) State & explain the principles of accounting on which each
of the
treatments
described below are based. ( explain the principle first and relate
it with the scenario)
Calibre or quality of management is not disclosed on the
balance sheet.
Debentures are marked at the same amount in the shillings which
the company borrowed though the purchasing power of many may have
substantially changed.
Advance received from a customer is not taken as income or
sales.
Rent paid for...
Explain why an accounting standard in relation to the
recognition and measurement of provisions was necessary with
reference to the guidance in IAS 37 “Provisions, Contingent
Liabilities and Contingent Assets”. (Maximum word count 160
words)
Explain why an accounting standard in relation to the
recognition and measurement of provisions was necessary with
reference to the guidance in IAS 37 “Provisions, Contingent
Liabilities and Contingent Assets”. (max 160 words)
The state of Virginia has implemented
a Standard of Learning (SOL) test that all public school students
must pass before they can graduate from high school. A passing
grade is 75. Montgomery County High School administrators want to
gauge how well their students might do on the SOL test, but they
don’t want to take the time to test the whole student population.
Instead, they selected 20 students at random and gave them the
test. The results are as follows:...
Critically explain how the Australian Accounting Standards Board
take part in the global accounting standard setting process (i.e.
in setting IFRS). Why is the IFRS set by the International
Accounting Standards Board (IASB) not compulsory for the member
countries of IASB? (700 words needed)