Jenna Reese is working on developing a magazine advertisement for Planet Fitness, a health and fitness club. She knows what she wants the advertisement to say and the illustrations she wants to use, but she is having a tough time putting it all together. Jenna is having trouble determining the
A. storyboard.
B. artwork.
C. copy.
D. presentation.
E. layout.
Answer: E
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Differences between IFRS and U.S. GAAP in accounting for pensions include all of the following except:
A. Under U. S. GAAP the asset (liability) on the balance sheet differs from the plan's actual funded status, while under IFRS the asset (liability) on the balance sheet equals the plan's actual funded status. B. Under IFRS past service costs are recognized immediately as part of pension expense. C. Pension expense computed using U.S. GAAP is likely to be higher because it allows firms to use an expected rate of return that exceeds the discount rate. D. Under IFRS actuarial gains and losses are recognized in OCI without subsequent amortization to pension expense.
According to the IRS's LIFO conformity rule, a company that chooses LIFO to report net income to its shareholders may not use LIFO in preparing its income tax return
a. True b. False Indicate whether the statement is true or false
Given the table below, indicate the impact of the following errors made during the adjusting entry process. Use a "+" followed by the amount for overstatements, a "-" followed by the amount for understatements, and a "0" for no effect. The first one is done as an example.Ex. Failed to recognize that $600 of unearned revenues, previously recorded as liabilities, had been earned by year-end.1. Failed to accrue interest expense of $200.2. Forgot to record $7,700 of depreciation on machinery.3. Failed to accrue $1,300 of revenue earned but not collected. Error Revenues Expenses Assets Liabilities EquityEX-$60000+$600-$6001. ________ ________ ________ ________ ________2. ________ ________ ________ ________ ________3. ________ ________ ________ ________
________ What will be an ideal response?
Complete the following chart for items a through d, describing the accounting treatment using the number by one of the following four approaches listed as follows. (Assume that the firm does not elect the fair value option): APPROACHES (1) Measured at fair value with changes recognized in net income. (2) Measured at amortized cost. (3) Measured at fair value with changes recognized initially in
other comprehensive income. (4) Measurement depends on whether firm uses hedge accounting. In the third column of the chart, present your explanation regarding this approach. Marketable security/derivative Approach Explanation a. A derivative judged to be effective used to hedge forecasted sales. b. Derivatives appearing as liabilities. These derivatives do not hedge assets or liabilities or forecasted transactions. c. Debt securities that the firm has purchased with the ability to hold to maturity. After the current year, the firm's intent to hold the securities until maturity is uncertain. The firm frequently buys and sells debt of this sort. d. Marketable equity securities held for an indefinite period as available-for-sale securities.