Outline the accounting procedures involved in applyingthe operating method by a lessor.

Q: Describe the accounting procedures involved in applying the direct financing method by a lessor.

A: Direct financing lease or operational lease method meaning given below:

Q: Generally accepted accounting principles

A: These include accounting principles, Statutes , guidelines issued by various authorities  Generally…

Q: Discuss and explain in details the steps of preparing Accrual basis accounting with one example and…

A: Accrual basis of accounting is that basis of accounting in which income and expenses are recorded in…

Q: The revenue recognition principle dictates that revenue be recognized in the accounting period…

A: The revenuerve recognition principle states that every business organization should recognize the…

Q: The key accounting considerations relating to accounts payable are: Determining their existence and…

A: Accounts payable is a current liability.  As per IAS 1, Presentation of financial statements,…

Q: How to write-off non recurring items in accounting?

A: Non Recurring Items: Unexpected and unusual Entries in the income statement which are not supposed…

Q: Which of the following should be treated as a change in accounting policy? A. A change is made in…

A: The accounting policies are referred to as the bases, ideas, and concepts that an entity uses to…

Q: The terms of a(n) are specified when an accountant and a client enter into a contract for the…

A: Accountant is the person who provides the service of book keeping, tax preparation or accounting.…

Q: escribe what is termed as “contingent liabilities” and discuss their accounting treatment.

A: Liabilities can be define as the group of financial obligations which have to be paid by the…

Q: The revenue recognition principle dictates that revenue should be recognized in the accounting…

A: Revenue recognition principle says the revenues should be recorded only when the goods are sold or…

Q: How revenues and expenses are are recognized under the accrual accounting?

A:

Q: Assuming the entity paid its employees their wages, incurred during the period. The proper debit to…

A: Nominal account have a rule of - Debiting all expenses and losses and crediting all incomes and…

Q: When are revenues and costs recorded in accrual accounting

A: The Answer

Q: Contrast a revenue/expense approach and an asset/liability approach to  accounting standard setting.

A: Revenue Expense approach recognizes Income statement items first Whereas, Asset/liability approach…

Q: In determining whether a company needs to use the liquidation basis of accounting, how does the…

A: Business liquidation: The business ends to operate, its balance assets are sold and the sale…

Q: Define Accrual accounting.

A:

Q: Accrual accounting is defined as follows:

A: Accrual accounting (also known as accrual accounting): It is an accounting system in which accrual…

Q: Revenue is recognized based on a five-step process that is applied to a company's revenue…

A: Five Step Revenue Process : Step 1 : Identification of the contract with the customer Step 2 :…

Q: What is meant by the term unearned revenue? Where should an unearned revenue account appear in the…

A: Revenue: It refers to the amount earned by a business from selling its goods or services to the…

Q: Which of the following is an amount for products or services purchased on account? Oaccounts payable…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: What type of account is Unearned Revenue?a. Assetb. Liabilityc. Revenued. Expense

A: Unearned revenue: Unearned revenue is also called as prepaid revenue.

Q: Outline the accounting procedures involved in applying the direct-financing method.

A: Definition: Lease: Lease is a contractual agreement whereby the right to use an asset for a…

Q: What does it mean to recognize an accountingtransaction?

A: The accounting transactions that directly or indirectly alters the financial aspect of the…

Q: The accrual basis of accounting records expenses when they are :

A: Accrual basis of accounting follows matching principal where cost incurred to earn revenue are…

Q: Outline the accounting procedures involved in applyingthe operating method by a lessee.

A:

Q: Why are adjusting entries necessary under accrual-basis accounting?

A: The accrual basis of accounting states that expenses are matched with the related revenues . And are…

Q: What is the accrual basis accounting?

A: Definition:   Accrued revenue: Accrued revenue refers to the revenues that are generated from the…

Q: Which of the following principles of accounting are not directly related to accounting depletion…

A: Correct Option : Historical Cost Depletion means the allocation of cost of natural resources…

Q: Choose the correct. How are anticipated administrative expenses reported on a statement of financial…

A: Statement of financial affairs:   Statement of financial affairs refers to a statement of assets and…

Q: Describe presentation and disclosure regarding revenue.

A: The core principle of IFRS 15 is that revenue is recognised when the goods or services are…

Q: Under the accrual basis of accounting, revenue is recorded O when earned and realizable O when…

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: Under accrual basis of accounting, revenue is recognized when and expenses are recognized when

A: The answer is option (b.)  [i.e  under accrual basis of accounting, revenue is recognized when…

Q: Demonstration of the relationship between GAAP and accounting practices (e.g., matehing prineiple…

A: The process by which financial transactions of the business are recorded and communicated with the…

Q: 1. What is accrual basis of accounting? How is it applied in terms of revenues and expenses?

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

Q: Outline revenue recognition criteria under modified accrual accounting

A: Modified accrual accounting: The standards for this approach are set by the Government Accounting…

Q: The concept of the accounting entity is aplicable

A: Accounting is the process of recording all the financial transactions pertaining to a business.

Q: Advanced collections from customers prior to the performance obligation being satisfied is accounted…

A: 1) Advanced collections from customers prior to the performance obligation being satisfied is…

Q: whats the difference between an expense and liability according to accounting?

A: Accounting: Accounting is defined as recording, summarizing and classifying the financial…