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purplesurveys · 4 years ago

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What Rhymes With “AIR”?

1. Are the walls of your room bare or do you have things hanging up there? I have some things on the wall, yes. A few paintings, Audrey Hepburn wall decors, and a poster of Nam Joo Hyuk. I used to have wrestling posters but my mom, ever the control freak, removed them because she didn’t like them. Sigh.

2. When’s the last time you went outside to enjoy the fresh air? I went out this morning to take Cooper to the vet for his anti-rabies shot. I didn’t necessarily do it to enjoy the fresh air, but that came along with the experience as well anyway.

3. Do you watch the Fresh Prince of Bel-Air? I started watching it this month actually! It’s super fun and Will Smith’s physical comedy is hilarious, but it isn’t really the type of show I’d binge-watch given how old the jokes and some of the tropes already are. I definitely don’t dislike it, but I just take longer to watch the episodes.

4. When’s the last time it felt like you were walking on air? Sunday, when I had my virtual grad and found out my parents and aunt and uncle got all my favorite food delivered to the house :) We had baked sushi, baked samgyeopsal, Pancit Malabon, and pichi-pichi that day, aaaaahhhhhh.

5. Have you ever been on air, on a radio station? Very briefly. One of our field trips in high school was a visit to a major broadcasting network, and we we were brought to their AM radio studio. The broadcaster on air at the time – one of my favorites of all time – welcomed us and gave us a chance to say hi on air.

6. Have you ever felt like all of the air was coming out of your lungs? Sure, but I guess it’s more accurate to say that I’ve occasionally felt the sensation of my chest increasingly tightening.

7. Has it seemed as though anything has ever disappeared into thin air? Have you ever pulled an idea out of thin air? The first one, yes. I have this stupid ability to drop a certain thing and have it disappear forever; I hate that it happens to me all the time lol.

I can relate with the second situation as well; when I was still in school and had to write essays, reaction papers, anything of the sort, I’d wait till the last possible minute to start working on it since it’s by then that the good ideas start pouring in.

8. Have you ever wanted to be on “Who Wants to Be a Millionaire”? Sure. I’ve enjoyed trivia for as long as I can remember, so the show has always been right up my alley.

9. Do you know a billionaire in real life? No. I know a loooot of CEO kids, kids of MNC owners/executives, and kids of political dynasties though...comes with the environment I grew up in and the schools I went to.

10. Would you like to be an heir or heiress to a fortune? I wouldn’t say no to that.

11. Would you be able to successfully get away if you ever came across a bear? The one thing I keep hearing is to stay very still, so I’d be doing my best to do just that. I got no other survival skills though and if there’s apparently anything more that needs to be done during a bear encounter, then I don’t know of them.

12. Where’s your favorite place to go? How long does it take to get there? Hmm I’ve loved going to many places. My favorite vacation spots so far have been Sagada - that’s a 15, 16-hour road trip from Manila; Vigan - 8-hour road trip; and Palawan - an hour or so plane ride from Manila. If we’re taking nearby places, I like going to coffee shops to unwind and have a pastry or two. I don’t have a favorite one; I just go to whichever one’s the nearest to me at the moment.

13. How often do you err on the side of caution? I keep it at a healthy 50/50. There are times I’m okay with taking a big leap, but if I’m not super invested in something anyway and/or if there’s not a lot in it for me, I play it safe.

14. How often do people say they’re angry with you? My life revolves around being a (very cautious) people pleaser and making sure I don’t piss off people. The only people who have told me they’re angry with me are my mom and girlfriend.

15. Do you own any long underwear? I have never heard of these until today. I’d love to live somewhere so cold I need to wear clothes specifically meant to be worn underneath my actual outfit lol

16. How much Tupperware do you own? I’m Filipino, man. Filipino moms practically make it their life’s mission to collect as many Tupperware containers as they can. I’m pretty sure we have a bunch that we didn’t even own to begin with - just magically ended up in our cupboard after all the parties and gatherings we’ve had hahaha.

17. What color is your underwear right now? Green.

18. Do you still sleep with a teddy bear? I never slept with stuffed animals; I preferred pillows.

19. What pair of your shoes has the most wear and tear? In my first year of college the only shoes I owned was a pair of Keds. Used it for everything and it unsurprisingly ended up being super worn out - soles got detached from the shoe and all that. I think we still have it here at home – still destroyed – but it’s been untouched for a while.

20. Do you like to play Solitaire? It was a great boredom buster game for me for a time, especially when phone apps weren’t all that expansive yet. I haven’t played it in many months though.

21. Do you or your family own a full set of silverware? We do.

22. What do you have to take everywhere with you? Phone, wallet, car and house keys. Because of school I’ve also developed a habit of accidentally bringing my laptop nearly everywhere I go – I brought it to the vet once, lol

23. Would you like to visit Delaware? Yes. Delaware actually stands out in my memory because I remember reading in a kids’ almanac many years ago that it was the first to become a US state. Ever since then I’ve kinda bookmarked the place in my head.

24. Last time you received dental care? December. My tooth had been hurting for a couple of months but it became absolutely unbearable by that month so I had to book an emergency appointment days before Christmas. I felt super bad for the hassled dentist (who doubles as a family friend, which made it more embarrassing)... but at that point I was crying myself to sleep every night and would wake up at 3 AM crying in pain, and I would’ve done anything for the toothache to go away.

25. If you could go anywhere in the world, where would it be? Somewhere brutally cold.

26. Where in the world is Carmen Sandiego? I’ve never been able to relate to this question, lol soz.

27. Are you satisfied sitting here, taking this survey, or would you rather be elsewhere? I’m satisfied for now. I found more potential leads when it came to job-hunting and I’m not feeling too anxious anymore. I’ve been so focused on looking for corporate communications/PR jobs in the private sector that I forgot about the possibility of applying my skills in something I’m even more passionate about - museums! We have a few government agencies focused on museums, culture, and the arts and I definitely see myself performing in the jobs they offer. It’s even better because it’ll help me get my foot in the door in government positions, and as someone who’s indecisive about law it’ll be a great bridge to start with. Guess we’ll just have to wait and see.

28. Last time you sat in a barber’s chair? Early March.

29. Do you own any cans of compressed air? I’m not sure...had to look that up. Maybe we do? Idk. Dad will sometimes hoard random grownup stuff from the hardware store so I’m not ruling this one out.

30. Do you have a swivel chair at your desk? Nope.

31. Do you prefer an armchair or a rocking chair? Rocking chair.

32. Would you rather have a beanbag chair or a hanging swing chair in your room? Hanging swing chair sounds so hipster and awesome lol. I’ve had my time with a beanbag chair anyway.

33. What’s the last non-survey related questionnaire that you had to fill out? SSS form.

34. Are there any crimes that you feel make someone deserving of the electric chair? Not really a death penalty kinda gal, but if anyone had to sit in the electronic chair it’ll be people torturing and abusing animals for fun.

35. Do you know anyone who uses a wheelchair? Yes.

36. Do you know anyone who is on welfare? I probably do.

37. Do you play Modern Warfare? Nopes.

38. Do you ever feel like life is unfair? It is, objectively. I’m a little pessimistic when it comes to this.

39. Have you ever visited Times Square? No. I dunno if I wanna go there...it seems so crowded and claustrophobic, not to mention super tourist-y haha. I’d love to visit once just to see the bright lights and the giant ads, but I’d much rather be at museums and historical sites.

40. Do you tell people to “take care” at the end of a conversation with them? Sometimes. I’ve been saying it a lot more often these days, for obvious reasons.

41. Where is somewhere that you would like to move to? Canada. But I also feel like if I moved there immediately it would be such a culture shock in terms of the weather, culture, how far away I am from family, etc. and I doubt I would cope well. I suppose I can move to either Vietnam or Singapore first, as kind of like a baby step.

42. What is something in your home that needs to be repaired? One of the stovetop burners stopped working last night and my dad’s determined to fix that.

43. What kind of sleepwear do you own? I go to bed in just my normal home clothes; I don’t change to anything else.

44. What skin care products do you use? Water. ;) I’m one of the lucky ones lol.

45. Do you have any spyware on your computer? Nope.

46. Do you own any sportswear? What sports? I have athletic shorts from when I played table tennis.

47. Do you like Fred Astaire? Sure. I’ve only seen one movie of his (Funny Face) and he was a delight in that.

48. How long does it take you to prepare a meal? I only ever make instant meals, oops.

49. Do you know anyone named Pierre? Yes, Eva’s youngest sister is a Pierre. I’m just not sure if it’s also the same spelling.

50. Are you going nowhere fast? I hope not. I’m giving myself a quick break for now after studying for 18 years straight but like I’m not out of ambition or anything like that at all.

51. How often do you have a nightmare? Not very. They only show up when I’m going through a depression. My last nightmare was two or so years ago.

52. How often are you able to catch something in mid-air? It’s unpredictable with me. Some days my reflexes are great but sometimes I’ll just be so clumsy.

53. What do your lawn chairs look like? Brown and wooden.

54. How many chairs are at your dining/kitchen table? Six; just right for our family of five.

55. Favorite type of footwear? Sneakersssssss.

56. When’s the last time one of your senses were impaired? From what? My left eye still gets irritated from time to time. We never really found out what’s wrong with it; my first checkup happened on the day before lockdown, so we never got to go back. When it starts to act up, I usually have no choice but to wait for it to go away.

57. Have you ever been in a hot air balloon before? No. I’ve been to hot air balloon festivals though. That’s enough for me haha; I’m not desiring to be in one and be up in the sky.

