Materiality means that only items having a physical existence may be recognised as assets

Q: Explain Intangible Assets Not Subject to Amortization.

A: Intangible assets are those assets that represent some rights and privileges associated with owning…

Q: Why are the impairment rules for goodwill different than for other assets? Explain

A: Goodwill: Goodwill is the good reputation developed by a company over years. This is recorded as an…

Q: WHAT IS TECHNICAL OBSOLECENSE OF ASSET

A: The term obsolete refers to the fact that a commodity is no longer in use. Obsolescence refers to…

Q: 1. Identifiable intangible assets are those intangible assets that: A. have been purchased by the…

A: Intangible assets are those assets which do not have physical existence.

Q: What Are Intangible Assets?

A: Intangible assets form a part of the non-current assets of the company.

Q: Which of the following does describe intangible assets? a. They are not lack physical existence.…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Define misappropriation of assets and give two examples of misappropriation of assets.

A: Asset: It represents the resources that are owned by the business.

Q: Discuss the rationale of using total assets as a basic in determining materiality.

A: The concept of materiality is fundamental to the entire audit process and is applied by auditor.  1.…

Q: How can the Gains and Losses on Depreciable Assets be determined?

A: For calculation of gains or losses on depreciable assets, written down value of the assets at the…

Q: What are the two types of claims against assets?

A: Asset is a resource from which the company expected to generate future economic cash flows which can…

Q: Which is not an expense? *   costs of goods sold or services rendered loss on disposal of a…

A: Expense is the money spent in operations in order to generate revenues.

Q: What do statutes and accounting rules mandate about assessing an asset's span of economic value?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: How do you find uncorrelated assets?

A: Uncorrelated or non- correlated assets: These are those assets that are not correlated with each…

Q: Explain the difference between tangible and intangible long-lived, revenue-producing assets.

A: Tangible assets are those assets which appear in the physical form and it is measurable. Assets like…

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: What is the difference between tangible and intangible assets?

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

Q: How do you identify intangible assets such as usufruct in modern transactions? Justify with examples

A: In a usufruct, the property rights of usus and fructus are merged. Usus refers to the right to use…

Q: Are Inventories depreciable property? Why?

A: Depreciable property means an asset which is eligible to book depreciation for accounting and tax…

Q: An intangible asset: a. cannot be classified on the statement of financial position because it lacks…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: What are some examples of tangible and intangible assets?

A: Introduction:- Assets are mainly categories into two types based on the existence. these are as…

Q: The assets which does not have physical existence are called: Intangible assets None of these…

A: Tangible Assets: These assets are Physical, Measurable Resources; like Property, Plant &…

Q: Because intangible assets have no physical form: A. they are not subject to the recognition criteria…

A: Answer -  Option D - D. none of the given answers is correct.

Q: What is the difference between tangible and intangible assets?

A: Fixed Assets: Fixed assets are those assets which gives profit over a year of time. Whether it is…

Q: Assets that are ready for their specific/intended use when purchased are classified as qualifying…

A: Assets are the resources and rights of the business, on which it has full right to own or sell the…

Q: how would make the non-performing assets into a performing one.

A: The concept of non-performing assets (NPA) is widely used in the management of financial assets in…

Q: What does intangible assets includes in its items? Explain them in detail.

A:

Q: Differentiate between tangible and intangible assets?

A: Tangible assets are those assets which appear in the physical form and it is measurable. Assets like…

Q: How do you identify intangible assets such as usufruct in modern transactions

A: Goodwill, brand awareness, and proprietary information like as patents, trademarks, and copyrights…

Q: Describe the accounting problems associated with self-constructed assets.

A: Self constructed assets are those assets which the business elects to construct under its…

Q: Which of the following statements regarding intangible assets is incorrect? A. Intangible assets…

A: Balance sheet shows the position of a firm. It is prepared at the year end and depicts the true and…

Q: Please explain Tangible and Intangible Assets. What are types of both? Also Intangible Assets are…

A: Step1: Definition of tangible asset and intangible assets. We have,Tangible assets are those assets…

Q: hich of the following does describe intangible assets? They are not lack physical existence. They…

A: There are of of two types of asset 1) Tangible asset  2) Intangible asset It can be both short term…

Q: Which of the following assets have definite physical share or identity and existence? [A]…

A: Assets:   These are the resources owned and controlled by business and used to produce benefits for…

Q: True or False?

A: Meaning of Right of use asset The right of use asset is recorded by the lessee in the balance…

Q: Can an entity include an asset in its balance sheet that it does not legally own? Explain your…

A: All the transactions of the company that are incurred in the financial year will be first recorded…

Q: Under IFRS, the recoverable amount of an asset is

A: Introduction:- Impairment loss arise when the amount by which the carrying amount of an asset…

Q: Is intangible assets is classified as current assets?

A: Generally, the liquidity of the assets plays a significant role in determining whether they are…

Q: What do you mean when you say the depreciable life of an asset is defined?

A: The question explains about the depreciable life of an asset is defined

Q: What is intangible assets, and what is goodwill? definition?

A: Assets are the resources that are owned by the entity for using them in future and to generate…