Assume That U

question 82

Multiple Choice

Assume that U.S.GAAP and IFRS require firms to remeasure the amount of a particular asset from $12 million to $8 million because of economic events.Which of the following journal entries should the company make?

• A)Miscellaneous Expense 4,000,000 Asset 4,000,000
• B)Other Comprehensive Income 4,000,000 Miscellaneous Revenue 4,000,000
• C)Other Comprehensive Income 4,000,000 Asset 4,000,000
• D)Asset 4,000,000 Other Comprehensive Income 4,000,000
• E)None of these answer choices is correct.

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Definitions:

Housework

Domestic tasks performed within the household, such as cleaning, cooking, and laundry.

Religiosity

The intensity of an individual's religious beliefs or the extent of their religious practices.

Selection Effect

A statistical bias that occurs when the sample chosen for analysis is not representative of the population intended to be analyzed.

His And Her Marriage

Describes a traditional marriage arrangement focusing on the distinct roles and expectations placed upon spouses based on their gender.