58. Do you have a good health care plan? My parents do for us kids.

59. Last time you went to the hardware store? Months ago.

60. Have you ever played foursquare before? No. I thought that was just a website. Oops.

61. Do you own any types of eyewear? I’ve worn a pair of glasses since I was 11. I had needed them much earlier but my mom always thought I was being a sissy and just ‘wanted’ glasses to fit in with other kids. It was such a stupid mindset, and it was so stupid of her to not believe her kid WHO WAS STARTING TO NOT SEE. It was only when I took an eye exam at the school clinic and the school wrote her a letter that she finally believed me, but I had been suffering for a while and could barely read the chalkboard for like two years, which definitely affected my grades.

62. What brand of cookware do you have a lot of? Not sure about brands.

63. Nothing can compare to: Having a complete, loving, and supportive family.

64. Have you ever worked in a childcare center? I haven’t.

65. Do you have a “beware of dog” sign on your gate? Nah. I usually say it myself. Kimi never got used to strangers.

66. Have you ever attended daycare as a child? I guess you can say that? It wasn’t daycare per se but some malls used to have play areas/centers and my mom used to drop me off in those while she ran errands for a few hours. Those aren’t too common nowadays because I guess it’s more dangerous to leave your kids now, even with attendants, but they were a fun part of my childhood.

67. Are you very aware of your surroundings? I’m honestly a little ditzy so no. I always need a more responsible, more street smart friend by my side especially when I’m going somewhere unfamiliar.

68. Have you ever had an au pair or a nanny before? We used to have househelp, but we never saw them as nannies. A vast majority of them never met my mom’s (extremely high) expectations and quit in a few weeks or months, sometimes even days; the few ones who did eventually wanted better lives for themselves and resigned after a few years, which we didn’t stop them from doing. At some point my mom gave up having help around and realized that ultimately, she’d rather clean up and do chores her way.

69. Do you know anyone who has had an affair? Yes.

70. How much are you willing to spend on airfare? I’ve never bought my own ticket so I don’t know how much they’re supposed to be on average...but I imagine I’m willing to pay a lot of money if it means going to the destinations of my dreams.

71. Who do you care about the most? The friends that I count as family.

72. Are you more likely to choose truth or dare? Truth. I’m too shy to do dares and I’ve never had a problem telling the truth anyway.

73. Have you ever seen the Blair Witch Project before? Yes, a few times.

74. Do you like the name Claire? Would you spell it with or without the I? I love it, it sounds elegant and graceful and it’s one of my favorite names. I prefer it with an I – I don’t know any Clares, actually.

75. Last time you went to a fair? Last week of January.

76. What can be done to make life more fair? Ending world hunger and poverty and making education accessible for all.

77. How much are you willing to spend on cab fare? Not much. Cab fares should be fair after all.

78. Do you have a lot of flair? To some extent, I guess. I’m certainly not dragging myself down haha.

79. Do you own flare jeans? Nopes.

80. Is there a glare on your computer screen right now? There isn’t.

81. When’s the last time someone glared at you? Sometime in the last week would be a safe guess. My mom will sometimes communicate through glares and I’ve picked up the habit from her as well.

82. What type of hair do you have? (color, length, texture, etc) How often do you wash it? It’s black, quite thick, a bit on the wavy side, and has a tendency to get frizzy when it’s humid. Length-wise, it currently reaches just my collarbones. After a rebonding disaster around a decade ago my hair got a bit dry and it never really recovered from that, so I need to wash my hair with a giant blob of conditioner every time I take a shower otherwise it would get dry and hard.

83. Do you know the difference between a rabbit and a hare? I know hares are larger, but that’s about it.

84. Do you like to eat eclairs? LOVE them.

85. What do you consider to be your lair? My car has served as my safety bubble for so many depressing days in college. That’s why I got a little heartbroken when my dad told me he might have plans to sell it to my aunt (his sister).

86. A female horse is called a mare. What is a male horse called? A baby horse? Stallion; foal. Thank you, kid’s almanacs haha.

87. Have you ever used Nair before? Did it work? I used Veet in middle school when razors still scared me. It worked, but it took a whiiiiile and sometimes it wouldn’t even take all the hair off, so eventually I just started shaving.

88. Has anyone ever told you to “grow a pair”? No, and no thanks.

89. What is something that you own a pair of? Dogs.

90. What is a rare quality that you have? Other people will have to answer that. They’re the ones who see me and get to decide what’s rare about me.

91. Last food you pared? I don’t think I’ve done that.

92. Do you know someone who is a debonair? Sure.

93. Do you like to scare others for fun? No.

94. What is something that scares you? The idea of being in a plane crash, for one.

95. Do you like Sonny and Cher? Can’t say I’m a fan or that I’ve listened to anything of theirs.

96. Do you know how to share? Do you like to share? Sure. The only thing I’m a little selfish about is my food lol.

97. Have you ever played a snare drum before? A few times before, yes.

98. What do you do with your spare change? I give them to the tambays who help me get out of parking spots. That or I use it to buy food in school, since everything in UP’s cheap enough to pay with coins.

99. Do you know how to put on a spare tire? No. I’m interested to learn though.

100. Have you ever gotten a spare while bowling before? Yep, it’s happened a few times.

101. When’s the last time you wished someone would spare you the details? A week ago.

102. Do you win games fair and square? Sure. I’ve only cheated once and that was on an exam.

103. Do you know how to find the square root of something? Not anymore. I do have a bunch of perfect squares still memorized, though.

104. What are the characteristics of a square shape? Four equal sides that are also right angles.

105. Have you ever been called a square before? No. I don’t know what that means either, so if I got called that I wouldn’t know how to react.

106. Do you prefer the elevator or the stairs? Elevator.

107. Do you ever stare at other people? Only if it’s a bizarre situation. Once when this drunk guy got arrested in BGC and was being physical with the police, I stared and watched the whole thing. I do try to look away for most scenarios though.

108. How often do you swear? A few times a day.

109. Do you ever “swear on your life”? It’s not a saying that I commonly use, no.

110. What do you like to “tear up”? Eh, I don’t really like tearing up things.

111. What type of wares would you sell? Not interested in sales or business, so that’s a pass for me haha.

112. What kinds of clothing do you like to wear? I like wearing whatever’s trendy, as long as I genuinely like the look.

113. Have you ever had a pregnancy scare before? Never. [a-zebra-is-a-striped-horse]

#survey #surveys

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computerhomeservice · 6 years ago

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lappysolutions-blog · 5 years ago

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cryptowavesxyz · 5 years ago

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Coronavirus ‘Didn’t Cause’ Crash, BTC Recovery ‘Will Take Months’: Hodler’s Digest, Mar. 16–22

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Bitcoin price did not crash 60% due to coronavirus, Binance CEO says

It’s fashionable to think that Black Thursday’s bloodbath on the crypto markets was caused by the coronavirus. But Changpeng Zhao, the CEO of Binance, disagrees. He believes the pandemic certainly triggered the current global meltdown — but added the mass sell-offs over recent weeks have proved that the world’s economy is far too weak. Many investors are hoarding cash as the uncertainty continues, but Zhao believes they will begin to broaden their portfolios in time. “Have people bought more Bitcoin yet? No, in most cases. Many of them are still panicking over toilet paper,” he said. BTC has come a long way over the past seven days — and, at the time of writing, it’s up by 12%, sitting pretty at about $6,000. This is some way off the highs of $6,900 that were achieved earlier in the week.

Is Bitcoin correlated with the U.S. stock market?

The debate now is about how closely Bitcoin’s performance is tied to the U.S. stock market. According to research by Santiment, the correlation between BTC and the S&P 500 has now reached a two-year high — a bearish sign for the crypto markets. Historical data shows that such a high correlation is often accompanied by major downturns in BTC’s value. Santiment said: “With this pandemic, we are obviously seeing very similar movements in tandem as the coronavirus justifiably has investors in virtually every sector in a similar state of cautiousness.�� Not everyone agrees with this analysis, though. Since the March 13 lows of $3,775, BTC has rallied by about 77%. Compare that with the S&P 500, which has fallen by 7.4%, and the Dow Jones, which is off by about 10% over the same period.

Congress proposal to give everyone $2,000/month “strengthens case for Bitcoin”

Countries around the world are now trying to figure out how to support those who have lost their jobs because of the coronavirus — and how to keep their economies afloat. In the U.S., one Democratic representative in Congress has proposed giving $2,000 a month to every adult — and $1,000 to every child. Other nations are similarly exploring radical measures, with the U.K. recently announcing plans to pay 80% of the wages of workers on furlough. Some in the crypto community have been taken aback by these ideas. Mati Greenspan, founder of Quantum Economics, told Cointelegraph that the American proposal would cause massive inflation — and would even benefit Bitcoin in the long run if the Democrats won the White House in November.

MakerDAO governance approves USDC stablecoin as collateral

We’ve got a little bit of time to switch gears and cover some different news in this week’s Hodler’s Digest. MakerDAO has added the USDC stablecoin as a third type of collateral, following an emergency vote this week. The move is designed to urgently increase Dai’s liquidity after how last week’s ETH flash crash created bad debt worth millions of dollars. A major downside with this decision is how it undercuts Dai’s selling point of exclusively being backed with decentralized assets. USDC is pegged to the U.S. dollar and was created by Coinbase and Circle.

Bakkt announces new direct payment integration with Starbucks

Bakkt — a platform best known for offering crypto derivatives — is diversifying into retail applications for digital assets. The company’s new app, Bakkt Cash, has now been added as a payment method to the Starbucks app on a trial basis. The ability to buy a caramel latte with an extra espresso shot using crypto is sure to cause plenty of excitement. Also this week, Bakkt managed to raise $300 million in a Series C funding round that was backed by Microsoft’s venture capital arm and the Intercontinental Exchange. The company is developing an app where cash, cryptocurrencies and loyalty points can be stored in one place and used to make purchases. Unfortunately, it’s unclear how much this new Bakkt feature will be used by Starbucks customers, with the coffee chain closing its locations to eat-in customers because of the coronavirus.

