Identity the economic resource that has the ability to give economic benefits___________ a. Capital b. Liability c. Expense d. Asset
Q: one or more of the following statements are characteristics of assets: a. a probable future benefit…
A: Assets are those resources whether tangible or intangible, current or fixed have an economic value…
Q: A resource owned by the business with purpose of using it for generating future profit, is known as…
A: Assets: Anything of worth or a resource of value that may be turned into cash is referred to as an…
Q: Which of the following elements represents an economic resource? B . Liability.
A: The variables being used to manufacture products or provide services are economic assets. That is to…
Q: What determines the value of an economic asset (as opposed to an asset that has value for reason of…
A: Asset value is an important component of a company's total value and it can be…
Q: Assets are usually valued under which basis? A. replacement cost B. historical cost C. net…
A: In terms of accountancy, an asset can be defined as a business resource which can be utilized to…
Q: Which of the following is a true statement about the nature of Equipment, account? Multiple Choice…
A: Equipment is a long term asset that is used to generate revenue for the business. The use of asset…
Q: Which of the following does define investment property? a. Property held to earn rentals b. Right…
A: An investment property is first valued at its purchase price. The lower of the fair value of the…
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: a) Why working capital management is important for any organization? b) Explain the different…
A: Working capital refers to the sum of money required to carry out the day-to-day operations of the…
Q: C. Assets
A: Revenue - Revenues are incomes and increase in the assets of the business . It can also be said as…
Q: All changes in an entity's exonomic resources and claims to those resources result frim the entity's…
A: Changes in economic resources and claims: Changes in a reporting entity's economic resources and…
Q: Purchasing power gain or loss results from: a. Monetary asset only b. Monetary liability only c.…
A: This question is answered as per IAS 29 "Financial Reporting in Hyperinflationary Economies".
Q: rder for an asset to be recognized in the financial statements, which of the following definition is…
A: The IASB ( International Accounting Standard Board) have the responsibility of developing IFRS ,…
Q: Brand recognition is an example of O a. Intangible asset O b. Expenses O C. Tangible asset O d.…
A: Brand recognition is situation when the customers can easily identify the products of particular…
Q: Which of the following statements about the FASB conceptual framework, as compared to the IASB…
A: Accounting standards are the standards set by the authorized body of each country in various field…
Q: Multiple choice: 1. It is a present obligation that has resulted from past events and has the…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: 36-Identify the economic resource that has the ability to give economic benefits. a. Liability b.…
A: Assets: An asset is a resource for the entity that can be converted into cash or provide future…
Q: The trend in financial management is to treat expenditure on human resource as ____ a. as expense b.…
A: The answer and explanation can be seen below:
Q: 32- Identify the economic resource that has the ability to give economic benefits. a. Asset b.…
A: Statement of financial position or balance sheet is a statement which reported assets, liability and…
Q: 1. How do we decide whether to capitalize (record as an asset) or expense a particular cost? 2.…
A: ANSWER Cost: The cost of the long-lived assets refers to all the expenditures made in order to…
Q: _____ are the entity’s present obligations arising from past events, the settlement of which is…
A: Solution: Liabilities are the entity’s present obligations arising from past events, the settlement…
Q: The generally accepted accounting principle that supports recording the value of a property at the…
A: Correct answer is option 'D' i.e. cost principle. Explanation: Under US GAAP As per cost principle…
Q: A right of use asset is initially measured at costs and subsequently measured using the A. Cost…
A: An asset is the resource owned by the company for using it in the future.
Q: Which of the following statements about capitalizing costs is correct?A. Capitalizing costs refers…
A: There are two type of costs treatments that are being done on all type of costs being incurred. One…
Q: ccording to IASB’s Conceptual framework for financial reporting which of the measurement bases above…
A: According to IASB'S Conceptual framework, Measurement or reporting of the element in the financial…
Q: Which of the following characteristics is most likely to diff erentiate investment propertyfrom…
A: Investment is a process of sacrificing the present income for the future return.
Q: ich of the following is not a capital asset? a. Equipment -b. Vehicle c. Expenses -d. Building
A: Option C is the Correct answer.
Q: Capitalizing a cost means to record the cost into a(n) a. contributed capital. O b. asset. Oc.…
A: Capitalization represents the cost of an asset recorded over a period of time. Whereas, when the…
Q: Liabilities a. possess service potential. O b. O c. d. are things of value used by the business in…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Question 3. Classify each of the following accounts as (a) asset, (b) liability, or (c) equity.…
A: Assets means resources that the business have. It may be tangible resources or intangible resources.…
Q: Which of the following elements represents an economic resource? C . Owners’ equity
A: Economic resources refer to effective use of resources in order to achieve maximum output with…
Q: To carry the value of the asset at its cost or historical value to the statement of financial…
A: The basic assumptions, rules, or conditions specifying the constraints for the working of accounting…
Q: Which of the following features of an asset closely links its definition to the scien Economics? A.…
A: Asset refers to any resource which is owned or controlled through the business and it is anything…
Q: Which of the following statement best defines an asset?
A: As question is MCQ type it will be answered with explanation.
Q: ___________ and __________ are examples of a depreciable asset, while ____________ and ____________…
A: Depreciable assets - These are those assets that lose its value over the time , due to continuous…
Q: In depreciating the cost of an asset, accountants are most concerned witha. Conservatism.b.…
A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to…
Q: Give example of personal assets
A: An asset is a resource owened by individual or business that provides…
Q: Identify the economic resource that has the ability to give economic benefits. a. Expense b.…
A: Economic resources are those resources that provide benefits to the organization through generating…
Q: Which one of the following is an essential characteristic of an asset? A. The inflow of future…
A:
Q: Assets are usually valued at? a.Historical Cost b. Residual Value c. Net Realizable Value d.…
A: Assets are the resources that are owned by the organizations. Assets can be current or non-current.
Q: Accumulated depreciation and depreciation expense are classified respectively as A. Asset, contact…
A: Depreciation is the apportionment of cost of a asset over the life of the asset. Accumulated…
Q: 4. Investment property is initially measured at cost, including transaction costs. Such cost…
A: The assets acquired by a business are recorded under different categories. The accounting treatment…
Q: Which accounting concepts requires non-current assets to be valued at cost less accumulated…
A: The accounting involves various principles on which business runs in long term or short term.
Step by step
Solved in 2 steps
- A cost that is recorded as an asset is ________. Group of answer choices an operating expenditure a tangible expenditure a capital expenditure an intangible expenditureWhich of the following statement best defines an asset? a. An asset is a resource owned by the entity with a financial value b. An asset is resource controlled by the entity from which future economic benefits are expected to be generated c. An asset is a resource controlled by an entity because of past events d. An asset is a resource controlled by an entity as a result of past events from future economic benefits are expected to be generatedThe monetary value charged to customers for the performance of services sold is called a(n) O asset O capital net income O revenue F
- How should you record a capital expenditure? a. Debit a liability b. Debit capital c. Debit an expense d. Debit an assetA resource owned by the business with purpose of using it for generating future profit, is known as Oa Capital b. Asset Oc. Liability Od. SurplusThe company future economic benefit is as....... Select one: a. Revenue b. Expenses C. Assets d. Liabilities
- Differentiate between a capital investment and an expense investment.Which concept is applied to net income and other comprehensive income?A. Borrowed CapitalB. Financial CapitalC. Physical CapitalD. Legal Capital__________ is defined in the Conceptual Framework as ‘a present obligation of the entity to transfer an economic resource as a result of past events’. Select one alternative: Expense Income Asset Liability