How does the accounting for Other Comprehensive Income differ between the International Financial Reporting Standards (IFRS) and the Accounting Standards for Private Enterprises (ASPE)?
A) There is no difference between accounting for Other Comprehensive Income under
IFRS and under ASPE.
B) Under ASPE, realized gains are transferred from Other Comprehensive Income to
net income when realized; under IFRS realized gains are transferred from Other
Comprehensive Income directly to Retained Earnings.
C) Under IFRS, realized gains are transferred from Other Comprehensive Income to
net income when realized; under ASPE realized gains are transferred from Other
Comprehensive Income directly to Retained Earnings.
D) The Accounting Standards for Private Enterprises do not recognize Other
Comprehensive Income.
D) The Accounting Standards for Private Enterprises do not recognize Other
Comprehensive Income.
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A cash inflow from financing activities includes:
a. receipt of interest payments. b. proceeds from selling equipment. c. proceeds from issuance of bonds payable. d. proceeds from selling investments in equity securities of another company.
Each of the following companies is a merchandising business except a
a. candy store. b. car wash. c. wholesale parts company. d. furniture store.
According to the guide to ethical decision making, when trying to decide on a way to resolve an ethical dilemma,
A) weigh each alternative according to its financial consequences. B) make an intuitive decision within five minutes. C) imagine several possible options. D) decide to either do or not do something.
Which of the following is an internal control procedure used to safeguard a company's assets?
A. Segregation of duties B. Depositing cash receipts in a bank on a timely basis C. Preparing a bank reconciliation D. All of these answer choices are correct