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The document contains multiple accounting problems providing financial information such as total assets, liabilities, and shareholders' equity. It also contains multiple choice questions related to classifying assets and liabilities as current or non-current according to IFRS standards.

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Zyra Yumul
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33 views2 pages

Aaaaa

The document contains multiple accounting problems providing financial information such as total assets, liabilities, and shareholders' equity. It also contains multiple choice questions related to classifying assets and liabilities as current or non-current according to IFRS standards.

Uploaded by

Zyra Yumul
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Chapter 2

Problem 2-19 (AICPA Adapted)


1. What total amount should be reported as current assets? A. 2,250,000
2. What total amount should be reported as current liabilities? A. 450,000
3. What total amount should be reported as total shareholders' equity? A.
2,550,000

Problem 2-21 (AICPA Adapted)


1. Total retained earnings? B. 5,200,000
2. Total current liabilities? C. 700,000
3. Total current assets? C. 8,600,000
4. Total shareholders' equity? C. 8,000,000

Problem 2-22 (AICPA Adapted)


1. Total current assets? D. 4,900,000
2. Total current liabilities? A. 2,700,000
3. Retained earnings? C. 7,000,000

Problem 2-26 Multiple Choice (IFRS)


1. In presenting a statement of financial position, and entity, D. Must make the
current and noncurrent presentation, except when a presentation
based on liquidity provides information that is reliable and more
relevant.
2. Assets to be sold, consumed or realized as part of the normal operating cycle
are, A. Current asset
3. Liabilities that an entity expects to settle within the normal operating cycle are
classified as, C. Current liabilities
4. Cash restricted for the settlement of a liability due 18 months after the reporting
period should be presented as, D. Noncurrent asset
5. Employment taxes due for settlement in 15 months’ time should be presented as,
A. Current Liabilities

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