The appropriate test for impairment of a cash-generating unit (CGU) with goodwill under IFRS is the comparison of the carrying amount of the CGU to its recoverable amount. This involves a long explanation as it is a complex process that requires several steps.
The first step is to identify the CGU, which is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The second step is to determine the carrying amount of the CGU, which is the amount at which the CGU is recognized in the financial statements. The third step is to estimate the recoverable amount of the CGU, which is the higher of its fair value less costs to sell and its value in use.
If the carrying amount of the CGU exceeds its recoverable amount, then an impairment loss must be recognized. This loss is calculated as the difference between the carrying amount and the recoverable amount and is recognized as an expense in the income statement. However, if the recoverable amount of the CGU exceeds its carrying amount, then no impairment loss is recognized.
It is worth noting that the other options listed in the question are not the appropriate tests for impairment of a CGU with goodwill under IFRS. Comparing goodwill at the CGU level to the sum of the components of goodwill at the next lower organizational level is not an appropriate test as it does not take into account the specific circumstances of the CGU. Comparing the carrying amount of the CGU's reporting unit to its fair value is also not appropriate as it does not focus on the specific assets generating cash inflows.
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Typically, when will the national bureau of economic research (nber) announce that the economy is in a recession?
the national bureau of economic research (nber) announces that the economy is in a recession, a year or more after the recession has begun
The specific time the economy entered a recession or an expansion is not given in the NBER chronology. The first month of a recession, according to the NBER's convention for determining its length, is the month that comes after its peak, and its final month is its trough.
The most recent dip occurred in April 2020; hence, April 2020 marked the end of the recession and May 2020 marked the start of the next expansion. months that experience peaks and troughs. PILT, nonfarm payroll employment, real personal consumption expenditures, wholesale-retail sales adjusted for price fluctuations, employment as determined by the household survey, and industrial production are some of these. There is no set formula for how measurements are weighted in our judgments or how they contribute information to the process.
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After a share exchange, one corporation (the _____ corporation) owns all the shares of the other corporation (the _____ corporation).
After a share exchange, one corporation (the parent corporation) owns all the shares of the other corporation (the subsidiary corporation).
A share exchange is where one or more shareholders exchange shares they hold in one company for shares in another company. So after a share exchange, one corporation suppose, the parent corporation owns all the shares of the other corporation, called the subsidiary corporation.
A parent corporation has subsidiaries, which are wholly or partially owned separate businesses controlled by the parent. On the other hand, a subsidiary corporation is a business that is owned by another corporation, either partially or entirely.
Hence, after a share exchange, one corporation owns all the shares of the other corporation.
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As an important step in the human resource selection process, what will expedite the process of conducting background investigations and promises to get suitable results?
As an important step in the human resource selection process, Hiring services such as LexisNexis conduct criminal checks and driving records. Option A. This is further explained below.
What is human resource?Generally, The department of an organization known as human resources (HR) is the one that is in charge of all matters pertaining to the employees. This encompasses the process of recruiting, screening, choosing, interviewing, hiring, onboarding, training, promoting, paying, and terminating workers as well as independent contractors.
In conclusion, Hiring services like LexisNexis do criminal checks and look at driving records as part of the selection process for human resources. This is an essential phase in the process.
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CQ
As an important step in the human resource selection process, which of the following will expedite the process of conducting background investigations and promises to get suitable results?
.
a. Hiring services such as LexisNexis to conduct criminal checks and driving records.
b. Dedicating one human resource expert to making personal calls and doing all the background checks.
c. Minimalizing the types of questions the company asks at this juncture.
d. If there is a need to skip one of the selection process steps, most companies have found that this one can be eliminated.
A hypothetical interest rate whose only function is to compensate lenders for the opportunities they forgo by not having access to the loaned funds is called the ______.
An interest rate that is hypothetical and has the singular function of showing the returns that lenders forego when they don't have access to the loaned funds is pure rate of interest.
What is the pure rate of interest?The pure interest rate is a rate that is found in perfectly competitive markets and relates to foregone profit.
