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ACC 305 Week 8 Homework Chapter 24

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ACC 305 Week 8 Homework Chapter 24

Brief Exercise 24-5

Brief Exercise 24-6

Brief Exercise 24-7

Exercise 24-2

Exercise 24-3

IFRS Multiple Choice Question 07

Benjamin Company uses IFRS, while Iris, Inc. uses U.S. GAAP, for their external financial reporting. On January 16, 2015, both companies settled lawsuits relating to industrial accidents that occurred in 2013. Benjamin Company paid $550,000 and Iris, Inc. paid $230,000. Assuming that no accrual had been previously made, what amount of loss should be reported on the income statement for the year ended December 31, 2014 for each company?

IFRS Multiple Choice Question 10

Identifiable assets for the 4 industry segments of Brittle Company are as follows:

Candy

$120,000

Stix

$240,000

Chips

$980,000

Gum

$45,000


Brittle Company uses IFRS for its external financial reporting. Using only the identifiable assets test, which of the segments are reportable?

IFRS Multiple Choice Question 11

Operating profits and losses for the 4 industry segments of Brittle Company are as follows

Candy

($590,000)

Stix

$20,000 

Chips

$85,000 

Gum

$9,000 


Brittle Company uses IFRS for its external financial reporting. Using only the operating profits (loss) test, which of the segments are reportable?

IFRS Multiple Choice Question 13

IFRS is important for U.S. investors for all of the following reasons except

IFRS Multiple Choice Question 15

High-quality standards in an international environment include which of the following?

Brief Exercise 24-8

Answer each of the questions in the following unrelated situations.

Brief Exercise 24-9

Exercise 91

Exercise 92

Exercise 24-4

Problem 24-3

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