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[answered] Assignment No. 5 ACCT302 Advanced Financial Accounting Stud


Answer the questions in the attached word document


Assignment No. 5

 

ACCT302 Advanced Financial Accounting

 

Student name:

 

Student ID:

 

Total Marks: 10

 

Note: 10 marks of all 5 assignments (50 marks) are converted into 15 marks at the end of the

 

semester using the following formula:

 

Actual total marks/ 50 marks*15 marks

 

You are required to work in this assignment individually. Any suspicious activities or cheating

 

will result zero grade in this assignment. Plagiarism is prohibited, answers of high plagiarism

 

receive zero.

 

Students submitting assignment after deadline will have zero

 

Each question carries 2.5 marks

 

Q1. Briefly explain the following terms associated with accounting for foreign entities:

 

a) Functional Currency

 

b) Translation

 

c) Remeasurement

 

Answer: 1 Q2. The ABC partnership had net income of $100,000 for 2009. They allocate profits and losses

 

in the ratio 5:3:2. After closing the 12/31/2009 books they discovered that $30,000 was spent on

 

a piece of land in December 2009 and was expensed. What should happen?

 

Answer: Q3. The PQ partnership has the following plan for the distribution of partnership net income

 

(loss): Required:

 

2 Calculate the distribution of partnership net income (loss) for each independent situation below

 

(for each situation, assume the average capital balance of P is $140,000 and of Q is $240,000).

 

1. Partnership net income is $360,000.

 

2. Partnership net income is $240,000.

 

3. Partnership net loss is $40,000.

 

Answer: Q4. Listen and Hear are thinking of dissolving their partnership. Listen has a friend who told him

 

to complete a "lump-sum" liquidation. Hear wants to complete an "installment" liquidation. They

 

have come to you for advice. What do you recommend and Why?

 

Answer: 3

 


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