fa4.2009-10.suggested.solutions[1]

fa4.2009-10.suggested.solutions[1] - Suggested Solutions...

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Unformatted text preview: Suggested Solutions INTERNATIONAL VERSION Incorporating International Financial Reporting Standards (IFRS) as of January 1st 2008 Financial Accounting: Consolidations & Advanced Issues Level 4 | 5th Edition 2009 Printing Both the curriculum and the content of this course have been reviewed by academic experts, and have been found to meet acceptable standards. Authored by Stephen Spector, MA, FCGA Simon Fraser University Updated by George Fisher, MBA, CGA Douglas College Certified General Accountants Association of Canada 100 – 4200 North Fraser Way Burnaby, British Columbia Canada V5J 5K7 www.cga.org/canada © CGA-Canada, 2009 All rights reserved. These materials or parts thereof may not be reproduced or used in any manner without the prior written permission of the Certified General Accountants Association of Canada. International Accounting Standards Committee Foundation (IASCF), International Financial Reporting Standards, London: IASB. Copyright © 2009 International Accounting Standards Committee Foundation. All rights reserved. No permission granted to reproduce or distribute. Excerpts from the above publication are used throughout the course with the kind permission of IASCF. Hilton, Murray W. and Darrell Herauf, Modern Advanced Accounting in Canada , 5 th Edition (McGraw-Hill Ryerson: Toronto, 2008). Hilton, Murray W. and Darrell Herauf, Modern Advanced Accounting in Canada , 4 th Edition (McGraw-Hill Ryerson: Toronto, 2005). Hilton, Murray W., Modern Advanced Accounting in Canada , 3 rd Edition (McGraw-Hill Ryerson: Toronto, 2003). Hilton, Murray W., Advanced Accounting in Canada , 2 nd Edition (McGraw-Hill Ryerson: Toronto, 2000). Excerpts from the above textbooks are used throughout the course with the kind permission of McGraw-Hill Ryerson. Printed in Canada Every reasonable effort has been made to obtain permissions for all articles and data used in this edition. If errors or omissions have occurred, they will be corrected in future editions, provided written notification has been received by the publisher. Financial Accounting: Consolidations & Advanced Issues Suggested solutions 1 • 1 LESSON 1 Suggested solutions Question 1 (8 marks) Note: In multiple-choice questions, students are asked for their numerical choice only. Although explanations are not required, they are provided here for guidance to the markers. a. 1) Correct . GAAP is a constraint for public companies. 2) Incorrect. Private companies with several shareholders can choose to have their financial statements prepared on a basis other than GAAP if all agree to it. 3) Incorrect. The national tax regulations provide guidance on items allowable for tax purposes and often allow the cash basis for some taxpayers....
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This note was uploaded on 06/10/2011 for the course ACCT 1204 taught by Professor Chang during the Spring '11 term at Nanjing University.

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fa4.2009-10.suggested.solutions[1] - Suggested Solutions...

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