As Prescribed in AASB 121,when Re-Measuring Financial Statements of Foreign

question 16

Multiple Choice

As prescribed in AASB 121,when re-measuring financial statements of foreign operations to presentation currency,which of the following identifies all items to be re-measured at historic rates?

• A) Cash, accounts receivable and accounts payable;
• B) Inventory, goodwill, property plant and equipment;
• C) Accounts payable, unearned revenue and note payable;
• D) Gain on sale of non-current assets, dividend revenue and dividends paid;
• E) None of the given answers.

Determine the total manufacturing cost per unit based on given data of equivalent units and total costs.

Analyze the impact of beginning work in process on the computation of equivalent units of production.

Calculate units started into production using data on beginning work in process and ending work in process inventories.

Understand the relationship between materials costs, conversion costs, and the total manufacturing cost per unit.

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Definitions:

Imports

Products and offerings imported from foreign countries for the purpose of being sold.

Government Purchases

Expenditures made by the government for goods and services including infrastructure, public services, and national defense.

GDP

GDP represents the aggregate financial or market worth of all completed products and services generated inside the confines of a nation over a defined timeframe.

Real GDP

The measure of the value of all goods and services produced within a country's borders, adjusted for inflation, over a specific time period.