ACC 305 ACC305 Week 6 Homework Chapter 22

ACC 305 Week 6 Homework Chapter 22

Brief Exercise 22-3

Brief Exercise 22-7

Brief Exercise 22-9

Exercise 22-1

Exercise 22-4

Exercise 22-8

Problem 22-1 (Part Level Submission

1. Show comparative net income for 2013 and 2014. Income before depreciation expense was $300,000 in 2014, and was $310,000 in 2013. (Ignore taxes.)

IFRS Multiple Choice Question 06

Is the following exception applicable to IFRS or U.S. GAAP?
“If determining the effect of a change in accounting principle is considered impracticable, then a company should report the effect of the change in the period in which it believes it practicable to do so.”

IFRS Multiple Choice Question 07

Is the following exception applicable to IFRS or U.S. GAAP?
“If determining the effect of a correction of an error is considered impracticable, then a company should report the effect of the error correction in the period in which it believes it practicable to do so.”

IFRS Multiple Choice Question 08

Detailed guidance regarding the accounting and reporting for the indirect effects of changes in accounting principle is available under

IFRS Multiple Choice Question 09

Ben, Inc. follows IFRS for its external financial reporting. Ben, Inc. owns 25% of the outstanding stock of Black, Inc. and accordingly uses the equity method to account for its investment. Which of the following is true regarding Ben, Inc.'s policies related to Black, Inc.?

IFRS Multiple Choice Question 10

Ben, Inc. follows U.S. GAAP for its external financial reporting. Ben, Inc. owns 25% of the outstanding stock of Black, Inc. and accordingly uses the equity method to account for its investment. Which of the following is true regarding Ben, Inc.'s policies related to Black, Inc.?