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    AC3202 WK1 Assignemnt Solutions (22:23A)

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    This document provides the solutions to the Week 1 assignments for the course AC3202 Corporate Accounting I, Semester A, 2022/2023. It addresses a true/false question with 7 items testing knowledge of financial reporting and the conceptual framework. For the true items, the solutions note the accounting principle being followed, such as the expense recognition or fair value measurement principles. For the false items, the solutions indicate the violated principle, such as the cost measurement or revenue recognition principles.

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    AC3202 WK1 Assignemnt Solutions (22:23A)

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    Long Long
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    This document provides the solutions to the Week 1 assignments for the course AC3202 Corporate Accounting I, Semester A, 2022/2023. It addresses a true/false question with 7 items testing knowledge of financial reporting and the conceptual framework. For the true items, the solutions note the accounting principle being followed, such as the expense recognition or fair value measurement principles. For the false items, the solutions indicate the violated principle, such as the cost measurement or revenue recognition principles.

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    This document provides the solutions to the Week 1 assignments for the course AC3202 Corporate Accounting I, Semester A, 2022/2023. It addresses a true/false question with 7 items testing knowledge of financial reporting and the conceptual framework. For the true items, the solutions note the accounting principle being followed, such as the expense recognition or fair value measurement principles. For the false items, the solutions indicate the violated principle, such as the cost measurement or revenue recognition principles.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    11 views1 page

    AC3202 WK1 Assignemnt Solutions (22:23A)

    Uploaded by

    Long Long
    This document provides the solutions to the Week 1 assignments for the course AC3202 Corporate Accounting I, Semester A, 2022/2023. It addresses a true/false question with 7 items testing knowledge of financial reporting and the conceptual framework. For the true items, the solutions note the accounting principle being followed, such as the expense recognition or fair value measurement principles. For the false items, the solutions indicate the violated principle, such as the cost measurement or revenue recognition principles.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    AC3202 Corporate Accounting I, Semester A, 2022/2023

    Week 1 Financial Reporting and Conceptual Framework


    Assignments Solutions

    A. True/False
    True for items 1, 5, 6 & 7
    False for the remaining items.

    B.
    Note: If explanations are required to support your answers: discuss the relevant assumptions /
    principles and explain why the assumptions / principles have been followed or violated based
    on the information in the case.

    1. In accordance with GAAP – applies expense recognition principle


    2. Violates GAAP – violates measurement (cost) principle
    3. In accordance with GAAP – applies economic entity assumption
    4. In accordance with GAAP – applies full-disclosure principle
    5. Violates GAAP – violates revenue recognition principle
    6. In accordance with GAAP – applies measurement (fair value) principle

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