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13 views6 pages

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jeresanokhristine8
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yesoll ¥ Seog! 11. The ledger of LEEWAY TOLERANCE Co. wstonen na nate Assets We Petty cash fund 4,000 te eo hE Cash in bank 40,000 40K = YK -- —-- Accounts receivable (including 30,000 pledged accounts) 70,000 ~~ U.EYAD Accounts receivable — assigned 50,000 ——~—~ ~— * CEquity in assigned receivables i f facta ‘Notes receivable (including 40,000 notes receivable discounted) eee HH: fF Notes receivable discounted ere) {Advancesto subsidiary of saclucle of 64000" Held for trading securities an % -YOp 610,000 4,580,000 ewhy 44, Which of the following is an example of an adjusting event? ', Major business combination after the reporting period, A building Is totally razed by fre after the reporting period. sole of inventories alter the reporting period that gives evidence to ther net realizable value at the end of reporting period. d. Issuance of shares of stocks after the reporting period. 45. Which of the following is an example of a non-adjusting event? ‘a. Bankruptcy of a customer after the reporting period that indicates that the carrying amount of a trade receivable. at the end of reporting period Is impaired, b. Evidence indicating that an asset is impaired as at the end of the reporting period. «. Legal proceedings after the reporting period for en incident that occurred before the end ofthe reporting period. @senieant cine in orien exchange rates aher the reporting period resulting to massive lose on recogrized foreign currency jenominated financial instruments. 46. According to PAS 8, in the absence of a PFRS that specifically deals with a transaction, management shall ‘a. refer to the concepts under the Conceptual Framework. b. adopt the provisions of the US GAAP. Juse its judgment in developing and applying an accounting policy that results in information that is relevant and reliable, sider the applicability of relevant accounting literature. 47, According to PAS 8, a change In accounting alicy Is accounted for a.using a transitional provision, if any. retrospectively. ©. prospectively, if retrospective application Is impracticable. @s, b orc, whichever is most appropriate 48, This refers to applying 2 new accounting policy to transactions, other events and conditions as If that polcy had always been applied. Retrospective application «Prospective application Retrospective restatement 4. impracticable application 49, According to PAS 8, a change in accounting estimgte ls accounted for 2. using a transitional provision if any. . retrospectively. ‘©prospectively. da, b orc, whichever is most appropriate 50. Entity A changes Its inventory cost formula from FIFO to weighted average. How should Entity A account for thls change? 2 by retrospective restatement, as a change in accounting policy , by prospective application, asa change In accounting estimate by retrospective application, asa change In accounting policy correction of prior period error

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