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In horizontal analysis, if an item has a negative amount in the base year, and a positive
amount in the following year, no percentage change for that item can be computed.
Answer:
Consolidated financial statements should be prepared only when a subsidiary company
has a controlling interest in the parent company.
Answer:
If a transaction cannot be recorded in a special journal, it indicates that the company
should adopt an electronic accounting system.
Answer:
On September 5, Borton Corporation acquired 2,500 shares of its own $1 par common
stock for $22 per share. On October 15, 1,000 shares of the treasury stock is sold for
$25 per share.
Instructions
Journalize the purchase and sale of the treasury stock assuming that the company uses
the cost method.
Answer:
The custodian of the petty cash fund has the responsibility of recording a journal entry
every time cash is used from the fund.
Answer:
Which is part of IFRS accounting for financial instruments?
Answer:
Goods out on consignment should be included in the inventory of the consignor.
Answer:
