On 1 July 2013 Kanga Consultants Ltd Completes a Contract

question 52

Multiple Choice

On 1 July 2013 Kanga Consultants Ltd completes a contract to provide advice on the installation of a networked computer system to a company in the US.The client pays the fee of US$500 000 into Kanga Consultants' US bank account on that date.The bank pays interest of 8 per cent annually on 30 June.The exchange rate information is: $$\begin{array} { | l | l | } \hline 1 \text { July } 2013 & \text { AS1 } = \text { US\$0.56 } \\\hline 30 \text { June } 2014 & \text { AS2} = \text { US\$0.62 } \\\hline\end{array}$$ What journal entries are required in Kanga Consultants Ltd's books for 1 July 2013 and 30 June 2014 in accordance with AASB 1012 (rounded to the nearest whole A$) ?

Appreciate the interconnection between personal financial decisions and broader societal impacts.

Differentiate between stage and nonstage theories of development.

Identify key concepts of Piagetian theory, such as object permanence, operation, egocentrism, and conservation.

Recognize the development of language and memory in children.

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Definitions:

Expected Value

A statistical concept that calculates the average outcome when the future includes scenarios that may or may not happen.

Perfect Information

A condition in decision-making scenarios where all actors have access to all relevant information to make a decision.

EVPI

Expected Value of Perfect Information (EVPI) represents the maximum amount an organization would be willing to pay for perfect information about the future, helping in making an optimal decision under uncertainty.

EMV

Expected Monetary Value, a statistical concept used in decision making to calculate the average outcome when the future includes scenarios that may or may not happen.