Expenses, losses, and distributions to owners are alldecreases in net assets. What are the distinctions amongthem?

Q: When recording the inventory of an estate, the assets of the estate are recorded net of the…

A: Inventory is regarded as the items that are kept in a business that are used for sales or the…

Q: Describe the accounting for actuarial gains and losses

A: Actuarial Gains and losses arises due to the difference in the pension payment made by the employer…

Q: The difference between revenues and expenses is net income. What is net income?

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Difference between current assets and current liabilities.

A: Current assets are those assets which can be realized within short term period or less than one year…

Q: What are the four types of gains and losses not included in income statements in comprehensive…

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Q: How revenues and expenses are are recognized under the accrual accounting?

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Q: What are the two common categories of long-lived assets? Describe each.

A: Long lived assets are those assets that a business retains for long periods of time for use in the…

Q: How should you record capital expenditure? Debit a liability Debit capital Debit an expense Debit…

A: Capital expenditure: Capital expenditure refers to the expenditures that are incurred to increase…

Q: How did you calculate the depriciation expense?

A: This method also called diminishing balance method or declining balance method where the…

Q: WHAT IS THE TOTAL GENERAL AND ADMINISTRAVE EXPENSES?

A: The administration expenses are related to funciton of business but not directly or indirectly…

Q: True or false. Assets is equal to the sum of liabilities and owners equity

A: Assets are the rights and resources that are being held by the business. It includes current assets,…

Q: Define accrual-basis net income.

A: Accrual Basis accounting: Under the accrual basis. the revenue and expenses are recorded accreting…

Q: Loss on fire is included in the computation of net income.

A: Net Income: Gross revenue less cost of goods sold, selling, general and administrative expenditures,…

Q: Accounting for property dividends and accounting for property payables explanation and example.

A: Answer: Accounting for Property dividends covers the dividend paid to investors in form of assets.…

Q: What is the net income from the following incor

A: Net Sales = Sales - Sales return = 12800 - 360 = 12440

Q: What is the total loss on realization of assets?

A: Loss that is recognized when the assets are sold for a price is lower than the original purchase…

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

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Q: Define current assets. What basis is used for ordering individual items within the current assets…

A: Current assets represent all the assets of a company that are expected to be conveniently sold,…

Q: Property taxes, office expenses, and insurance and depreciation on nonmanufacturing assets are…

A: Budget: A budget is an estimation to determine the income that will be earned and expenses that will…

Q: What is the net income What is the total comprehensive income/loss?

A: Comprehensive Income has all increases in equity over a lifetime, with the exception of those…

Q: What temporary capital records are found in the income statement? Revenue and Expenses Revenue and…

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

Q: Explain the accounting for gain and loss ­contingencies.

A: Contingencies:   Contingency is a situation where the outcome becomes uncertain and is resolved in…

Q: How do the asset, revenue and expense accounts differ?

A: The assets and liabilities are posted in the balance sheet that shows the financial position of the…

Q: Which of the following is not included under other income? a. Rent received b. Commission received…

A: OTHER INCOME: IT IS THE INCOME THAT DOES NOT COME FROM THE FIRMS MAIN BUSINESS.

Q: What is referred by unearned income? How is it adjusted in the final accounts?

A: Unearned income:Unearned income is known as deferred income or deferred revenue. It is the money…

Q: Which assets depreciate?

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: Which assets are classified as current assets?

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

Q: Which concept is applied to net income and other comprehensive income? A. Borrowed Capital B.…

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Q: What are the differences between assets and expenses

A: Definition of Assets: Properties or things owned by business

Q: Identify the correct components of the income statement.A. revenues, losses, expenses, and gainsB.…

A: The income statement seems to be a statement that displays the net profit of the company as well as…

Q: Classify each of the following either as Asset, Liability, Equity, Revenue, or

A: The classification of items as Assets [ a property of any kind used for…

Q: Which of the following are assets? (Select all that apply.) O Land Supplies Expense OWages Payable…

A: Assets are those resources that provide economic benefits. These assets help to generate revenue…

Q: Assets available for unsecured creditors after payments of liabilities with priority are calculated…

A: Liquidation is the process of selling all the assets of the business at their fair value and using…

Q: What is the difference between assets and expenses?

A: Assets and expenses are two different elements of the financial statements of an entity. Assets…

Q: Revenues, gains, and investments by owners are allincreases in net assets. What are the distinctions…

A: All revenues, gains, and investments by owners increases the net assets of the business.

Q: Which of the following statements is correct? O Assets - Liabilities = Ownership interest O Assets +…

A: The basic accounting equation as per double entry system of accounting is: Assets = Liabilities +…

Q: Why is depreciation on the income statement different from the depreciation on the balance sheet?

A: Depreciation is the reduction in the value of asset during a period of time due to wear and tear.…

Q: Give example of personal assets

A: An asset  is a resource owened by individual or business that provides…

Q: Consider the following graph. According to CAPM, which of the following assets is overpriced?…

A: The securities existing below the slope of security market line represents that portfolio doesn't…

Q: What are (a) pass-through expenses, (b) recoverable expenses, and (c) common area expenses? Give…

A: a) Pass through expense: This is an expense which the customer pays directly to a third party or…

Q: What is the major distinction (a) between revenues and gains and (b) between expenses and losses?

A: The major distinction between revenues and gains (or expenses and losses) depends on the typical…

Q: Which of the following are assets? (Select all that apply.) O Land Supplies Expense Wages Payable

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: What does it mean when you have a debit balance of accrued interest income? Does a Debit balance…

A: The accrued expenses are the expenses incurred but not paid yet and hence are recorded as liability.…

Q: In financial accounts, what is the point of include depreciation as an expense?

A: Depreciation is an accounting method for allocating the cost of a tangible or physical asset over…

Q: Is Property Dividends qualify as Revenue?

A: Property dividends refer to the dividend which stands as an alternate to dividends payable in cash…

Q: Which are the total interest expense in the statement of profit or loss?

A: Interest expense is the finance cost which is deducted from operating profit i.e. earnings before…

Q: What items are included in Accumulated Other Comprehensive Income (Loss)?

A: In Accumulated Other Comprehensive Income (AOCI) we report unrealized gain/loss of special items in…