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Question 1 of 3 - CHAPTER 1 - END OF CHAPTER ASSIGNMENT
Question 1 of 3 - CHAPTER 1 - END OF CHAPTER ASSIGNMENT
Question 1 of 3 1/1
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(a)
For each of the below situations, determine if the accounting treatment of the situation is
correct or incorrect.
1. Human Solutions Incorporated believes its people are its most significant
asset. It estimates and records their value on its balance sheet.
3. Will Viceira, owner of the Music To You Company, bought an electric guitar
for his personal use. He paid for the guitar with company funds and
increased the Equipment account.
4. West Spirit Oil Corp. is a very small oil and gas company that is listed on
the Toronto Stock Exchange. The president asked each of the shareholders
to approve using ASPE instead of IFRS to reduce expenses for accounting
services. He received unanimous approval and has advised the company
accountant to prepare the 2024 financial statements accordingly.
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