In accordance with PAS 1, which of the following expenses need not be presented separately in the profit or loss section or the statement of profit or loss? a. Finance costs b. Share of loss of associates c. Tax expense d. Depreciation expense
Q: Itemized Deductions can be classified as: a. Expenses that are purely personal in nature or…
A: Deduction can be defined as claims which lower a person or organisation’s liability by lowering…
Q: Which of the following best describes the distinction between expenses and losses? Losses are…
A: Expenses : Expense means the cost which a company incurs to earn revenue. For example payment of…
Q: Under FASB 52, the temporal method requires that: A. translation gains and losses are included in…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Is all accounting income taxable? is there any accounting income that is not taxable? Please Explain…
A: Accounting income is the profit left over after all applicable expenses have been deducted from…
Q: Which of the following may not form part of the regular itemized deductions from the gross income? *…
A: Itemized deductions: These are the Expenses which are deductible from the gross total income. The…
Q: The following are deductions from items of income, except: * Cost of sales or service Regular…
A: 1) Cost of sales or service refers to the direct cost of producing the goods sold by a company. It…
Q: Which of the following is included in computing the total gross income? Incidental revenue Net…
A: Gross Income - It the amount of total income which includes from the other sources include operating…
Q: Which statement is incorrect? *
A: Financial statement: Financial information is a written record of an organization and individual…
Q: Which statement is incorrect? * The FUNCTIONAL Income Statement classifies expenses into cost of…
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: TRUE OR FALSE? 1. Assets of the component held for sale shall be depreciated. 2. The income or loss…
A: The assets are treated as held for sale when the company intends to sell the assets in the near…
Q: The statement of profit or loss and other comprehensive income shall present
A: Profit or loss and other comprehensive income: this is a statement prepared by the company for…
Q: What are the four types of gains and losses not included in income statements in comprehensive…
A:
Q: Which of the following is not a typical example of an accrued expense? Wages Taxes Depreciation…
A: Accrued expenses are considered as current liabilities in books of accounts. These are the…
Q: An expense is recognized immediately in the statement cs comprehensive income when expenditure…
A: An expenditure that produces the future economic benefit over some periods is capitalized in the…
Q: Which of the following would NOT be reflected in the income statement?
A: Income statement- it is a part of financial statements prepared by the company that shows the…
Q: Expenditures may be either capitalized or expensed. When Expenditure is capitalized it means that:…
A: Expenditures are the outflows of the business which help in the creation of assets that lead to the…
Q: Which of the following is not deductible from business income? Group of answer choices Casual…
A: Business income is earned revenue that includes all money generated by an entity's operations.…
Q: The profit or loss section or the statement of profit or loss shall include the following line…
A: Lets understand the basics. This question deals with the PAS 1. In this standard it is specified…
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: Discuss the appropriate treatment in the income statement for the following items: a. Loss on…
A: Income statement: In this statement, the financial records of the company's monetary performance…
Q: Which of the following is not an expense excluded when calculating EBITDA? Depreciation expense,…
A: EBITDA is the earning available to compare the profitability of various companies, this eliminates…
Q: Elements of gross income
A: Option B is wrong because realized income is an element of gross income. Option C is wrong because…
Q: adjusted directly against equit
A: Equity refers to the stake of shareholder's in the company. The formula for calculating equity of…
Q: Give at least 3 specific examples of each source of income from compensation, business or…
A: Income is the money which is received by an employee from the employer in return of working. There…
Q: Which of the following expenses apply to or may be claimed by cash basis taxpayers? a. Depreciation…
A: Under a cash basis, the cash received and cash paid is considered for calculating the income and…
Q: Which statement is incorrect? * Under the transactions approach, net income is computed as the…
A: The Single Statement of Comprehensive Income:- It is a statement that presents the financial…
Q: Which of the following is not a component of other comprehensive income under GAAP? earnings gains…
A: Other comprehensive income means those items of revenues and expenses that are not part of Profit…
Q: Which of the following accounts should normally be classified as a current liability? Multiple…
A: Current Liability are amount payable by the company with in 12 month.
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: In accordance with PAS 1, which of the following gains or losses from reclassification of financial…
A: PAS 1 talks about Presentation of Financial Statements which presents the overall requirements for…
Q: Expenses, losses, and distributions to owners are alldecreases in net assets. What are the…
A: Expenses: Expenses are costs incurred for the operations of a business. The costs incurred for…
Q: statements are to be recognized and carried in the statement of financial position and statement of…
A: Answer: Option D is the Correct Answer i.e. Measurement
Q: In accordance with PAS 1, the profit or loss section or the statement of profit or loss shall…
A: In accordance with PAS 1, the profit or loss section or the statement of profit or loss shall…
Q: Examples of items that are adjusted directly against equit rather than being included as part opf…
A: Stockholders’ equity: The claims of owners on a company’s resources, after the liabilities are paid…
Q: Under accrual accounting, which of the following is an appropriate accounting policy regarding…
A: Accrual basis: It is one of the methods of basis of accounting that records the transactions basing…
Q: Any gain or loss on the restatement of non-monetary items is included: In the profit or loss,…
A:
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: 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: When an expenditure is made and it is treated as an expense but should have been capitalized, the…
A: The expenses that are paid in advance are known as prepaid expenses.
