1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
svetoff [14.1K]
3 years ago
14

All of the following statements regarding accounting treatments for liabilities under U.S. GAAP and IFRS are true except:_______

A. Accounting for bonds and notes under U.S. GAAP and IFRS is similar.B. Both U.S. GAAP and IFRS require companies to distinguish between operating leases and capital leases.C. The criteria for identifying a lease as a capital lease are more general under IFRS.D. Both U.S. GAAP and IFRS require companies to record costs of retirement benefits as employees work and earn them.E. Use of the fair value option to account for bonds and notes is not acceptable under U.S. GAAP or IFRS.
Business
1 answer:
mihalych1998 [28]3 years ago
5 0

Answer:

A) Accounting for bonds and notes under US GAAP and IFRS is similar.

Explanation:

US GAAP and IFRS do not have the same accounting guideline for bond issue cost:

Under US GAAP, bonds payable is recorded at face value while premiums or discounts are recorded separately. While under IFRS, bonds payable is recorded using the carrying value, and amortization or premiums or discounts is done by using the effective-interest method.

You might be interested in
A customer opens an account at a brokerage firm to purchase securities in an offering. The customer must receive the disclosure
zhuklara [117]

Answer:

The correct option is A

Explanation:

NASAA stands for North American Securities Administrators Association,which describe or states that falling to provide or supply to customer, the purchasing securities in an offering.

It should be done at no later than the confirmation date of the transaction, either a preliminary prospectus or a final prospectus and an extra document, which altogether contained all the information stated in the final prospectus.

Therefore, the customer should receive the disclosure document on no later date than confirmation of the sale.

3 0
3 years ago
Moorcroft Company’s budgeted sales and direct materials purchases are as follows:
Rama09 [41]

Answer:

a) Month        Sales

April           $300,000

May            $320,000

June           $370,000

Schedule of expected collections

For the month of June, 202x

Cash sales during June = $370,000 x 40% = $148,000

Collection from June's credit sales = $222,000 x 30% = $66,600

Collection from May's credit sales = $192,000 x 40% = $76,800

Collection from April's credit sales = $180,000 x 26% = $46,800

Total cash collections during June = $338,200

b) Month        DM purchases

April           $45,000

May            $54,000

June           $60,000

Schedule of expected cash payments for direct materials purchases

For the month of June, 202x

Cash purchases during June = $60,000 x 50% = $30,000

Cash payments for May's purchases = $27,000 x 40% = $10,800

Cash payments for April's purchases = $22,500 x 60% = $13,500

Total cash payments during June = $54,300

c) Month        Sales

April           $299,000

May            $337,000

June           $387,000

Schedule of expected collections

For the month of June, 202x

Cash sales during June = $370,000 x 40% = $148,000

Collection from June's credit sales = $222,000 x 30% = $66,600

Collection from May's credit sales = $192,000 x 50% = $96,000

Collection from April's credit sales = $180,000 x 18% = $32,400

Total cash collections during June = $343,000

It would be worth to pay the collector since the 2% reduction in uncollectible accounts is worth much more than the $1,000 that he/she earns.

d) Month        DM purchases

April           $45,000

May            $54,000

June           $60,000

Schedule of expected cash payments for direct materials purchases

For the month of June, 202x

Cash purchases during June = $60,000 x 40% = $24,000

Cash payments for May's purchases = $32,400 x 40% = $12,960

Cash payments for April's purchases = $27,000 x 60% = $16,200

Total cash payments during June = $53,160

7 0
3 years ago
There has been extensive research into the time-driven model of leadership. The results include all of the following except ____
fomenos

Answer:

B. managers overuse the autocratic style

Explanation:

There has been extensive research into the time-driven model of leadership. The results include all of the following except managers overuse the autocratic style.

3 0
3 years ago
These workers state the "only thing they have is their work". This statement suggests that without this work, they would have a
sattari [20]

Answer:

Explained

Explanation:

Even if the workers have the work only to rely upon, they do not deserve to be treated with disdain, bias and victimization as mentioned in the case.

The values, whether they belong to western or eastern societies, do not allow anyone to work under forcible and inhuman conditions.

For a sportswear giant like Nike, it is the exposure to harsh reality of its partners in the developing world, and a shame that it could not detect, monitor and control the code of ethics it follows back home.

7 0
3 years ago
on july 1, the knit shop paid $9,000 to townsend realty for 6 months’ rent beginning july 1. prepaid rent was debited for the fu
lubasha [3.4K]

Answer:

debit Rent Expense, $1,500; credit Prepaid Rent, $1,500.

Explanation:

6 0
3 years ago
Other questions:
  • Homeowners enjoy many benefits, including a federal tax deduction for state and local property taxes paid. Fishers, Indiana, was
    13·1 answer
  • What is justice? are we achieving it? and what are the costs of justice (cost/benefit analysis)? keep in mind, costs can be reco
    12·1 answer
  • Automation of a process activity consists of moving work from the ________ of the symmetrical five-component framework.
    12·1 answer
  • A popular sports company grants a license to people who use their logo on T-shirts and caps. They charge the company for the rig
    5·2 answers
  • Smiling Elephant, Inc., has an issue of preferred stock outstanding that pays a $5.60 dividend every year, in perpetuity. If thi
    13·1 answer
  • What happens to the chart as you update its data table?
    10·2 answers
  • Suppose an oligopolistic producer assumes its rivals will ignore a price increase but match a price cut. In this case the firm p
    8·1 answer
  • Lawrence recently bought a brand new Bentley Mulsanne, a very expensive car, but he is suffering from buyer's remorse. He wishes
    13·1 answer
  • Someone help me on some marketing questions
    8·1 answer
  • What the difference between international accounting and domestic accounting
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!