Advanced Financial Accounting and Reporting Theories
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Course
Advanced Financial Accounting
Institution
Advanced Financial Accounting
Advanced Financial Accounting and
Reporting Theories
Derivatives Gain or Loss - answerChanges in value presented in OCI with reclassification
adjustment if realized
Exchange Differences Treatment - answerTranslated in OCI with/without reclassification
adjustment or in profit/loss
Nonprofit Op...
Incorporating Entity Interests - answer✔Accounting for interests in Entity C by Entity A and B
under agreements
Home Office Branch Transaction - answer✔Transaction resulting in credit to home office
account in branch's books
Skyway Development Accounting - answer✔SLEX Incorporated's accounting for skyway
development under contract
Direct Labor Variance - answer✔Net unfavorable variance with higher standard hours than
actual hours
Direct labor cost - answer✔The cost associated with the actual direct labor hours rendered,
including wages and benefits.
Revenue recognition under PFRS 15 - answer✔Recognition occurs when it is probable that
future economic benefits will flow to the entity and the fair value of revenue can be reliably
measured.
Balance of construction in progress - answer✔The amount computed under the cost recovery
method may be higher than under the percentage of completion method in specific scenarios.
Excess of net installment receivable - answer✔The difference between the net installment
receivable and the fair value of repossessed inventory due to default, with various accounting
treatments.
Acquisition costs under PFRS 3 - answer✔Costs related to the acquisition of an acquiree, such as
finder's fee, professional fees, etc., and their accounting treatment.
Measurement basis of revenue under PFRS 15 - answer✔Revenue is measured based on the fair
value of the consideration received or receivable from the contract with customers.
Cost of goods manufactured - answer✔Transactions that increase the cost of goods
manufactured, impacting financial statements for the year.
Liquidation of general partnership - answer✔The order in which claims are settled during the
liquidation process of a general partnership.
Balance of construction in progress comparison - answer✔Determining when the balance under
percentage of completion method equals the balance under cost recovery method.
Liquidation of stock corporation - answer✔The order in which claims are settled during the
liquidation process of a stock corporation.
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