Question 14 (2 points) Saved A successful company's major source of cash should be operating activities. both operating activities and investing activities. investing activities. O financing activities. Question 15 (2 points) Saved During the subsequent event period while the company was preparing its 2019 financial statements, a fire destroyed the company's distribution center which resulted a loss of $2 million. Which of the following statement is NOT true? The company should report the fire loss in the financial statements of 2019 as it was a significant subsequent event and has a material impact on the company's future. The fire loss should be considered a subsequent event that provides evidence about conditions that did not exist at the SFP date. The loss loss should be disclosed in the notes to the financial statements of 2019 as it was a significant subsequent event and has a material impact on the company's future. The company should not report the fire loss in the financial statements of 2019 the conditions for the loss did not exist on the SFP date. Raphael Inc. provides a defined benefit plan for its employees. According the pension plan administrator for Raphael Inc., the actual return on plan assets was $10,000 lower than the expected return on plan assets for 2020, i.e., it had a remeasurement loss on plan asset of $10,000. Which of the following statements is correct? Raphael's pension expense for 2020 is the same under IFRS and ASPE. Raphael's pension expense for 2020 is the $10,000 lower under IFRS than under ASPE. Raphael's pension expense for 2020 is the $10,000 higher under IFRS than under ASPE. Raphael's pension expense for 2020 is the $10,000 under IFRS. Interest and dividends received are reported as investing or financing clash flows only under IFRS. operating or investing clash flows only under IFRS. operating clash flows only under IFRS. operating or financing clash flows only under IFRS . Question 18 (2 points) Saved If the lessor's discount rate is known to the lessee, the lessee must use the lessor's rate if the lessee reports under IFRS. the lower of lessor's rate and the lessee's incremental borrowing rate if the lessee reports under IFRS. the lessor's rate if the lessee reports under ASPE. the higher of lessor's rate and the lessee's incremental borrowing rate if the lessee reports under ASPE Question 19 (2 points) Saved Under IFRS, any difference between the pension expense and the payments into the fund should be reflected in a note to the financial statements only. a contra account to the net defined benefit liability/asset. the net defined benefit liability/asset. an accrued actuarial liability. IFRS requires the following in interim reports, except: to report a full set of financial statements (can be condensed versions) and selected notes is required to present financial statements presented for the current interim period and year to date with comparatives to apply the same accounting principles and methods that apply to annual reporting to have the interim reports audited IFRS requires the following in interim reports, except: to report a full set of financial statements (can be condensed versions) and selected notes is required to present financial statements presented for the current interim period and year to date with comparatives to apply the same accounting principles and methods that apply to annual reporting to have the interim reports audited
