What is the nature of a sale on consignment?

Q: What entry is made when selling a fixed asset?

A: Following entry is passed when selling the fixed assets:

Q: Why is consignment not a sale?

A: The companies derived revenue by selling goods or delivering services. The companies main objective…

Q: Would the sale be on an underwritten or bestefforts basis?

A: It is one of the most significant capacities in the money related world wherein an individual or a…

Q: What are the differences between the cost and sales comparison approaches to appraising property?

A: If the cost approach is used, the appraiser set up an value for the location on which the…

Q: How much is the goodwill/gain on bargain purchase?

A: Share capital = P500,000  Additional paid in capital = P300,000  Retained earnings = P500,000  Add:…

Q: The depreciation procedures that apply to the main kinds of depreciable assets in general?

A: Depreciation is an accounting method for allocating the cost of a tangible or physical asset over…

Q: Which of the following has the right to sell an asset at a predetermined price?

A: A put option is an instrument which provides its holder an option to sell an underlying asset on a…

Q: Describe about concept of the GOODS ON CONSIGNMENT?

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: eceivable (net).. ed depreciation-eguipment

A: Statement of Cash Flow statement for year ended Dec.31,20Y3…

Q: what are some pros and cons of holding high level of current assets in relation to sale?

A:

Q: why does fair value seeking for an acquisition?

A: Reasonable worth is a term with a few implications in the monetary world. In contributing, it…

Q: When does a consignor typically recognize revenue for a consignment sale?

A: Meaning of Consignment Sale Consignment Sale is refer as the arrangement of trade where the seller…

Q: How is inventory valuation made? Explain?

A: Stock or inventory are important yet inert resources lying with the organization at the end of an…

Q: What is meant by straight line method if charging depreciation?

A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to its…

Q: When disposing of an available-for-sale investment, where is the gain or loss on disposal reported…

A:

Q: What are the different types of accounting depreciation and their primary purposes?

A: Methods of Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset…

Q: How is the Asset Turnover calculated?

A:

Q: Are Inventories depreciable property? Why?

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

Q: how the appraiser will adjust the comparable sales for any differencesbetween the subject property…

A: To qualify as a comparable a property must resemble the subject in size, shape, design, utility and…

Q: Explain about the existence of an active market in relation to the intangible assets and the…

A: Here discuss about the details of intangible assets and its valuation and accounting treatment which…

Q: What is an Acquisition costs?

A:

Q: How do fixed asset systems differ from purchases systems?

A: Definition: Purchase system: The identification and procurement of the inventory needs for the…

Q: What is the difference between tangible and intangible assets?

A: Fixed Assets: Fixed assets are those assets which gives profit over a year of time. Whether it is…

Q: Compute the goodwill (gain on bargain purchase).

A: The goodwill (gain on bargain purchase) is calculated as follows:Reference:

Q: How does a seller financing differ from a land contract ?

A: In the real estate context, seller financing means the seller transfer the title to the buyer of the…

Q: What is the goodwill arising from the acquisition?

A: A business combination occurs when an entity acquires control over an organization. Asset purchases…

Q: How is the straight-line depreciation calculated?

A: Definition: Straight-line depreciation method: The depreciation method which assumes that the…

Q: Formula of goodwill in acquisition date

A: Goodwill is the intangible asset of the organisation and it arises with the purchase of company by…

Q: If a newly acquired asset is ‘held for sale’, the asset or disposal group will be measured at

A: A newly acquired asset is considered as a held for sale to a distributors when a non-current asset…

Q: Describe the steps to record non monetary asset exchange.

A: Definition:   Non- monetary exchange: When fund transfers are not involved in the exchange and the…

Q: What is a lump-sum purchase, and how is it accounted for?

A:

Q: Why is the cost of a lump-sum purchase allocated to the individual assets acquired?

A: It is necessary to allocate a lump sum purchase to individual assets in order to record a fair…

Q: What is a downstream sale of inventory?

A: The downstream sale of inventory is an inter-company transaction between the parent company and its…

Q: What is the total loss on realization of noncash assets?

A: Noncash assets are assets that would not be easily converted into cash by the company.

Q: How does depreciation expense differ from other operatingexpenses?

A: Depreciation: It refers to a gradual decrease in the fixed asset’s value because of obsolescence,…

Q: Is intangible assets is classified as current assets?

A: Generally, the liquidity of the assets plays a significant role in determining whether they are…

Q: What is Depreciation calculation?

A: Depreciation: Depreciation Cost is the cost that is allocated over its life and it is charged as an…

Q: What is intangible assets, and what is goodwill? definition?

A: Assets are the resources that are owned by the entity for using them in future and to generate…