Ch. 16 _______ specifies an action that the company agrees to take or a condition the company must abide by. Group of answer choices milking the property marketable claims negative covenant positive covenant
Q: (a) Cite an example of a contract which is contrary to morals, (b) Can the nullity of the…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: S1: Negotiorium gestio refers to the voluntary administration of the property, business, or affairs…
A: The terms have been discussed here under: 1) Negotiorium gestio: This is an arrangement where an…
Q: QUESTION 33 Possession (not ownership) to real property is commonly acquired by an agreement called…
A: Possession (not ownership) to real property is acquired by an agreement called lease
Q: 38. In which of the following contracts may full payment of the price become the operative act that…
A: The contracts upon the full payment of the price become the operative act that transfers ownership…
Q: or single periodic rental in an instalment sale or finance lease of personal property assuming a…
A: Instalment sale or finance lease of personal property: The instalment sale or finance lease of…
Q: One of the following is not a transaction deemed sale and is therefore not subject to VAT. Which is…
A: The answer is stated below:
Q: AASB 16/IFRS 16 defines a lease as: Select one: A. a contract, or part of a contract, that…
A:
Q: Which of the following is not a mode of extinguishment of contract of sale? Group of answer choices…
A: The mode of extinguishment of contract of sale is::: Payment or performance of obligation..…
Q: q23 Which of the following is not a requirement for the recognition of an intangible asset? Select…
A: Intangible asset: An assets which does not have any physical existence or substance and are…
Q: Determine if this shall result in recognition of liabilities 15.Violation of the terms of agreement…
A: As per IAS 37, of IFRS Provisions, contingent liabilities and contingent assets If likelihood of…
Q: 12. Which of the following statements about the requirements of IFRS 5 is incorrect? a. At the end…
A: As per IFRS 5 THE ASSETS HELD FOR sale are initially recorded at the carrying value of the assets…
Q: 97. Question By taking a net listing, the agent a) is guaranteed a fixed commission. O b) need not…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: 18. Which of the following statements is Incorrect? * The fair value of investment property shall…
A: Investment- Investment is defined as the purchase of an asset in order to generate income or capital…
Q: 4. Under PFRS 15, when shall a franchisor recognize revenue from contingent franchise fee or revenue…
A: A franchise or sales based royalty is type of license in which franchisor gives access to…
Q: Any adjustment to the carrying amount of a noncurrent asset that ceases to be classified as held for…
A: As per IFRS 5 As per IFRS 5 "Accounting for Non-Current assets held for sale and the presentation…
Q: Q1 (a) What attributes should an item or transaction exhibit in order to be classified as a…
A: Liability is an obligation which is to be paid at some future date. It is shown in the balance…
Q: 34. According to GAM for NGAs, interest revenue is recognized On a time proportion basis using…
A: Interest revenue is the profit earned by a company from any investments it makes or debt it holds.
Q: CORRECT OR INCORRECT ABC a manufacturer of appliances, approved to insure a customer for any loss…
A: Insurance contract can be defined as the contract between two parties in which insurance company…
Q: right-of-use asset is increased by lease prepayments made by the lessee and initial direct costs…
A: Lease is one type of source of finance, where there are two parties Lessee and lessor. The person…
Q: Similar to a like-kind exchange, the receipt of “boot” under Sec. 351 can cause loss to be…
A: A like-kind exchange refers to a transaction in which one asset is disposed of and another asset is…
Q: Question 20 What is the principle for recognition of a financial asset in PFRS 9? Group of answer…
A: Question 20What is the principle for recognition of a financial asset in PFRS 9? Explanation - A…
Q: 13. Fees for managing and protecting a customer"s property is considered under category interest…
A: This question deals with the selection of accounting head in which fees for the managing and…
Q: 17. Which of the following contracts is not governed by the rule on double sale? Group of answer…
A: Double Sale: The rule on double sale as provided in Article 1544 of the Civil Code states that: If…
Q: The standard homeowners policy contains both property and liability coverages. True or False
A: The standard homeowners policy can be defined as the contract between insurer and the insured where,…
Q: seller agrees or obliges
A: TRUE defines a contract of sale as a contract whereby one in all the catching parties obligates…
Q: (True/False) Section 280F provides the general rule that listed property must be used for the…
A: This section deals with limitations on depreciation for luxury automobiles and limitations where…
Q: Q21 Which of the following is NOT a step in impairment testing? Select one: a. Sell the asset…
A: Ans. Impairment testing is an important part for correctly valuing the asset. It is carried out…
Q: Granting the exclusive right or privilege to another party for the performance of certain functions…
A: Intangible assets are those assets which can not be seen or touched.
