The following is a list of possible transactions. Accrued accumulated vacation pay 2. Signed...
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Accounting
The following is a list of possible transactions.
- Accrued accumulated vacation pay
2. Signed a $2-million contract with Construction Corp. to build a new plant.
3 Recorded the receipt of a cash down payment on services to be performed in the next accounting period.
4 . Received the remainder of the contracted amount and performed the services related to item 3
A) Set up a table using the format that follows and, using ASPE, analyze the effects of the 20 transactions on the financial statement categories in the table. Use the following codes: increase (I), decrease (D), or no net effect (NE).
B) . Determine if any of the transactions would have had different criteria applied for recognition had IFRS been followed.
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