Question 17 Part 1 (a) The NZ Conceptual Framework prescribes several criteria that must be satisfied...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Question 17 Part 1 (a) The NZ Conceptual Framework prescribes several criteria that must be satisfied before an item is included in the balance sheet or statement of comprehensive income. With reference to the NZ Conceptual Framework, briefly explain when each of the following elements can be recognised in the financial statements: () Asset (ii) Liability (iii) Revenue (iv) Expense (b) (1) Briefly describe four characteristics of each of the following types of shares: Preference shares classified as shareholder equity in the balance sheet. Preference shares classified as long-term liability in the balance sheet. (II) Briefly explain how dividends paid to owners of each of the following types of shares should be accounted for: Preference shares classified as shareholder equity in the balance sheet. () Preference shares classified as long-term liability in the balance sheet. Question 17 Part 1 (a) The NZ Conceptual Framework prescribes several criteria that must be satisfied before an item is included in the balance sheet or statement of comprehensive income. With reference to the NZ Conceptual Framework, briefly explain when each of the following elements can be recognised in the financial statements: () Asset (ii) Liability (iii) Revenue (iv) Expense (b) (1) Briefly describe four characteristics of each of the following types of shares: Preference shares classified as shareholder equity in the balance sheet. Preference shares classified as long-term liability in the balance sheet. (II) Briefly explain how dividends paid to owners of each of the following types of shares should be accounted for: Preference shares classified as shareholder equity in the balance sheet. () Preference shares classified as long-term liability in the balance sheet.
Expert Answer:
Answer rating: 100% (QA)
Question 17 Part 1 a iAsset It sholud be recognised in financial statements when a it is probable th... View the full answer
Related Book For
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
Posted Date:
Students also viewed these accounting questions
-
Describe the two criteria that must be satisfied before revenue can be recognized.
-
List the five criteria that must be satisfied before revenue from the sale of goods can be recognized.
-
Describe the three conditions that must be satisfied to apply the Poisson probability distribution.
-
A supplier has the following financial information available: Cash: $100,000 Current Assets: $1,000,000 Fixed Assets: $1,000,000 Total Assets: $2,000,000 Current Liabilities: $500,000 Total...
-
Seconds Later, a clothing consignment shop, is fast becoming a favorite place to shop. The owner has asked you to create an Access database to help manage inventory. Download and import the...
-
(a) Solve the integral 3 N 0 3 N i = 1 | x i | R ( d x 1 d x 3 N ) 3 N 0 i = 1 3 N | x i | R ( d x 1 d x 3 N ) and use it to determine the "volume" of the relevant region of the phase space...
-
Refer to the information in Exercise 17-4. Required 1. Compute a departmental overhead rate for the molding department based on machine hours and a department overhead rate for the trimming...
-
Selected accounts from the chart of accounts of Mercer Company are shown below. 101 Cash 112 Accounts Receivable 120 Inventory 126 Supplies 157 Equipment 201 Accounts Payable 401 Sales Revenue 412...
-
which of these items are included in the calculation of an asset's adjusted basis? add costs necessary to prepare the asset for use in the business, start with the asset's original basis, subtract...
-
The accompanying table shows a portion of data consisting of the January, April, July, and October average temperatures of 50 selected U.S. cities. a. Perform agglomerative hierarchical clustering to...
-
Discuss the applications of worksheets/workbooks in business. Support your answer with at least 2 examples. Question is for excel
-
6. What amount do you need to deposit now into an account earning 4.5% every four months if you need $45,000 at the end of 8 years? Please show all work.
-
Identify at least two groups of which you are a member. One should be a formal group, for example people you work with on a regular basis either in your employment or at college. The other should be...
-
Accounting: financial statment analysis individual company information For your corporation Anheiser Bush, write two paragraphs describing the business operations, include a brief history, risks and...
-
Smaller number: The number is not correct. The sum of two numbers is 52 . The smaller number is 14 less than the larger number. What are the numbers?
-
Discuss two differences between a Product-Centric and Customer-Centric approach to building and maintaining a customer focused organization.
-
There are 3 parts that make up a small toy car. Assembly takes 5 minutes. One in every 50 motors is defective and one in every 100 wheels is defective. You can determine if a part is defective before...
-
The polar coordinates of a point are given. Find the rectangular coordinates of the point. (-1, - /3)
-
Obtain the financial statements of two companies based in different countries. Review the accounting policies notes. Analyse what the policies tell you about the regulatory environment in which the...
-
Plasma Ltd, a manufacturer of electrical goods, guarantees them for 12 months from the date of purchase by the customer. If a fault occurs after the guarantee period, but is due to faulty manufacture...
-
The Housing Department of Chaldon District Council has invited tenders for re-roofing 80 houses on an estate. Chaldon Direct Services (CDS) is one of the Councils direct services organizations and it...
-
Fitch and Wall have been in partnership for many years sharing profits and losses in the ratio 5:3 respectively. The following was their statement of financial position as at 31 December 2016: On 1...
-
When you were looking at goodwill in the previous chapter, you were interested in the difference between the amount received and the value of net assets. Why do we consider only the assets when there...
-
Alan, Bob and Charles are in partnership sharing profits and losses in the ratio 3:2:1 respectively. The statement of financial position for the partnership as at 30 June 2016 is as follows: Charles...
Study smarter with the SolutionInn App