true or false A difference between expected results and actual experience results to a remeasurement of the net defined benefit liability (asset)
Q: one or more of the following statements are characteristics of assets: a. a probable future benefit…
A: Assets are those resources whether tangible or intangible, current or fixed have an economic value…
Q: What is the purpose of valuation in terms of voluntary assessment?
A: Every organization needs to know the worth value of its assets, business or company. In other words…
Q: Which of the following are recognized in other comprehensive income? service cost
A: The other comprehensive income includes the revenues and expenses of the company. The assets and…
Q: When the fair value of plan assets is multiplied with a discount rate, an interest expense arise.…
A: Interest expense is determined by multiplying the discount rate with the start of the period by the…
Q: Explain how the obligation for postretirement benefits is measured and how the obligation changes.
A: The answer for this question is given generally as each organisations can following their own…
Q: true or false The net defined benefit liability/asset that is presented in the balance sheet is the…
A: True. Net defined benefit liability /asset is the difference between Present Value of Defined…
Q: Differentiate between “loss carryback” and “loss carryforward.”Which can be accounted for with the…
A:
Q: Describe the approaches for measurement of fair value.
A: When measuring fair value of fixed assets, intangible assets, specified financial assets or…
Q: An investment property should be measured initially at O A. Cost. B. Cost less accumulated…
A: Investment property is a kind of asset that is part of the balance sheet of the company. It means…
Q: f the Construction in Progress account is greater than the Contract Billings, the excess is treated…
A: Construction in progress means the contracts' work which still going on and is yet to be completed.
Q: Direction: Choose the correct answer. 1. A provision is a. An event which is not recognized…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: Net defined benefit asset results in Current service cost Interest expense Interest revenue
A: As per IAS 19 of IFRS mentions how the accounting should be done to employee benefit other than…
Q: What amount of gain should be reported as a result of the modification of terms under ifrs?
A: As per the restructuring of terms, 1. Loan reduced by 20% i.e., P3,000,000 * 20% = P 600,000 2. Loan…
Q: Distinguish between tangible and intangible benefits.
A:
Q: When using the fair value method, we adjust the reported amount of the investment for changes in…
A: The sales price agreed by the buyer and seller is termed as Fair value assuming both parties are…
Q: Loss contingencies are usually recognized in the income statements of the period when a.…
A: Solution; Loss contingencies are usually recognized in the income statements of the period when…
Q: A present liability of an uncertain amount that can be measured reliably using substantial degree of…
A: Liability: It can be defined as the amount owed by the business from the creditors.
Q: With reference to IAS 37, identify the correct statements from the following: I. A contingent…
A: Contingent Liabilities In simple term contingent liabilities means unexpected loss or expenses…
Q: Any anticipated loss should be recognized * A.on a percentage basis during the contract period B.…
A: The amount of anticipated loss is calculated regardless of: (a) whether or not work on the contract…
Q: Which of the following is not part of the definition of an asset O a. Control of a resource O b.…
A: Asset can be defined as a resource controlled by the entity as a result of past events from which…
Q: age of time B. Completion of percentage of a project C. Performan
A: Revenue refers to the sum value of money gained by a business by selling its goods or services in…
Q: Passive activity income and losses are netted against one another on what form or s
A: Passive Activity Income: 1) Passive income is earnings from a rental property, limited partnership,…
Q: All of the following are components of the defined benefit cost except unvested past service…
A: Defined benefit cost includes: Service cost Expected return on plan assets Change in the effect of…
Q: A contingent liability whose payment is generally probable
A: Contingent liability is the liability that may or may not happen in the future based on an event.…
Q: difference between expected results and actual experience results to a remeasurement of the net…
A: The answer is stated below:
Q: Is the nature of the gainor loss considered ordinary or long-term?
A: Ordinary gain or loss means any income which doesn't result as Capital gain or loss. Capital Gain or…
Q: IASB requires the use of _____ as a measurement basis. a. historical cost b. not given c. current…
A: Introduction:- The International Accounting Standards Board (IASB) issued Framework for the…
Q: Depreciation expense is considered as allowable deduction Select one: True False
A: Depreciation expenditure is the amount depreciated for a specific period (e.g., quarter or year),…
Q: A right of use asset is initially measured at costs and subsequently measured using the A. Cost…
A: An asset is the resource owned by the company for using it in the future.