Q: Determine if this shall result in recognition of liabilities 14.Violation of the terms of a…
A: As per IAS 37 of IFRS Provisions, contingent liabilities and continent assets A contingent liability…
Q: PROBLEM 2: MULTIPLE CHOICE - THEORY commits to sell a financial asset on Day 1. The sale is An…
A: Trade Date Accounting:- It is accounting that helps in recording the transactions on the date on…
Q: Q29 If a property is partly use by the owner for own use and the other part is held for earning…
A: IAS 40 is one of the accounting standard used for accounting of investment property. Investment…
Q: 11.An insurance contract is a contract of adhesion. 12.Any party to a contract can agree on any…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: What should be done with the transaction on August 2019? a. Disclose as provision since the…
A: As per IFRS 37 A provision is present obligation from past event and it is probable that outflow of…
Q: 10. Which is correct about covenants? a. Covenants are written promises of the issuer that is…
A: Covenants are basically promises made by the entities or individuals that restricts or promotes…
Q: 14-The amount for which an asset could be exchanged, a liability settled , or an equity instrument…
A: Accounting Principles are Rule and Guidelines which are to be followed while recording and…
Q: In applying the PFRS 9 impairment requirements, an entity needs to follow Group of answer choices…
A: Lets understand the basics. As per PFRS 9 "Impairment of financial assets", an entity needs to…
Q: In a lease that is recorded as a sales-type lease by the lessor, interest revenue should be…
A: Solution: Under sales-type lease, the lessor recognized sales revenue once asset is given on lease.…
Q: 9. All encumbrances and liens shown on the title report, other than those waived or agreed to by the…
A: All encumbrances and liens shown on the title report, other than those waived or agreed to by the…
Q: Discuss the contract according to its enforceability?
A: Contract can be defined as the agreement between two or more individuals for a certain meaningful…
Q: A note secured by a deed of trust provides for an automatic action of the laws known as a.a strict…
A: A deed of trust is a document that is used when one party has taken out a loan from the other party…
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- Question 20 What is the principle for recognition of a financial asset in PFRS 9? Group of answer choices A financial asset is recognized when, and only when, it is probable that future economic benefits will flow to the entity and the cost or value of the instrument can be measured reliably. A financial asset is recognized when, and only when, the entity becomes a party to the contractual provisions of the instrument. A financial asset is recognized when, and only when, the entity obtains control of the instrument and has the ability to dispose of the financial asset independent of the actions of others. A financial asset is recognized when, and only when, the entity obtains the risks and rewards of ownership of the financial asset and has the ability to dispose of the financial asset. Question 19 Investments in equity instruments are financial assets because they are Group of answer choices Cash equivalents. Contractual rights to receive cash or another financial…What is the meaning of the following:- IAS 40 paragraph 32A, An entity may: (a) choose either the fair value model or the cost model for all investment property backing liabilities that pay a return linked directly to the fair value of, or returns from, specified assets including that investment property; and (b) choose either the fair value model or the cost model for all other investment property, regardless of the choice made in (a).q13 According to IFRS, which accounting policy may an entity apply to measure investment property in periods subsequent to initial recognition? Select one: a. Fair value model or revaluation model. b. Cost model or fair value model c. Fair value model only. d. Cost model or revaluation model.
- Q29 If a property is partly use by the owner for own use and the other part is held for earning rentals or capital appreciation, then: Select one: a. The entire property is investment property b. The owner occupied property is investment property c. The part held for earning rentals or capital appreciation, if it can be sold or leased out separately shall be classified as investment d. The property cannot be classified as investment propertyQuestion: Classify each of following items as a contingent liability, a provision or neither: (e) an agreement to act as guarantor for another firm’s borrowings? (f) environmental damage that an entity has undertaken to repair ? ******correct answer please **********19 - What is the monetary expression of the rights of third parties lending to the enterprise over the assets?A) ASSETB) SOURCEC) EXPENSED) CAPITALE) ASSET
- IFRS 5 requires certain conditions to be met before an asset or disposal groupcan be classified as held for sale.What are these conditions?Required: Discuss the process of determining the fair value of the asset acquired from VLB as prescribed by MFRS 13 Fair Value Measurement.2. Which of the following qualifies for classification as an investment property? a. Property that is currently being developed for future use as investment property b. Property that is leased out to another entity under a finance lease c. Building being rented from another entity and leased out under various operating sub-leases d. Investment property that is currently being developed for future use as owner-occupied property
- D6) Describe the criteria that the lessee must utilize when determining whether a lease is to be treated as a finance lease or as an operating lease according to ASC 842. Original answer.TRUE OR FALSE 1. PFRS 4 SUPERSEDES PFRS17 2.PFRS 17 APPLIES TO REINSURANCE CONTRACTS3.INCOME SERVICE IS RECOGNIZED IN OTHER COMPREHENSIVE INCOME4. PFRS17 APPLIES TO INVESTMENT CONTRACTS WITH DISCRETIONARY FEATURES REGARDLESS IF THE ENTITY ALSO ISSUES INSRANCE CONRACS OR NIDefine what a "Beneficial Owner" is in terms of SEC Rule 13d-3 and 16a-1.