What are the measures used to describe possible loss accurately?

Q: What disclosure is made if a loss contingency is reasonably possible?

A: Contingent Liability: Contingent liability is one form of liability that arises based on a…

Q: Explain Quitclaim Deed?

A: Quitclaim Deed: Quitclaim Deed is also called as non-warranty deed. A quitclaim deed is considered…

Q: Define net operating loss.

A: For income tax purposes, a net operating loss (NOL) is the result when a company's allowable…

Q: re for impairment loss assets, what will happen/effect?

A: Impairment Recognition Business assets should be tested for impairment when a situation occurs that…

Q: What are the measures used to describe possible loss accurately?

A: Furthermore, you have the option of paying for your item in equal monthly instalments, guaranteeing…

Q: Types of risk confronting personal property and liability risk

A: In financial terms, risk used to referred to the uncertain event and also the potential financial…

Q: “Costs of abnormal spoilage are losses.”Explain.

A: Abnormal spoilage is spoilage that is not inherent in a specific production process and will not…

Q: 1. Define and briefly discuss a loss contingency.

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

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: What is the impairment loss to be allocated to the equipment?

A: An impaired loss is the loss which results to the asset of the company as a result that the market…

Q: Find the FASB ASC reference that explains how to measure an asset's impairment loss.

A: ASC- 360 provides guidance on accounting for the impairment or disposal of long-lived assets. The…

Q: How will the approach for verifying repair expense differfrom that used to audit depreciation…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: Define Loss contingency.

A: A loss contingency gives the reader of the financial statements early warning of an impending…

Q: The potential loss because of damage to the insured equipment is a function of the value of the…

A: Potential Loss means the loss suffered due to damages that are accidental in nature like earthquake,…

Q: Explain the accounting for loss carrybacks and loss carryforwards.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: items into normal loss or abnormal loss.

A: Normal loss occurs naturally and cannot be avoided during manufacturing process. Abnormal loss…

Q: Define and discuss survivorship bias and selection bias, and how they affect reported returns of…

A: Survivorship bias is a type of bias in which a person has a tendency to view the performance of…

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: When are loss contingencies recorded?

A: Definition:   Contingent liability: This is an uncertain obligation which might be incurred on a…

Q: In what ways might a depreciable asset's estimated service life be influenced?

A: The Answer

Q: identify the causes of loss that are covered under the broad form that are not covered. under the…

A: Loss is a situation in which a company is not able to meet its financial obligations or payments or…

Q: Determine an asset's depreciable life?

A: A tangible asset is a substantial resource. Tangible resources incorporate fixed resources including…

Q: List and briefly describe the three categories of likelihood that a future event(s) will confirm the…

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

Q: how to calculate deprieation

A: When fixed asset is purchased, it is recorded in books of accounts at it original or acquisition /…

Q: What is the condition of security? Has it been reasonably well maintained or does it show the…

A: Security is a financial instrument, either equity or debt, which has some legal values. Securities…

Q: Describe a “loss carryforward.” Discuss the uncertainty when it arises.

A:

Q: Explain how losses on impaired intangible assets shouldbe reported in income.

A: Intangible Assets: An intangible asset refers to the good name and reputation of an organization…

Q: What is the relevance of eyewitness in coming up with a sound historical account?

A: Accounting: Accounting can be defined as a process under which all the business transaction having…

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: How to calculate operating loss?

A: A net operating loss is occurred when the gross deductions are more than its total income of the…

Q: Define Impairment Losses.

A: Impairment loss: An impairment loss is an expense reported on the income statement, it is the…

Q: Define the term salvage value of the equipment?

A:

Q: What disclosure is required for a probable loss contingency?

A: Contingent liability: This is an uncertain obligation which might be incurred on a future date as a…

Q: What are two advantages to basing the valuation of assets and liabilities on their historical cost?

A:

Q: Which are the Sources of Information for Identifying Distressed Properties?

A: A property is termed as "Distressed" if the loan value is higher than the offer price. A property…

Q: Explain the accounting for loss carryforwards.

A: The Accounting For Loss Carryforwards will be explained:

Q: .    In determining the amount of a provision, a company using IFRS should generally measure: a.…

A: An economic obligation created and maintained to cover the future liability is termed as provisions.…

Q: What is the objective in identifying the costs of an asset?

A: Asset:   It represents the tangible and intangible resources owned by the business for a particular…

Q: various time related aspects of consequential losses.

A: Damage to business property or equipment causes a consequential loss, which is an indirect negative…

Q: Which expenses are associated with the risk of disability?

A: Disability refers to being abnormal from others i.e the person is incapable in a or few aspects from…

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.