100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Test Bank for Modern Advanced Accounting In Canada, 10th Edition by Darrell Herauf CA$57.35   Add to cart

Exam (elaborations)

Test Bank for Modern Advanced Accounting In Canada, 10th Edition by Darrell Herauf

3 reviews
 814 views  33 purchases

Test Bank for Modern Advanced Accounting In Canada 10e 10th Edition by Darrell Herauf, Chima Mbagwu ISBN-13: 1295 Full chapters test bank PDF CHAPTER 1 Conceptual and Case Analysis Frameworks for Financial Reporting CHAPTER 2 Investments in Equity Securities CHAPTER 3 Business Combin...

[Show more]

Preview 2 out of 380  pages

  • July 24, 2022
  • 380
  • 2021/2022
  • Exam (elaborations)
  • Questions & answers
All documents for this subject (1261)

3  reviews

review-writer-avatar

By: ramlochunm • 4 months ago

reply-writer-avatar

By: Tutor247 • 2 months ago

Thank you very much for your honest review. We are delighted to hear that you had a pleasant experience with us and we look forward to serving you further on your educational journey.

review-writer-avatar

By: tasmiakhalil • 1 year ago

review-writer-avatar

By: baraafy • 1 year ago

It was great experience.

reply-writer-avatar

By: Tutor247 • 1 year ago

Thanks for your valuable feedback. Always welcome

avatar-seller
Tutor247
CHAPTER 01 – TEST BANK 10 CE
1) In which of the following situations would professional judgment NOT be required in
decision making?


A) Recognition of revenue.
B) The making of accounting estimates.
C) Disclosure of information in the notes to the financial statements.
D) Use of IFRS or ASPE for publicly traded companies in Canada.




2) Which of the following statements pertaining to generally accepted accounting principles
(GAAP) is INCORRECT?


A) The process of developing GAAP is political.
B) If a proposal for a new financial reporting is not accepted by users, it is unlikely to
become part of GAAP.
C) If an entity that follows GAAP encounters transactions that are not addressed by the
CPA Canada Handbook, it is permitted to adopt accounting practices that are consistent with
industry practice.
D) Publicly traded companies are required to submit financial statements that comply
with GAAP to the securities commissions under which they are registered.




3) Which of the following examples does NOT demonstrate the interrelationships of
financial statement elements?


A) A sale on account will increase assets and equity.
B) Depreciation of equipment will decrease assets and decrease equity.
C) The payment of a payable will decrease liabilities and increase assets.
D) The contribution of capital will increase an asset and increase equity.




Version 1 1

, 4) Which of the following statements pertaining to GAAP for publicly accountable
enterprises (PAEs) is correct?


A) PAEs include not-for-profit organizations.
B) Commencing in 2011, most Canadian PAEs are required to elect to report under either
IFRS or ASPE on a prospective basis.
C) PAEs include an entity, that as one of its primary businesses, holds assets in a
fiduciary capacity for a broad group of outsiders.
D) CPA Canada and the Financial Accounting Standards Board (FASB) harmonized the
accounting standards of the United States and Canada for PAEs beginning in 1998.




5) Which of the following statements pertaining to private enterprises (PEs) is
INCORRECT?


A) PEs may adopt either ASPE or IFRS but once a set of standards is adopted, the PEs
are not permitted to apply some standards from ASPE and others from IFRS.
B) The accounting standards for a PE are included in a separate part of the CPA Canada
Handbook.
C) PEs with annual revenues over $10,000,000, are required to report under IFRS.
D) A PE is a profit-oriented enterprise that has none of its issued and outstanding
financial instruments traded in a public market and does not hold assets in a fiduciary capacity
for a broad group of outsiders as one of its primary businesses.




6) Which of the following organizations are required to use only the IFRS (Part I) in
Canada?


A) All corporations, government agencies and private companies.
B) Public companies and private companies whose shareholders' equity is in excess of
$500,000,000 at any particular year-end.
C) Public companies, private companies and not-for-profit organizations.
D) Government business enterprises.




Version 1 2

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Tutor247. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$57.35. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

78998 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$57.35  33x  sold
  • (3)
  Add to cart