Review CPA 1A

On the opening ------ Balance Sheet inventory must be reported at the lower of cost or net realizable value with cost determined using an IFRS method.

On the opening IFRS Balance Sheet inventory must be reported at the lower of cost or net realizable value with cost determined using an IFRS method.

On the opening IFRS Balance Sheet ---------------------- must be reported at the lower of cost or net realizable value with cost determined using an IFRS method.

On the opening IFRS Balance Sheet inventory must be reported at the lower of ------------- or net realizable value with cost determined using an IFRS method.

On the opening IFRS Balance Sheet inventory must be reported at the lower of cost or ----------------------------- with cost determined using an IFRS method.

Extraordinary gains from extinguishment of debt are a component of ---------------------

the cumulative effect of a change in accounting -------------------- is shown on the retained earning statement as an adjustment to the beginning balance of retained earnings.

the cumulative effect of a change in accounting principle is shown on the ----------------------------------------- as an adjustment to the beginning balance of retained earnings.

the cumulative effect of a change in accounting principle is shown on the retained earning statement as an --------------------- to the beginning balance of retained earnings.

A change from LIFO to FIFO for inventory valuation is a change in -----------------------

When changing to IFRS for the first time the following must be included.

When changing to IFRS for the first time the following must be included.
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2 statements of comprehensive income
2 separate income statements
2 statements of cash flows 
2 statements of changes in equity

When changing to IFRS for the first time the following must be included.
3 balance sheets
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2 separate income statements
2 statements of cash flows 
2 statements of changes in equity

When changing to IFRS for the first time the following must be included.
3 balance sheets
2 statements of comprehensive income
-------------------------------------
2 statements of cash flows 
2 statements of changes in equity

When changing to IFRS for the first time the following must be included.
3 balance sheets
2 statements of comprehensive income
2 separate income statements
------------------------------------------
2 statements of changes in equity

When changing to IFRS for the first time the following must be included.

3 balance sheets
2 statements of comprehensive income
2 separate income statements
2 statements of cash flows 
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If the subsidiary's functional currency is its local currency the subsidiary's financial statements are simply ---------------------- to the reporting currency.  The resulting adjustment is reported as other comprehensive income.

If the subsidiary's functional currency is its local currency the subsidiary's financial statements are simply translated to the reporting currency.  The resulting adjustment is reported as ----------------------------------.

if the subsidiary's -------------------------- I not the same as its local currency the subsidiary's financial statements must be remeasured into the functional currency.  the resulting gain or loss on remeasurement is reported in the consolidated income statement.

if the subsidiary's functional currency I not the same as its local currency the subsidiary's financial statements must be ------------------- into the functional currency.  the resulting gain or loss on --------------------------- is reported in the consolidated income statement.

if the subsidiary's functional currency I not the same as its local currency the subsidiary's financial statements must be remeasured into the functional currency.  the resulting gain or loss on remeasurement is reported in the -----------------------------------.

Under the ------------------- common stock dividends are recorded as a reduction tot eh investment account.

Under the equity method common stock dividends are recorded as a reduction to the ----------------------------.

Under the equity method ---------------------------------------- are recorded as a reduction tot eh investment account.

Preferred stock investment is accounted for using the ------------------------.