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Under the IFRS, an entity should initially recognize inventory when:

A. it has control over the inventory.

B. it has the ability to direct the use of and obtain substantially all the benefits from the inventory.

C. it has the ability to prevent other companies from directing the use of or receiving benefits from the inventory.

D. all of the above choices are correct.

 

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Egie Boy Cauba
Egie Boy CaubaLv5
23 Jan 2021
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Related questions

How is accounting information prepared by management accountantsused within an organization?

A) to help operating managers make decisions

B) to plan an organization's operations

C) to control an organization's operations

D) all of the above

Answer:

Companies produce most ________ and ________ information on aroutine basis such as every day, every month or every quarter.

A) scorekeeping; problem-solving

B) scorekeeping; attention directing

C) problem-solving; attention directing

D) interim reports; problem-solving

Answer:

Planning refers to ________.

A) the implementation of organizational plans

B) the use of performance reports to evaluate the attainment oforganizational objectives

C) setting organizational objectives and establishing the pathto attain them

D) an analysis of alternative courses of action

Answer:

The Foreign Corrupt Practices Act requires ________.

A) companies to cease conducting business with companies in someforeign countries

B) companies to reject bribes from companies in foreigncountries

C) companies to have an appropriate system of internalcontrols

D) companies to prepare a separate report on their accountinginformation system

Answer:

Management-by-exception means that managers should ________.

A) concentrate on areas that deviate from the plan

B) in the absence of other evidence, presume that areas thatconform with plans are running smoothly

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A. Cost Containment per Textbook. Costcontainment is very prevalent in organizations today. What is thebiggest cost-containment strategy in recent years, according toyour textbook?

B. Company Cost Containment Measures. What costcontainment measures has your company undergone in recent months?Why? What has been their impact on (a) the organization and (b) theemployees?

C. Crangle Fixtures As HR director at CrangleFixtures, your bonus this year is based on your ability to cutemployee benefit costs. Your boss has said that it’s okay to shiftsome of the costs over to employees (right now they pay nothing fortheir benefits) but that he doesn’t want you to overdo it. In otherwords, at least one-half of your suggestions should not hurt theemployee’s pocket book. What alternatives do you want to explore,and why?

D. Christian Worldview. How could an employerintegrate the concept of benefits with an understanding of thosesame or similar concepts from a Christian worldview, especiallywhen considering that many organizations are seeking ways tocontain benefit costs?

1) Which of the following items would be reported net of taxesafter income from continuing operations?

Select one:

a. Gain or loss on the sale of property.

b. Loss due to a factory strike.

c. Interest expense.

d. Gain or loss on the sale of a major segment of theentity.

2)

Given the following list of accounts, calculate TotalAssets:

Accounts Receivable

$ 5,000

Capital Stock

20,000

Cash

14,300

Equipment

15,400

Fees Earned

44,400

Miscellaneous Expense

18,200

Rent Expense

4,150

Retained Earnings

6,550

Wages Expense

13,900

Select one:

a. $54,700

b. $26,550

c. $79,100

d. $34,700

3)

Which of the following is NOT associated with accrual basisaccounting?

Select one:

a. Income statement.

b. Matching principle.

c. Statement of cash flows.

d. Revenue recognition principle.

4)

Which of the following is an example of an intangible asset?

Select one:

a. Trademark

b. Timber

c. Equipment

d. Marketable securities

5)

Which of the following would be shown under the financingactivities section on the statement of cash flows?

Select one:

a. Cash received from customers.

b. The payment of cash to retire a long-term note.

c. Depreciation expense.

d. The proceeds from the sale of a building.

6)

A machine was purchased for $32,000 on April 1st. It has auseful life of 5 years and a residual value of $4,000. What is thedepreciation expense for the first fiscal year ending on December31st under the straight-line method?

Select one:

a. $1,400

b. $6,400

c. $4,200

d. $5,600

7)

The entry to record the signing of a contract to receiveinventory and make payment at a future date includes

Select one:

a. No debits or credits—just a memorandum.

b. A debit to cost of goods sold.

c. A credit to cash.

d. A debit to inventory.

8)

An inventory cost flow assumption is NOT needed for a productline

Select one:

a. If all of the inventory available for sale was purchased atthe same unit cost.

b. If all of the inventory looks the same.

c. If there is still some inventory on hand at the end of theyear.

d. If there is no beginning inventory carried over from theprevious accounting period.

9)

Fees received this period from customers for services to beperformed in the next accounting period, would be a(n)

Select one:

a. Expense disclosed on the statement of cash flows.

b. Revenue disclosed on the income statement.

c. Liability disclosed on the balance sheet.

d. Item not included on the financial statements until the nextaccounting period.

10)

Which of the following is TRUE of a corporation?

Select one:

a. They are incorporated with a national agency.

b. At least one owner has unlimited liability.

c. They are a separate taxable entity.

d. More than 70% of businesses are organized this way.

11)

The effects on the accounts of recording the cost of merchandisesold for cash using a perpetual inventory system include an

Select one:

a. Increase in Accounts Payable.

b. Increase in Merchandise Inventory.

c. Increase in Sales.

d. Increase in Cost of Goods Sold;

12)

Which of the following is NOT a limitation of externallyreported accounting information?

Select one:

a. The income statement contains atypical data due to the timingof the fiscal year end.

b. Accounting information relies on estimates.

c. Management has some discretion regarding the reportingclassification and choice of accounting measurement methods.

d. There is a hodge-podge of valuation techniques used on thefinancial statements.

13)

Given the following information regarding merchandise inventoryat the end of the fiscal year:

Ending inventory at cost $34,000

Ending inventory at market $33,400

Which of the following is correct?

Select one:

a. No journal entry should be made based upon the informationgiven.

b. Inventory should be reported on the balance sheet at$34,000.

c. Inventory should be reported on the balance sheet at$33,400.

d. A journal entry should be made to recognize a gain of$600.

14)

Which of the following describes the closing process when acompany has net earnings for the period?

Select one:

a. The Dividends account is debited for its balance.

b. The individual asset accounts are credited for theirbalances.

c. The individual expense accounts are debited for theirbalances.

d. The Income Summary account is debited for its balance.

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