Questions from Advanced Accounting

Q: Distinguish between unrestricted and restricted contributions of a charitable organization.

Distinguish between unrestricted and restricted contributions of a charitable organization.

Q: Briefly explain why a Canadian private company may decide to follow IFRS

Briefly explain why a Canadian private company may decide to follow IFRS even though it could follow ASPE.

Q: You, the CPA, an audit senior at Grey & Co

You, the CPA, an audit senior at Grey & Co., Chartered Professional Accountants, are in charge of this year's audit of Plex-Fame Corporation (PFC). PFC is a rapidly expanding, diversified, and publicl...

Q: Wedding Planners Limited (WP), owned by Anne and Francois Tremblay

Wedding Planners Limited (WP), owned by Anne and Francois Tremblay, provides wedding planning and related services. WP owns a building (the Pavilion) that has been custom-made for hosting weddings. Us...

Q: Digital Future Technologies (DFT) is a public technology company.

Digital Future Technologies (DFT) is a public technology company. It has a September 30 year-end, and last year it adopted IFRS. Kin Lo is a partner with Hi & Lo, the accounting firm that was newl...

Q: Enron Corporation's 2000 financial statements disclosed the following transaction with LIM2,

Enron Corporation's 2000 financial statements disclosed the following transaction with LIM2, a nonconsolidated special purpose entity (SPE) that was formed by Enron: In June 2000, LIM2 purchased dark...

Q: In early September Year 1, your firm's audit client, D

In early September Year 1, your firm's audit client, D Ltd. (D) acquired in separate transactions an 80% interest in N Ltd. (N) and a 40% interest in K Ltd. (K). All three companies are federally inco...

Q: On January 1, Year 4, Plum purchased 100% of

On January 1, Year 4, Plum purchased 100% of the common shares of Slum. On December 31, Year 5, Slum purchased a machine for $168,000 from an external supplier. The machine had an estimated useful lif...

Q: Stephanie Baker is an audit senior with the public accounting firm of

Stephanie Baker is an audit senior with the public accounting firm of Wilson & Lang. It is February Year 9, and the audit of Canadian Development Limited (CDL) for the year ended December 31, Year 8,...

Q: It is Monday, September 13, Year 10. You,

It is Monday, September 13, Year 10. You, CPA, work at Fife & Richardson LLP, a CPA firm. Ken Simpson, one of the partners, approaches you mid-morning regarding Brennan & Sons Limited (BSL), a...