1.In 2XX7, Oz Ltd (DL) bought an abandoned lot of land on the main street in Sheffield, England for 200,000 British Pounds Sterling. On December 31. 2X10, the land was determined to be impaired and written down to 50,000 Pounds. The Great Recession ends and on December 31, 2X12, the land appreciates in value to 100,000 Pounds. The journal entry for this land on December 31, 2X12 is:
Impaired assets may not be written up
Debit land 200, 000 Pounds, Credit gain 200,000 Pounds
Debit land 100, 000 Pounds, Credit gain 100,000 Pounds
Debit land 50, 000 Pounds, Credit gain 50, 000 Pounds

2.The Statement of Financial Position in the IFRS, is the ________under US GAAP
Income Statement
Balance Sheet
Statement of Cash Flow
Equity Statement

3. Total comprehensive income is defined under IFRS as:

Changes in equity during period resulting from transactions and other events
Changes resulting from transactions with owners in their capacity as owners

Is the same thing as the income statement

Does not include cash flow hedges

4. Unlike the US GAAP balance sheet, the IFRS:
There is no difference

Presents equity before assets Is two columns
Does not present goodwill

Answer rating: 100% (QA)

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