S1: A joint venture is consolidated when preparing consolidated financial statements. S2: Working funds for agency operations are generally accounted for using the fluctuating balance system. S1: True; S2: True S1: True; S2: False S1: False; S2: False S:1 False; S2: True
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S1: A joint venture is consolidated when preparing consolidated financial statements.
S2: Working funds for agency operations are generally accounted for using the fluctuating balance system.
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- S1: Only agency sales and operating expenses determines the sales agency’s profitability. S2: The primary advantages of the system described is that it is simple to establish and maintain. Only S1 is Only S2 is Both statements are Both statements are 2. S1:Controlis the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. S2: Consolidated financial statements shall be prepared using uniform accounting policies for like transactions and other events in similar circumstances. Only S1 is Only S2 is Both statements are Both statements are 3. In an acquisition where there is an exchange of assets for assets, how does the ownership structure of the acquiree change? The net assetsdecrease There is no change in the netassets The net assetsincrease The net assets may increase, decrease or remain theWhich of the following is NOT a function of financial management: Select one: O a. Allocation of funds O b. Acquisition of funds O c. Auditing and internal control O d. Financial planning and controlAnswer two questions please 1. Distinguish between accountability and inter-period equity. 2. What is meant by the phrase, “A fund is a fiscal and an accounting entity”?
- Which of the following is NOT a function of financial management: ut of Select one: uestion O a. Financial planning and control O b. Allocation of funds O c. Acquisition of funds O d. Auditing and internal control us pageExplain how the revenue recognition principle supports the elimination of intercompany transactions when preparing consolidated financial statements19. The totality of income and revenues at the disposal of the business entity is called: a) current assets; b) circulation funds; c) monetary obligations3B d) financial resources; e) accounts payable. редро
- Give an example and explanation for each of the following differences between when revenues are recognized and cash flows are received: recognition simultaneous with receipt; recognition prior to receipt; and recognition after receipt.Under AASB101 Presentation of Financial Statements, which of the following items, if it exists, must be presented as a line item in the statement of financial position? a. Revenue b. Share of profit of associates c. Cost of sales d. Trade and other receivablesBE18.1 (LO 1) K Match each of the following terms with the most appropriate description. Terms Description 1. Intracompany a. An analysis tool that expresses relationships among selected items of financial statement data 2. Intercompany 3. Horizontal analysis 4. Vertical analysis 5. Ratio analysis b. An analysis tool that evaluates data by expressing an item in a financial statement as a percentage of a total or base amount within the same financial statement c. Comparisons made between companies d. An analysis tool that evaluates data by calculating and comparing the percentage increase or decrease of an item in a financial statement over multiple periods of time e. Comparisons made within a company E18.1 (LO 2) AP Video Comparative data from the balance sheet of Dhaliwal Inc. are shown below. 2022 Instructions Current assets 2024 $120,000 2023 $ 80,000 $100,000 Non-current assets 400,000 350,000 300,000 Current liabilities 90,000 70,000 65,000 Non-current liabilities 145,000 125,000…
- The following are discussed in the primary financial statement project, except: aggregation and disaggregation O b. presentation of financial position O c. unusual item O d. presentation of income statementChoose the correct.Which of the following statements concerning U.S. GAAP is true?a. Does not require segment information to be reported in accordance with generally accepted accounting principles.b. Does not require a reconciliation of segment assets to consolidated assets.c. Requires geographic area information to be disclosed in interim financial statements.d. Requires disclosure of a major customer’s identity.Multiple choice:  The accrual basis of accounting is used to account for revenues and expenditures reported in the financial statements of: a. Governmental funds. b. Proprietary funds. c. Governmental activities at the government-wide level. d. Business-type activities at the government-wide level.