nonrecurring

Q: What exactly does the word "noncontrolling interest" imply in this context?

A: Non-controlling Interest: Non-controlling interest is the equity not attributable, directly or…

Q: What do the allowable deductions include?

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Which of the following is not a required disclosure under PAS 1?

A: PAS 1 refers to the Philippine Accounting Standards as developed by the PFRS (The Philippine…

Q: What are the two cases where Garner VS Murray rule is not applicable?

A: Generally, as per the Garner vs Murray rule, any capital loss incurred due to bankruptcy of the…

Q: What is the basis for distinguishing between operating and nonoperating items?

A:

Q: temzed deductions are an add back for AMT purposes O True False

A: Itemized deductions refer to the sum value of money paid for state and local income or sales taxes,…

Q: Why or what are the reason or reasons that would cause the trial balance to be considered as…

A: Trial Balance - After transferring all the transactions into Ledgers Company closes the accounts and…

Q: DTA and DTL are DISCOUNTED and are presented as non-current items TRUE OR FALSE

A: Taxable income is net income calculated as per prevailing tax laws. Book income is the income…

Q: Which of the following is not considered a characteristic of a liability? O Present obligation. O…

A: Liability means the amount which is to be paid to an outsider by business.  It is the present…

Q: how does the change in accounting of nonrecurring items?

A: Non Recurring items are the ones that do not occur frequently.

Q: Explain preemptive right

A: Answer: A pre-emptive right is a benefit that can be granted to other owners in a company that gives…

Q: riances are investigated ation is found, it can be ignored re investigated gement is used to…

A: Auditor: It is a person who is appointed by the government or company in case of internal auditing.…

Q: Contrast the constructive receipt doctrine with the claim of right doctrine.

A: As per the constructive receipt doctrine, a tax payer is required to pay taxes on income even if the…

Q: s incorrect concerning an acquirer

A: First option is wrong because the statement is correct. In order to facilitate the accounting…

Q: Which of the following s he violated?

A: An employee working in an organization must have some ethics and values. The employee should work…

Q: What procedures should be performed to determine the adequacy of the allowance for doubtfulaccounts?

A: Allowance for Doubtful Accounts: This is a contra asset account to the Accounts Receivables account…

Q: What is an estoppel? Why is it used?

A: Estoppel is the legal principle which is helpful for any future contradiction. It means that…

Q: Discuss the rules for related party loss limitations.

A: The IRS has define rule regarding the transactions with the related parties and the treatment of…

Q: What is imputed interest, and how does it work

A: The Answer:

Q: What is Umbrella Excess Liability?

A: Umbrella Excess Liability policy refers to a liability insurance policy that safeguards the assets…

Q: What are the two primary reasons for using preemptive rights?

A: The right of the shareholders of a company to buy additional shares in any future issue of the…

Q: Under IFRS, the retrospective approach should not be used if:

A: Here is the answer :

Q: What is the unadjusted trial balance?

A: Trial balance is the summary of all general ledger accounts being used in the business. It shows…

Q: Distinguish a contigent liability from a provision.

A: Liabilities: It refers to the debt that company owes to someone. It can be short term or long term.

Q: How can the owners be disclaimers?

A: A disclaimer is a term utilized to define or restrict the range of duties and rights enforceable in…

Q: Is the threshold for recognizing a provision under IFRS different than it is under U.S.GAAP?…

A:

Q: What is his QBI deduction?

A: 1. Deduct upto 20%  QBI = $ 110,000 * 20% = $ 22,000 2.  50% of the W-2 wages  QBI = 40,000 * 50% =…

Q: What are substantive participating non-controlling rights?

A: Noncontrolling rights that allow the noncontrolling shareholder to participate in either corporate…

Q: What are the arguments for giving separate accountingrecognition to the conversion feature of…

A: The separate accounting for recognition is needed as convertible debenture has the feature of…

Q: Why does the exclusion of the preemptive right ordinarily inconsequential?

A: Preemptive Rights: It is a contractual clause that gives the shareholders right or allows them to…

Q: Distinguish between common law liability and statutory law liability?

A: Auditor:  The person who is considered responsible for assessing the credibility of the financial…

Q: Define (a) a contingency and (b) a contingent liability

A: a. Contingency: Contingency refers to an uncertain situation in which the uncertain situation exists…

Q: what is unusual or infrequent items of non-recurring items?

A: Non-recurring items are those items or transactions reports in the company's financial statements…

Q: How might exclusion clauses be found to be unenforceable?

A: Exclusion clause is defined as the term of contract that looks for restricting or excluding the…

Q: What is an unasserted claim?

A: An unasserted claim or assessment is one in which the affected party or potential claimant has not…

Q: Which of the following is not an assertion relating to classes of transactions? Accuracy, Adequacy,…

A: Classes of transaction includes the transactions of the company which are grouped together for…

Q: Under what conditions should a provision be recorded?

A: Provision:   A provision is an account that records a liability of an organization. The liability is…

Q: allowable deduction?

A: Definition : Deductions under income tax: Deductions are allowed on taxable income of the…

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

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

Q: What is the definition of “retrospective application”?

A: The first book that the company will prepare is the journal book in which all the transactions of…