Q: Costs that are directly associated with the earning of revenue are recognized as expense in the same…
A: The accounting is based on various principles and regulations.
Q: When it is probable that total contract costs will exceed total contract revenue, how shall it be…
A: Contract account is prepared when the work to be done take substantial time to make (generally more…
Q: What are the definition criteria of an asset and a liability
A: Assets means the resources which is owned by business. Liability means the amount which is to be…
Q: Identity the economic resource that has the ability to give economic benefits___________ a. Capital…
A: Asset is an economic resource that has the ability to give economic benefits... option D asset is…
Q: 1. All of the following are components of the defined benefit cost except * unvested past service…
A: Solution Note Dear student as per the Q&A guideline we are required to answer the first question…
Q: A contingent gain can sometimes be disclosed in a footnote A. True B) False
A: Financial management refers to planning organization direction and control of financial activities…
Q: This principle states that asset and income should not be overstated and liabilities and expense…
A: Accounting principles are a set of rules and guidelines that are required to be followed by entities…
Q: When a contingent liability exists, the likelihood for loss can be evaluated as probable, reasonably…
A: A contingent liability is the possible obligation which will only be confirmed by future event which…
Q: 26. Which of the following measurement methods are acceptable under IFRS 9? O Amortised cost and…
A: As per IFRS 9 Financial Instruments, Financial assets can be measured at: Amortized cost Fair value…
Q: Which of these statements is true? a. The matching concept requires that we distinguish between…
A: The matching principle is an accounting principle that states that the expenses and revenue of a…
Q: With reference to IAS 37, identify the correct statements from the following: I A contingent asset…
A: Contingent assets refer to the assets that are a result of past event and inflow from those assets…
Q: Determine the components of postretirement benefit expense
A: Post-retirement benefit expense: This is an expense to the employer-paid as compensation after the…
true or false
A difference between expected results and actual experience results to a remeasurement of the net defined benefit liability (asset).
Step by step
Solved in 2 steps
- A difference between expected results and actual experience results to a remeasurement of the net defined benefit liability (asset).true or false The net defined benefit liability/asset that is presented in the balance sheet is the difference between the FVTA and the PV of DBO, subject to the asset ceiling if appropriate.Compensation income may be in the form of monetary or in-kind benefit. a.true b.false
- The measurement of defined benefit cost is usually made by a trustee. a. TRUE b. FALSEWhich of the following items on the statement of net assets available for benefits would indicate a plan failed nondiscrimination testing? Select one: a. Excess contributions refundable/payable b. Employee contributions receivable c. Adjustment from fair value to contract value d. Adjustment from contract value to fair value1. All of the following are components of the defined benefit cost except * unvested past service cost interest on the effect of the asset ceiling loss on settlement return on plan assets 2. Which of the following are recognized in other comprehensive income? service cost net interest in net defined benefit liability (asset) amortization of actuarial gains or losses difference between interest income on plan assets and return on plan assets 3. The balance of the present value of defined benefit obligation is affected by all of the following except * actuarial gains or losses interest cost current service cost contributions to the fund 4. If the present value of the defined benefit obligation exceeds the fair value of the plan assets, there is * deficit surplus expense prepaid accrued benefit cost
- Required: a. if arturito will accept the special order, what is the incrementak benefit(loss)?IASB requires the use of _____ as a measurement basis. a. historical cost b. not given c. current cost d. fair valueone or more of the following statements are characteristics of assets:a. a probable future benefitb. a particular entity obtains the benefit and control others’ access to itc. does not give the rise to the entity to control the benefitd. a +b
- The accrual of a contingent liability and the related loss should be recorded when the a. Loss resulting from a future event may be material in relation to income. b. Future event that gives rise to the liability is unusual in nature and nonrecurring. c. Amount of the loss resulting from the event is reasonably estimated and the occurrence of the loss is probable. d. Event that gives rise to the liability is unusual and its occurrence is probable.A contingent liability should be recorded in the financial statements when the: Select one: a. Contingent event is probable and the amount can be reasonably estimated. b. Contingent event is probable regardless of whether the amount can be reasonably estimated c. Contingent event is reasonably possible or probable regardless of whether the amount can be reasonably estimated d. Contingent event is reasonably possible and the amount can be reasonably estimatedWhich among the following suits best for Unearned revenue? a. Liability b. Expense c. Revenue d. Asset