The Following Table Lists the Average Price of Home Listings

question 46

Multiple Choice

The following table lists the average price of home listings in Canada from January 2007 to January
2014. (See Connect for Data Set 7: CREA 2014) .

Forecast the average home price listing for Jan-17.

• A) $379 148
• B) $393 508
• C) $407 868
• D) $422 228
• E) $364 788

Recognize the appropriate interest calculation for notes receivable.

Understand the use of fair value measurement in financial reporting under IFRS and GAAP.

Differentiate between the accounting and reporting issues for receivables under IFRS and GAAP.

Understand how to journalize transactions related to notes receivable and calculate interest revenue.

---

Definitions:

Departments

Distinct units within an organization, each focusing on a specific area of the business or a particular line of products or services.

Calculate

To determine or ascertain by mathematical methods; compute.

Direct Expense

Costs that can be directly attributed to a specific product, service, or department within a business.

Indirect Expense

Costs that are not directly attributable to a specific product or service, such as utilities or administrative salaries.