Winners and Losers

At the end of the week, Bitcoin is at $6,093.87, Ether at $128.94 and XRP at $0.15. The total market cap is at $170,237,547,952.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Swipe, Numeraire and MCO. The top three altcoin losers of the week are Hedera Hashgraph, Komodo and Terra.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“In 2008, there wasn’t a pandemic pausing global economy. But I believe the coronavirus is just a trigger, not the root cause. Our economy should be stronger, at least strong enough to survive some shocks.”

Changpeng Zhao, Binance CEO

“We are stepping into the next generation. The next generation is happening right now with national bank-issued stablecoins, I believe. I would say it will grow the cryptocurrency user base like 10 times or more.”

Lennix Lai, director of financial markets, OKEx

“The technology makes sense. The reason why it hasn’t become widely accepted is that Corporate America has a ‘walled garden’ approach to data — they need to start sharing data, a huge paradigm shift.”

Lisa Butters, Honeywell International Inc.

Prediction of the Week

Bitcoin’s price recovery may take months, Fundstrat analyst warns

We’ve seen some green shoots in Bitcoin’s price this week, but one technical analyst at Fundstrat Global Advisors warns that it might be some time before it stages a full recovery. Rob Sluymer said that “lower highs and lower lows are in place for Bitcoin” after investors practically fled every asset class — and this leaves it in a “compromised, potentially vulnerable long-term profile.” Looking ahead, he added: “Bitcoin will likely need months of consolidation to repair the technical damage now in place.” Another prediction this week came from eToro analyst Simon Peters, who predicted that the coronavirus crisis could strengthen Bitcoin.

FUD of the Week

Woman arrested for stealing $480,000 from crypto exchange she co-founded

A woman has been arrested for stealing 63.5 BTC from the cryptocurrency exchange she had previously co-founded. Ayushi Jain used to work for Bitcipher Labs and was arrested in the Indian city of Bengaluru. The 26-year-old was accused of stealing the cryptocurrency — worth about $480,000 — in two unauthorized transactions on Jan. 11 and March 11. Ayushi has since confessed to the theft, and the stolen funds have been recovered by detectives. A senior police officer said: “We seized a laptop which contained the history, showing how Ayushi used the passphrase and stole money in installments between January and March.”

Less than 1% of Australians used crypto to pay for services in 2019

A study by the Reserve Bank of Australia suggests that cryptocurrencies aren’t as popular as previously thought. The survey revealed that less than 1% of Australians used digital assets like Bitcoin to make a consumer payment in 2019. This is despite the fact that electronic transactions are becoming increasingly popular, and over 80% of those polled had heard about cryptocurrencies. In terms of the most-used alternative payment methods, crypto was third behind “buy now, pay later” services and “tap and go” mobile payments.

Bitfinex to delist 87 crypto trading pairs aiming to improve liquidity

Bitfinex has announced that it is removing 87 crypto trading pairs due to low liquidity levels. The major cryptocurrency exchange hopes the measure will improve liquidity elsewhere and help it move toward a more streamlined and optimized trading experience. In a statement provided to Cointelegraph, Bitfinex said: “The decision was taken after monitoring [the pairs] for six weeks and finding a consistent low level of liquidity. We take this type of action to concentrate trading in fewer pairs.”

Best Cointelegraph Features

Does Bitcoin have intrinsic value or is it based on thin air?

Bitcoin was dealt a blow after the newly appointed Bank of England governor said that Bitcoin has no extrinsic value — echoing similar remarks by billionaires including Mark Cuban and Warren Buffett. Are they right? Joseph Young finds out.

Flying hot off the shelves — virtual land based on blockchain

Virtual land worth hundreds of thousands of dollars has been sold on platforms such as Decentraland — and one deal was worth a whopping $215,000. Elena Perez takes a look at what’s driving demand.

China’s digital yuan is an economic cyberweapon, and the U.S. is disarming

As Beijing races to develop its central bank digital currency, the U.S. Federal Reserve sees no need for a dollar parallel. Jonathan Rosenoer has written about the implications for Cointelegraph Magazine.

The post Coronavirus ‘Didn’t Cause’ Crash, BTC Recovery ‘Will Take Months’: Hodler’s Digest, Mar. 16–22 appeared first on Crypto Waves.

from Crypto Waves https://ift.tt/2Uvh82S

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bestpropertyinindia · 5 years ago

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hellicn · 6 years ago

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tagged by: @walksonwalls tagging: fuck

nicknames: Chey / Doom zodiac: Leo height: 5′1″ time: 3:49 am favorite band/artist: I don’t really have one but I am wearing an A7X hoodie right now so... song stuck in my head: Don’t STOP ME NOW ‘CASUE IM HAVIN A GOOD TIME last movie I saw: Goblet of fire w my sister cuz holiday stuff last thing I googled: hard drive bad sectors (I’m building another computer the laptop isn’t going to work for what I need... Oh I repaired/almost rebuild a whole laptop) other blogs: @mr-riddler & @battothefuture but there’s still more rp blogs in the oven also here’s my personal @finewhinning do I get asks: Yeah when I actually write but feel free to send me questions at anytime why did I choose this username: It’s his name but with a “C” Tumblr isn’t allowing it with an “O”. following: 197 average amount of sleep: 0 - 22 depends on what's happening and what meds I’m on. what I’m wearing: Toru Yan shirt, leggings with shorts, band hoodie, and a porn cowboy badge that says “dirty deeds” dream job: Comic letter (working it) dream trip: Idk mate, somewhere with fewer people favorite food: I’m really into dark chocolate right now, I love pizza but its out to kill me play any instruments: Kazoo, a mean recorder eye color: Gray-blue. hair color: Blonde. languages you speak: I can barely speak English most iconic song: the moon song from DuckTales NES random fact: I’m the porn Sheriff now.

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thegeorgetelegraph · 6 years ago

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Computer Hardware and Networking-course and career overview

What is Hardware and Networking?

Computer hardware deals with the study of its parts and external hardware issues. It will include the monitor, CPU, keyboard, UPS and etc. In addition to that network will deal with the software and connection issues that are associated with this. This will be a router, LAN, USB devices and port, Wi-Fi and etc. This subject as a whole comprises of all the technical and practical aspects of the computer system. Nothing is excluded. Wireless Network Administrator and Chip Level Laptop Repairing are some of the other courses which are also a part of this syllabus. The laptop is more used and is more popular among the mass has greater servicing requirements.

It also consists of all the Intel and programming software that is associated with the devices. You will need to have a good and working knowledge about that as well before you become a professional. We will discuss your career options later but for now, knowing the gist helps too.

Scope and job prospects of this course

Forget about the scope and think about it from an economic point of view for a second! Why will anyone buy a new device when there is an option to fix it? Servicing is always the first priority of people in comparison to a new purchase. On the other hand, in the case of computer network issues servicing and resolving the issue is the only option that people have at hand at that point in time.

Now let us circle back to the scope and career opportunities of this subject. The reason so many people choose a diploma course in computer as their priority study subject is because of the vast number of opportunities that are available in this field. Computer-oriented jobs can never be out of the limelight. Every office, firm, industry, manufacturing service and etc have a system installed which will need skilled technicians and engineers from time to time. Below we have listed a couple of places where one can find employment after the completion of their courses:

• Repair or service centre

• Electronic company

• Start a repairing shop of their own

• MNC

• IT sector

• Computer manufacturing company and etc

In 2017 the increase in vacancies in this sector rose by 22%. That is a huge number if you tend to compare it with other sectors. When interviewed, Apple technicians said that working as a networking technician there is probably the best decision they made in their lives. You have the option to choose from both hardware and networking fields. If you are really passionate about growth in your career span then go ahead and select a course that will each both.

The best place to learn hardware and networking in the George Telegraph Training Institute. In this institute, you will get a choice to choose from a wide range of different courses. These courses have separate subject matter and eligibility criteria. You can decide upon the one you feel really passionate about. Visit the website to get more details about the same.

Another reason why the job prospect is growing is that of the globalised nature of Indian economy. We are no longer confined within the tangles of poor economic development. Our nation has progressed immensely and made computer network and hardware a crucial element for everyone to learn.

The monitor screen is our access to the outside world and network determines our connection facilities. There is no way that it can be reversed in any way. Therefore, if your aim is to achieve a great career height then this is the right career choice for you.

Click here to get all details about the course and its special branches you can opt from.

#engineering #hardware #networking #job #career #course

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applelaptoprepairs-blog · 6 years ago

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Facing an Issue with your Apple Device? Just Visit our Service Center

Even the best things have some imperfections; as for electronic gadgets and devices, they are prone to faults and defects. Almost all brands have products that get defected one way or the other and in such cases, even a top brand like Apple is no exception. The brand is known for manufacturing the best quality products that are known for every feature that is offered. The only issue with the brand is if it gets defected and is not under warranty, it can burn a hole in your pocket.

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The services of Apple iPad Repair Mumbai that we offer are suitable for all models of iPads. Whether the issue is with the hardware or software of the device, we have a solution for everything. Our team of technicians and engineers hold an expertise in working in this domain and has served various clients with different issues.