This rate might be hypothetical but it functions to show how much returns those who loan money would gain if they had access to the money they loaned to a loanee.
This rate is impractical however because it assumes a world where there is no risk which is simply not possible.
In conclusion, this is the pure rate of interest.
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Shen Company reports the costs incurred below for the month ended May 31. The company has no beginning Work in Process Inventory. Overhead is applied using a predetermined overhead rate of 120% of direct materials costs. Job 4 was completed and Job 5 is still in process at month-end. Prepare a schedule of cost of goods manufactured for the month.
Based on the costs incurred by Shen Company, the schedule of costs of goods sold for manufactured goods is:
Total
Direct materials used $6,300
Direct labor $4,390
Manufacturing overhead $7,560
Total cost $18,250
Beginning WIP $0
Add: Cost during year $18,250
Total manufacturing cost $18,250
Less; Ending WIP $(6,770)
Cost of goods manufactured $11,480
What goes into the schedule of cost of goods manufactured?Direct materials:
= 3,400 + 2,900
= $6,300
Direct labor:
= 4,000 + 390
= $4,390
Manufacturing overhead:
= 6,300 x 1.2
= $7,560
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The schedule of Cost of Goods Manufactured for May by Shen Company is as follows:
Cost of Goods Manufactured:Direct materials $3,400
Direct labor 4,000
Overhead applied 4,080 ($3,400 x 120%)
Total costs $11,480
What is the Cost of Goods Manufactured?The cost of goods manufactured includes the costs of direct materials, direct labor, and overhead applied.
The cost of goods manufactured is only for Job 4 and does not include the costs incurred for Job 5 which is still in process at month-end. Instead, the costs of Job 5 will be recorded as ending work in process.
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Microeconomics looks at the ______
relationship between consumers and
producers and how this relationship affects the economy.
Answer:
economy
Explanation:
Microeconomics examines the economic relationship between producers and consumers and its impact on the economy.
Microeconomics refers to the study of decision-making by individuals and businesses, while macroeconomics focuses on the decisions made at the national and governmental levels.
As consumers require goods and services, producers aim to make a profit from providing them.
The economic choices are influenced by factors such as prices, demand, and supply. Ultimately, determining the cost of products and services is the responsibility of both parties involved.
The economy of a society is built on the creation of wealth through selling and purchasing. Producing and consuming are done by consumers and producers respectively. Therefore, the economic relationship is the correct answer.
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When raw materials are purchased on account for use in a process costing system, the corresponding journal entry that should be recorded will include: Multiple Choice A debit to Work in Process Inventory. A debit to Raw Materials Inventory. A credit to Cash. A credit to Raw Materials Inventory. A debit to Accounts Payable.
When raw materials are purchased on account for use in a process costing system, the corresponding journal entry that should be recorded will include: A debit to Raw Materials Inventory.
Raw materials, or primary raw materials, are the basic materials used in the production of commodities, final products, energy, or intermediate materials that are the starting materials for future final products.
Examples of products include steel, oil, corn, grains, gasoline, wood, forest resources, plastics, natural gas, coal and minerals. The raw material may be a direct raw material used directly in the manufacturing process, such as chair wood.
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What are the determinants of demand? what happens to the demand curve when any of these determinants change? distinguish between a change in demand and a movement along a fixed demand curve.
Determinants of demand includes following:
Price of the ProductIncome of the ConsumersPrices of related goods or servicesConsumer ExpectationsNumber of Buyers in the Market
When any of determinants of demand changes, the demand curve shifts to the right. This indicates that even while the price remains the same, there is a greater demand for the commodity or service.
Demand curve movement happens along the curve, whereas demand curve shift occurs when the determinant of demand relationship changes and causes the demand curve to shift. When changes in quantity demanded are correlated with changes in the commodity's price, the demand curve moves along.
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A(n) _________ (or neutral fact-finding) can assist parties in a business dispute in which the issues are complex and the third party can then recommend a settlement as an attractive alternative.
