Proposed changes to the IFRS definition of a liability include: C. The addition of the requirement that a liability be a present obligation. D. The addition of the requirement that a liability be a legal obligation. A. There is a constructive obligation to finish the contract. 3.2 million in additional costs will have to be incurred to complete the contract. Cost accounting also facilitates the costs comparison for control purposes. B. The costs of the overhaul should be expensed as incurred. D. The estimated cost of the overhaul should be disclosed as part of a continuity schedule in the notes to the financial statements. Which of the following statements with respect to the contract are correct? 3 million in profit on the contract to date. The agreed fixed percentage may, therefore, prove to be either too excessive or too low for covering overheads and profit. Net income (NI) definition: A company’s total earnings, also called net profit.

Normally when a payment is made from an organization it should be supported by a document which is called payment voucher. Current accounting in synthetic accounts is called synthetic accounting, and in analytic accounts, analytic accounting. Technological advancement A. Has replaced accounting. D. In accounting has replaced the need for decision makers. Which of the following accounting principles dictates when expenses are recognized? The Accounting program offers both Associate Degree and Specialized Diploma options, designed to accommodate students who are just beginning their accounting studies to students who wish to qualify for CPA certification. We, PhD students and emerging scholars, would like to thank the organizing committee of the 5th Emerging Scholars Colloquium and the 30th International Congress on Social and Environmental Accounting Research. The samples used in this research are from two different industries. Through stock and inventory features the day to day running of your business can be streamlined, assisting you in determining which items are in stock and which items need to be re-ordered.

Again, when properly designed and setup, this quickly shows the owner which area of the business is OK and which ones are out of whack in relation to the others or in relation to your past history. A. The addition of the requirement that a liability relate to a past event. B. Must continue to be classified as a long-term liability in all situations. A. Must continue to be classified as a long-term liability by the debtor, if a provision of the debt covenant has been violated. D. Can be reported as current liabilities by the debtor only if callable because a provision of the debt covenant has been violated. Long-term obligations (i.e., debts) that is callable for early payment: C. Must be reported as current liabilities by the debtor if callable on demand. D. It provides information pertaining to a company’s liabilities for a period of time. E. That an auditor provides a favorable opinion. 4,000,000. On its December 31, 1999 financial statements Brimley should: D. Simply disclose the details regarding the lawsuit in a note.

On November 7, 1999 local residents sued Brimley Corporation for excess chemical emissions that caused some of them to seek medical attention. Business ownership can be in the form of a sole proprietorship, partnership, or a corporation. D. Sudsey Company, a supplier, goes out of business. C. Clean Company, a supplier, sells 50 pounds of soap to ABC Company. The company adheres to IFRS. E. Means the assets acquired must be recorded at what the company paid for them. The objective is to determine the ability of the company to settle short-term obligations at any time that its settlement is demanded. Are you paying your clients on time? A. They are identical. These debits and credits are recorded in two separate columns with the debit on the left side and the credit on the right side. C. They are similar but not identical. When you promote the DC, Active Directory installs for the first time, and these containers are created. Cost proposals are important because it is the start of the bidding for contracts and as a contractor, you want to be putting out your best foot forward. Cost accounting help full in determine the future cost. C. The cost of the overhaul should be deferred and amortized.