[經(jīng)濟(jì)學(xué)]asolutionsmanualforpetercarey1feb(編輯修改稿)
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【文章內(nèi)容簡(jiǎn)介】 ge its standards with IFRS.30. Comparability is an enhancing qualitative characteristic of financial information. With the globalization of reporting entities it is important that the users of these entities reports can make important decisions based on the assumption that consistent and parable accounting principles are used throughout the world. This will provide participants in international capital markets with better quality information on which to base investment and credit decisions. This is desirable because, all other things being equal, the more soundly based those decisions, the more likely it will be that funds are directed to those entities who can use them most productively and that capital will be appropriately processed for a given level of risk. Due to globalization of capital markets, the standards should be parable.31. There has been quite a bit of research done in relation to this question, however, there is no definitive answer. Students may like to consider the following points: Impact of one’s values and upbringing Impact of religion on ethics Impact of importance of family One’s principles and morals Impact of various codes of conduct Legal and professional consequences of acting ethically/unethically Impact of personal reputation and munity standing.32. For information to be recorded, it must first meet the definition and recognition criteria associated with the appropriate element in the balance sheet. Is Intellectual property an Asset to Monash University? Definition CriteriaYes/NoWhyFuture economic benefitsYesCan be sold, enhances reputation leading to increase funding and attract more students. Controlled by the entityYesIf Monash has an exclusive use or control over the material.Past transactionYesIt has been fully developedRecognition CriteriaYes/NoWhyProbable future economic benefitYesIt is more likely to be sold or enhance reputationCan be measured reliablyYes/NoYes: If like material has been sold or purchasedNo: If there is no active marketSOLUTIONS TO BRIEF EXERCISESBRIEF EXERCISE 11(a) $90 000 – $50 000 = $40 000 (Owner’s Equity).(b) $45 000 + $70 000 = $115 000 (Assets).(c) $94 000 – $65 000 = $29 000 (Liabilities).BRIEF EXERCISE 12(a) $100 000 + $232 000 = $332 000 (Total assets).(b) $190 000 – $80 000 = $110 000 (Total liabilities).(c) $600 000 – ($600 000) = $300 000 (Owner’s equity). BRIEF EXERCISE 13(a) ($870 000 + $150 000) – ($500 000 – $80 000) = $600 000 (Owner’s equity).(b) ($500 000 + $100 000) + ($870 000 – $500 000 – $70 000) = $900 000 (Assets).(c) ($870 000 – $80 000) – ($870 000 – $500 000 + $120 000) = $300 000 (Liabilities).BRIEF EXERCISE 14 A (a) Accounts receivable A (d) Office supplies L (b) Salaries payable OE (e) Owner’s investment A (c) Equipment L (f) Notes payableBRIEF EXERCISE 15(a) True(b) TrueBRIEF EXERCISE 16(a) Yes(b) No(c) YesBRIEF EXERCISE 17(a) Yes(b) No(c) YesBRIEF EXERCISE 18(a) Predictive(b) Confirmatory(c) Substance over form(d) Accuracy(e) Understandability(f) Timeliness(g) Materiality(h) Cost versus benefitBRIEF EXERCISE 19(a) Faithful representation(b) Comparability(c) RelevantBRIEF EXERCISE 110(a) 1(b) 2(c) 3(d) 4BRIEF EXERCISE 111 (a) For information to be recorded, it must first meet the definition and recognition criteria associated with the appropriate element in the balance sheet. Should the money spent on developing a new software be recorded as an Asset to Microsoft?Definition CriteriaYes/NoWhyFuture economic benefitsYesPast experience suggests this expenditure has led to mercial sales, unlike some research and development expenditure which may not lead to mercial outes.Controlled by the entityYesAssuming Microsoft has got the patent and exclusive right to the use of this program.Past transactionYesMoney has been spent on its developmentRecognition CriteriaYes/NoWhyProbable future economic benefitYesIt is more likely to generate benefits based on the past experience on development expenditure on previous Windows programs eg. XP and Vista.Can be measured reliablyYesYes: based on the amount that Microsoft has spent(b) For information to be recorded, it must first meet the definition and recognition criteria associated with the appropriate element in the balance sheet. Would an organisation report an employee’s sick leave entitlement? Definition CriteriaYes/NoWhyPresent obligationYesOnce an employee is contracted the organisation is legally bound to provide 10 days sick leave per annumPast eventYesThe employee and the organisation have signed a written work place agreement Outflow of resources embodying economic benefitsYesThe employee will be paid a salary (cash) to pensate for days lost due to sicknessRecognition CriteriaYes/NoWhyProbable future economic benefitYesIt is more likely rather than less likely that an employee will be sick during the course of the yearCan be measured reliablyYesYes: presumably past data can be sourced to provide an accurate estimate of the amount likely, on average ,to be paid to an employee who claims sick leave BRIEF EXERCISE 112I) Increase Cash $460 Increase Insurance revenue* $ 460 2) Increase Commission Exp ** $46??? Increase Commission Payable (L) $46???Meets element definition* Insurance revenue is increased as it represents an increase in an economic benefit in the form of an increase in an asset (cash) resulting in an increase in equity other than those relating to contributions from equity p
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