When there are complicated problems involved in a business dispute, parties can benefit from mediation (or unbiased fact-finding), after which the third party can suggest a settlement as an appealing alternative.
What exactly does mediation entail?In a mediation, the parties meet with a third party who is neutral and objective and who helps them negotiate their disagreements.
What serves as the primary goal of mediation?Even if the parties to the disagreement are unable to come to an agreement, mediation will frequently "bring out" the true issues and improve communications, leading to a better working relationship.
What constitutes mediation's five steps?Stage 1: Introductory Statements.stage 2. Joint discussions Stage 3: Confidential Conversations.Stage 4: the negotiating phase.Stage 5: Settlement.Is mediation a good decision?When two parties desire to work together but require outside assistance to solve a current problem, mediation might be compared to relationship counseling. When the connection is particularly important to you, mediation can assist you in resolving a particular problem without harming the partnership as a whole.
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Company A, a public company, is planning to make a tender offer to acquire all of the shares of Company B, another public company, for cash. Company A is planning to offer a 30% premium to the market price of B's shares, based on the expected synergies of the deal. Why would Company A's board want to obtain a fairness opinion
"Company A, a public company, is planning to make a tender offer to acquire all of the shares of Company B, another public company, for cash. Company A is planning to..." Company A's board wants to obtain a fair opinion because the expected synergies in corporate combinations are hard-to-measure
This is further explained below.
What is a fair opinion?Generally, An evaluation of the facts surrounding a merger, acquisition, carve-out, spin-off, repurchase, or another sort of corporate transaction is called a fairness opinion.
In conclusion, "In order to buy all of Business B's shares for cash, Company A, a public company, plans to launch a tender offer. Company A intends to take action to..." The Board of Directors of Company A seeks a balanced view since the anticipated synergies of business mergers are difficult to quantify
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Because a decrease in real autonomous spending results in a ________ in the price level, the ultimate effect on real gdp is ________ that predicted by the multiplier.
Because a decrease in real autonomous spending results in a fall in the price level, the ultimate effect on real GDP is smaller that predicted by the multiplier.
Another significant discovery is made by Keynesian economics. You've learnt that Keynesians think fluctuations in total spending are what ultimately determine the level of economic activity in the short run (or aggregate demand).
Assume that full employment prevails in an economy because the macro equilibrium occurs at the potential GDP.
Keynes noted that even while the economy starts at potential GDP, it is improbable that it will stay there because aggregate demand has a propensity to fluctuate.
In 2007, the collapse of the housing market caused a decline in U.S. investment spending. The Great Recession subsequently hit the American economy as a result.
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In order to win a contract from Mexico, QVB Autos Manufacturing must make 65% of the component parts for their automobiles in Mexico. This is an example of a Blank______.Multiple choice question.local distribution requirementlocal content requirementinternational content requirementlocal supplier requirement
The correct answer is Option B.
In order to win a contract from Mexico, QVB Autos Manufacturing must make 65% of the component parts for their automobiles in Mexico. This is an example of local content requirement.
What is Local Content Requirement?Government rules known as "local content standards" force businesses to function in economies that rely on domestically produced goods and services. The usage of these indicators has significantly increased in recent years as governments attempt to accomplish a number of policy goals that focus on employment, industrial, and technological development goals. LCRs still play a considerable role in policy today despite the long-standing and overwhelmingly unfavorable evidence of their effects on economic development and trade.More than 340 localization initiatives, including over 145 new local content mandates, have been implemented by governments since the financial crisis a decade ago, primarily in an effort to boost domestic employment and industrial performance.
Therefore, the situation given in the question is an example of local content requirement.
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An employee concerned primarily with the seniority system, insurance plan, and retirement policy is motivated by:
An employee concerned primarily with the seniority system, insurance plan, and retirement policy is motivated by security needs.
A retirement policy is designed to help you manage your retirement and live a stress-free life. One such type is a retirement plan that helps you grow your money and provide a steady income for life.Such plans help secure retirement money while you are still working. increase.
