An analyst has compiled the following information regarding Rubsam, Inc. Liabilities at year - end 1,000 Contributed capital at year - end 500 Beginning retained earnings 600 Revenue during the year 5,000 Expenses during the year 4,300 There have been no distributions to owners. The analyst s most likely estimate of total assets at year - end should be closest to

(1 Point)

2,100.

2,300

2,800

3.On 30 April 2006, Pinto Products received a cash payment of $30,000 as a deposit on production of a custom machine to be delivered in August 2006. This transaction would most likely result in which of the following on 30 April 2006?

(1 Point)

No effect on liabilities

A decrease in assets of $30,000

An increase in liabilities of $30,000

4.Valuing assets at the amount of cash or equivalents paid, or the fair value of the consideration given to acquire them at the time of acquisition, most closely describes which measurement of nancial statement elements?

(1 Point)

Current cost

Realizable cost

Historical cost

5.Why IFRS doesnt permit use of LIFO inventory costing method?