which amongst the following would not form part of cost of equipment? A) freight charges B) equipment license C) cost of installations of the equipment D) sales tax paid

Q: is amortization of patent included in statement of costs of goods manufactured?

A: The income earned by a corporation after deducting the direct costs of manufacturing its products is…

Q: Which of the following is a true statement about the nature of Equipment, account? Multiple Choice…

A: Equipment is a long term asset that is used to generate revenue for the business. The use of asset…

Q: 1. Which of the following costs shall be considered as period cost instead of product cost?…

A: Costs that are directly incurred in manufacturing activity are generally considered product costs.…

Q: 2. Which of the following costs would most likely be a discretionary fixed cost? A. The rent of the…

A: The correct option is D that is, Advertising. Discretionary fixed costs are such costs which are…

Q: Which of the following sets represents a false relationship regarding the accounting for the cost of…

A: Intangibles are those assets which do not have any physical existence, only their value can be felt…

Q: Which of the following events could not coincide with the recognition of an expense? O The…

A: Expenses means the amount spent on running the business. Expense will decrease our profits and shown…

Q: Which of the following options regarding income earned will not be classified as revenue? Select…

A: Lets understand the meaning of revenue and gain. Revenue is a income generated from the normal…

Q: If a decision is made to abandon an area of interest, how should any pre-production costs in respect…

A: The answer for the theory question on the treatment of pre-production costs related to an abandoned…

Q: Which of the following items may be classified as nonoperating revenues and expenses?   Multiple…

A: Non-operating revenues and outlays are those incomes and expenses that are earned or incurred from…

Q: Plume Company has a paper products operating segment. Which of the following items does it not have…

A: Operating segment is a segment that is required to disclose all the information about product or…

Q: Which cost incurred on equipment does not belong to the group?   Freight on acquisition of…

A: The total cost of acquisition of non cash assets include the acquisition price, freight charges,…

Q: When do companies break apart a sale and treat its parts differently for purposes of recognizing…

A: Earlier, the concept of revenue recognition was not properly framed and it created problems on the…

Q: Which of the following is not included as part of the cost of an item of property, plant and…

A: Property, Plant and Equipment refers to All fixed Asset having long useful life more than One year.…

Q: Bob Joseph is evaluating two recent trnsactions involving exchanges of industrial machinery. In one…

A: One or more item of property, plant and equipment may be acquired in exchange for non-monetary asset…

Q: The debit sale for sales tax paid on the purchase of a plant asset would be included in  a. The…

A: Purchase of plant asset simply means the acquisition of a long-term asset for business use.

Q: Which of the following expenditure is not capital expenditure for equipment? a. Assembly b. Testing…

A: Capital expenditure for a equipment are the cost associated with equipment until it is put to use.

Q: Identify which of the following is classified as a revenue expenditure a. Installation expense paid…

A: Expenditure can be divided into capital and revenue expenditure. The costs and expenses incurred in…

Q: why is the Canada Revenue Agency generally not permitting the total cost of an asset to be expensed…

A: Capital Expenditure A capital expenditure that is incurred in acquiring or increasing the value of…

Q: The following expenditures shall be expensed when incurred, except * Payment in advance of delivery…

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

Q: Which is not an expense? *   costs of goods sold or services rendered loss on disposal of a…

A: Expense is the money spent in operations in order to generate revenues.

Q: Which freight is capitalizable or inventoriable cost by the consignor on the consigned goods under…

A: Answer -  Freight and other handling costs for the shipping of goods under Consignment Sales from…

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: A company is deciding whether to purchase a new machine or not, which among the following is not a…

A: A company is deciding whether to purchase a new machine or not is deiced by the Net present value of…

Q: For financial accounting purposes, depreciation on the equipment used to produce tote bags isa(n)…

A: First Blank – Manufacturing OHD Cost. These costs include all those indirect costs that arise while…

Q: Which of the following should be capitalized when a pieceof production equipment is acquired for a…

A:

Q: Which of the following is treated as business expense?  a. Installation cost of business equipment…

A: Business expenses are the expenses which are incurred for the business and required for the…

Q: Identify which of the following is classified as a revenue expenditure a. Cost of purchase of…

A: Capital expenditure means the cost incurred for the item which will be used in many year to come .…

Q: Which of the following statements is correct regarding income reporting under IFRS?(a) IFRS does not…

A: The correct option is C. For reporting income under IFRS, companies have to classify its expenses…

Q: Which of the following expenditures cannot be included in R&D costs? a. indirect costs b.…

A: R & D: R & D means Research and Development which indicates as a process of obtaining new…

Q: Neither depreciation on replacement cost nor depreciation adjusted for changes in the purchasing…

A: Depreciation: Depreciation can be defined as the reduction in the value of an asset due to its wear…

Q: Which of the following expenditures incurred in connection with the acquisition of a piece of…

A: Property, plant, and equipment (fixed assets or operating assets) compose more than one-half of…

Q: Madi Corporation has a single facility that it uses for manufacturing, sales, and administrative…

A: The business structure under accounting which shows different types of costs incurred by the…

Q: All of the following costs would be included when calculating equipment cost, except: Select one: a.…

A: Property, Plant, and Equipment: Property, Plant, and Equipment refers to the fixed assets, having a…

Q: which party would pay for freight costs

A: The furniture company in California is the buyer. The seller is a company located in Michigan. The…

Q: Which among the following does not hold good for Historical cost accounting? a. Historical cost is…

A: Historical costs or the original cost is the cost of the asset used to record in the balance sheet…

Q: Current year’s depreciation charge relating to Equipment used for designing products should be…

A: The depreciation is an expense charged by business on its fixed assets.

Q: According to PFRS 11, it is a separately identifiable financial structure, including separate legal…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Which freight is capitalizable or inventoriable cost by the consignor on the consigned goods under…

A: The consignee is the person who takes the goods from consignor to sell it to final customers. He…

Q: Which of the following costs are NOT typically capitalized when acquiring a new piece of equipment?…

A: This question deals with the concept of IAS 16 "Property plant and equipment", IAS 23 "Borrowing…

Q: Which amongst the following would not form part of cost of equipment? a. Freight charges b.…

A: The company calculates the cost of any asset by adding the relevant cost in bringing the asset into…

Q: For which of the following accounts would the matching concept be the most appropriate?a. Cost of…

A: Matching principle in accounting says that all revenues of the business for the particular period…

Q: 1. What are the accounting rules for determining whether to expense certain costs against revenue…

A: Generally Accepted Accounting Principles-: Generally Accepted Accounting Principles (GAAP) is a…

Q: Which of the following expenditures would be included in the cost of a fixed asset? O a. Sales taxes…

A: COST OF FIXED ASSETS: when we talk about fixed assets and the values at which they should be…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.