A retirement benefit is a monetary or another incentive that a person collects after the termination of employment. Develop a payout plan while you are employed and collect a portion of your salary and contributions from your employer on a regular basis until retirement.
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As the director of HR, you are in a meeting with your corporate officers discussing the firm's deliberate use of personnel to gain a competitive edge in the marketplace. You are most likely discussing:
You are most likely discussing the general business environment in which your company must operate.
What is the general environment in business?The diversity of external elements that have an impact on an organization's performance and operation is known as the general environment, or macro-environment. These outside factors can decide whether a company encounters market opportunities or failures.
The overall environment can influence how a firm identifies itself, the products it sells, and how it interacts with other businesses and regulatory bodies. When performing market research and strategic analysis, businesses often consider the overall environment.
What are the six elements of the business environment?Sometimes, economic and legal aspects are combined to form five major components of the business environment. Political, economic, social, technological, legal, and environmental factors are the six components of the business environment.
What is the external business environment?Economic, political and legal, demographic, social, competitive, international, and technological sectors make up the external business environment. Managers need to be aware of how the environment is changing and how those changes are affecting the company.learn more about area(s) of the general external business environment:
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After refrigerant lines have been installed they should be evacuated to a(n) ____ vacuum
After refrigerant lines have been installed they should be evacuated to a(n) moderate vacuum.
Refrigerant lines are insulated copper wires that transport refrigerant between outdoor and indoor air conditioning or heat pump units. One line carries gaseous refrigerant and the other carries liquid refrigerant. It is an important part of the cooling system as it allows the condenser and coils to move and heat away from your home.
If you upgrade or replace your air conditioner or heat pump, you will need to replace the refrigerant lines. Do not attempt to reuse old refrigerant lines as the line sealant can wear out over time. When this happens, moisture can get in and mix with the coolant, causing damage to the internals of the system.
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Large dam projects are extremely costly and often benefit the wealth who invest in their construction, but they also create a lot of energy
Large dam projects are extremely costly and often benefit the wealth who invest in their construction, but they also create a lot of energy electricity, power, or energy that is carbon free.
What is Energy?Energy is referred to by scientists as the capacity for work. People have figured out how to transform energy from one form to another and then use it to accomplish tasks, making modern civilization possible. Walking and bicycling, driving cars on roads and boats through water, cooking meals on stoves, making ice in freezers, lighting our homes and workplaces, producing goods, and sending astronauts into space all require the usage of energy. Energy is capable of changing its forms. For instance, a person's body stores chemical energy from the food they consume until they may use it as kinetic energy when working or playing.When an energy source is designated as carbon-free, it means that it was created using a resource that emits no carbon dioxide, like nuclear power or huge hydropower plants.
Therefore, Large dams create a lot of energy electricity, power, or energy that is carbon free.
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Data that has been collected for some other purpose than to answer the question at hand is called?
Data that has been collected for some other purpose than to answer the question at hand is called secondary data.
Secondary data is data collected for research that has been gathered previously and can be accessed by researchers.
The term also contrasts with primary data means the data which is data collected directly from its source.
Secondary data is always used to increase the sampling size of research studies.
Secondary data is also chosen for its efficiency and the speed that comes with using an already existing resource.
Secondary data helps in large research projects, in which different research groups work in teams to collect secondary data. The main researcher is then focuses on primary research or particular areas of interest.
Common sources of secondary data includes data collected by government public services departments, different libraries, websites over the internet and censuses.
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If 100 mexican pesos could buy $1.00 u.s. dollar in 2006 and $.87 u.s. dollars in 2010, then:________.
The dollar have strengthened against the Mexican pesos, If the same amount of Mexican pesos are available for lesser dollar then this means that the Dollar have increased worth or the Mexican pesos worth is decreased.
What is exchange rate?An exchange rate is a rate at which a currency can be translated into some other currency, generally a currency is considered strong when a small amount of that currency can buy a large amount of the other currency.
The Mexican pesos are 100 for the exchange of 1 USD which means that the dollar is a strong currency. But this is not just the case in fact the Mexican pesos in 2010 can only be exchanged for a 0.87 USD which suggests that the Mexican pesos worth is decreased.
