Ethics of accruals and deferrals.

Q: Define Refund Liability.

A: Refund liability: When a company sells its products with a right of return to customers it has to…

Q: What is asset and liability management?

A: The process of ALM (Asset and liability management) is the process used to manage financial risks…

Q: What is the use of payment request forms?

A: Payment request form a requisition form used for the request for payment. This request is a non…

Q: Explain Accrual concept and provide example.

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: transaction, an event, and an arrangement.

A: Transaction, event and arrangement are commonly used in business or life to denote certain…

Q: Explain the importance of a contract in the revenue recognitionprocess.

A:

Q: WHAT IS CONTRACTUAL LIFE OF ASSETS?

A: An asset is a resource of economic value which is own by an individual and a company and provides…

Q: Define contract assets.

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

Q: How to determine the timing and measurement of revenue.

A: Revenue recognition principle is the principle that determines when and how much amount should be…

Q: What is the guiding objective is that lessees and lessors provide disclosures?

A: Lease: Lease is a contractual agreement whereby the right to use an asset for a particular period of…

Q: Accrual basis m

A: Accrual basis is a method of accounting under which income is recognized when earned and expense is…

Q: ne

A: Negotiable Instruments are written contracts whose benefit could be passed on from its original…

Q: When is revenue recognized with respect to licenses?

A: In case of Licences, revenue is recognised in two ways depending on the type of transaction. If the…

Q: What would be the difference between the CMO with and without the accrual class?

A: A collateral mortgage obligation is a financial instrument that is backed up by the mortgage to be…

Q: Define contract laibilities.

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: Define what "accrual" AJE transactions are.

A: Journal entries are made in the books of account to record the financial transactions of a business.…

Q: What is the importance of date of declaration, date of record, and date of payment?

A: Following are the importance of declaration date, record date and payment date in accordance with…

Q: Determine whether a contract exists, and whether some frequently encounteredfeatures of contracts…

A: A contract exists when it has commercial substance and all parties to the contract are committed to…

Q: What is the purpose of the accrual tranche?

A: The diverse CMO bunches are known as a tranche. Gathering tranche too known as Z tranche is the…

Q: what is qualifying assets?

A: Manufacturing plants, power generation facilities and inventories requiring time to get into…

Q: Distinguish between substantive tests of transactions and tests ofdetails of balances. Give one…

A: Distinguish between substantive tests of transactions and tests of details of balances.

Q: Explain the difference between contract assets, contract liabilities, and accounts receivable.

A: Account receivable: The amount of money to be received by a company for the sale of goods and…

Q: Explain what accruals and deferrals do and give examples of each.

A:

Q: Explain the relationship between substantive tests of transactionsfor the acquisition and payment…

A:

Q: Characterize accrued liabilities and liabilities from advance collection and describe when and how…

A: The liabilities are the amount of money which a company has to pay to others. It includes accrued…

Q: Describe the obligations of postretirement.

A:

Q: Describe the conditions when contract assets and liabilitiesare recognized and presented in…

A: Contract assets: It is the right of the firm to receive payment for the goods transferred or…

Q: Explain how to record accrued interest.

A: Accrued interest: Accrued interest is the outstanding interest expense in the accounting period, as…

Q: on remeasurement nvestment is

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

Q: How is certificate of deposit beneficial?

A: A certificates of deposit basically are a sort of the financial savings account that holds a sure…

Q: What is accruals?

A: The answer is provided as follows:

Q: Define Accruals.

A: Accruals for expenses means expenses incurred but payments are not made yet. Accruals fro incomes…

Q: Distinguish between suspension of payments and insolvency.

A: Suspension of payment Suspension of payment implies temporary financial problems by enabling him/her…

Q: What is the relationship of the promissory note between the maker and the payee?

A: A note of hand can be a financial instrument that contains a written promise by one party (the…

Q: Examining the classifications of obligations either as secured or unsecured, most relate to the…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: Define accrual

A: Accrual:- Accruals are revenues earned  or expenses incurred that impact a company's net income on…

Q: Distinguish among appropriation, expenditures, encounters, encumbrance, and expenses

A: It is the money set aside by the company in order to meet the necessities of the business…

Q: Define clearing (payment process)

A: Checks: Checks refer to the written document which is dated and signed which directs a bank to pay a…