About us

Our company has been in the IT sector for about 22 years and has offered services to a countless number of clients. Our servicing vicinity is located at Lamington Road in South Mumbai which is equipped with advanced technology machines and tools that are vital in the servicing we provide. Other than Apple products, we also provide service for computers, LCD, laptops, projectors, printers, accessories and many more.

original Content Source Here :-

http://applelaptoprepairs01.blogspot.com/2018/09/facing-issue-with-your-apple-device.html

#Apple service center in Mumbai #Apple iPad Repair Mumbai

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newlaunchpropertiyinindia · 6 years ago

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#laptop repair in noida sector 76 #Computer Repair #Computer Repair at Home in Noida #Laptop Repair at Home in Noida #Laptop Repair Home Service Noida #Laptop Repair in Noida Sector 18

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jim1stewart-blog · 7 years ago

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ACC 401 Week 8 Quiz - Strayer

Click on the Link Below to Purchase A+ Graded Course Material

http://budapp.net/ACC-401-Advanced-Accounting-Week-8-Quiz-Strayer-276.htm

Quiz 7 Chapter 11 and 12

Chapter 11

International Financial Reporting Standards

Multiple Choice—Conceptual

1. The goals of the International Accounting Standards Committee include all of the following except

a. To improve international accounting.

b. To formulate a single set of auditing standards to be applied in all countries.

c. To promote global acceptance of its standards.

d. To harmonize accounting practices between countries.

2. Which of the following is true about the FASB after the mandatory adoption of IFRS by US companies?

a. The FASB will serve in an advisory capacity to the IASB.

b. The FASB will remain the designated standard-setter for US companies, but incorporate IFRS into US GAAP.

c. The role of the FASB post-IFRS adoption has not been determined.

d. The FASB will cease to exist.

3. Milestones in the transition plan for mandatory adoption of IFRS by US companies include all of the following except:

a. Improvements in accounting standards.

b. Limited early adoption of IFRS in an effort to enhance comparability for US investors

c. Mandatory use of IFRS by US entities.

d. All of the above are milestones in the transition plan for mandatory adoption of IFRS by US companies.

4. The roles of the IASC Foundation include

a. establishing global standards for financial reporting.

b. coordinating the filing requirements of stock exchange regulatory agencies.

c. financing IASB operations.

d. all of the above are roles of the IASC Foundation.

5. Which of the following statements is true regarding the IASC?

a. The IASC is a public-sector, not-for-profit organization.

b. The IASC is accountable to an international securities regulator.

c. The IASC is a stand-alone, private-sector organization.

d. The IASC funds the operations of the IASB through filing fees paid to national securities regulators.

6. . Concerns of the SEC with regard to the mandatory adoption of IFRS by US entities include all of the following except:

a. the extent to which the standard-setting process addresses emerging issues in a timely manner.

b. the security and stability of IASC funding.

c. the enhancement of IASB independence through a system of voluntary contributions from firms in the accounting profession.

d. the degree to which due process is integrated into the standard-setting process .

7. . Under the staged transition to mandatory adoption of IFRS being considered by the SEC,

a. large, accelerated filers would begin IFRS filings for fiscal years beginning on or after December 31, 2011.

b. non-accelerated filers would begin IFRS filings for fiscal years beginning on or after December 31, 2015.

c. large non-accelerated filers would have until fiscal years beginning on or after December 15, 2017 to adopt IFRS.

d. smaller reporting companies would begin IFRS filings for fiscal years beginning on or after December 15, 2016.

8. In order to complete its first IFRS filing, including three years of audited financial statements, according to the staged transition to mandatory adoption of IFRS considered by the SEC, a large accelerated filer would need to adopt IFRS beginning in fiscal year

a. 2011.

b. 2012.

c. 2013.

d. 2014.

9. Benefits of the FASB Accounting Standards Codification (ASC) include all of the following except

a. increases the independence of the FASB.

b. aids in the convergence of US GAAP with IFRS.

c. reduces time and effort required to research accounting issues.

d. clearly distinguishes between authoritative and non-authoritative guidance.

10. SFAS No.162, the Accounting Standards Codification, is directed to

a. auditors.

b. Boards of Directors.

c. securities regulators.

d. entities.

11. IFRS and US GAAP differ with regard to financial statement presentation in all of the following except

a. IFRS generally requires that assets be listed in order of increasing liquidity while US GAAP requires that assets be listed in order of decreasing liquidity.

b. US GAAP requires expenses to be listed by function while IFRS requires expenses to be listed by nature.

c. IFRS prohibits extraordinary items which are allowed by US GAAP.

d. IFRS requires two years of comparative income statements while under US GAAP, three years of income statements are required.

12. The major difference between IFRS and US GAAP in accounting for inventories is that

a. US GAAP prohibits the use of specific identification.

b. IFRS requires the use of the LIFO cost flow assumption.

c. US GAAP prohibits the use of the LIFO cost flow assumption

d. US GAAP allows the use of the LIFO cost flow assumption.

13. One difference between IFRS and GAAP in valuing inventories is that

a. IFRS, but not GAAP, allows reversals so that inventories written down under lower-of-cost-or-market can be written back up to the original cost .

b. GAAP defines market value as replacement cost where IFRS defines market as the selling price.

c. GAAP strictly adheres to the historical cost concept and does not allow for write-downs of inventory values while IFRS embraces fair value.

d. IFRS, but not GAAP, requires that inventories be valued at the lower of cost or market.

14. In accounting for research and development costs.

a. the general rule under both US GAAP and IFRS is that research and development costs should be expensed as incurred .

b. IFRS generally expenses all research and development costs while US GAAP expenses research costs as incurred but capitalizes development costs once technological and economic feasibility has been demonstrated.

c. US GAAP generally expenses all research and development costs while IFRS expenses research costs as incurred but capitalizes development costs once technological and economic feasibility has been demonstrated.

d. both US GAAP and IFRS expense research costs as incurred but capitalize development costs once technological and economic feasibility has been demonstrated.

15. Property, plant and equipment are valued at

a. historical cost under both IFRS and US GAAP.

b. historical cost or revalued amounts under both IFRS and US GAAP.

c. revalued amounts under IFRS.

d. historical cost under US GAAP while IFRS allows the assets to be valued at either historical cost or revalued amounts.

16. The amount of a long-lived asset impairment loss is generally determined by comparing

a. the asset’s carrying amount and its fair value under US GAAP.

b. the asset’s carrying amount and its discounted future cash flows less cost to sell under IFRS.

c. the asset’s carrying amount and its undiscounted future cash flows under US GAAP.

d. the asset’s carrying amount and its undiscounted future cash flows less disposal cost under IFRS.

17. In accounting for liabilities, IFRS interprets “probable” as

a. likely.

b. more likely than not.

c. somewhat possible.

d. possible and not remote.

18. Accounting under IFRS and US GAAP is similar for all of the following topics except

a. changes in estimates.

b. related party transactions.

c. research and development costs.

d. changes in methods.

Use the following information to answer the next three questions.

On January 1, 2010, AirFrance purchases an airplane for €14,400,000. The components of the airplane and their useful lives are as follows:

Component

Cost

Useful life

Frame

€7,200,000

24 years

Engine

4,800,000

20 years

Other

2,400,000

10 years

AirFrance uses the straight-line method of depreciation. The asset is assumed to have no salvage value.

19. Under IFRS, the entry to record the acquisition of the airplane would include

a. a debit to Asset/ Airplane of €14,400,000.

b. a debit to Asset/ Airplane frame of €14,400,000.

c. a debit to Asset/ Airplane engine of €4,800,000.

d. cannot be determined from the information given.

20. Under US GAAP, the entry to record depreciation expense on the asset at December 31, 2011 will include

a. a credit to accumulated depreciation of €1,200,000.

b. a debit to depreciation expense of €1,440,000

c. a debit to depreciation expense of €800,000.

d. a credit to accumulated depreciation of €600,000.

21. Under IFRS, the entry to record depreciation expense on the asset at December 31, 2011 will include a credit to accumulated depreciation of

a. €1,440,000.

b. €1,200,000

c. €800,000.

d. €600,000.

22. Accounting terminology that differs between IFRS and US GAAP include all of the following except

a. the use by IFRS of “turnover” for revenue.

b. the use by IFRS of “share premium” for additional paid-in-capital.

c. the use by IFRS of “other capital reserves” for retained earnings.

d. the use by IFRS of “issued capital” for common stock.

23. New terminology introduced under the joint IFRS- US GAAP Customer Consideration (Allocation) Model includes all of the following except

a. revenue recognition voids.

b. contract rights.

c. net contract asset/ liability.

d. performance obligations.

24. Under IFRS, the criteria to determine whether a lease should be capitalized include

a. the present value of the minimum lease payments is 90% or more of the fair value of the asset at the inception of the lease.

b. the term of the lease is 75% or more of the economic life of the asset.

c. the term of the lease is equal to substantially all of the economic life of the asset.

d. the present value of the minimum lease payments is equal to substantially all of the fair value of the asset at the inception of the lease.

Use the following information to answer the next three questions.

Bellingham Electronics Inc. offers one model of laptop computer for £1000 and a two-year warranty for £250. The retailer, as part of a Boxing Day promotion, offers a limited-time offer for the laptop, including delivery and the two-year warranty for £1,180. The cost of the computer to Bellingham is £700. Any warranty repairs are assumed to be done ratably over time. Bellingham accounts for transactions using the customer consideration model.

In the first twelve months following the sale, Bellingham incurred £980 of costs servicing the computers under warranty.

25. Bellingham sells ten laptops to Bertram Inc. under the limited-time promotion. Upon delivery of the laptops to Bertram, Bellingham will recognize revenue of

a. £9,300.

b. £9,440

c. £10,000.

d. £11,800.

26. In the first twelve months following the sale, Bellingham would reduce the Contract liability – warranty account by

a. £784.

b. £980

c. £1,180.

d. £1,380.

27. In the first twelve months, Bellingham would record warranty expense of

a. £784.

b. £980

c. £1,180.

d. £1,380.

28. Significant differences between IFRS and Chinese GAAP include all of the following except

a. Chinese GAAP allows the use of LIFO while IFRS prohibits it.

b. Chinese GAAP has different related party disclosure requirements.

c. Chinese GAAP follows the cost principle while IFRS allows for revaluations and recoveries of impairment losses.

d. Chinese GAAP uses the equity method of accounting for jointly controlled entities while IFRS also allows proportionate consolidation.

