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Intermediate Accounting Volume 2, Seventh Canadian Edition Test Bank

Simplify your preparation with Intermediate Accounting Volume 2, Seventh Canadian Edition Test Bank, offering a detailed review of key concepts and exam strategies.

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ExamName___________________________________MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.1)By law, a fleet of aircraft must be subject to a major overhaul every 5 years as part of itsscheduled maintenance program. Which of the following statements is correct?1)A)The cost of the overhaul should be deferred and amortized.B)An accrual should be made in each of the 5 years preceding the overhaul.C)The estimated cost of the overhaul should be disclosed as part of a continuityschedule in the notes to the financial statements.D)The costs of the overhaul should be expensed as incurred.Answer:AExplanation:A)B)C)D)2)Which of the following statements is correct?2)A)Under IFRS, content gains should be recognized if they are reasonably certain tooccur.B)Under IFRS, contingencies may be accrued, but not under ASPE.C)A contingency is more likely to require an accrual than a provision.D)Litigation for which the company will probably be found guilty would normally beaccrued as a provision.Answer:DExplanation:A)B)C)D)3)Which of the following contingencies should be accrued in the accounts and reported inthe financial statements?3)A)The company is forcefully contesting a personal injury suit and a loss is possibleand reasonably estimable.B)The estimated expenses of a one-year product warranty.C)An accommodation endorsement involving a remote loss.D)It is probable that the company will receive $50,000 in settlement of a lawsuit.Answer:BExplanation:A)B)C)D)1

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Accounting
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Intermediate Accounting by Thomas B...

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