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Ilya [14]
2 years ago
15

A major difference between ifrs and gaap relates to the revaluation surplus account. retained earnings account. share premium ac

count. share capital account
Business
1 answer:
AleksAgata [21]2 years ago
3 0

A major difference between IFRS and GAAP relates to the  A  Revaluation Surplus Account.

A revaluation reserve is an equity account that stores changes in the value of fixed assets. If the revalued assets are subsequently disposed of by the company, the remaining revaluation reserve is credited to the company's retained earnings account.

This reserve is only used when the organization prepares its financial statements in accordance with International Financial Reporting Standards. No revaluation reserve is allowed for companies using generally accepted accounting principles.

A revaluation reserve is an equity account that stores changes in the value of fixed assets. If the revalued assets are subsequently disposed of by the company, the remaining revaluation reserve is credited to the company's retained earnings account.

Learn more about Revaluation here: brainly.com/question/19908089

#SPJ4

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The Victoria Fund, a child welfare fund, received $50,000 in cash in 2018. The donor requires the gift be held in perpetuity and
maw [93]

Answer:

The $50,000 must be reported as assets with donor restrictions.

Explanation:

Donor imposed restrictions can be temporary or perpetual; the $50,000 are perpetually restricted since they must be invested and the income received should be used for its program of promoting adoption of young girls.

3 0
3 years ago
Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: be
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Answer:

Best estimate for inventory =$70,764.85

Explanation:

The closing inventory value at retail

= (Opening inventory + Purchases - sales)  all in retail prices

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= 113000

Closing inventory value at cost

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=70,764.85

Best estimate for inventory =$70,764.85

4 0
3 years ago
How do u become happy
emmainna [20.7K]

Answer: You can be happy by doing things you always wanted to do or just do your hobbies

Explanation:Have a good day!

5 0
3 years ago
Match the accounting terms with the corresponding definitions
Firlakuza [10]

Answer:

Explanation:

1. Posting Transferring amounts from the journal to the ledger 

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6. Trial balance  A list of all accounts with their balances at a point in time

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8 0
3 years ago
Read 2 more answers
Dipboye's model of interviewer decision making implies which of the following? a. The interviewer controls what information is p
fomenos

Answer:

The interviewer does not begin the interview in a neutral state, reacting only to information presented and the behavior of the applicant in the interview.

Explanation:

Robert Dipboye postulated that an interviewer should use both structured and unstructured interview method when interacting with a potential employee.

This aims to look beyond the job description and to get a better candidate as a fit for the role.

Structured interview uses a standard set of questions to evaluate a candidate, while unstructured interview allows the interviewer to ask questions aimed at getting information in regards to a skill or trait.

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