Companies must follow generally accepted accounting principles (gaap) for international financial reporting standards accounting reports
<h3><u>What are international financial reporting standards ?</u></h3>
- The International Financial Reporting Standards (IFRS) are a group of accounting guidelines that specify which kinds of transactions and events must be disclosed in financial statements.
- The International Accounting Standards Board created and maintains them (IASB).
- The IASB wants the rules to be implemented consistently across the world so that investors and other users of financial statements may compare the financial performance of publicly traded firms with that of their worldwide peers on an equal footing.
- More than 100 nations, including the European Union and more than two-thirds of the G20, currently utilize IFRS.
- International Accounting Standards (IAS), which were more traditional standards that IFRS superseded in 2000, are occasionally mistaken with IFRS.
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Answer:
Interest Payable - 2021 = $6653.33 rounded off to 6653
Explanation:
The accrual principle in accounting requires the revenue and expenses for a period to be matched and recorded in their corresponding or respective periods. Thus, even though the interest on note will be paid at maturity in 2022, the interest expense related to the month of November 2021 and December 2021 will be recorded in the current year at 31 December as interest payable.
Interest Payable - 2021 = 499000 * 8% * 2/12
Interest Payable - 2021 = $6653.33 rounded off to 6653
Answer:
The answer is "5.4% and 15,23,500".
Explanation:
Calculating the capital cost:

Maximum amount to be spent

Answer:
Quantity demanded for balloons will increase.
Explanation:
According to the law of demand, there is an inverse relationship between the price of the commodity and the quantity demanded for that commodity.
This means that if there is an increase in the price of a good then as a result the quantity demanded for that good decreases and on the other hand if there is a fall in the price of a good then as a result the quantity demanded for that good increases.
Therefore,
Fall in the price of balloons will lead to increase the quantity demanded for balloons.