Describe two major methods to account for byproducts.

Q: Define asset classifications.

A: Assets: Assets are the resources owned by the business, and used to earn its current and future…

Q: 8. Describe two major methods to account for byproducts.

A: A by-product is anything that has been created as a result of the production or preparation of some…

Q: Give an example of ADRs for some assets?

A: American depositary receipts (ADRs): American negotiable securities that signify ownership of shares…

Q: Which of the following would be classified as biological assets

A: Biological assets means living plants and living animals , except bearer plants and animals.

Q: What is the general rule for cost inclusion for plant assets?

A:

Q: Explain the term byproduct.

A: A byproduct is a product that is also termed as the incidental product is generated during the…

Q: Define the term nonmonetary assets.

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

Q: Define Depletion.

A:

Q: What is the process of allocating the cost of natural resources to expense as they are used?

A: Natural resources usually include oil reserves, coal deposits, and mineral deposits. The natural…

Q: What is meant by depreciable base? How is it determined?

A: Depreciable base: The word depreciable base is used to depict the value that is divided by the…

Q: DEFINE AND INDICATE TYPES OF DUMPING.

A: Dumping: Dumping refers to the reduced price of the products at which price the exporters exports…

Q: Distinguish between tangible and intangible benefits.

A:

Q: Define Donated Assets.

A: Donated assets are the assets donated to governmental or non profit entity without any consideration…

Q: The three factors in cost allocation of a depreciable asset are service life, allocation base, and…

A: Cost accounting system: Cost accounting system of an organization consists of procedures and…

Q: Explain how to determine the cost of an asset.

A:

Q: What are the primary considerations that should be made when refinancing?

A: Individual consider refinancing of the loan because of the following reasons: Interest rates have…

Q: What are the two main characteristics of intangibleassets?

A:

Q: Distinguish between a joint product and a byproduct ?

A: Explain the difference between a joint product and a by-product. When the production process of the…

Q: Explain the changes in depletion method.

A: Depletion: It refers to the process of proportionately distributing the cost of the extracting…

Q: Of the following costs related to the development of mi one is not a part of depletion cost?

A: Deplation Cost One of two accounting systems for allocating the costs of extracting natural…

Q: What are the three major OE/S processes and what are the subsidary processes of  each major process?

A:

Q: WHAT IS FUNCTIONAL OBSOLECENSE OF ASSETS?

A: Functional obsolescence of assets is discussed hereunder : The term ' Obsolescence' refers to…

Q: Describe Self-Constructed Assets and explain  Research and Development

A: Property, plant and equipment:   Property, plant and equipment are the tangible assets which are…

Q: Define revenue-producing assets.

A: Current assets: The assets which could be converted into cash within one year like accounts…

Q: The depletion expense is

A: Depletion: It refers to the process of proportionately distributing the cost of the extracting…

Q: Define a loss contingency. Provide three examples

A: Loss Contingency:   It is a form of contingency where an existing situation or circumstance where…

Q: on remeasurement nvestment is

A: Given as, To find the gain on the investment as,

Q: how to calculate deprieation

A: When fixed asset is purchased, it is recorded in books of accounts at it original or acquisition /…

Q: What are three tasks of the fixed asset system?

A:

Q: Explain the concept of cost allocation as it pertains to property, plant, and equipment and…

A: Property, Plant & Equipment (PPE) includes the following assets namely: Land Plant and Building…

Q: Name two items classified as prevention costs.

A:

Q: Define the term appraisal costs.

A:

Q: Understand property, plant, and equipment and its related costs.

A: Business have several assets such as cash, inventories, accounts receivables, investments, PPEs…

Q: What are the four components of information required in order to calculate depreciation?

A: Depreciation is a charge on fixed assets to account for the normal wear and tear due to usage over…

Q: Define asset allocation models

A: Definition : Asset allocation mechanisms can be understood as an investment technique that seeks to…

Q: Describe the methods used for computing depletion.

A: Depletion is mainly used for natural assets/resources like pool & gas, minerals etc. Depletion…

Q: What is the objective in identifying the costs of an asset?

A: Asset:   It represents the tangible and intangible resources owned by the business for a particular…

Q: ment is depre measured at

A: Given: A piece of equipment for a cost =$100,000 fair value=$82,000 Equipment assessed=$81,750

Q: Define the following:a. Asset

A: Definition of Assets is given below,