29. All of the following are options for non-US companies who wish to list securities on a US exchange except

a. The company can use either IFRS or their local GAAP.

b. If a company uses their local GAAP they must reconcile net income and shareholders’ equity or fully disclose all financial information required of US companies.

c. If a company uses their local GAAP they must reconcile net income and shareholders’ equity and fully disclose all financial information required of US companies

d. The company must file a form 20-F with the SEC.

30. All of the following are true regarding American Depository Receipts (ADRs) except

a. Most ADRs are unsponsored, meaning that the DR bank creates a DR program without a formal agreement with the issuing non-US company.

b. An ADR is a derivative instrument traded in the US that usually represents a fixed number of publicly traded shares of a non-US company.

c. ADRs are denominated in US dollars.

d. A Level 1 sponsored ADR is the easiest way for a non-US company to access US markets.

Exercise from the Textbook

Exercise 11-1

Component Depreciation SMC Company purchases a building for $100,000. Included in this cost are $12,000 for electrical systems and $15,000 for the roof. The building is expected to have a 40 year useful life, but the electrical system will last for 20 years and the roof will last 15 years.

Required: Part A: Assuming that straight-line depreciation is used, compute depreciation expense assuming that U.S. GAAP is used.

Part B: Assuming that straight line depreciation is used, compute depreciation expense for year one assuming IFRS is used (assume component depreciation).

Problem from the Textbook

Problem 11-4

Prepare a statement of financial position using the proposed new format as described in the chapter.

Questions from the Textbook

1. As mentioned in Chapter 1, the project on business combinations was the first of several joint projects undertaken by the FASB and the IASB in their move to converge standards globally. Nonetheless, complete convergence has not yet occurred, and there are those who believe it to be a poor idea. Discuss the reasons for and against global convergence.

2. In recent months, virtually every topic that has come to the attention of the standard setters has been undertaken as a joint effort of the FASB and the IASB rather than as an individual effort by one of the two boards. List and discuss some of the joint projects that fall into this category.

3. What is the rationale for the harmonization of international accounting standards?

4. Why is the SEC, once so reluctant to accept IAS, now very willing to allow firms using IFRS to is-sue securities in the U.S. stock market without reconciling to U.S. GAAP?

5. Discuss the types of ADRs that non-U.S. companies might use to access the U.S. markets.

6. Describe the attitude of the FASB toward the IASB (International Accounting Standards Board).

7. How does the FASB view its role in the development of an international accounting system? Currently, two members of the IASB board were affiliated with the FASB. Comment on what effect this might have on the likelihood that the U.S. standard setters will accept the new IASB statements, if any?

8. List some of the major differences in accounting between IFRS and U.S. GAAP.

Business Ethics Question from the Textbook

A vice president of marketing for your company has been charged with embezzling nearly $100,000 from the company. The vice president allegedly submitted fraudulent vendor invoices in order to receive payments. As the vice president of marketing for the company, the vice president is authorized to approve the payment of invoices submitted by third-party vendors who did work for the company. After the activities were uncovered, the company responded by stating: “All employees are accountable to our ethics guidelines and procedures. We do not tolerate violations of our ethics policy and will consistently enforce these policies and procedures.”

1. How would you evaluate the internal controls of the company?

2. Do you think there are companies that develop comprehensive ethics and compliance pro-grams for mid- and lower-level employees and ignore upper-level executives and managers?

3. Is it an ethical issue if companies are not forth-coming concerning fraudulent activities of top executives in an effort to minimize negative publicity?

Chapter 12

Accounting for Foreign Currency Transactions And Hedging Foreign Exchange Risk

Multiple Choice

1. A discount or premium on a forward contract is deferred and included in the measurement of the related foreign currency transaction if the contract is classified as a:

a. hedge of a net investment in a foreign entity.

b. hedge of an exposed asset or liability position.

c. hedge of an identifiable foreign currency commitment.

d. contract acquired to speculate in the movement of exchange rates.

2. The discount or premium on a forward contract entered into as a hedge of an exposed asset or liability position should be:

a. included as a separate component of stockholders’ equity.

b. amortized over the life of the forward contract.

c. deferred and included in the measurement of related foreign currency transaction.

d. none of these.

3. An indirect exchange rate quotation is one in which the exchange rate is quoted:

a. in terms of how many units of the domestic currency can be converted into one unit of foreign currency.

b. for the immediate delivery of currencies exchanged.

c. in terms of how many units of the foreign currency can be converted into one unit of domestic currency.

d. for the future delivery of currencies exchanged.

4. A transaction gain is recorded when there is an:

a. importing transaction and the exchange rate increases.

b. exporting transaction and the exchange rate increases.

c. exporting transaction and the exchange rate decreases.

d. none of these.

5. During 2011, a U.S. company purchased inventory from a foreign supplier. The transaction was denominated in the local currency of the seller. The direct exchange rate increased from the date of the transaction to the balance sheet date. The exchange rate decreased from the balance sheet date to the settlement date in 2012. For the years 2011 and 2012, transaction gains or losses should be recognized as:

2011 2012

a. gain gain

b. gain loss

c. loss loss

d. loss gain

6. A transaction gain or loss is reported currently in the determination of income if the purpose of the forward contract is to:

a. hedge a net investment in a foreign entity.

b. hedge an identifiable foreign currency commitment.

c. speculate in foreign currency.

d. none of these.

7. On November 1, 2011, American Company sold inventory to a foreign customer. The account will be settled on March 1 with the receipt of $500,000 foreign currency units (FCU). On November 1, American also entered into a forward contract to hedge the exposed asset. The forward rate is $0.70 per unit of foreign currency. American has a December 31 fiscal year-end. Spot rates on relevant dates were:

Per Unit of

Date Foreign Currency

November 1 $0.73

December 31 0.71

March 1 0.74

The entry to record the forward contract is

a. FCU Receivable 350,000

Premium on Forward Contract 15,000

Dollars Payable 365,000

b. Dollars Receivable 365,000

Discount on Forward Contract 15,000

FCU Payable 350,000

c. FCU Receivable 365,000

Discount on Forward Contract 15,000

Dollars Payable 350,000

d. Dollars Receivable 350,000

Discount on Forward Contract 15,000

FCU Payable 365,000

8. On November 1, 2011, American Company sold inventory to a foreign customer. The account will be settled on March 1 with the receipt of $450,000 foreign currency units (FCU). On November 1, American also entered into a forward contract to hedge the exposed asset. The forward rate is $0.70 per unit of foreign currency. American has a December 31 fiscal year-end. Spot rates on relevant dates were:

Per Unit of

Date Foreign Currency

November 1 $0.73

December 31 0.71

March 1 0.74

What will be the adjusted balance in the Accounts Receivable account on December 31, and how much gain or loss was recorded as a result of the adjustment?

Receivable Balance Gain/Loss Recorded

a. $319,500 $9,000 gain

b. $319,500 $9,000 loss

c. $333,000 $4,500 gain

d. $333,000 $18,000 gain

9. A transaction gain or loss at the settlement date is:

a. a change in the exchange rate quoted by a foreign exchange trader.

b. synonymous with the translation of foreign currency financial statements into dollars.

c. the difference between the recorded dollar amount of an account receivable denominated in a foreign currency and the amount of dollars received.

d. the difference between the buying and selling rate quoted by a foreign exchange trader at the settlement date.

10. From the viewpoint of a U.S. company, a foreign currency transaction is a transaction:

a. measured in a foreign currency.

b. denominated in a foreign currency.

c. measured in U.S. currency.

d. denominated in U.S. currency.

11. The exchange rate quoted for future delivery of foreign currency is the definition of a(n):

a. direct exchange rate.

b. indirect exchange rate.

c. spot rate.

d. forward exchange rate.

12. A transaction loss would result from:

a. an increase in the exchange rate applicable to an asset denominated in a foreign currency.

b. a decrease in the exchange rate applicable to a liability denominated in a foreign currency.

c. the import of merchandise when the transaction is denominated in a foreign currency.

d. a decrease in the exchange rate applicable to an asset denominated in a foreign currency.

13. The forward exchange rate quoted for the remaining term of a forward contract is used to account for the contract when the forward contract:

a. extends beyond one year or the current operating cycle.

b. is a hedge of an identifiable foreign currency commitment.

c. is a hedge of an exposed net liability position.

d. was acquired to speculate in foreign currency.

14. A transaction gain or loss on a forward contract entered into as a hedge of an identifiable foreign currency commitment may be:

a. included as a separate item in the stockholders’ equity section of the balance sheet.

b. recognized currently in the determination of net income.

c. deferred and included in the measurement of the related foreign currency transaction.

d. none of these.

15. Craiger, Inc. a U.S. corporation, bought machine parts from Reinsch Company of Germany on March 1, 2011, for 70,000 marks, when the spot rate for marks was $0.5395. Craiger’s year-end was March 31, 2011, when the spot rate for marks was $0.5445. Craiger bought 70,000 marks and paid the invoice on April 20, 2011, when the spot rate was $0.5495. How much should be shown in Craiger’s income statements as foreign exchange (transaction) gain or loss for the years ended March 31, 2011 and 2012?

2011 2012

a. $0 $0

b. $0 $350 loss

c. $350 loss $0

d. $350 loss $350 loss

16. A forward exchange contract is transacted at a discount if the current forward rate is:

a. less than the expected spot rate.

b. more than the expected spot rate.

c. less than the current spot rate.

d. more than the current spot rate.

