Which of the following elements represents a residual claim? Asset. Liability. Owners' equity.

Q: one or more of the following statements are characteristics of assets: a. a probable future benefit…

A: Assets are those resources whether tangible or intangible, current or fixed have an economic value…

Q: Which of the following elements represents an economic resource? B . Liability.

A: The variables being used to manufacture products or provide services are economic assets. That is to…

Q: Which of the following are recognized in other comprehensive income?       service cost

A: The other comprehensive income includes the revenues and expenses of the company. The assets and…

Q: true or false The net defined benefit liability/asset that is presented in the balance sheet is the…

A: True. Net defined benefit liability /asset is the difference between Present Value of Defined…

Q: How is present value related to the concept of a liability?

A: Present value: This is the amount of future value reduced or discounted at a rate of interest till…

Q: The fair value of net assets is:

A: Given information is: Fair values: Cash = OMR 80,000 Receivables (Net) = OMR 90,000 Liabilities =…

Q: Which one of the following category outstanding expenses belong to? a. Intangible asset b. Current…

A: Outstanding expenses are those expenses which have been incurred during the period but not yet paid.…

Q: Applying a measurement basis to an asset or liability creates a measure for that asset or liability…

A: The purpose of measurement basis is to represent faithfully the values of assets and liabilities so…

Q: Explain the conditions under which assets and liabilities are derecognized

A: The answer for the theory question on the conditions under which assets and liabilities are…

Q: distinguish between current and non-current assets, and current and non-current liabilitie

A: Any asset which is convertible in terms of cash within a time duration of one year is a current…

Q: What is meant by depreciable base? How is it determined?

A: Depreciable base: The word depreciable base is used to depict the value that is divided by the…

Q: What is the purpose of valuation in terms of statutory dimension

A: The valuation is done to ensure that the book value of the assets are measured and recorded in…

Q: How can the Gains and Losses on Depreciable Assets be determined?

A: For calculation of gains or losses on depreciable assets, written down value of the assets at the…

Q: Which of the following assets appears on the balance sheet at fair value? Equipment, Land,…

A: Fair value refers to the actual amount paid in an open market to purchase the assets. Fair value…

Q: Describe an asset held for sale and state three conditions that must apply?

A: Asset held for sale::: It is  a current asset or disposal group to be classified as held for sale if…

Q: Discuss about the revenue/expense approach and also about the asset/liability approach.

A: Any amount of money spent to generate the revenues in a business is known as expenses. Revenue is…

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 is the proper way to report a contingent asset? a. As an asset b. No disclosure and no accrua…

A: As per IAS 37, Provisions, contingent liabilities and contingent assets. A contingent asset arise…

Q: Which of the following is not an essential characteristic of a liabili O All are essential…

A: Liabilities are those present obligations that are due to business and they could be short-term in…

Q: Which one of the following category outstanding expenses belong to? a. Intangible asset b. Current…

A: Outstanding expenses means those expenses which pertains to current period and recorded in the…

Q: should be capitalized as intangıble assets. O True O False

A: An intangible assets is An identifiable, non monetary, without physical substance, held for use…

Q: Which of the following is not included in the computation of profit or loss? Interest Expense on…

A: Employee benefits It is the  consideration provided  by business  to employees  in exchange for…

Q: 1. How do we decide whether to capitalize (record as an asset) or expense a particular cost? 2.…

A: ANSWER   Cost: The cost of the long-lived assets refers to all the expenditures made in order to…

Q: What is net interest? Identify the elements of net interest and explain how they are computed.

A: Net interest- Net interest typically is the difference between the interest earned by the…

Q: Is the nature of the gainor loss considered ordinary or long-term?

A: Ordinary gain or loss means any income which doesn't result as Capital gain or loss. Capital Gain or…

Q: _____ are the entity’s present obligations arising from past events, the settlement of which is…

A: Solution: Liabilities are the entity’s present obligations arising from past events, the settlement…

Q: A right of use asset is initially measured at costs and subsequently measured using the  A. Cost…

A: An asset is the resource owned by the company for using it in the future.

Q: Explain how does a liability’s fair value change?

A: Fair value is the value of liability which has to be reported in the books of the company’s…

Q: How do we decide whether to capitalize (record as an asset) or expense a particular cost?

A: Expensing a cost implies that it is included on the income statement and is subtracted from revenue…

Q: The amount of gain (loss) on sale and leaseback transaction is: A. The difference of fair value and…

A: Gain is booked when money is received on the sale of the asset. leasing back can be assumed to be…

Q: What are the definition criteria of an asset and a liability

A: Assets means the resources which is owned by business. Liability means the amount which is to be…

Q: What are the goals of asset & liability management (ALM)?

A: Assets are the resources owned or control by an entity to produce economic value in the coming…

Q: Which of the following features of an asset closely links its definition to the scien Economics? A.…

A: Asset refers to any resource which is owned or controlled through the business and it is anything…

Q: Identity the economic resource that has the ability to give economic benefits___________ a. Capital…

A: Asset is an economic resource that has the ability to give economic benefits... option D asset is…

Q: Identify the economic resource that has the ability to give economic benefits. a. Expense b.…

A: Economic resources are those resources that provide benefits to the organization through generating…

Q: This principle states that asset and income should not be overstated and liabilities and expense…

A: Accounting principles are a set of rules and guidelines that are required to be followed by entities…

Q: Residual interest in the asset of an entity that remains after deducting its liabilities is? a.…

A: Accounting Equation - Accounting Equation is calculated using following equation - Assets =…

Q: Determine the amount of recognized gain or loss. Explain whether the gain or loss is capital or…

A: Recognized Gain/loss on asset  = 325,000+196,000-605,000-27,000+315,000 = 204,000

Q: The difference between fixed assets and ong term liabilities of a business concern is ermed as

A: The correct answer is  ) None of the options    Liabilities refer to money you owe, and long-term…