revaluation or restatement of assets and liabilitie:
Q: Explain Quitclaim Deed?
A: Quitclaim Deed: Quitclaim Deed is also called as non-warranty deed. A quitclaim deed is considered…
Q: Define Depreciation expense.
A: Managerial accounting: Managerial accounting is the process of identifying, measuring, analyzing,…
Q: _________numerators does NOT include assets:
A: The Answer :
Q: The depreciation procedures that apply to the main kinds of depreciable assets in general?
A: Depreciation is an accounting method for allocating the cost of a tangible or physical asset over…
Q: Explain the conditions under which assets and liabilities are derecognized
A: The answer for the theory question on the conditions under which assets and liabilities are…
Q: Provision, Contingent Assets, Contingent Liabilities and Restructuring
A: Contingent Assets To determination of Contingent Assets and Accrued Assets whether in the case of…
Q: Explain how the accounting treatment differs between purchased and internally developed intangible…
A: Intangible assets: Intangible assets are the long-term assets having no physical existence. However,…
Q: eceivable (net).. ed depreciation-eguipment
A: Statement of Cash Flow statement for year ended Dec.31,20Y3…
Q: Difference between depreciation, amortization and fluctuation
A: The difference is explained as follows:
Q: distinguish between current and non-current assets, and current and non-current liabilitie
A: Any asset which is convertible in terms of cash within a time duration of one year is a current…
Q: Define the term Accounting for Depreciation?
A: Depreciation: It is the reduction in the value of an asset due to factors like normal usage or…
Q: Explain how losses on intangible assets that are impaired should be recorded in income.
A: When the carrying amount of the asset is less than the recoverable Amount it should be provided for…
Q: Differentiate between permanent current assets and temporary current assets.
A: Assets: These are the resources owned and controlled by business and used to produce benefits for…
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: A general description of the depreciation methods applicable to major classes of depreciable assets?
A: Depreciation is the allocation of cost of the asset over the useful life of the asset. Depreciation…
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: If an asset that is not fully depreciated is sold or disposed, but the fixed asset records are not…
A: Fixed Asset: The asset used by company for more than one year is known as fixed asset. Fixed asset…
Q: give the definition, recognition, measurement and derecognition of Impairment of assets.
A: impairment of assets Definition An asset is stated "impaired" when its Market value (MV)less than…
Q: Explain the accounting issues related to asset impairment.
A: Asset impairment: Asset impairment emerges when there is a sudden drop in the fair value of an asset…
Q: Why depreciation on fixed assets is not recorded in receipts and Payment Account?
A:
Q: Explain the accounting for gain and loss contingencies.
A: Contingencies: Contingency is a situation where the outcome becomes uncertain and is resolved in…
Q: Define the term depreciation expense.
A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating…
Q: Depreciation is a process of: a. Asset devaluation b. Cost accumulation c. Cost allocation d.…
A: Depreciation is the process of cost allocation of an asset. It is made due to the wear and tear and…
Q: Assets is Outflows or other using up assets or incurrence of liabiliti true
A: An income statement is a business financial statement that displays how revenue (the money collected…
Q: What are the requirements of depreciating an asset?
A: Depreciation is a non-cash expense which is charged against the use of the fixed assets of the…
Q: What document shows when fixed assets are fully depreciated?
A: Depreciation: Depreciation means decrease in the value of tangible asset. Depreciation is a…
Q: Identify the accounting issues related to asset impairment.
A: Asset impairment emerges when there is an abrupt drop in the fair value of an asset underneath its…
Q: Describe the two categories of accounting depreciation?
A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due…
Q: Valuing assets at the amount of cash or equivalents paid or the fair value of the consideration…
A: solution If the cash paid at the time of acquisition is used to measure an asset, then it is called…
Q: What type of assets requires adjusting entries to record depreciation?
A: The assets that require adjusting entries to record depreciation is long-term tangible assets. The…
Q: Describe the steps to record non monetary asset exchange.
A: Definition: Non- monetary exchange: When fund transfers are not involved in the exchange and the…
Q: What are the depreciation processes that apply to the most common types of depreciable assets in the…
A: Depreciation is an accounting word that refers to the process of spreading the cost of a tangible or…
Q: Describe the accounting changes in depreciation.
A: Accounting Changes: Accounting changes can be described as a process of change in accounting…
Q: What is the total loss on realization of noncash assets?
A: Noncash assets are assets that would not be easily converted into cash by the company.
Q: A provision of % should be made on loss assets
A: A loss asset is an asset that remains as a non-performing asset(NPA) for more than 36 months.
Q: What contra account is used when recording and reporting the effects of depreciation? Why is it…
A:
Q: Provide an explanation of the circumstances under which assets and liabilities are de-registered.
A: This question deals with the circumstances under which assets and liabilities are de-registered.
Q: List the priority of claims for the distribution of a liquidatedfirm’s assets.
A: Liquidation: The liquidation process generally takes place when the firm is deemed to be far gone…
Q: Define the term the depreciable life of the asset?
A: Depreciation is an accounting process through which allocation of an asset’s cost during its useful…
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: Actuarial (Remeasurement) gains and losses are reported as OCI as they occur using a. U.S. GAAP. b.…
A: Both US GAAP and IFRS requires to record acturial gains or losses through other comprehensive income…
Q: Explain how depreciation expense satisfies the definition of an expense
A: Depreciation is the amount with which an asset’s value decreases every year. Example:- Machinery…
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- Which of the following will be subtracted while calculating ending equity under statement of changes in equity? a. Drawings b. Gross profit c. Reserves and surplus d. Net profitWhich of the following would trigger a subtraction in the indirect operating section? A. gain on sale of investments B. depreciation expense C. decrease in accounts receivable D. decrease in bonds payableWhich of the following would be included in the financing section? A. loss on sale of investments B. depreciation expense C. increase in notes receivable D. decrease in notes payable
- Exchanges of assets for assets have what effect on equity? A. increase equity B. may have no impact on equity C. decrease equity D. There is no relationship between assets and equity.Analyze the following transactions and identify its effects on assets, liabilities, and capital. Write ? for increase, ? for decrease, NE for No effect and I/D if the effect is only in one major accounts. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.A-.Create the ratio of fixed assets to long-term liabilities B-. Create the ratio of liabilities to stockholders' equity
- 1. Find the Ratio of FIxed Assets to long term liabilities 2. Find the ratio of liabilities to stockholders equityA decrease in economic benefits or decrease in assets or increase in liability resulting in decrease in equity is termed as. a. Capital b. Income c. Expense d. Liability5. The following items affect the retained earnings account, except Group of answer choices a. net income or loss for the period b. prior period errors c. realization of revaluation surplus d. effect of change in accounting estimate
- The payment of liabilities would cause what effect on corresponding accounts? Both increase in assets and liabilities Increase in liabilities and decrease in assets Increase in assets and decrease in liabilities Both decrease in assets and liabilitiesInterest Expense on Notes Payable is recorded with an increase to Interest Expense, which decreases Shareholders' Equity, and (Select all that are true.) O an increase to Interest Payable, a liability, if the interest is owed O an increase to Interest Payable, which decreases shareholders' equity, if the interest is paid O a decrease to Interest Expense, a liability, if the interest is owed O an increase to Cash, an asset, if the interest is owed O a decrease to Cash, an asset, if the interest is paid4 . Both accounts payable and deferred revenue are classifi ed as current liabilities. Discuss the following statements: A . When assessing a company’s liquidity, the implication of amounts in accounts payable diff ers from the implication of amounts in deferred revenue. B . Some investors monitor amounts in deferred revenue as an indicator of future revenue growth.