17. Stuart Corporation a U.S. company, contracted to purchase foreign goods. Payment in foreign currency was due one month after delivery. Between the delivery date and the time of payment, the exchange rate changed in Stuart’s favor. The resulting gain should be reported in the financial statements as a(n):

a. component of othercomprehensiveincome.

b. component of incomefromcontinuingoperations.

c. extraordinary income.

d. deferred income.

18. Jackson Paving Company purchased equipment for 350,000 British pounds from a supplier in London on July 7, 2011. Payment in British pounds is due on Sept. 7, 2011. The exchange rates to purchase one pound is as follows:

July 7 August 31, (year end) September 7

Spot-rate 2.08 2.05 2.04

30-day rate 2.07 2.03 --

60-day rate 2.06 1.99 --

On its August 31, 2011 income statement, what amount should Jackson Paving report as a foreign exchange transaction gain:

a. $14,000.

b. $7,000.

c. $10,500.

d. $0.

19. On September 1, 2011, Swash Plating Company entered into two forward exchange contracts to purchase 250,000 euros each in 90 days. The relevant exchange rates are as follows:

Forward Rate

Spot rate For Dec. 1, 2011

September 1, 2011 1.46 1.47

September 30, 2011 (year-end) 1.50 1.48

The first forward contract was to hedge a purchase of inventory on September 1, payable on December 1. On September 30, what amount of foreign currency transaction loss should Swash Plating report in income?

a. $0.

b. $2,500.

c. $5,000.

d. $10,000.

20. On September 1, 2011, Swash Plating Company entered into two forward exchange contracts to purchase 250,000 euros each in 90 days. The relevant exchange rates are as follows:

Forward Rate

Spot rate For Dec. 1, 2011

September 1, 2011 1.46 1.47

September 30, 2011 (year-end) 1.50 1.48

The second forward contract was strictly for speculation. On September 30, 2011, what amount of foreign currency transaction gain should Swash Plating report in income?

a. $0.

b. $2,500.

c. $5,000.

d. $10,000.

21. On November 1, 2011, Prism Company sold inventory to a foreign customer. The account will be settled on March 1 with the receipt of 250,000 foreign currency units (FCU). On November 1, Prism also entered into a forward contract to hedge the exposed asset. The forward rate is $0.90 per unit of foreign currency. Prism has a December 31 fiscal year-end. Spot rates on relevant dates were:

Per Unit of

Date Foreign Currency

November 1 $0.93

December 31 0.91

March 1 0.94

The entry to record the forward contract is

a. FCU Receivable 225,000

Premium on Forward Contract 7,500

Dollars Payable 232,500

b. Dollars Receivable 232,500

Discount on Forward Contract 7,500

FCU Payable 225,000

c. FCU Receivable 232,500

Discount on Forward Contract 7,500

Dollars Payable 225,000

d. Dollars Receivable 225,000

Discount on Forward Contract 7,500

FCU Payable 232,500

22. On November 1, 2011, National Company sold inventory to a foreign customer. The account will be settled on March 1 with the receipt of 200,000 foreign currency units (FCU). On November 1, National also entered into a forward contract to hedge the exposed asset. The forward rate is $0.80 per unit of foreign currency. National has a December 31 fiscal year-end. Spot rates on relevant dates were:

Per Unit of

Date Foreign Currency

November 1 $0.83

December 31 0.81

March 1 0.84

What will be the adjusted balance in the Accounts Receivable account on December 31, and how much gain or loss was recorded as a result of the adjustment?

Receivable Balance Gain/Loss Recorded

a. $170,000 $4,000 gain

b. $162,000 $4,000 loss

c. $168,000 $2,000 gain

d. $164,000 $2,000 loss

23. Caldron Company purchased equipment for 375,000 British pounds from a supplier in London on July 3, 2011. Payment in British pounds is due on Sept. 3, 2011. The exchange rates to purchase one pound is as follows:

July 3 August 31, (year end) September 3

Spot-rate 1.58 1.55 1.54

30-day rate 1.57 1.53 --

60-day rate 1.56 1.49 --

On its August 31, 2011, income statement, what amount should Caldron report as a foreign exchange transaction gain:

a. $18,750.

b. $3,750.

c. $11,250.

d. $0.

24. On April 1, 2011, Trent Company entered into two forward exchange contracts to purchase 300,000 euros each in 90 days. The relevant exchange rates are as follows:

Forward Rate

Spot rate For Aug. 1, 2011

April 1, 2011 1.16 1.17

April 30, 2011 (year-end) 1.20 1.18

The first forward contract was to hedge a purchase of inventory on April 1, payable on December 1. On April 30, what amount of foreign currency transaction loss should Trent report in income?

a. $0.

b. $3,000.

c. $9,000.

d. $12,000.

25. On April 1, 2011, Trent Company entered into two forward exchange contracts to purchase 300,000 euros each in 90 days. The relevant exchange rates are as follows:

Forward Rate

Spot rate For Aug. 1, 2011

April 1, 2011 1.16 1.17

April 30, 2011 (year-end) 1.20 1.18

The second forward contract was strictly for speculation. On April 30, 2011, what amount of foreign currency transaction gain should Trent report in income.

a. $0.

b. $3,000.

c. $9,000.

d. $12,000.

Problems

12-1 On November 1, 2010, Dorsey Company sold inventory to a company in England. The sale was for 600,000 British pounds and payment will be received on February 1, 2011. On November 1, Dorsey entered into a forward contract to sell 600,000 British pounds on February 1 at the forward rate of $1.65. Spot rates for the British pound are as follows:

November 1 $1.61

December 31 1.67

February 1 1.62

Dorsey has a December 31 fiscal year-end.

Required:

Compute each of the following:

1. The dollars to be received on February 1, 2011, from selling the 600,000 pounds to the exchange dealer.

2. The dollars that would have been received from the account receivable if Dorsey had not hedged the sale contract with the forward contract.

3. The discount or premium on the forward contract.

4. The transaction gain or loss on the exposed asset related to the sale in 2010 and 2011.

5. The transaction gain or loss on the forward contract in 2010 and 2011.

6. The amount of the discount or premium on the forward contract amortized in 2010 and 2011.

12-2 On December 1, 2010, Derrick Corporation agreed to purchase a machine to be manufactured by a company in Brazil. The purchase price is 1,150,000 Brazilian reals. To hedge against fluctuations in the exchange rate, Derrick entered into a forward contract on December 1 to buy 1,150,000 reals on April 1, the agreed date of machine delivery, for $0.375 per real. The following exchange rates were quoted:

Forward Rate

Date Spot Rate (Delivery on 4/1)

December 1 0.390 0.375

December 31 0.370 0.373

April 1 0.385 --

Required:

Prepare journal entries necessary for Derrick during 2010 and 2011 to account for the transactions described above.

12-3 Colony Corp., a U.S. corporation, entered into a contract on November 1, 2010, to sell two machines to Crown Company, for 95,000 foreign currency units (FCU). The machines were to be delivered and the amount collected on March 1, 2011.

In order to hedge its commitment, Colony entered into a forward contract for 95,000 FCU delivery on March 1, 2011. The forward contract met all conditions for hedging an identifiable foreign currency commitment.

Selected exchange rates for FCU at various dates were as follows:

November 1, 2010 – Spot rate $1.3076

Forward rate for delivery on March 1, 2011 1.2980

December 31, 2010 – Spot rate 1.3060

Forward rate for delivery on March 1, 2011 1.3150

March 1, 2011 – Spot rate 1.2972

Required:

Prepare all journal entries relative to the above on the books of Colony Corp. on the following dates:

1. November 1, 2010.

2. Year-end adjustments on December 31, 2010.

3. March 1, 2011. (Include all adjustments related to the forward contract.)

12-4 On October 1, 2010, Nance Company purchased inventory from a foreign customer for 750,000 units of foreign currency (FCU) due on January 31, 2011. Simultaneously, Nance entered into a forward contract for 750,000 units of FC for delivery on January 31, 2011, at the forward rate of $0.75. Payment was made to the foreign customer on January 31, 2011. Spot rates on October 1, December 31, and January 31, were $0.72, $0.73, and $0.76, respectively. Nance amortizes all premiums and discounts on forward contracts and closes its books on December 31.

Required:

A. Prepare all journal entries relative to the above to be made by Nance on October 1, 2010.

B. Prepare all journal entries relative to the above to be made by Nance on December 31, 2010.

C. Compute the transaction gain or loss on the forward contract that would be recorded in 2011. Indicate clearly whether the amount is a gain or loss.

12-5 On October 1, 2010, Kline Company shipped equipment to a foreign customer for a foreign currency (FC) price of FC 3,000,000 due on January 31, 2011. All revenue realization criteria were satisfied and accordingly the sale was recorded by Kline Company on October 1. Simultaneously, Kline entered into a forward contract to sell 3,000,000 FCU on January 31, 2011 for $1,200,000. Payment was received from the foreign customer on January 31, 2011. Spot rates on October 1, December 31, and January 31 were $0.42, $0.425, and $0.435, respectively. Kline amortizes all premiums and discounts on forward contracts and closes its books on December 31.

Required:

Prepare all journal entries relative to the above to be made by Kline during 2010 and 2011.

12-6 On July 15, Worth, Inc. purchased 88,500,000 yen worth of parts from a Tokyo company paying 20% down, and the balance is due in 90 days. Interest is payable at a rate of 8% on the unpaid balance. The exchange rate on July 15, was $1.00 = 118 Japanese yen. On October 13, the exchange rate was $1.00 = 114 Japanese yen.

Required:

Prepare journal entries to record the purchase and payment of this foreign currency transaction in U.S. dollars.

