With regard to IFRS, what does SME refer to, and what is the significance with regard to financial reporting requirements?
What will be an ideal response?
With regard to IFRS, SME refers to small and medium-sized entities that do not have publicly traded securities. IFRS issues IFRS for SMEs which are a less complex set of standards than full IFRS. Fewer disclosures are required and some principles for recognizing assets, liabilities, income, and expenses are simplified. Additionally, some topics in full IFRS such as earnings per share, interim reporting, and segment reporting are not required for SMEs to comply with for financial reporting.
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Which classification of administrative laws have the same force of law as statues enacted by Congress:
a. procedural rules b. enforcement rules c. observational rules d. interpretive rules e. none of the other choices
All of the following are challenges of outsourcing, except:
A. Contract length. B. Competitive edge. C. Confidentiality. D. Multisourcing.
Abbe Company uses activity-based costing. The company has two products: A and B. The annual production and sales of Product A is 800 units and of Product B is 600 units. There are three activity cost pools, with estimated costs and expected activity as follows:Activity Cost PoolsEstimated Overhead CostExpected Activity??Product AProduct BTotalActivity 1$17,460 6006001,200Activity 2$19,987 1,7006002,300Activity 3$29,884 400120520The overhead cost per unit of Product B is closest to: (Round your intermediate calculations to 2 decimal places.)
A. $34.73 B. $48.09 C. $25.90 D. $11.49
The standards for product V28 call for 7.5 pounds of a raw material that costs $18.10 per pound. Last month, 1,400 pounds of the raw material were purchased for $24,990. The actual output of the month was 160 units of product V28. A total of 1,300 pounds of the raw material were used to produce this output.The direct materials purchases variance is computed when the materials are purchased.Required:a. What is the materials price variance for the month?b. What is the materials quantity variance for the month?
What will be an ideal response?