Briefly explain the purposes of adjustments.

Q: What are the four types of adjustments?

A: Four types of Adjustments are: a) Accrued Revenue: Revenue which have been earned but we have not…

Q: What form is required?Explain why this is the correct form?

A: Taxation states the financial charge or obligation which is imposed through the government or…

Q: Define closing entries and their purpose.

A: Closing Entries: Closing entries are those journal entries which are passed to transfer the balances…

Q: Explain why reclassification adjustments are necessary.

A:

Q: What are the four distinct categories of adjustments?

A: Adjusting entries in accounting are made with a view to accurately reflect the expenses and income…

Q: a. Fill in the amount of the source or use in the appropriate column.

A: a. Fill the amount of sources and uses of cash:

Q: Explain secondary apportionment with relevant examsples

A: Secondary Apportionment: In refers to the process in which the service department overhead is…

Q: What amount of gain should be reported as a result of the modification of terms under ifrs?

A: As per the restructuring of terms, 1. Loan reduced by 20% i.e., P3,000,000 * 20% = P 600,000 2. Loan…

Q: Explain the four Types of Adjustment Entries?

A: Adjusting entries are those entries which are passed at the end of the year to accurately record…

Q: explain the meaning of permanent differences, and give two other examples

A: The periods between which revenues and expenses are reported for financial statement and income tax…

Q: Define Valuation allowance

A: Valuation allowances are reserves created, which can set off deferred tax assets. If it is probable…

Q: What is the purpose of the valuation allowance?

A: purpose of the valuation allowance are as follows

Q: Explain the difference between the two types of subsequent events.

A: Subsequent events refers to events which occur after the end of reporting period but before…

Q: Briefly explain the concepts of temporary difference and permanent difference

A:

Q: assess the reasonableness of opening balances

A: Opening balance of accounts are closing balances of those accounts brought forward to current…

Q: Differentiate between an originating temporary difference and a reversing difference.

A:

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: Briefly explain the four general types of adjustments provided by our authors and why they are…

A: Answer:-  Adjustment entry meaning:- Adjustment entry is basically adjustment in the books of…

Q: Explain the meaning of the following terms: markup,additional markup, markup cancellation, net…

A: Products are priced at the selling price and used to compare different product lines. The selling…

Q: Compute for the adjusted balance of "DELIVERY EQUIPMENT

A: The question is related to Property, Plant and Equipment. The adjusted balance of delivery equipment…

Q: Why we should do adjusting entries?

A: A changing diary passage is a section in an organization's overall record that happens toward the…

Q: Explain the purpose and construction of a statement of functional expenses.

A: Financial Statement:   It refers to the financial records of an organization that reports their…

Q: The purpose of adjustments is to?

A: In simple words, adjusting entries are the changes to the journal entries that are already made in…

Q: When is the Ratio method applicable? How about the Apportion method? Give situational example.

A: The Ratio method is applicable in order to the identification of the cost and time of the specific…

Q: Define Adjustments

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Briefiy explain (in one or two sentences) what the meaning is of the calculated AS/SFR ask

A: Step 1: A cross exchange rate is the rate of exchange between two currencies that are inferred by…

Q: How do I tell what the adjusting entries are on a partial work sheet?

A: Adjusting entries are listed in a separate column in the worksheet. The adjusted trail balance is…

Q: What is the correct amount of nventory?

A: Goods in transit, shipped at FOB shipping point are to be removed from inventory because they left…

Q: Define adjustment bureau

A: Adjustment bureaus generally operate under the laws of the federal government. These adjustment…

Q: Define Allowance method.

A: Accounts Receivables:   It is the money owed to the company by outside entities for the products or…

Q: What's the adjustment?

A: The answer is provided as follows:

Q: Calculate modified duration using the information provided.

A: Modified duration is a measure used for finding the bond's price volatility. Modified duration is…

Q: Methods and rules to be followed in case of reconstitution?

A: Solution- It is often noticed that a partnership firm undergoes restructuring. These changes are…

Q: Explain Interests, Encumbrances, and Easements?

A: Interest refers to the additional amount paid by a borrower or received by an investor apart from…

Q: Explain when it is appropriate to recognize revenue over a period of time.

A: Revenue: Revenue refers to the income received from the business activity or sale of the output,…

Q: artnership should be adjuste

A: Partnership is a type of business. In partnership there are some Reconstruction of partnership event…

Q: What are the requirements for a prior period adjustment?

A: Prior period adjustment: A prior period adjustment is the result of a material error discovered in…

Q: Define Prior Period Adjustments.

A:

Q: Match the word with the correct definition.

A: Banking terminologies are the key terms that helps in understanding the terms used in banking…

Q: What is interim reporting?

A: Financial Reporting:   It refers to the disclosure of the financial results of the organization to…

Q: Explain with relevant examples  1. Primary Apportionment

A: Primary Apportionment is a concept related to the allocation and apportionment of overhead costs to…

Q: Define and explain Closing process and closing entries?.

A: Closing entries means the entries to be made on the closing of any particular period . All revenue…