6. Under IFRS, which of the following must be expensed? a. maintenance only b. repairs only c. rearrangements only d. maintenance, repairs, and rearrangements

Q: Repairs and maintenance costs are normally: O a. Expensed in the profit or loss as incurred. O b.…

A: All expenses which are having short term benefit or benefit for only one year, that should be…

Q: hich one of the following category prepaid expenses belong to? a. Current asset b. Intangible asset…

A: Prepaid expenses are those expenses which are paid in advance for future period of time and expenses…

Q: Explain the differences in the accounting treatment of repairs and maintenance, additions,…

A: Capital expenditure: It refers to the amount spent on acquiring, maintaining, and improving the…

Q: Which of the following events could not coincide with the recognition of an expense? O The…

A: Expenses means the amount spent on running the business. Expense will decrease our profits and shown…

Q: capitalisation

A: As per IAS -16 and expenditure incurred need to be capitalized if the below two conditions are…

Q: Which of the following items may be classified as nonoperating revenues and expenses?   Multiple…

A: Non-operating revenues and outlays are those incomes and expenses that are earned or incurred from…

Q: f the Construction in Progress account is greater than the Contract Billings, the excess is treated…

A: Construction in progress means the contracts' work which still going on and is yet to be completed.

Q: Which of the statements below regarding revenue expenditures is TRUE? a. Revenue expenditures…

A: Expenditure means money spend by the company in order to carry on the business. These expenditures…

Q: Which one of the following statement about encumbrance is correct? a. Encumbrances are equivalent to…

A: Encumbrances denote the estimated expenditures before the actual expenditure is occurred. It…

Q: Which of the following is most likely to be reported as an accrued liability? Multiple Choice…

A: Accrued liability is a sort of obligation of an entity that the entity has not paid yet. In other…

Q: Which of the following concept states that "the organization should account for all possible…

A: Owner's equity includes the capital invested by the owners of the company and the retained earnings.…

Q: Which statement is true when the outcome of construction contract cannot be estimated reliably?…

A: As per AS-7, the accounting treatment of construction contract with respect to recognition of…

Q: Explain how the § 179 immediate expensing deduction affects the computation of MACRS cost recovery

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: In a case of low value asset exemption, rent paid in advance by the lessee should be treated as O…

A: Rent paid in Advance by the lessee shall be classified as Prepaid Rent.. Option Prepaid Rent is…

Q: the principal difference between depreciation and most other types of expenses is that

A: FIXED asset is a tangible asset that is owned by the business and have life more than one year .This…

Q: Which item would not be classified as an operating expense?     a)  Interest expense.   b)…

A: Operating Expenses Operating expenses are those expenditures that a business incurs to engage in…

Q: Accumulated Depreciation is: Multiple Choice A contra-asset account A liability An expense account A…

A: Depreciation expense is the amount a firm's assets are depreciated for a single month, whereas…

Q: Which of the following items represents a deferral?A. Prepaid insuranceB. Wages payableC. Fees…

A: In accounting, deferral means to defer or delay recognizing certain revenues or expenses…

Q: Define Expense recognition.

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: On a classified balance sheet, wages payable is classified as: a.a current liability. b.a long-term…

A: Wages payable: Wages company should pay them to employees but not paid by the company.

Q: Income earned from incidental operations before an asset is put to use is: deducted from the…

A: Incidental Revenue - Incidental revenue can be earned anytime during or before the assets put to use…

Q: Distinguish between ordinary repairs and extraordinaryrepairs. How is each accounted for?

A: Ordinary repairs:   These costs are incurred to maintain the long-term asset in good condition for…

Q: Describe the relationship between the expense recognition(“matching”) principle and accounting for…

A:

Q: Under IFRS, receivables are to be reported on the balance sheet at: a.    amortized cost. b.…

A: Amortization: Amortization is a process in which the cost of intangible assets is spread equally…

Q: admiHII examples of what type of expense? a. selling expense b. miscellaneous expense c.…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Which of the following is not included in the computation of profit or loss? Interest Expense on…

A: Employee benefits It is the  consideration provided  by business  to employees  in exchange for…

Q: When outcome of a construction contract is estimated reliably, contract revenue and contract costs…

A: Solution: As per IAS 11, "when the outcome of a construction contract can be estimated reliably,…

Q: Define expense recognition principle

A: Expense recognition principle says that all expenses for the particular period must be recognized in…

Q: Normal repair and maintenance of an asset is an example of what?

A: Normal repair and maintenance cost means the objective of restoring the asset to perform the…

Q: Which one of the following category prepaid expenses belong to?

A: Current assets are the assets of the company that are expected to be consumed through standard…

Q: Which of the following is sufficient to record the expense ?    a) Payment in the following period…

A: Expense- An expense refers to the cost that's employed in producing revenues in an exceedingly…

Q: Which of the following items represent a deferral ?                                      A. Prepaid…

A: In accounting, deferral means to defer or delay recognizing certain revenues or expenses on the…

Q: Which of the following types of subsequent expenses is not normally capitalized? Improvements…

A: ALL THE EXPENSES INCURRED ON AN ASSET WHICH WILL INCREASES THE OUTPUT ARE TO BE CAPITALIZED AND DAY…

Q: Which of the following expenditures cannot be included in R&D costs? a. indirect costs b.…

A: R & D: R & D means Research and Development which indicates as a process of obtaining new…

Q: TRUE OR FALSE   The main difference between the function and the nature of expense methods is the…

A: Salaries, rent, supplies, and travel are all examples of natural expense classifications whereas in…

Q: judgement

A: Answered:

Q: Prior (Past) service cost is expensed immediately using a. U.S. GAAP. b. IFRS. c. Both U.S. GAAP and…

A: Service cost is the primary component of the pension expense each year. It is represented as the…

Q: Which among the following suits best for Unearned revenue? a. Liability b. Expense c. Revenue d.…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

Q: Which of the following could be charged to the profit and loss account as an expense? O A…

A: Profit and Loss account provides overview about all incomes and expenses of an entity for a…

Q: 1 - Which of the following items is given correctly? a) The provision for depreciated goods has…

A: Provision means an amount set side now to be payable in future because of some past event and…

Q: Per PAS 8, it is an adjustment of the carrying amount of an asset or a liability., or the amount of…

A: As per PAS 8, "A change in accounting estimate is an adjustment of the carrying amount of an asset…

Q: What are the four different approaches to implementing expense recognition? Give an example of an…

A: