General Index of Financial Information (GIFI) You have to include financial statement information when you file a T2 Corporation Income Tax Return or a T5013 Partnership Information Return.The GIFI is an extensive list of financial statement items where each item has a unique code (for example, cash is 1001). Accounts Used to Record Product Costs. P 1.24 Calculate shareholders’ equity. Each section contains three default line items and the descriptions of the items on the financial statement are based on the description of the items that are included in this section on the FinInfo sheet. Question: Match The Items Below With The Appropriate Answer Provided A Dividend Declared Out Of Paid-in Capital.I Choos E ] Earnings Per Share Cash Dividend Retained Earnings Currently Unavailable For Dividends. Horizontal analysis of the balance sheet is also usually in a two-year format, such as the one shown below, with a variance showing the difference between the two years for each line item. 1. Journal voucher file. Horizontal Analysis of the Balance Sheet. Once you click off the number field, your results will appear. Financial statements include the balance sheet, income statement… The elements of financial statements are the general groupings of line items contained within the statements. Match each of the following items 1 through 8 with the financial statement a through d in which each item would most likely appear. For financial data associated with a given period, such as with tax records, this could be the description of an asset, the date the asset was acquired, or both. Lastly, Note 1.57 "Business in Action 1.7" provides an example of how the accounts shown in Table 1.4 "Accounts Used to Record Product Costs" and Figure 1.6 "Flow of Product Costs through Balance Sheet and Income Statement Accounts" appear in financial statements. Financial statement assertions, or management assertions, are a company's official statement that the figures the company is reporting are accurate. 5. Cost less accumulated depreciation. Each item is assigned its own unique code. When building a three statement model, 3 Statement Model A 3 statement model links the income statement, balance sheet, and cash flow statement into one dynamically connected financial model. Statement of owner's equity c. Balance sheet d. Statement of cash flows 3. Overview. (Hint: Some Of The Items Can Be Found On More Than One Financial Statement.) Usually created by a pronouncement from an authoritative body. Depreciation is an especially tricky line item because it affects all three Financial Statements, but is often not broken out directly in the Income Statement even though it is an annual expense. Vertical analysis is a method of financial statement analysis in which each line item is listed as a percentage of a base figure within the statement. The IFRS grants limited exemptions from the general requirement to comply with each IFRS effective at the end of its first IFRS reporting period. a. If the properties covered by the consolidated mortgage bond are … First, let’s determine what the term bad debt means. Consolidated Mortgage Bond: A bond that consolidates the issues of multiple properties. IAS 39 outlines the requirements for the recognition and measurement of financial assets, financial liabilities, and some contracts to buy or sell non-financial items. In some cases, an entry may be identified with a code number; however, if the same system is not used for both lists, this identifier may create matches where there are none or ignore matches that should be made. Take time to review these items … 4. A. Match the term in the left column with its appropriate definition from the right column: ___ 1. Indicate in which financial statement each item would most likely appear: income statement (I), balance sheet (B), statement of owner’s equity (E), or statement of cash flows (CF). Accounting Concept Notation Accounting period concept P … Instance document. Income statement b. Sections 5 through 8 explain the use of ratios and other analytical data in equity 5. An item may appear on more than one statement. Thus, the elements of the financial statements of a for-profit business vary somewhat from those incorporated into a nonprofit business (which has no equity accounts). a. Projecting Income Statement Line Items. Question: Match The Following Items To The Financial Statement Where They Can Be Found. Match each element with its financial statement by selecting the appropriate financial statement. Indicate whether each item should be categorized as a product or period cost. work for financial statements and the place of financial analysis techniques within the framework. IFRS 1 First-time Adoption of International Financial Reporting Standards sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements. Insurance Contracts, IFRS 6 Exploration for and Evaluation of Mineral Resources, IAS 26 Accounting and Reporting by Retirement Benefit Plans or IAS 34 Interim Financial Reporting. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Use the notations below to indicate the appropriate accounting concept. Start studying Match the Terms in column B with the appropriate description in column A. Question 1 0.1 out of 0.1 points Match each item below with the appropriate description using each one only once. Indicate your answer by writing the letter for the appropriate principle in the blank space next to each description. Some concepts may be used more than once, while others may not be used at all. Match each item with the financial statement that it would appear in by ticking the appropriate column. The portion that a company believes is uncollectible is what is called “bad debt expense.” The Cost principle F. Objectivity principle C. Business entity principle G. Going-concern principle D. Revenue recognition principle 1. Examples, guide it becomes necessary to get into the habit of projecting income statement line items. Given the following info relating to Stripes Ltd, what is the balance of shareholders’ equity? Equal amount of depreciation each period. You can therefore change the descriptions in this section if you want to change the item description on the financial statements. Learn vocabulary, terms, and more with flashcards, games, and other study tools. An alternative format is to add as many years as will fit on the page, without showing a variance, so that you can see general changes by account over multiple years. Attests to the fairness of the presentation of the financial statements. For example, the item "Cash" is assigned code 1001 and "Office expenses" is assigned code 8810. Instructions. The GIFI codes identify items that are usually found on a corporation's financial statement (balance sheets, income statements, and statements of retained earnings). Financial statements are written records that convey the business activities and the financial performance of a company. Match the different parts of the annual report with the appropriate description. Definition of Elements of Financial Statements The elements of financial statements are the classes of items contained in the financial statements. Match the account with the statement it is reported on by entering the correct number in the questions column. Question Manufacturer Merchandiser Service firm Corporation Sole proprietorship Partnership Limited Liability Company Response Feedback: See Module 1 LO 2. Includes the income statement, balance sheet, statement of stockholders' equity and statement of cash flows. Match each of the following accounts with the appropriate description that follows. Tangible resources that are used in operations and are not intended for resale. An accelerated depreciation method used for financial statement purposes. Identifying items with financial statements P2. 2. 2: _____ refers to the amount of water vapor in the air at any given time. Expected cash value of the asset at the end of its useful life. General accounting principle E. Specific accounting principle B. Home » Financial Statements » Financial Statements Matching Questions . b. Start studying Identifying accounting principles and assumptions- Match each of the numbered descriptions with the principle or assumption it best reflects.. QS 1-12. Line items for each of the core statements are set up. Match the term with the appropriate definition (6.0 points) (Points: 6) Matching: Answer Potential Matches: 1: The point at which the relative humidity reaches 100% is the _____ and the air can hold no more water vapor. Indicate whether each item should be categorized as direct materials, direct labor, manufacturing overhead, selling, or general and administrative. An individual financial statement item ___ 2. 1 Answer to Match each of the following statements with the appropriate accounting concept. 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