12-7 On November 1, 2010, Bisk Corporation, a calendar-year U.S. Corporation, invested in a speculative contract to purchase 700,000 euros on January 31, 2011, from a German brokerage firm. Bisk agreed to buy 700,000 euros at a fixed price of $1.46 per euro. The brokerage firm agreed to send 700,000 euros to Bisk on January 31, 2011. The spot rates for euros are:

November 1, 2010 1 euro = 1.45

December 31, 2010 1 euro = 1.43

January 31, 2011 1 euro = 1.44

Required:

Prepare the journal entries that Bisk would record on November 1, December 31, and January 31.

12-8 Consider the following information:

1. On November 1, 2011, a U.S. firm contracts to sell equipment (with an asking price of 500,000 pesos) in Mexico. The firm will take delivery and will pay for the equipment on February 1, 2012.

2. On November 1, 2011, the company enters into a forward contract to sell 500,000 pesos for $0.0948 on February 1, 2012.

3. Spot rates and the forward rates for February 1, 2012, settlement were as follows (dollars per peso):

Forward Rate

Spot Rate for 2/1/12

November 1, 2011 $0.0954 $0.0948

Balance sheet date (12/31/11) 0.0949 0.0944

February 1, 2012 0.0947

4. On February 1, the equipment was sold for 500,000 pesos. The cost of the equipment was $20,000.

Required:

Prepare all journal entries needed on November 1, December 31, and February 1 to account for the forward contract, the firm commitment, and the transaction to sell the equipment.

Short Answer

1. Accounting for a foreign currency transaction involves the terms measured and denominated. Describe a foreign currency transaction and distinguish between the terms measured and denominated.

2. There are a number of business situations in which a firm may acquire a forward exchange contract. Identify three common situations in which a forward exchange contract can be used as a hedge.

Short Answer Questions from the Textbook

1. Define currency exchange rates and distinguish between “direct” and “indirect” quotations.

2. Explain why a firm is exposed to an added risk when it enters into a transaction that is to be settled in a foreign currency.

3. Name the three stages of concern to the accountant in accounting for import–export transactions. Briefly explain the accounting for each stage.

4. How should a transaction gain or loss be reported that is related to an unsettled receivable recorded when the firm’s inventory was exported?

5. A U.S. firm carried a receivable for 100,000 yen. Assuming that the direct exchange rate declined from $.009 at the date of the transaction to $.006at the balance sheet date, compute the transaction gain or loss. What balance would be reported for the receivable in the firm’s balance sheet?

6. Explain what is meant by the “two-transaction method” in recording exporting or importing trans-actions. What support is given for this method?

7. Describe a forward exchange contract.

8. Explain the effects on income from hedging a foreign currency exposed net asset position or net liability position.

9. What criteria must be satisfied for a foreign currency transaction to be considered a hedge of an identifiable foreign currency commitment?

10. The FASB classifies forward contracts as those acquired for the purpose of hedging and those acquired for the purpose of speculation. What main differences are there in accounting for these two classifications?

11. How are foreign currency exchange gains and losses from hedging a forecasted transaction handled?

12. What is a put option, and how might it be used to hedge a forecasted transaction?

13. Define a derivative instrument, and describe the keystones identified by the FASB for the ac-counting for such instruments.

14. Differentiate between forward-based derivatives and option-based derivatives.

15. List some of the criteria laid out by the FASB that are required for a gain or loss on forecasted trans-actions (a cash flow hedge) to be excluded from the income statement. If these criteria are satisfied, where are the gains or losses reported, and when (if ever) are they shown in the income statement? What is the rationale for this treatment?

Business Ethics Question from Textbook

Executive stock options (ESOs) are used to provide incentives for executives to improve company performance. ESOs are usually granted “at-the-money,” meaning that the exercise price of the options is set to equal the market price of the underlying stock on the grant date. Clearly, executives would prefer to be granted options when the stock price (and thus the exercise price) is at its lowest. Backdating options is the practice of choosing a past date when the market price was particularly low. Backdating has not, in the past, been illegal if no documents are forged, if communicated to the shareholders, and if properly reflected in earnings and in taxes.

1. Since backdating gives the executive an “instant” profit, why wouldn’t the firm simply grant an option with the exercise price lower than the cur-rent market price?

2. Suppose the executive was not involved in back-dating the ESOs. Does the executive face any ethical issues?

#ACC 401 Week 8 Quiz - Strayer

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livefreeshop · 8 years ago

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Fluid Shifts Dilution Measurements: The 49S subjects completed their Return minus 45 (R-45) Fluid Shifts Dilution Measurements activities today, collecting saliva, blood and urine and inserting them into Minus Eighty Degree Celsius Laboratory Freezer for ISS (MELFI) prior to ingesting a Sodium Bromide (NaBr) tracer. Throughout the day, the crew will perform more collections, storing them in MELFI as well. Fluid Shifts is a joint NASA-Russian experiment divided into Dilution Measurements, Baseline Imaging, and Baseline Imaging with Chibis (Lower Body Negative Pressure). The Fluid Shifts experiment investigates the causes for severe and lasting physical changes to astronaut’s eyes. Because the headward fluid shift is a hypothesized contributor to these changes, reversing this fluid shift with a lower body negative pressure device is being evaluated as a possible intervention. Results from this study may help to develop preventative measures against lasting changes in vision and to prevention of eye damage. JAXA Protein Crystal Growth (PCG) #12 Installation and Execution: The crew installed and configured the JAXA PCG#12 canisters in JEM Ryutai rack. This experiment will run until removal for return on 49S. The two canisters contain a total of 47 protein samples that were prepared by Russian and Japanese researchers from universities, national research institutes, and the private sector. The purpose of this activity is to obtain high quality protein crystals in the microgravity environment at a constant temperature for about 6 weeks. Results may contribute to the development of drugs for multidrug-resistant bacteria, Alzheimer’s disease, muscular dystrophy and periodontitis. They will also aid in the development of a blood substitute and biosensor. Orbital 7 (OA-7) Arrival Preparations: In preparation for OA-7 capture and berthing this Saturday, the crew completed the following: Reviewed Cygnus attached phase configuration, hardware, and stowage. Relocated Portable Computer System (PCS) and cables from Japanese Experiment Module Pressurized Module (JPM) Utility Outlet Panel (UOP) to the Lab UOP. Completed a Robotics Onboard Trainer (RoBOT) session to practice Capture Point hold runs and 2 meter runs. Today’s Planned Activities All activities were completed unless otherwise noted. Preparation of Reports for Roscosmos Web Site and Social Media EKON-M. Observations and photography Fluid Shifts Saliva Urine, and Blood Baseline Collection Fluid Shifts MELFI Insertion Operations Fluid Shifts Galley Water Collection Tracer Ingestion Operations Fluid Shifts Refrigerated Centrifuge Configuration MELFI Overview OBT Repair CWC-I attached to UPA SPA. KASKAD. ТБУ-В #02 thermostat connection and activation to +26 °С. Cygnus Capture Review FAGEN. ТБУ-В №4 thermostat activation to +4 °С Soyuz 735 Transfers and IMS Ops Pressurization of Elektron-VM Liquid Unit before Activation On-board Training (OBT) Cygnus Attached Phase Operations review. COSMOCARD. Preparing for and Starting 24-hr ECG Recording Fluid Shifts Urine Collection Mid Cygnus Cargo Operations Review KRISTALLIZATOR. PCG kits transfer from Soyuz 735, Inspection, and Handover to USOS KRISTALLIZATOR. Photo of PCG Kits Handover Fluid Shifts MELFI Retrieve Insertion Operations JAXA Protein Crystal Growth (PCG) Installation CONSTANTA-2. Transfer and Setup in ТБУ-В No.04 at +4 deg C Progress 435 (DC1) Stowage Ops with IMS Support Fluid Shifts Blood 3-Hour Collection Fluid Shifts Blood Collection – Operator FAGEN. Kit Transfers from Soyuz 735 FAGEN. Setup of MSK kit No.06 in ТБУ-В No.4 thermostat at +4 deg C and MSK kit No.07 kit on SM panel 328, photography Fluid Shifts Refrigerated Centrifuge Configuration Fluid Shifts Saliva 3-Hour Collection Fluid Shifts MELFI Retrieve Insertion Operations Cygnus Capture Review CASKAD. Transfer of Anabioz P/L from Soyuz 735. Bioreactor Setup in Thermostat at +26 deg C. Photography STRUKTURA. Transfer of Hardware from Soyuz 735 Fluid Shifts Refrigerated Centrifuge Spin Conclude STRUKTURA. Process Activation and Placement STRUKTURA. Photo during the Experiment and at Exposure Location Fluid Shifts MELFI Retrieve Insertion Operations CEVIS Crew Handover CALCIUM. Transfer of Calcium- Э Kits from Soyuz 735 and Setup in MRM1 CALCIUM. Experiment Session 1 T2 Crew Handover Fluid Shifts Saliva 5-Hour Collection – Subject Photo of a scuffmark left by the Active Docking Assembly Probe on the MRM2 Active Docking Assembly (АСП) Receiving Cone Fluid Shifts MELFI Retrieve Insertion Operations Fluid Shifts Blood Collection Conclude Stow Download docking cone internal surface photos to OCA Fluid Shifts Urine Collection End – Subject Fluid Shifts MELFI Insertion Operations Crew time for ISS adaptation and orientation NanoRacks Microscope-3 Procedure Review On-board Training (OBT) Cygnus Robotics Onboard Trainer (ROBoT) Session 2 Installation and Testing Voltage Converter ПН28-120 in RS Regenerative Environmental Control and Life Support System (RGN) Wastewater Storage Tank Assembly (WSTA) Fill PCS Laptop Relocate Soyuz 735 Transfers and IMS Ops Regenerative Environmental Control and Life Support System (RGN) Wastewater Storage Tank Assembly (WSTA) Fill ISS Crew Orientation Ghost camera setup in Cupola Cygnus Cargo Operations Conference Fluid Shifts Urine Collection Stow Regenerative Environmental Control and Life Support System (RGN) Wastewater Storage Tank Assembly (WSTA) Fill Progress 435 (DC1) Stowage and IMS Ops Health Maintenance System (HMS) – ESA Nutritional Assessment Regenerative Environmental Control and Life Support System (ECLSS) Recycle Tank Fill Part 3 IMS Update Regenerative Environmental Control and Life Support System (RGN) Wastewater Storage Tank Assembly (WSTA) Fill Completed Task List Items Veggie 03 Pillow Watering and Photo Lab Aft Hatch Stowage Latch Troubleshooting Ground Activities All activities were completed unless otherwise noted. Cygnus OBT support Fluid Shifts support Three-Day Look Ahead: Saturday, 04/22: Cygnus capture/berth/ingress Sunday, 04/23: Crew off duty Monday, 04/24: Polar (4) transfers, Emergency Roles/Responsibilities Review, OBT Cygnus emergency review, Cygnus cargo transfer ops QUICK ISS Status – Environmental Control Group: Component Status Elektron Off Vozdukh Manual [СКВ] 1 – SM Air Conditioner System (“SKV1”) Off [СКВ] 2 – SM Air Conditioner System (“SKV2”) Off Carbon Dioxide Removal Assembly (CDRA) Lab Operate Carbon Dioxide Removal Assembly (CDRA) Node 3 Operate Major Constituent Analyzer (MCA) Lab Operate Major Constituent Analyzer (MCA) Node 3 Standby Oxygen Generation Assembly (OGA) Process Urine Processing Assembly (UPA) Standby Trace Contaminant Control System (TCCS) Lab Full Up Trace Contaminant Control System (TCCS) Node 3 Off from ISS On-Orbit Status Report https://go.nasa.gov/2pX8LjB

