to the rules determined by the ASC C. the business entity is organized according to the rules determined by the BOA D. the business entity is considered a separate entity apart from the owner or owners 2. Liabilities are: A. Insider claims to the business's assets B. Outsider claims to the business's assets C. Economic resources of a business D. Increases in owner's equity earned by delivering goods or servicesAccording to the principle of Conservatism it is defined that whenThere are many ways to determine accounting results (all equally acceptable) the method that has the least favorable effect on net profit and assets should be chosen.Give two examples of the choice of accounting practices and then document how the principle of Conservatism protects the Shareholders and financiers of an entity1. What is the accounting treatment for a corporate organization cost? a. Operating expense b. Other asset c. Intangible asset d. Deduction from share capital
- Corporate responsibility refers to fulfilling the responsibility or the obligation that a company has toward its ----------------------------------? a. Stock holders only b. Owners only c. All of the Stakeholders d. Government onlyReact to this statement and cite an example “Whether or not it actually makesprofits is immaterial. An entity is still a business if it is objective is to make profit.which of the which of the following statements always apply to corporations a. unlimited liability b. limited life c. ownership can be transferred without affecting operations e. managers can be fired with no effect on ownership
- [S1] Operating performance of an entity is reflected by the level of income earned by the entity thru efficient and effective utilization of resources. [S2] Comprehensive income would include gain on sale of investment in ordinary shares. *a.both are trueb.both are falsec.Only S1 is trued.Only S2 is true7. Setting accounting standards by the private sector isSelect one:a. Independent discipline approachb. Microeconomic approachc. Common law accountingd. Code law accountingAccording to IAS 39 Financial Instruments: Recognition and Measurement, at what amount should a financial instrument such as a long-term investment in the shares of a company initially be measured? A. Cost of the nearest equivalent financial instrument B. Fair value of consideration given C. Fair value of consideration given plus directly attributable transaction costs D. Fair value of consideration given less directly attributable transaction costs
- Which one of the following is the least likely reason a company may acquire an ownership interest in another company? Select one: a.To benefit form an overvaluing of assets in the investee company b. To oust an inefficient management team c. To take advantage of operating and/or cost synergies d. To exercise an active role in the business' activitiesS1: Control is the power to govern the financial and operating policies of anentity so as to obtain benefits from its activities. S2: Consolidated financialstatements shall be prepared using uniform accounting policies for liketransactions and other events in similar circumstances. A. Only S1 is correct.B. Only S2 is correct.C. Both statements are incorrect.D. Both statements are correct.Multiple choice: All of the following are forms of business organizations except: A. proprietorship B. partnership C. corporation D. governmental unit 2. An entity where ownership is divided into shares of stock is a: A. proprietorship B. trade agreement C. corporation D. mutual agency