What are the definition criteria of an asset and a liability

Q: Which of the following elements represents a residual claim? A . Asset.

A: residual claim :

Q: What is asset and liability management?

A: The process of ALM (Asset and liability management) is the process used to manage financial risks…

Q: WHAT IS LEGAL LIFE OF THE ASSET?

A: SOLUTION- LEGAL LIFE OR USEFUL LIFE OF ASSET- AN ASSET LEGAL LIFE IS THE PERIOD OF TIME (OR TOTAL…

Q: normal balance of asset, liability, and equilt

A: The balance sheet shows the financial position of the company that including the assets,…

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: List 3 essential characteristics necessary to consider an item either as an asset or a liability

A: A company's assets are what it owns, while its liabilities are what it owes. Both are mentioned on a…

Q: Distinguish between a current liability, such as accounts payable, and a provision.

A: Current liability:   Current liability refers to the debts of an organization. It is an obligation…

Q: Distinguish between assets and liabilities.

A: Step 1 Assets can be defined as the resources owned by the organization which is capable of…

Q: Which of the options is an example of liability?

A: Liability is something a company  or person owes, usually a sum of money.  It denotes an obligation…

Q: Applying a measurement basis to an asset or liability creates a measure for that asset or liability…

A: The purpose of measurement basis is to represent faithfully the values of assets and liabilities so…

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: WHAT IS CONTRACTUAL LIFE OF ASSETS?

A: An asset is a resource of economic value which is own by an individual and a company and provides…

Q: What is an asset and liability per the IASB framework definition for the preparation and…

A: Financial statement includes: 1) Balance sheet  2) Income statement 3) Cash flow statement  4)…

Q: Define the term contingent liability.

A:

Q: Are they any specific considerations  that must be taking into account when focusing on liability…

A: Liability: A liability is the amount of money that a company owes for the benefits enjoyed.…

Q: What is an estimated liability?

A: Estimated liabilities are liabilities which a company owes certainly but the amount of obligation…

Q: Define accrued liability

A: Accrued Liability is an expense that was incurred before the end of the current period but has not…

Q: right of use asset and a lease liability on the part of the lessee?

A: Lease -: A Lease is an agreement summarizing the conditions in which one party decides to rent…

Q: How do you identify an asset with reference to AASB? How should an asset be recognized in the…

A: Assets are those which have future economic benefit which flow into the organisation. These must be…

Q: Discuss about the revenue/expense approach and also about the asset/liability approach.

A: Any amount of money spent to generate the revenues in a business is known as expenses. Revenue is…

Q: An account which would be classified as a current liability is

A: Dividend payable is a current liability but form of common stock is not a current liability.…

Q: Which of the following is not an essential characteristic of a liabili O All are essential…

A: Liabilities are those present obligations that are due to business and they could be short-term in…

Q: Choose one example of an asset, and referring to the characteristics of assets, explain why your…

A: Assets are property of the company which provides economic benefits to the company. A liability…

Q: What is liability

A: Financial accounting includes recording, collecting, summarizing and interpreting the financial data…

Q: What is the amount of the current liability related to this transaction?

A: Invoice raised for the sales made by the company = 4,000 batteries * $150  + 6% sales tax =…

Q: What is the difference between a current asset and a fixed asset?

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Calculate the duration and convexity of the both asset and liability sides

A: Excel Spreadsheet: Excel Workings:

Q: Differentiate between long term liability and short term liability?

A: First of all, let is understand what a liabilty is - Any amount or sum a business or company  is…

Q: What are “liability gains and losses,” and how are theyaccounted for?

A: Liability gains and losses arise from the unexpected increase or decrease in the value of projected…

Q: what is qualifying assets?

A: Manufacturing plants, power generation facilities and inventories requiring time to get into…

Q: What's the difference between current liability and long term liability ?

A: Liability: Liability is an obligation of the business to pay to the creditors in future for the…

Q: Distinguish between a current liability and a long-termdebt.

A:

Q: Which of the following would most likely be classified as a current liability?

A: It can be defined as the liability that becomes due and is to be repaid with a span of 12 months or…

Q: What are the goals of asset & liability management (ALM)?

A: Assets are the resources owned or control by an entity to produce economic value in the coming…

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

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

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.