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nerdyflowerwombat-blog · 8 years ago

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ACC 401 Week 8 Quiz - Strayer

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Quiz 7 Chapter 11 and 12

Chapter 11

International Financial Reporting Standards

Multiple Choice—Conceptual

1. The goals of the International Accounting Standards Committee include all of the following except a. To improve international accounting. b. To formulate a single set of auditing standards to be applied in all countries. c. To promote global acceptance of its standards. d. To harmonize accounting practices between countries.

2. Which of the following is true about the FASB after the mandatory adoption of IFRS by US companies? a. The FASB will serve in an advisory capacity to the IASB. b. The FASB will remain the designated standard-setter for US companies, but incorporate IFRS into US GAAP. c. The role of the FASB post-IFRS adoption has not been determined. d. The FASB will cease to exist.

3. Milestones in the transition plan for mandatory adoption of IFRS by US companies include all of the following except: a. Improvements in accounting standards. b. Limited early adoption of IFRS in an effort to enhance comparability for US investors c. Mandatory use of IFRS by US entities. d. All of the above are milestones in the transition plan for mandatory adoption of IFRS by US companies.

4. The roles of the IASC Foundation include a. establishing global standards for financial reporting. b. coordinating the filing requirements of stock exchange regulatory agencies. c. financing IASB operations. d. all of the above are roles of the IASC Foundation.

5. Which of the following statements is true regarding the IASC? a. The IASC is a public-sector, not-for-profit organization. b. The IASC is accountable to an international securities regulator. c. The IASC is a stand-alone, private-sector organization. d. The IASC funds the operations of the IASB through filing fees paid to national securities regulators.

6. . Concerns of the SEC with regard to the mandatory adoption of IFRS by US entities include all of the following except: a. the extent to which the standard-setting process addresses emerging issues in a timely manner. b. the security and stability of IASC funding. c. the enhancement of IASB independence through a system of voluntary contributions from firms in the accounting profession. d. the degree to which due process is integrated into the standard-setting process .

7. . Under the staged transition to mandatory adoption of IFRS being considered by the SEC, a. large, accelerated filers would begin IFRS filings for fiscal years beginning on or after December 31, 2011. b. non-accelerated filers would begin IFRS filings for fiscal years beginning on or after December 31, 2015. c. large non-accelerated filers would have until fiscal years beginning on or after December 15, 2017 to adopt IFRS. d. smaller reporting companies would begin IFRS filings for fiscal years beginning on or after December 15, 2016. . 8. In order to complete its first IFRS filing, including three years of audited financial statements, according to the staged transition to mandatory adoption of IFRS considered by the SEC, a large accelerated filer would need to adopt IFRS beginning in fiscal year a. 2011. b. 2012. c. 2013. d. 2014.

9. Benefits of the FASB Accounting Standards Codification (ASC) include all of the following except a. increases the independence of the FASB. b. aids in the convergence of US GAAP with IFRS. c. reduces time and effort required to research accounting issues. d. clearly distinguishes between authoritative and non-authoritative guidance.

10. SFAS No.162, the Accounting Standards Codification, is directed to a. auditors. b. Boards of Directors. c. securities regulators. d. entities.

11. IFRS and US GAAP differ with regard to financial statement presentation in all of the following except a. IFRS generally requires that assets be listed in order of increasing liquidity while US GAAP requires that assets be listed in order of decreasing liquidity. b. US GAAP requires expenses to be listed by function while IFRS requires expenses to be listed by nature. c. IFRS prohibits extraordinary items which are allowed by US GAAP. d. IFRS requires two years of comparative income statements while under US GAAP, three years of income statements are required.

12. The major difference between IFRS and US GAAP in accounting for inventories is that a. US GAAP prohibits the use of specific identification. b. IFRS requires the use of the LIFO cost flow assumption. c. US GAAP prohibits the use of the LIFO cost flow assumption d. US GAAP allows the use of the LIFO cost flow assumption.

13. One difference between IFRS and GAAP in valuing inventories is that a. IFRS, but not GAAP, allows reversals so that inventories written down under lower-of-cost-or-market can be written back up to the original cost . b. GAAP defines market value as replacement cost where IFRS defines market as the selling price. c. GAAP strictly adheres to the historical cost concept and does not allow for write-downs of inventory values while IFRS embraces fair value. d. IFRS, but not GAAP, requires that inventories be valued at the lower of cost or market.

14. In accounting for research and development costs. a. the general rule under both US GAAP and IFRS is that research and development costs should be expensed as incurred . b. IFRS generally expenses all research and development costs while US GAAP expenses research costs as incurred but capitalizes development costs once technological and economic feasibility has been demonstrated. c. US GAAP generally expenses all research and development costs while IFRS expenses research costs as incurred but capitalizes development costs once technological and economic feasibility has been demonstrated. d. both US GAAP and IFRS expense research costs as incurred but capitalize development costs once technological and economic feasibility has been demonstrated. . 15. Property, plant and equipment are valued at a. historical cost under both IFRS and US GAAP. b. historical cost or revalued amounts under both IFRS and US GAAP. c. revalued amounts under IFRS. d. historical cost under US GAAP while IFRS allows the assets to be valued at either historical cost or revalued amounts.

16. The amount of a long-lived asset impairment loss is generally determined by comparing a. the asset’s carrying amount and its fair value under US GAAP. b. the asset’s carrying amount and its discounted future cash flows less cost to sell under IFRS. c. the asset’s carrying amount and its undiscounted future cash flows under US GAAP. d. the asset’s carrying amount and its undiscounted future cash flows less disposal cost under IFRS.

17. In accounting for liabilities, IFRS interprets “probable” as a. likely. b. more likely than not. c. somewhat possible. d. possible and not remote.

18. Accounting under IFRS and US GAAP is similar for all of the following topics except a. changes in estimates. b. related party transactions. c. research and development costs. d. changes in methods.

Use the following information to answer the next three questions.

On January 1, 2010, AirFrance purchases an airplane for €14,400,000. The components of the airplane and their useful lives are as follows:

Component Cost Useful life Frame €7,200,000 24 years Engine 4,800,000 20 years Other 2,400,000 10 years AirFrance uses the straight-line method of depreciation. The asset is assumed to have no salvage value.

19. Under IFRS, the entry to record the acquisition of the airplane would include a. a debit to Asset/ Airplane of €14,400,000. b. a debit to Asset/ Airplane frame of €14,400,000. c. a debit to Asset/ Airplane engine of €4,800,000. d. cannot be determined from the information given.

20. Under US GAAP, the entry to record depreciation expense on the asset at December 31, 2011 will include a. a credit to accumulated depreciation of €1,200,000. b. a debit to depreciation expense of €1,440,000 c. a debit to depreciation expense of €800,000. d. a credit to accumulated depreciation of €600,000.

21. Under IFRS, the entry to record depreciation expense on the asset at December 31, 2011 will include a credit to accumulated depreciation of a. €1,440,000. b. €1,200,000 c. €800,000. d. €600,000.

22. Accounting terminology that differs between IFRS and US GAAP include all of the following except a. the use by IFRS of “turnover” for revenue. b. the use by IFRS of “share premium” for additional paid-in-capital. c. the use by IFRS of “other capital reserves” for retained earnings. d. the use by IFRS of “issued capital” for common stock.

23. New terminology introduced under the joint IFRS- US GAAP Customer Consideration (Allocation) Model includes all of the following except a. revenue recognition voids. b. contract rights. c. net contract asset/ liability. d. performance obligations.

24. Under IFRS, the criteria to determine whether a lease should be capitalized include a. the present value of the minimum lease payments is 90% or more of the fair value of the asset at the inception of the lease. b. the term of the lease is 75% or more of the economic life of the asset. c. the term of the lease is equal to substantially all of the economic life of the asset. d. the present value of the minimum lease payments is equal to substantially all of the fair value of the asset at the inception of the lease.

Use the following information to answer the next three questions.

#ACC 401 Week 8 Quiz - Strayer

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