Under the new legislation, an enterprise is required to fit smoke filters to its factories by...

 

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Under the new legislation, an enterprise is required to fit smoke filters to its factories by 30 June 2018. However, the enterprise has not yet fitted the smoke filters at the end of the fiscal year 2018, which is December 31, 2018. The enterprise is probable to be subject to a $100,000 fine according to the legislation. Which of the following statement is NOT true? A. The $100,000 fine is likely to happen. B. The enterprise should record a $100,000 liability at the year end. C. The enterprise should record a $100,000 loss at the year end. D. Instead of recording, the enterprise just needs to disclose it. Which condition needs accountants to prepare a journal entry? A. The retirement of its CFO B. Share split or consolidation C. Repurchase of treasury stock. D. Record date of a cash dividend. Under the new legislation, an enterprise is required to fit smoke filters to its factories by 30 June 2018. However, the enterprise has not yet fitted the smoke filters at the end of the fiscal year 2018, which is December 31, 2018. The enterprise is probable to be subject to a $100,000 fine according to the legislation. Which of the following statement is NOT true? A. The $100,000 fine is likely to happen. B. The enterprise should record a $100,000 liability at the year end. C. The enterprise should record a $100,000 loss at the year end. D. Instead of recording, the enterprise just needs to disclose it. Which condition needs accountants to prepare a journal entry? A. The retirement of its CFO B. Share split or consolidation C. Repurchase of treasury stock. D. Record date of a cash dividend.

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