Explain the accounting for loss carrybacks and loss carryforwards.

Q: Distinguish between losses from transaction exposure, operating exposure, and translation exposure?…

A: Investors get into contract for the future as well as the current transactions. The company will be…

Q: Define net operating loss.

A: For income tax purposes, a net operating loss (NOL) is the result when a company's allowable…

Q: Outline the measures used to describe possible loss accurately?

A: The success of a business depends on how accurately they predict future profit or loss arriving…

Q: What are the measures used to describe possible loss accurately?

A: Furthermore, you have the option of paying for your item in equal monthly instalments, guaranteeing…

Q: Distinguish between losses from transaction exposure, operating exposure, and translation exposure?…

A: The Answer :

Q: An investment property should be measured initially at O A. Cost. B. Cost less accumulated…

A: Investment property is a kind of asset that is part of the balance sheet of the company. It means…

Q: Describe when and how a net operating loss carryforward and a net operating losscarryback are…

A: Net Operating Loss Carryforward:   The net operating loss is considered as negative taxable income.…

Q: How one can identify the respective Loss Exposures in Risk

A: The degree of uncertainty and/or potential financial loss connected with an investment choice is…

Q: What disclosures are required for remote likelihood of losses?

A: Likelihood of losses means chance of occuring loss in some future events of the business. Likelihood…

Q: “Costs of abnormal spoilage are losses.”Explain.

A: Abnormal spoilage is spoilage that is not inherent in a specific production process and will not…

Q: 1. Define and briefly discuss a loss contingency.

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: What is the impairment loss to be allocated to the equipment?

A: An impaired loss is the loss which results to the asset of the company as a result that the market…

Q: Find the FASB ASC reference that explains how to measure an asset's impairment loss.

A: ASC- 360 provides guidance on accounting for the impairment or disposal of long-lived assets. The…

Q: Define the term Loss Contingencies.

A: A loss contingency is incurred by the business based on the result of a future event, such as…

Q: What statement is loss of sold equipment on?

A: Loss on sale of Equipment is a non operating loss. Such losses are shown in Income Statement after…

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: Calculate the duration and convexity of the both asset and liability sides

A: Excel Spreadsheet: Excel Workings:

Q: Is the nature of the gainor loss considered ordinary or long-term?

A: Ordinary gain or loss means any income which doesn't result as Capital gain or loss. Capital Gain or…

Q: When are loss contingencies recorded?

A: Definition:   Contingent liability: This is an uncertain obligation which might be incurred on a…

Q: describe diff erent types of assets and liabilities and the measurement bases of each

A: Assets are worthy resources that business owns to get future benefits. They are fixed assets which…

Q: How do U.S. GAAP and IFRS differ in their treatment of a range of equally likely losses?

A: Loss contingency: Loss contingency is a contingency where the existing situations or circumstances…

Q: identify the causes of loss that are covered under the broad form that are not covered. under the…

A: Loss is a situation in which a company is not able to meet its financial obligations or payments or…

Q: List and briefly describe the three categories of likelihood that a future event(s) will confirm the…

A: Loss contingency: Loss contingency is contingency where existing situation or circumstances where…

Q: Explain the accounting for loss carrybacks.

A: Loss carryback is an accounting situation where the net operating loss of current year can be set…

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: how to calculate deprieation

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

Q: Describe a “loss carryforward.” Discuss the uncertainty when it arises.

A:

Q: Explain the accounting and amortization for unexpected gains and losses.

A: Amortization expense: A charge created on intangible asset for its use over life of asset. It is…

Q: List (a) the similarities and (b) the differences in the accounting treatments of depreciation and…

A: (a) The following are the similarities in the accounting treatment of depreciation and cost…

Q: A provision of % should be made on loss assets

A: A loss asset is an asset that remains as a non-performing asset(NPA) for more than 36 months.

Q: How to calculate operating loss?

A: A net operating loss is occurred when the gross deductions are more than its total income of the…

Q: Difference between depreciation and depletion.

A: Depreciation: Depreciation is the loss in the value of the asset caused due to its usage, wear, and…

Q: What is loss aversion?

A: What is loss aversion?

Q: Define Impairment Losses.

A: Impairment loss: An impairment loss is an expense reported on the income statement, it is the…

Q: What disclosure is required for a probable loss contingency?

A: Contingent liability: This is an uncertain obligation which might be incurred on a future date as a…

Q: Define depletion and compare it with depreciation.

A: Definition:   Depreciation: Depreciation refers to the reduction in the monetary value of a fixed…

Q: Define Losses

A: Losses are referred as the one-time elimination or decrease in value of asset in the business. It is…

Q: Explain the accounting for loss carryforwards.

A: The Accounting For Loss Carryforwards will be explained:

Q: .    In determining the amount of a provision, a company using IFRS should generally measure: a.…

A: An economic obligation created and maintained to cover the future liability is termed as provisions.…

Q: Define salvage value

A: ASSET REDUCE ITS CVALUED THROUGH OUT THE LIFE OF THE ASSET.

Q: various time related aspects of consequential losses.

A: Damage to business property or equipment causes a consequential loss, which is an indirect negative…

Q: Under what circumstances should a loss contingency be accrued?

A: Loss contingency: Loss contingency is contingency where existing situation or circumstances where…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.