Which of the application of of a. Presenting a the related s b. Deducting fe gains and pr c. Deducting u trading secu d. Deducting a account and

Q: A present obligation that is probable and for which the amount can be reliably estimated should…

A: The estimated expenses are the expenses which can be valued on the basis of past experiences or…

Q: Which should be subtracted from the net income when using the indirect method? A. Loss on sale of…

A: A cash flow statement is a financial statement that summarizes the cash and cash equivalents…

Q: Classify each of the following items as assets (A), liabilities (L), or equity (EQ). Accounts…

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

Q: "E" in EBT abbreviation means Select one: a. equity b. gross profit

A: SOLUTION- Operational profit, also known as operating profit or operating income, is a company's…

Q: Which of the following should be classified as financial instrument? Inventories C. Patents B.…

A: IAS 32 defines financial instrument as a "  contract that gives rise to a financial asset of one…

Q: - Which of the following receivables is allocated for? A) Receivables from partners B) Receivables…

A: The correct option is  A) Receivables from partners

Q: Sales of products or services are referred to as  a. Assets. b. Revenues. c. Liabilities. d.…

A:

Q: c. Distinguish between financial assets and real assets for each of the followingcharacteristics.…

A: Assets can be any resources that possess and administrated by any entity. It includes resources such…

Q: escribe what is termed as “contingent liabilities” and discuss their accounting treatment.

A: Liabilities can be define as the group of financial obligations which have to be paid by the…

Q: e accrued interest income

A: Interest on note = Amount of note * Interest rate * Number of months elapsed/Number of months in a…

Q: What does the accrual-accounting model measures?

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

Q: Typically, the estimated amount available for short-term payments in a statement of affairs…

A: Statement of accounts: It is the periodic statements summarizing all the account activity of the…

Q: On the balance sheet, liabilities are generally classified as a. current or long term b. legal or…

A: Current Liabilities Long term liabilities

Q: under the conceptual framework for internationai financial reporting a non-contraling interest fits…

A: Non-controlling interest Non-controlling interest is also referred to as the minority interest…

Q: Which of the folowing would be considered an Other Comprehensive income item Ganon dholof dcartinued…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Under IFRS, receivables are to be reported on the balance sheet at: a.    amortized cost. b.…

A: Amortization: Amortization is a process in which the cost of intangible assets is spread equally…

Q: How is the valuation of cuIrent assets affected if the company follows IFRS? OValuation is based on…

A: SOLUTION- HISTORICAL COST  IS THE ORIGINAL OF AN ASSET , AS RECORDED IN AN ENTITY'S ACCOUNTING…

Q: ________ is the interest earned on previously earned interest added to the principal.

A: Interest is the earned income on a given principal according to the given interest rate.

Q: Identify transaction belonging to Investing Activities O a. Interest received O b. Marketable…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: It is referred to as: Distinguishing current and non-current items on the balance sheet and…

A: A little introduction and the significance of it all:

Q: value is established on the bases of accepted accounting procedures. value is the amount that could…

A: Solution Concept Book value is the value that appears on the books of accounts . it is as per the…

Q: punts receivable ipment umulated deprec tes payable

A: particulars amount particulars amount To rent expenses $45000 By service fee earned $177500 To…

Q: Accrued interest income" would normally appear in the financial statement under A. Current assets…

A: Financial statements: These refer to the formal or official records of the activities of the…

Q: Accrued revenues would appear on the balance sheet as A. assets B. liabilities C. capital D.…

A: As per revenue recognition principle,  revenues earned during a period should be recognized as…

Q: The gain or loss on net monetary position is computed as a. The difference between the “net monetary…

A: In the period of inflation, an entity incurs purchasing power loss on holding of monetary assets and…

Q: A deposit received is reported as a * A.liability B.current asset C.investment D.revenue

A: Deposit received means amount of money received from vendors or suppliers as deposit.

Q: Which of the following is correct? Under the Assets test, the reportable segments are A, B, C O…

A: Introduction:- The following conditions satisfy for segment reporting as follows under:-  10% of the…

Q: Question 3. Classify each of the following accounts as (a) asset, (b) liability, or (c) equity.…

A: Assets means resources that the business have. It may be tangible resources or intangible resources.…

Q: In which of the following types of accounts are increases recorded by credits?   Question 8 options:…

A:

Q: Assets available for unsecured creditors after payments of liabilities with priority are calculated…

A: Liquidation is the process of selling all the assets of the business at their fair value and using…

Q: Reversing entries maybe used in unearned income when the original collection is recorded as a.…

A: Answer When unearned revenues are recorded as liabilities then an unearned revenue account is…

Q: what of the following is the correct calculation for interest cover : a- total debt / interest…

A: Interest coverage ratio is used to find out the ability of a company to pay interest on its debts…

Q: What is meant by the following terms? You should provide an example of each to support your answer.…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Which among the following suits best for Unearned revenue? a. Liability b. Expense c. Revenue d.…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

Q: Which of the following is a connector account? O Retained Earnings O Prepaid Rent O Common Stock O…

A: Connector accounts are those accounts which connects or joins two particular financial statements.

Q: Which are the total interest expense in the statement of profit or loss?

A: Interest expense is the finance cost which is deducted from operating profit i.e. earnings before…

Q: choose the correct answer: Equity security acquired for trading should be measured at reporting…

A: Equity Securities Held for Trading Equity securities which are held for trading purpose which can be…

Q: Advanced collections from customers prior to the performance obligation being satisfied is accounted…

A: 1) Advanced collections from customers prior to the performance obligation being satisfied is…

Q: interest expense, which of the following * ?occurs firs Incurring The Interest Expense C Paying The…

A: Accrued interest expense implies interest expense that has been incurred but not yet paid. It is a…

Q: Actuarial (Remeasurement) gains and losses are reported as OCI as they occur using a. U.S. GAAP. b.…

A: Both US GAAP and IFRS requires to record acturial gains or losses through other comprehensive income…

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.