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Aussie Ltd Has an Investment in Yankee Inc

question 7

Multiple Choice

Aussie Ltd has an investment in Yankee Inc. The shares in Yankee were acquired on 15 August 20X4. Yankee uses the revaluation model to account for land & buildings. A building which was acquired by Yankee on 1 April 20X2 was revalued on 15 March 20X9. The exchange rate used to translate the building into the presentation currency at 30 June 20X9 is the rate that applied on:

Familiarize with the necessity of a physical inventory under the periodic system and its absence in the perpetual system.

Understand the steps involved in cleaning and preheating an autoclave correctly.

Identify appropriate methods for wrapping and preparing instruments for sterilization.

Recognize the differences in moisture and dry heat sterilization methods and their impacts on microorganisms.

Definitions:

Chart of Accounts

A structured list of all the financial accounts used in the organization's general ledger.

Drawing and Capital Accounts

These refer to accounts used in partnerships and sole proprietorships where the 'drawing account' tracks withdrawals made by the owner(s) for personal use, and the 'capital account' tracks the owner's invested equity and retained earnings in the business.

Sole Proprietorship

A sole proprietorship is a business owned and operated by a single individual, where there is no legal distinction between the owner and the business entity.

Distribution of Cash

The process of allocating cash dividends to shareholders based on the number of shares held.