Explain the accounting for loss carrybacks.

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: What disclosure is made if a loss contingency is reasonably possible?

A: Contingent Liability: Contingent liability is one form of liability that arises based on a…

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: 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: Define Loss contingency.

A: A loss contingency gives the reader of the financial statements early warning of an impending…

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 loss carrybacks and loss carryforwards.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Discuss about the revenue/expense approach and also about the asset/liability approach.

A: Any amount of money spent to generate the revenues in a business is known as expenses. Revenue is…

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: Define and discuss survivorship bias and selection bias, and how they affect reported returns of…

A: Survivorship bias is a type of bias in which a person has a tendency to view the performance of…

Q: Name two loss contingencies that almost always are accrued.

A: Contingent Liability Contingent liability is one form of liability that arises based on a particular…

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: Give differences between Revaluation account and Realisation account.

A: Revaluation account: The revaluation account is a nominal account opened to assess the values of the…

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

A:

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: What is improper accumulation?

A: Improper accumulation is defined as the unjustifiable accumulation behind the business's reasonable…

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 Losses

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

Q: How does depreciation expense differ from other operatingexpenses?

A: Depreciation: It refers to a gradual decrease in the fixed asset’s value because of obsolescence,…

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: 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…