Alan Is a 23-Year Old Student at Upper State College

question 142

Multiple Choice

Alan is a 23-year old student at Upper State College.He earned $4,400 at a summer job.
I.Because he earns over $4,050 his parents cannot claim him as a dependent on their return.
II.Alan cannot claim a personal exemption for himself if his parents can claim him as a dependent.
​

• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

Comprehend the requirements for interim financial statements for public companies as per IFRS.

Identify key disclosures required for operating segments according to IFRS 8.

Understand the significance of different thresholds in determining reportable segments.

Grasp the concept and application of discrete and integral approaches in interim financial reporting under IAS 34.

---

Definitions:

Market Price

The contemporary selling or buying price for a service or asset.

Valuation Allowance

A reserve created against deferred tax assets that may not be realized, reflecting a reduction in the assets' carrying value on the balance sheet.

Adjustment

An entry made in the accounts to correct an error or account for a transaction not recorded in the regular accounting period.

Available-for-sale Securities

Financial assets that are bought with the intention of selling before their maturity date, but not classified as held-for-trading or held-to-maturity investments.