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Changes in estimates affect reported amounts

Select one: retrospectively only. currently and retrospectively. prospectively only. currently and prospectively.

Which of the following is included in accumulated other comprehensive income?

Select one: Distributions to owners Changes in accounting principles Investments by owners Unrealized gains on non-trading equity securities

Company A issuing its annual financial reports within one month of the end of the year is an example of which enhancing quality of accounting information?

Select one: timeliness comparability verifiability understandability

Rios, Inc. uses International Financial Reporting Standards (IFRS). In 2018, Rios, Inc. experienced a decline in the value of its inventory resulting in a write-down of its inventory from 240,000 to 200,000. The company used the loss method in 2018 to record the necessary adjustment and uses an allowance account to reduce inventory to NRV. In 2019, market conditions have improved dramatically and Rios, Inc.s inventory increases to an NRV of 216,000. Which of the following will Rios, Inc. record in 2019?

Select one: A credit to Recovery of Inventory Loss for 24,000. A debit to Allowance to Reduce Inventory to NRV of 16,000. A debit to Recovery of Inventory Loss for 16,000. A credit to Allowance to Reduce Inventory to NRV of 24,000.

What is the objective of financial reporting?

Select one: to provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in making decisions in their capacity as capital providers. to provide a metric for financial information used to determine when the boundary between two or more entities should be disregarded and the entities considered to be a licensing arrangement. to provide users with financial information that implies total freedom from error. to provide companies with the option to select information that favors one set of interested parties over another.

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