COMMERCE 4AC3- Final Exam Guide - Comprehensive Notes for the exam ( 29 pages long!)

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Asset criteria"s (helps differentiate leases that go on the balance sheet and those that don"t) a. b. c. R&d is not an asset because of possible future economic benefit. Just because its uncertain doesn"t mean it not recorded, need to estimate. Risk and rewards of ownership are transferred to the buyer a. b. c. d. When company a sells to company b, parent selling to the sub. Company b sells to a, sub selling to parent. Accounting follows the intentions of those owning the shares, in other words, you could have the exact same fact set but based on differences in intention different accounting journal entries. Reported @ values other than fv (cost or equity method) Reported @ fv significant influence (no full or joint control but influence in financing, investing, operating activities of the company (investment of 20% - 50% of voting shares but there are exceptions)

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