During the year ended December 31, 2013, TELUS Corporation (TELUS) recorded numerous accruals and deferrals. As a

Question:

During the year ended December 31, 2013, TELUS (TELUS) recorded numerous accruals and deferrals. As a long-term employee of TELUS's accounting and finance staff, it is your job to explain the effects of accruals and deferrals on TELUS's 2013 (TELUS's 2013 appear on MyAccountingLab.) Suppose the following questions were raised at the shareholders' meeting:
1. Prepaid expenses are listed on the December 31, 2013, consolidated statements of financial position What is the balance at this date? What items would be included in this balance, and why is this account listed as a account instead of an expense account?
2. "Accounts payable and accrued liabilities" are shown on the December 31, 2013, consolidated statements of financial position in the amount of $1,735,000,000. Define an accrued liability. Use Note 25a to identify what accounts are specifically included in TELUS's statement.
3. What is depreciation and how much would have been recorded for the year ended December 31, 2013, on the consolidated statements of income?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...