The one-worksheet conversion adjustment to reflect debt service payments of $85,000 ($55,000 principal; $30,000 interest) by a governmental fund would be
Debit Credit
A. Debt Service Expense
Net Position $85,000
$85,000
B. Bonds Payable
Cash $55,000
$55,000
C. Bonds Payable
Debt Service Expenditures – Principal $55,000
$55,000
D. Bonds Payable
Debt Service Expenditures – Principal $85,000
$85,000
C
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When texting a client you do not know well, what should be included in the text?
A) A salutation B) Detailed explanations C) Abbreviations D) Complete sentences E) Bullet points
Are impairment reversal allowed in IFRS different than those allowed in U.S. GAAP?
A) No, IFRS and GAAP impairment reversals are accounted for the same way. B) Yes, IFRS allows impairment reversals in income if the reversal can be objectively related to an event occurring after the impairment was recognized. C) Yes, IFRS does not allow reversals of impairment losses, while GAAP allows reversals for non-credit losses recorded in Other Comprehensive Income. D) Yes, IFRS allows reversals of all impairment losses related to investment assets, regardless of this loss was recorded in Net Income or Other Comprehensive Income.