Under IRC 1221(a), it lists some items that are NOT capital assets. What do they have in common?

Q: Discuss with examples TWO (2) indicators that may require an entity to reduce the value of their…

A: impairment of assets - impairment loss refers to a reduction in the value of assets of the company,…

Q: Confusingly, §1221 defines what is not a capital asset. True False

A: Capital Assets:All property that taxpayers own is capital asset, unless it falls into one of the…

Q: The principal difference between two concepts of capital maintenance is the treatment of the effects…

A: CAPITAL: Capital refers to the assets used for the production of goods and services. A typical…

Q: What are the criteria of an assets held for sale?

A: Step 1   If any of the assets is held for sale then, it ceases to depreciation and amortization and…

Q: The fair value of net assets is:

A: Given information is: Fair values: Cash = OMR 80,000 Receivables (Net) = OMR 90,000 Liabilities =…

Q: _________numerators does NOT include assets:

A: The Answer :

Q: What is financial assets designated at FVOCI? Why does an entity used it? How?

A: Here discuss about the details of financial assets which was segregated fair value through other…

Q: What if noncurrent asset is not a subtitle I can chose from? Is there another heading I can use or…

A: The non-current assets means those assets which are not current assets, i.e. they would benefit the…

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

A: An asset is a resource that is controlled by the entity from which future economic benefits are…

Q: 2. Which assets may be excluded from current assets?

A: Definition:   Current assets: The assets which could be converted into cash within one year like…

Q: Which of the following assets appears on the balance sheet at fair value? Equipment, Land,…

A: Fair value refers to the actual amount paid in an open market to purchase the assets. Fair value…

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: Why are liability accounts included in the capital acquisitionand repayment cycle audited…

A: Liability accounts in the capital acquisition and repayment cycle are audited differently from…

Q: What are permanently restricted net assets?

A: The permanently restricted net assets are held by the non-profit organizations.

Q: What is a capital asset?  Why do we care about the treatment of assets as either capital or…

A: Capital assets is an assets which are generally not meant for sale but for investment purpose which…

Q: C5Q3.Which among the following is not a capital asset? Building Vehicle Cash Land

A: Capital assets tend to be used for more than 12 months of period of time.  Building can be used for…

Q: What are the Required disclosures about each major class of capital assets?

A: Capital asset refers to the assets with a longer useful life i.e. more than a year and is not…

Q: What are the classifications of financial assets in accordance with IFRS 9?

A: SOLUTION- FINANCIAL INSTRUMENT- 1-A CONTRACT THAT GIVE RISE TO FINANCIAL ASSETS FOR ONE PARTY AND…

Q: gain from the sale or exchange of property which is not a capital asset

A: Second option is wrong because gross income is the income before allowing deductions. Third option…

Q: Explain the method of direct capitalization method?

A: The three approaches to value a business or an investment are the Income based,  Market based and…

Q: What items are excluded from the statutory definition of Capital Asset? Why?

A: Capital assets are assets which may or may not connect with the business and include all tangible or…

Q: Which does not belong to the group? A. Capital maintenance approach B. Transaction approach C.…

A: The question is multiple choice question. Which does not belong to the group.

Q: should be capitalized as intangıble assets. O True O False

A: An intangible assets is An identifiable, non monetary, without physical substance, held for use…

Q: Are Inventories depreciable property? Why?

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

Q: Real property held for investment is a capital asset. True or false

A: Real Estate Property Held for Investment is A capital Assets.   Real estate property held for…

Q: Sale of an capital assets is subject to

A: Option a is wrong because regular income tax is applied in case of income from salary, business or…

Q: The amount to be capitalized should be:

A: Answer:   Option a.

Q: Which does not belong to the group? Capital maintenance approach Transaction approach Single entry…

A: Accounting refers to the documentation of the transactions, and events which are related to the…

Q: Access the glossary (“Master Glossary”) to answer the ­following. a.    What does it mean to…

A: Answer: To capitalize an item means to use the item for the long term in the business and disclose…

Q: What are the classifications of financial assets in accordance with PFRS 9?

A: PFRS :  It stands for Philippines Financial Reporting Standard which is fully converged with IFRS.…

Q: Provide examples of assets that do not qualify for interest capitalization.

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: Under what two conditions should investments be classified as current assets?

A: The investments should be classified as short–term investments if it satisfy the following…

Q: ___________ and __________ are examples of a depreciable asset, while ____________ and ____________…

A: Depreciable assets - These are those assets that lose its value over the time , due to continuous…

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: Section 1221(a) of the Internal Revenue Code defines what:     a. is a capital asset.     b. is…

A: Internal Revenue Code (IRC): IRC is the source of tax laws, the legislative authority and is…

Q: hich of the following is NOT a financial asset?

A: An asset is belongings or the resources of an individual, corporation, or country with the…

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: Which of the following would NOT be classified as a current asset on a classified balance sheet?…

A: Current assets are those assets which are in cash or can be converted into cash into short period of…

Q: Explain the difference between ordinary, capital and section 1231 assets

A: A real property can be categorized as an ordinary, capital or 1231 asset based on for what purpose…

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

A: Various Accounting concepts are: Accrual concept Going concern concept Matching concept Materiality…