1. Fences and parking lots are reported on the statement of financial position as
(A) current assets.
(B) land improvements.
(C) land.
(D) property and equipment.

47. What is the main purpose of Giving Tuesday? (A) It hopes to bring people’s attention to altruism and embody consumerism to stimulate economy. (B) It aims to shift the focus of people from consumerism to those who are in need. (C) It intends to help promote Black Friday and Cyber Monday businesses and help the poor simultaneously. (D) It is established to counterweigh the charitable events held mostly after Thanksgiving.

48. According to the passage, which one of the following activities might not be held on Giving Tuesday? (A) food drive (B) making donations to charity (C) anti-hunger activities (D) anti-racial discrimination

49. All in all, which of the following statement is NOT true? (A) The initiative was able to attract a lot of people and raise a lot of money for many nonprofit organizations. (B) The hashtag #GivingTuesday has become a popular tool to inspire social media users to give generously. (C) Asha Curran, and Henry Timms have always been the two sole founders of this great cause. (D) The United Nations Foundation offered its vital support and became the initiative’s other cofounder.

50. Which of the following words is closet in meaning to the world “benevolence” in line 2 of the second paragraph? (A) kindness (B) tenacity (C) justice (D) capitalism

2. How many item(s) in the following does IFRS require that a single amount be disclosed withinthe income statement:(1) financial cost, (2) the post-tax profitloss on discontinued operations, (3) operatingincome, (4) other incomes and expenses(A) One item.(B) Two items.(C) Three items.(D) Four items

3.Using IFRS, which of the following items is matched correctly with its basis of valuation forpurposes of reporting on the statement of financial position?(A) I, II, and III(B) II, III, and IV(C) II and III(D) All of the four items

4. Cost estimates on a long-term contract may indicate that a loss will result on completion of the entire contract. In this case, the entire expected loss should be (A) the cost-recovery method defers recognition of the loss to the time when the contract is (B) deferred and recognized when the contract is completed, regardless of whether the percentage-of-completion or cost-recovery method is employed. (C) recognized in the current period, and reported as a current liability (estimated liability) under both the percentage-of-completion and the cost-recovery methods. completed. (D) no action taken until profits exist upon construction completion under both the percentage-of-completion and the cost-recovery methods.

5. If both ending inventory and purchases and related accounts payable are understated for 2019,assume this purchase was recorded and paid for in the year 2020, the effects of this error on netincome(NI) for 2019 and 2020, and current ratio (if greater than 1) at December 31, 2019,respectively, are

6. At September 30, 2020, what is the value of the shearing alpaca and wool inventory on thestatement of financial position?

7. On the first quarter's income statement, 2020, what amount of unrealized gain or loss on agricultural assets will be reported? (A) Unrealized Gain of $6,275 (B) Unrealized Gain of $6,725 (C) Unrcalized Gain of $18,725 (D) Unrealized Gain of $19,725