Questions from Intermediate Accounting


Q: 1. ASPE and IFRS both require note disclosure for related party

1. ASPE and IFRS both require note disclosure for related party transactions. 2. Future accounting policy changes are required note disclosure in IFRS only. 3. Both ASPE and IFRS require accrual of la...

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Q: Bruce Networks Ltd. (BNL) has a 10-year

Bruce Networks Ltd. (BNL) has a 10-year renewable lease contract with Open Ltd. (OL), the owner of a tall building in a major city. BNL is permitted to erect a transmission tower on the top of the bui...

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Q: CC Recyclo Inc (CCRI) is a recycling manufacturer that melts

CC Recyclo Inc (CCRI) is a recycling manufacturer that melts down used plastic and repurposes them into new materials. CCRI has a factory (and land) located just outside of London, Ontario. On 5 Janua...

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Q: Acehil owns and manages a consortium of apartments in the Edmonton Metropolitan

Acehil owns and manages a consortium of apartments in the Edmonton Metropolitan Region. As part of a recent inspection by the fire department, Acehil has been mandated to upgrade the fire monitoring a...

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Q: Airfield Answers Corp. had several expenditures in 20X5: 1

Airfield Answers Corp. had several expenditures in 20X5: 1. Testing new plastic prior to use in commercial production 2. Redesign of prototype to improve performance 3. Testing electronic instrument c...

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Q: Discoveries Ltd. (DL) is involved in research and development

Discoveries Ltd. (DL) is involved in research and development related to new processes to make manufacturing more efficient and environmentally friendly. The company has been working on a number of ne...

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Q: AGT Ltd. has identified several assets: 1. Airplane

AGT Ltd. has identified several assets: 1. Airplane 2. Wind farm 3. Manufacturing facility 4. Cruise ship 5. Hydro lines Required: 1. For each asset, identify the possible significant components. 2. A...

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Q: Victor Medical Solutions Ltd. has a major scientific program under way

Victor Medical Solutions Ltd. has a major scientific program under way, financed through an issuance of common shares. The program has an expected budget in excess of $55 million, and $17.9 million ha...

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Q: Impact Systems Inc. has recently designed and developed its own payroll

Impact Systems Inc. has recently designed and developed its own payroll system intended for internal use. If there is a market, the company may also decide to sell it to outside companies. Work on thi...

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Q: Images Ltd. is a new company whose only operation is the

Images Ltd. is a new company whose only operation is the development of a new kind of video camera that will link to home computers and easily allow image transfer. The camera will come with a program...

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