QUESTION 2 Case 01 The govemment of HKSAR introduced new laws on data protection, which will...
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QUESTION 2 Case 01 The govemment of HKSAR introduced new laws on data protection, which will come into force on 1 January 2023. Entity A's directors have agreed that this will require a lot of staff to be retrained. On 31 October 2022, the directors were waiting on a report they had commissioned that would identify the actual training requirements. Case 02 At the end of the reporting period, Entity A is negotiating with its insurance provider about the amount of an insurance claim that it had filed but the insurance provider keeps silent about the result. However, on 20 November 2022, the insurance provider suddenly agreed to pay $400,000. REQUIRED: How should Entity A report this event in the financial statements on the reporting date of 31 October 20227 CHOICES FOR INPUT: | Provision | Contingent liability | Contingent asset | None of them ANSWER: Case 01 The answer is Case 02-The answer is 2 points Save Answer QUESTION 3 Entity A makes refunds to customers for any goods returned within 30 days of the sale and has done so for many years. The current year-end is 31 October 2023. REQUIRED: How should Entity A report this event in the financial statements on the reporting date of 31 October 20237 CHOICES FOR INPUT: | Provision | Contingent liability | Contingent asset | None of them ANSWER: The answer is QUESTION 4 A customer is suing Entity A for damages alleged to have been caused by Entity A's product. Entity A is contesting the claim and, on 31 October 2023, the directors have been advised by Entity A's legal advisers it is very unlikely to lose the case REQUIRED: How should Entity A report this event in the financial statements on the reporting date of 31 October 20237 CHOICES FOR INPUT: | Provision | Contingent liability | Contingent asset | None of them ANSWER: The answer is 1 points Save Inter 1 points t QUESTION 2 Case 01 The govemment of HKSAR introduced new laws on data protection, which will come into force on 1 January 2023. Entity A's directors have agreed that this will require a lot of staff to be retrained. On 31 October 2022, the directors were waiting on a report they had commissioned that would identify the actual training requirements. Case 02 At the end of the reporting period, Entity A is negotiating with its insurance provider about the amount of an insurance claim that it had filed but the insurance provider keeps silent about the result. However, on 20 November 2022, the insurance provider suddenly agreed to pay $400,000. REQUIRED: How should Entity A report this event in the financial statements on the reporting date of 31 October 20227 CHOICES FOR INPUT: | Provision | Contingent liability | Contingent asset | None of them ANSWER: Case 01 The answer is Case 02-The answer is 2 points Save Answer QUESTION 3 Entity A makes refunds to customers for any goods returned within 30 days of the sale and has done so for many years. The current year-end is 31 October 2023. REQUIRED: How should Entity A report this event in the financial statements on the reporting date of 31 October 20237 CHOICES FOR INPUT: | Provision | Contingent liability | Contingent asset | None of them ANSWER: The answer is QUESTION 4 A customer is suing Entity A for damages alleged to have been caused by Entity A's product. Entity A is contesting the claim and, on 31 October 2023, the directors have been advised by Entity A's legal advisers it is very unlikely to lose the case REQUIRED: How should Entity A report this event in the financial statements on the reporting date of 31 October 20237 CHOICES FOR INPUT: | Provision | Contingent liability | Contingent asset | None of them ANSWER: The answer is 1 points Save Inter 1 points t
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The detailed answer for the above question is provided below This appears to be a casebased examination or an assignment focused on how certain scenarios should be reported in financial statements par... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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