FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS
IFRS questions are available at the end of this chapter.
F T T T F F F F T T F F T T F T F T T F
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20
a. Equipment (N)
Loss on Exchange
b. Same as Above, loss situation.
Gain on Exchange
3. As a lender of money, thebanker is interested in the priorityhis/her claim has on the
related footnotes discloses amounts, maturity dates, collateral, subordinations, and
Describe the nature, type, and valuation of current liabilities.
Explain the classification issues of short-term debt expected to be
Identify types of employee-related liabilities.
Explain the concept of depreciation.
Identify the factors involved in the depreciation process.
Compare activity, straight-line, and decreasing-charge methods of
Explain special depreciatio
Describe the accounting for the issuance, conversion, and retirement
of convertible securities.
Explain the accounting for convertible preferred stock.
Contrast the accounting for stock warrants and for sto
Financial Accounting Notes
Property, plant, and equipment:
A long-lived asset is not depreciated if it is classified bas held for sale. This is because such
assets are not being used to generate revenues.
Includes all costs to acquire lan
Assume that the following cases are independent and rely on the following data. Make journal entries on
the books of both companies. Show all your computations.