There are countries in the world whose currency is so low and they exchange large amounts for a single USD.
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1. the opening bank balance is: 2. the opening book balance is: 3. the interest earned ($28) is a reconciling item to: 4. the deposits in transit are a minus to the bank's opening balance of $82,500? 5. the error in check 1115 should be recognized as a reconciling item to the: 6. the "credit memorandum" ($18,000) and the corresponding "collection fee" is a reconciling item for: 7. the ending bank balance is: 8. the ending book balance is: 9. the journal entry to record the $300 error to check 1115 includes: 10. the journal entry to record the $18,000 credit memorandum is:
The bank reconciliation statement based on the information given about the journal will be illustrated below.
How to illustrate the bank reconciliation statement?The bank reconciliation statement will be:
Bank balance= $82500
Add deposit that doesn't appear in bank = $41750
Less: Outstanding checks = $11317
Adjusted book balance = $112933
Books
Book balance = $95250
Add: Cash collected by bank = $18000
Add interest earned = $28
Less: Collection free deducted by bank = $45
Less: Correction of error in check $300
Adjusted book balance = $112933
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A monopolistically competitive firm is one:
A monopolistically competitive firm is one of many firms that produce slightly different but very similar goods
Exclusive competition occurs when there are many companies offering products that are similar but not identical to the industry. Unlike monopolies, these companies have little power to curb supply or raise prices to increase profits.
There are no barriers to entry in monopoly competition. Therefore, the market is competitive in the long run and companies make normal profits. In monopoly competition, companies are not price takers (fully elastic demand) because they produce differentiated products. Demand is inelastic.
In essence, a monopolistical competitive market is so called because while companies compete to some extent for the same customer group, each company's products are slightly different from all other companies products.
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An investment banker who earns more than $1 million a year, a food service worker who makes minimum wage, and a teacher with a salary of $50,000 per year represent the presence of social ______ within society.
An investment banker who earns more than $1 million a year, a food service worker who makes minimum wage, and a teacher with a salary of $50,000 per year represent the presence of social inequality within society.
What is inequality?Inequality can be defined as the way in which income or wealth are not distributed equally in a society as some people earn more than others.
Hence, their is the presence of social inequality within a society if a investment banker earn $1 million a year, a food service worker makes minimum wage, and a teacher earn $50,000 per year.
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The purpose of a responsibility accounting system is to provide information to: (Check all that apply.)
The purpose of a responsibility accounting system is to provide information to:
Evaluate a manager's performanceAssign cost and expenses to the manager's responsible for controlling themResponsible accounting is a type of management accounting that is responsible for the overall management, budgeting, and internal accounting of a company. The main goal of this accounting system is to support all planning, calculation, and responsibility centers of the company.
Therefore, accountability is based on the basic principle that managers are only responsible for the actions they control. Responsible accounting follows the basic principles of cost management systems such as budget control and standard costing.
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When i'magoldminer chooses what quantity of gold each of it/s mines will produce over the next 12 months, this quantity, along with the prices prevailing in the market for output and inputs, will?
If i'magoldminer chooses what quantity of gold each of it/s mines will produce over the next 12 months, this quantity, along with the prices prevailing in the market for output and inputs, will determine the company's total revenue, total costs, and its profits.
What is total revenue?Total revenue can be defined as the total amount of income generated by a company or an organization at a particular period of time while on the other hand total costs can be defined as the total expenses a company incurred.
Hence, if a company chooses the quantity of gold each of its mines will produce, this quantity produced , along with the prices in the market for output and in2wqputs, will determine the company's total revenue, total costs, and its profits.
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Britney is selling her bungalow via an installment contract. The buyer made payments dutifully for five years, but has not made any payments for more than a year. Which of the following is true
"Britney is selling her bungalow via an installment contract. The buyer made payments dutifully for five years, but has not made any payments for more than a year." This is further explained below.
