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8) On January 2, 2011, Pilates Inc. paid $900,000 for all of the outstanding common stock of Spinning Company, and dissolved Spinning Company. The carrying values for Spinning Company's assets and liabilities are recorded below. Cash$200,000 Accounts Receivable220,000 Copyrights (purchased)400,000 Goodwill120,000 Liabilities(180,000) Net assets$760,000 On January 2, 2011, Spinning anticipated collecting $185,000 of the recorded Accounts Receivable..

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1) Which of the following statements about incorporated not-for-profit (NFP) organizations is true? A) Incorporated NFP organizations can only issue preferred share capital. B) Incorporated NFP organizations do not have share capital. C) Incorporated NFP organizations can only be government-owned. D) NFP organizations cannot be incorporated. 2) One of the programs that the Tyger Society.

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11) Which of the following is not a suggested objective for financial statements for public sector entities? A) To provide an accounting of financial affairs and resources B) To enable evaluation of compliance with legislation C) To provide information on financing and investing activities D) To determine if programs are economical, efficient, and effective 12).

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35) Describe the major differences in characteristics that exist when comparing a large government agency to a large public company. 36) Clearly distinguish between a government business organization and a non-business government organization. 37) The Public Sector Accounting Board suggested several objectives for the financial statements of federal, provincial, and territorial governments..

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21) With respect to interim financial statements, which of the following is not dictated by IFRS? A) Content B) Identification of recognition principles C) Identification of measurement principles D) Frequency of preparation 22) Which of the following is not included among requirements for interim financial reports for public companies? A) Statement of comprehensive income B) Statement of.

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1) Under the temporal method, which of the following items would be translated using the year-end spot rate? A) Inventory B) Land C) Long-term debentures D) Building 2) Under the temporal method, which of the following items would be translated using the historical rate? A) Inventory B) Accounts receivable C) Accounts payable D) Long-term debentures 3) Which of the following.

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37) Liverpool Company operates retail stores in Canada and an exporting business in London that specializes in buying and selling British tweeds. The London subsidiary provided the following financial statements in pounds sterling to the Canadian parent company. LIVERPOOL COMPANY, London Branch Statement of Comprehensive Income Year Ended December 31, 20X5 Sales£ 2,300,000 Cost of.

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39) Contributions received by NFPs may be restricted. Funds can be received in the form of endowment contributions and contributions that are externally restricted by the donor or internally restricted by the board. Required: Explain the differences between endowment contributions and contributions that are externally restricted by the donor or internally restricted.

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11) What is the risk of an apparent gain or loss arising from the restatement of financial statements prepared in one currency to another currency called? A) Transaction exposure B) Accounting exposure C) Economic exposure D) Restatement exposure 12) What is the impact of currency realignment on the earnings ability of a foreign operation known.

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32) The Alfred Company has operations in several international regions. These regions reported the following information: SegmentRevenuesProfitAssets A$3,500$600 $9,000 B4,000300 6,000 C1,100(200)2,400 D2,800300 10,400 E1,400100 2,000 $12,800$1,100 $29,800 Which of these segments are reportable? Fully document all supporting calculations. 33) Ravens Inc. sells office furniture, including desks, chairs, partitioning walls, and office supplies, in more than six countries. The.

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1) Which of the following organizations does IFRS 8 not apply to? A) Banks B) Mutual life insurance companies C) Private companies D) Cooperative business enterprises 2) Which of the following is not a requirement in defining an operating segment? A) The particular component must be generating revenue. B) The particular component's operating results must be reviewed.

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11) In Canada, what is the most common way for a museum to report its collection on its financial statements? A) Capitalize without depreciating B) Capitalize and depreciate C) Note disclosure that includes the value of the collection D) Note disclosure as to the existence of the collection only 12) During the year, a not-for-profit.

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1) Sparrow Pension Plan is a not-for-profit organization that administers the pension fund held for the employees of Sparrow Tech Ltd. What type of fund is the pension fund? A) Reserve fund B) Self-sustaining fund C) Fiduciary fund D) Endowment fund 2) Which statements are affected by inter-fund loans? A) Statement of operations and consolidated statements B).

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11) The following information on sales is available for the company's three operating segments: SegmentInternational SalesExternal SalesTotal Sales A$60,000$300,000$360,000 B200,00010,000210,000 C 1,500,000 1,500,000 $260,000$1,810,000$2,070,000 Which of the operating segments must be reported separately? A) Only Segment C B) Only Segments B and C C) Only Segments A and C D) Segments A, B, and C 12) The following information on sales.

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