Systems Maps Have Two Key Elements Which Are

question 8

Multiple Choice

Systems maps have two key elements which are:

• A)The relative theory and arrows that indicate visually how these influence each other.
• B)The disciplines related to a complex problem and the complex problem itself.
• C)The phenomena relevant to a complex problem and the arrows that indicate visually how these influence each other.
• D)The research relevant to a complex problem and the phenomena found.

Understand the distinction between investments accounted for using the equity method and those accounted under FVTPL and FVTOCI.

Apply the cost method for investments without significant influence.

Identify the journal entries for buying, selling, and holding investments under different accounting standards (IFRS, ASPE).

Calculate and record gains or losses on the sale of equity investments.

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Definitions:

Revenue Recognition Rules

Accounting principles that determine when and how revenue is recognized in the financial statements.

Gross Method

An accounting practice where purchase discounts are ignored unless they are actually taken by the purchaser.

Period-End Adjusting Entry

Journal entries made at the end of an accounting period to update accounts for accruals and deferrals that have not been recorded.

Sales Discounts

A reduction in the price of a product or service offered by a seller to encourage prompt payment by the buyer.