What is an installment contract.?Generally, A contract known as an installment purchase agreement is one that facilitates the financing of the purchase of assets.
In conclusion, Britney has the right to retain the whole of the money that was received and to reclaim the property.
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XYZ Development has just purchased a large tract of land that it plans to develop into 50 one-acre building lots. To have the ability to sell off individual lots before paying off the entire balance due, the developer will need to obtain
To have the ability to sell off individual lots before paying off the entire balance due, the developer will need to obtain a blanket mortgage.
What is a blanket mortgage?A blanket mortgage is a single mortgage that covers many properties and serves as security for the loan. Real estate developers and larger investors frequently purchase multiple properties at once, thus a blanket mortgage allows them to consolidate such deals into a single loan.Consider the money you'd save on closing fees, both for the original mortgage and any subsequent refinances. Refinancing from numerous loans to a single blanket mortgage may also result in lower monthly payments, which may increase your cash flow.Therefore, to have the ability to sell off individual lots before paying off the entire balance due, the developer will need to obtain a blanket mortgage.
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A_____will warehouse products, pack and ship them, and send an automated email to customers to let them know that the product is on its way.
A company will warehouse products, pack and ship them, and send an automated email to customers to let them know that the product is on its way.
The corporation is co. Abbreviated as, a legal entity that is a group of people with a specific purpose, a mixture of nature, legal, or both. Members of the company have common goals and work together to achieve specific goals.
Industry is formed by a group of individuals to carry out and operate a commercial or industrial business. Companies may be organized in different ways for tax and financial liability purposes, depending on the company law of their jurisdiction.
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__________ is the requirement that every employee be able to perform the work of another employee.
Task rotation is the requirement that every employee be able to perform the work of another employee.
Task rotation can limit the repetitive strain a job task may place on an employee. Rotating to a different task for a period of time before returning to the original task can enable an employee to perform to their maximum capacity.
Task rotations in a work environment is necessary and a requirement as it broaden skills because it exposes employees to different functional areas of the company.
For instance, when a research and development employee rotates to a sales position, they learn more about building relationships with customers, understanding their needs and how the whole sales cycle works in a company.
Hence, task rotation is the requirement that every employee must be able to perform in the work environment.
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The merger of media enterprises into powerful, synergistic combinations that can cross-market content on many different platforms is referred to as?
The merger of media enterprises into powerful, synergistic combinations that can cross-market content on many different platforms is referred to as industry convergence.
Industry convergence is based on the digital business principles. It represents the most fundamental opportunity of the growth for the organizations. Industry boundaries are redefined by the industry convergence as it shifts the focus from the single product to cross industry value experiences.
Industry convergence is such a powerful code which has been cracked by the world's most powerful companies.
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in applying the standards of conduct set forth in the Code of Ethics, internal auditors are expected to compare them to standards of other professions
In applying the standards of conduct set forth in the Code of Ethics, internal auditors are expected not be unduly influenced by their own interests in forming judgments.
What is code of ethics?These are what guide the conduct of people or employees in an organization.
Code of ethics are guide of principles that are required to help professionals so that they can conduct their business with integrity.
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A manufacturer's raw-material purchasing department would likely be classified as a: Select one: a. investment center. b. cost center. c. profit center. d. contribution center. e. revenue center.
b. cost center
The department responsible for buying raw materials for a manufacturing would probably be categorized as a cost center.
What are cost centers and how do they differ?There are primarily two categories of cost centers: centers for production costs, where goods are made or processed. An assembly area is an illustration of this. Cost centers for services, where goods and services are delivered to other cost centers. The canteen or the personnel office are two examples of this.
What sort of thing would be a cost center?The accounting, human resources, IT, maintenance, and research and development departments are a few examples of cost centers. In comparison to a department, a cost center can be defined at a lower level. It might have to do with a certain machine, manufacturing line, or work role.
Why is a cost center created?Cost centers' main duty is to maintain a record of the costs incurred. The managers or other high-level officials are tasked with keeping expenditures in line with the allotted budget; they are not responsible for the use of the earnings that are earned.
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