Q: When a business calculates taxable income from gross income, which ofthe following is true? a.…
A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…
Q: Define each of the following terms: i. Capital gain or loss; tax loss carryback and carryforward
A: The capital gain or loss is computed as the difference in the sale price and purchase price of an…
Q: The costs in the second group are recorded as expenses, but those in the first group are…
A: The cost incurred by the second group is considered as the revenue expenditure of the company, these…
Q: Please answer clearly and thoroughly1) On the RE Statement it shows the Net Income, if there is a…
A: Step1: Statement of retained earnings. We have,Statement of retained earnings show the beginning…
Q: Which statement is incorrect regarding presentation of statement of profit or loss and other…
A: As per the guidelines, only one question is allowed to be answered. Please upload different…
Q: The profit or loss section or the statement of profit or loss shall include the following line…
A: Solution 8: The profit or loss section or the statement of profit or loss shall include the…
11. In accordance with PAS 1, which of the following expenses need not be presented separately in the profit or loss section or the statement of profit or loss?
a. Finance costs
b. Share of loss of associates
c. Tax expense
d.
Step by step
Solved in 2 steps
- In accordance with PAS 1, the profit or loss section or the statement of profit or loss shall include line item for gains and losses from derecognition of Group of answer choices Financial assets measured at fair value through profit or loss. Financial assets measured at amortized cost. All of these. Financial assets measured at fair value through other comprehensive income.10. In accordance with PAS 1, which of the following gains or losses from reclassification of financial assets need not be presented separately in the profit or loss section or the statement of profit or loss?a. Reclassification of financial assets out of the amortized cost measurement category to FVTPL. b. Reclassification of financial assets out of theFVTOCI measurement category to FVTPL.c. Reclassification of financial assets out of the FVTPLmeasurement category. d. None of these. 11. In accordance with PAS 1, which of the following expenses need not be presented separately in the profit or loss section or the statement of profit or loss? a. Finance costsb. Share of loss of associates c. Tax expensed. Depreciation expense 12. You are preparing the income statement of Anonymous Company for the year ended December 31, 2020. You determine that company's income from continuing operations before income taxes is P2,400,000.…10. In accordance with PAS 1, which of the following gains or losses from reclassification of financial assets need not be presented separately in the profit or loss section or the statement of profit or loss?a. Reclassification of financial assets out of the amortized cost measurement category to FVTPL. b. Reclassification of financial assets out of theFVTOCI measurement category to FVTPL.c. Reclassification of financial assets out of the FVTPLmeasurement category. d. None of these.
- 2. The statement of profit or loss and other comprehensive income shall presenta. Profit or lossb. Total other comprehensive incomec. Comprehensive income for the period, being the total of profit or loss and other comprehensive incomed. All of the aboveIn accordance with PAS 1, which of the following gains or losses from reclassification of financial assets need not be presented separately in the profit or loss section or the statement of profit or loss? A.None of these. B. Reclassification of financial assets out of the FVTOCI measurement category to FVTPL C. Reclassification of financial assets out of the FVTPL measurement category. D.Reclassification of financial assets out of the amortized cost measurement category to FVTPLWhich statement is incorrect? *A.the FUNCTIONAL Income Statement classifies expenses into cost of sales, selling expenses and general administrative expenses, among others .b.Income encompasses both revenues and gains. Revenues arise in the ordinary course of business activities while gains are not. c.Expenses encompasses both expenses and losses. Losses usually comprise the majority amount of deductible expenses to arrive at taxable income. d.The statement of comprehensive income encompasses all income and expenses, whether they are recognized in profit or loss determination or recognized directly in equity. e.none of the above
- When a business calculates taxable income from gross income, which ofthe following is true? a. Depreciation, interest, and principal are all subtracted b. Depreciation and interest are subtracted, principal is not c. Depreciation is subtracted, interest and principal are not d. Interest and principal are subtracted, depreciation is not.23. What is the process of incorporating an item in the statement of financial position or statement of profit or loss and other comprehensive income, when it meets the definition criteria? a. None of the options b. De-recognition c. Recognition d. MeasurementWhich of the following is not an expense excluded when calculating EBITDA? Depreciation expense, administrative expense, interest expense, or tax expense
- Which of the following is not included under other income? a.Rent received b.Commission received c.Dividend received d.DepreciationWhich statement is incorrect? * The FUNCTIONAL Income Statement classifies expenses into cost of sales, selling expenses and general administrative expenses, among others. Income encompasses both revenues and gains. Revenues arise in the ordinary course of business activities while gains are not. Expenses encompasses both expenses and losses. Losses usually comprise the majority amount of deductible expenses to arrive at taxable income. The statement of comprehensive income encompasses all income and expenses, whether they are recognized in profit or loss determination or recognized directly in equity.Which of the following accounts would not be involved in preparing the income statement? Group of answer choices Tax expense All the accounts would be involved in preparing the income statement. Interest income Accumulated depreciation Depreciation expense
