issue is the way Live Well Inc. deal with consignment and the recognition of revenue. As Live Well Inc. sells products through another party‚ being the sales coordinators‚ they cannot recognize revenue as the consignment of goods does not constitute a sale. They can only identify the revenue when the consignee sells the goods to a third party. This rule applies to both ASPE and IFRS standards. They currently recognize revenue upon shipment‚ however under the new IFRS 15 guidelines‚ this approach cannot
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Student Gradebook Exam https://takeexam.next.ecollege.com/(NEXT(3d4570aa34))/Main/Cours... Grading Summary These are the automatically computed Date and Time Started: results of your exam. Grades for essay Time Spent: questions‚ and comments from your instructor‚ are in the "Details" section below. Points Received: Question Type: Multiple Choice # Of Questions: 10 10/31/2012 8:58:27 AM 38 min ‚ 14 secs 10 / 20 (50%) # Correct: 5 Grade Details - All Questions 1. Question : Carlton
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22 Accounting Changes and Error Analysis 22-1 Accounting Changes and Error Analysis Accounting Changes Error Analysis Changes in accounting policy Changes in accounting estimate Balance sheet errors Income statement errors Balance sheet and income statement effects Change in reporting entity Correction of errors Summary Motivations for change of method 22-2 Comprehensive example Preparation of statements with error corrections Changes in Accounting Principle
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chapter 1 INTRODUCTION TO FINANCIAL STATEMENTS ● the navigator ● ● ● ● ✓ Scan Study Objectives Read Feature Story Scan Preview Read Text and Answer Do it! p. 5 p. 11 p. 18 p. 20 Work Using the Decision Toolkit Review Summary of Study Objectives Work Comprehensive Do it! p. 23 Answer Self-Test Questions Complete Assignments Go to WileyPLUS for practice and tutorials Read A Look at IFRS p. 42 study objectives After studying this chapter‚ you should be able to: 1 Describe the primary
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QUESTION 1 1. Annie’s Attic has the following account balances for the dates given: Cash‚ Sept 1 $40‚000 Cash‚ Sept 30 60‚000 Accounts receivable‚ Sept 1 10‚000 Accounts receivable‚ Sept 30 14‚000 Owner’s equity‚ Sept 1 ? Owner’s equity‚ Sept 30 ? Supplies‚ Sept 1 30‚000 Supplies Sept 30 24‚000 Accounts payable‚ Sept 1 6‚000 Accounts payable‚ Sept 30 ? Net income for September 20‚000 What would owner’s equity be on September 1? 5 points QUESTION 2 1. Annie’s Attic has the following account
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the current year income statement? 2. On December 1‚ 20Y1‚ Nelson collected rent of $7‚200 (for December‚ January‚ and February rent) from a tenant renting some space in its warehouse and credited Unearned Rent Revenue for the entire amount. What is the balance sheet value of Unearned Rent Revenue on 12/31/Y1? 3. On July 31‚ 20Y1‚ Smith Company paid $10‚200 to rent warehouse space for the period 7/31/Y1 to 7/31/Y2. This warehouse space was also rented from 7/31/Y0 to 7/31/Y1. Smith’s 1/1/Y1
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recognize revenue over the ski season on an anticipated usage basis‚ in this case equally throughout the season. The fact that the $450 price is nonrefundable is not relevant to the revenue recognition decision. Revenue should be recognized as it is earned‚ in this case as the services are provided during the ski season. Requirement 2 November 6‚ 2013 Cash 450 Unearned revenue 450 To record the cash collection December 31‚ 2013 Unearned revenue ($450 x 1/5)
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Camosun College Financial Accounting Acct110 PRACTICE Final Exam B. Edwards Name: ____________________________________________________________ ___________________ Question One: A/R and Bad debts (15 minutes) Read each transaction and record the appropriate journal entry for Morrison Consultants‚ which has a June 30 year end. Explanations are NOT required. 1. On June 30 2011‚ Morrison prepares an aging schedule of accounts receivable that shows estimated uncollectible accounts of $5‚200
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119 Allowance for Doubtful Accounts 121 Supplies 131 Prepaid Rent 134 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation - Equipment LIABILITIES 202 Accounts Payable 211 Unearned Revenues OWNERS’ EQUITY 301 Common Stock 302 Paid in Capital 309 Retained Earnings REVENUE 410 Fees Income EXPENSES 511 Salaries Expense 514 Utilities Expense 517 Supplies Expense 520 Rent Expense 523 Depreciation Expense – Equipment 526 Insurance Expense 529 Advertising
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AIM 6330 Topics to know for Exam I Chapter 1 – Environment and Theoretical Structure of Financial Accounting • Know the basic objectives financial reporting and the basic elements of financial statement • Know the fundamental and enhancing qualitative characteristics of accounting information. • Know the assumptions‚ principles and constraints of accounting information and be able to identify when each is being illustrated in specific accounting contexts. Chapter
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