What is the difference between the APBO and the EPBO? What are the components of postretirement expense?

Q: What is Balanace of Payment

A: Balance of Payment is a statement of monetary transactions made and records  between residents of a…

Q: What is the purpose of an allowance for uncollectibles and why is it important?

A: Accounts receivable is the current asset and the amount that is not received yet from the customer…

Q: Define the term recovery allowance percentages?

A: Tax based depreciation rates are provided by the IRS and are called MACRS which is the modified…

Q: An example of an expense classifi cation by function is: B . interest expense

A: An example of an expense classification by function is

Q: Are there any alternatives to the allowance method?

A: The alternative to the allowance method is the direct write-off method, under which bad debts are…

Q: explain the inherent risks associated with prepaid expenses and deferred charges.

A: A deferred charge is the same as a long-term prepaid expense, which is an expense made for an…

Q: When are contingent fees allowed?

A:

Q: The expense recognition principle relates

A: Expense recognition is based on accrual and matching concept where accrual concept states that…

Q: what is the difference betwwen classifying an expense by nature or function?

A: The costs that are incurred to earn revenues in the process of operating activities of the business…

Q: hat does the term "miscellaneous expenditure" mean?

A: Miscellaneous Expenditure: These are the expenditure that are allowances for government services,…

Q: how much is the Allowance for Overvaluation after adjustment?

A: Given that, Allowance for overvaluation = P157,500 Shippment from home office = 120% of cost…

Q: How did you calculate the depriciation expense?

A: This method also called diminishing balance method or declining balance method where the…

Q: What would the total expense be?

A: Introduction: Income statement: All revenues and expenses are shown in income statement. It tells…

Q: WHAT IS THE TOTAL GENERAL AND ADMINISTRAVE EXPENSES?

A: The administration expenses are related to funciton of business but not directly or indirectly…

Q: Define Miscellaneous expense.

A: Step 1 Expense is the amount incurred by the organization to generate revenue. It is shown in the…

Q: Describe the different approaches of expense recognition.

A: Expenses are being recognized when the revenues and relevant expenses are matched for the same…

Q: What are the different risks associated in the accounting of inventories?

A: Answer: Inventories are the current assets of the company which are realizable within 12 months from…

Q: What is the rule concerning contingent fees for a covered member?

A:

Q: Define Expense recognition.

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: What would be the difference between the CMO with and without the accrual class?

A: A collateral mortgage obligation is a financial instrument that is backed up by the mortgage to be…

Q: Why GAAP requires the allowance method

A: while accounting the uncollectible accounts  in the books of accounts GAAP requires the allowance…

Q: What types of fees and conditions are prohibited under RESPA?

A: Real Estate Settlement Procedures Act (RESPA)? The Real Estate Settlement Procedures Act, or RESPA,…

Q: Explain an example of deferred expense.

A:

Q: What is the difference between Payables Ageing Summary and Payables Ageing Detailed Reports?

A: Payables ageing reports are related to MYOB (Mind your own business. This is found in Report meny…

Q: Define expense recognition principle

A: Expense recognition principle says that all expenses for the particular period must be recognized in…

Q: Prior (Past) service cost is expensed immediately using which of the following? a. U.S. GAAP. b.…

A: Prior or past service cost refers to the changes in the PV of defined benefit obligations due to the…

Q: Define the term deferred rent revenue.

A: Deferred rent revenue, also known as unearned rent revenue, refers to advance payments a company…

Q: What is the difference between classifying an expense by nature or function?

A: Expenses: Expenses means money spent for getting revenue to the entity. It involves cost of…

Q: describe general principles of expense recognition, specifi c expense recognition applications, and…

A: Expenses mean a decrease in economic benefits. Expenses are nothing but those transactions resulting…

Q: What is allowance method?

A: Definition:   Allowance method of accounting for uncollectible accounts: This is the accounting…

Q: What type of basis is it called when we report only the amounts actually collected and/or spent?

A: There are two methods of accounting. One is cash basis and other is accrual basis.

Q: Describe the accounting and amortization of prior service costs.

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

Q: What is the relationship of the promissory note between the maker and the payee?

A: A note of hand can be a financial instrument that contains a written promise by one party (the…

Q: Should liability for rent deposit be amortized? Why or why not?

A: The assets are amortized as they provide benefits for the long period.

Q: What are the four different approaches to implementing expense recognition? Give an example of an…

A: