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a)
BE1-4 Identify application of concepts. (LO 3) C Indicate whether each of the following statements is true or false by placing a T or an F in the blank at the start of each statement. (a) Relevance is an enhancing qualitative characteristic. (b) Timeliness is enhanced when a business uses the same accounting methods from year to year. (c) Understandability is an enhancing qualitative characteristic that requires accounting information to be clear and concise. (d) Information is verifiable if two independent people, using similar methods, achieve similar results. (e) Information is neutral when it is unbiased.BE1-5 Identify application of IFRS and ASPE. (LO 3) C Indicate whether each of the following statements is true or false by placing a T or an F in the blank at the start of each statement. (a) Canadian publicly accountable enterprises have the choice to report under IFRS or ASPE. (b) All private enterprises must follow ASPE. (c) Companies are required to include a note in their financial statements stating if they are using IFRS or ASPE. (d) Using IFRS may help Canadian public companies attract investors from around the globe.BE}? Identify the components of the nancial statements [LE-L4] {Cl Match the following components with the best description below and indicate if the component is reported on the balance sheet [55} or income statement [15}. Description Component Balance Sheet or Income Statement {a} The increase in assets. or decrease in liabilities. re sulting from business activities carried out to earn prot. {11] Resources controlled by a business that are expected to provide future economic benets. to} The owner's claim on the residual assets of the company. {d} Present obligations which are expected to result in an outow of economic resources as a result of a past transaction. {e} The cost of resources consumed or services used in the company's business activities BE1-8 Solve accounting equation. (LO 4) AP Presented below is the accounting equation. Determine the missing amounts: Assets = Liabilities + Owner's Equity $75,000 $24,000 (a) (b) $150,000 $91,000 $89,000 (c) $52,000E1-6 Determine missing items. (LO 4) AP Below is a partially completed income statement and statement of owner's equity for Gary Dickson Engineering Company. Consulting revenue $18,000 Expenses Advertising expense $ 400 Rent expense (a) Utilities expense 900 Salaries expense 3,500 6.800 Profit (loss) $ (b) G. Dickson, capital, August 1 $ 5,000 Add: Investment (e) Profit (c) 21,200 26,200 Less: Drawings (d) G. Dickson, capital, July 31 $21,700 Instructions Fill in the missing amounts
