Question
Fundamental qualitative characteristics include A. relevance and comparability. B. representational faithfulness and timeliness. C. relevance and representational faithfulness. D. verifiability and relevance. At the end
Fundamental qualitative characteristics include
- A.
relevance and comparability.
- B.
representational faithfulness and timeliness.
- C.
relevance and representational faithfulness.
- D.
verifiability and relevance.
At the end of its accounting year, Pierce Products Inc.'s physical inventory count indicated that 25,000 units of inventory, costing $34.75 each, were on hand. Included in that count were 1,500 units with a net realizable value of $19.00 each. The company's perpetual inventory system reported a balance of $868,750. The required year-end adjusting entry for inventory is
- A.
debit Inventory and credit Cost of goods sold, $845,125.
- B.
debit Inventory and credit Gain on Inventory Due to Count, $4,500.
- C.
No adjusting entry is required.
- D.
debit Cost of Goods Sold and credit Inventory, $23,625.
According to IFRS 13, the highest quality valuation technique for determining the fair value of an asset is one based on
- A.
inputs other than quoted prices that are observable for the asset or liability directly.
- B.
observable inputs that reflect quoted prices from identical assets, in active markets
- C.
unobservable inputs
- D.
any inputs that are based on professional judgment, applied rationally.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started