Which of the following is not included in the computation of profit or loss? Interest Expense on Plan Assets Actuarial Gains or Losses Settlement Gains or Losses Interest Expense on Asset Ceiling

Q: The difference between book value of the asset with the proceeds receive from its sale, with result…

A: Assets:   It refers to the economic value of all resources owned by the business at a given point in…

Q: Compare and contrast how GAAP depreciation expense vs. MACRS depreciation deductions are computed.

A: GAAP : Generally Accepted Accounting principles. MACRS: Modified Accelerated Cost Recovery System.

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: Which of the following statements is true regarding capitalization of interest? O When excess…

A: The cost of borrowing to acquire or build a long-term asset is referred to as capitalized interest.…

Q: Repairs and maintenance costs are normally: O a. Expensed in the profit or loss as incurred. O b.…

A: All expenses which are having short term benefit or benefit for only one year, that should be…

Q: Which of the following may not form part of the regular itemized deductions from the gross income? *…

A: Itemized deductions: These are the Expenses which are deductible from the gross total income.  The…

Q: amount of the financial asset shall be: 2 points   a. Recognized in other comprehensive income for…

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

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: Describe when and how a net operating loss carryforward and a net operating losscarryback are…

A: Net Operating Loss Carryforward:   The net operating loss is considered as negative taxable income.…

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: 6. Bond usually sell at a premium: 2 points   a. None of the cases. b. When the stated rate of…

A: Option b is correct.

Q: Which of the following assets do not qualify for capitalization of interest costs incurred during…

A: Interest cost means the amount of outlay incurred to finance the non-current assets or the assets…

Q: Which of the following would not be classified as a current asset? Prepaid expenses Plant, property…

A: Current assets are those assets which are already in cash or can be converted into cash into short…

Q: True or False: The loss in the market value of tangible fixed assets is referred to as depreciation.

A: Introduction: Depreciation is a source of pre-expense. It is applied to fixed assets over the…

Q: The accounting treatment of depreciation is not recorded in.. Receipt-Payment A/C All of the above…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: If an asset that is not fully depreciated is sold or disposed, but the fixed asset records are not…

A: Fixed Asset: The asset used by company for more than one year is known as fixed asset. Fixed asset…

Q: Which item would not be classified as an operating expense?     a)  Interest expense.   b)…

A: Operating Expenses Operating expenses are those expenditures that a business incurs to engage in…

Q: n a restated set of financial statements prepared in accordance with the current cost accounting,…

A: Realized gain is the gain on sale of the asset where its cost price is less than the selling price.…

Q: Accounting Which statement is false? Accounting for asset retirement obligations (ARO) apply to both…

A: The given question asked about the correctness of the statement.    Assets retirement obligations:…

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: Describe the relationship between the expense recognition(“matching”) principle and accounting for…

A:

Q: gain from the sale or exchange of property which is not a capital asset

A: Second option is wrong because gross income is the income before allowing deductions. Third option…

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: ,calculate the amount of amortization of the net loss or gain that should be included

A: Defined Benefit Pension plan can be defined as the payment plan granted by the employer to the…

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: Why depreciation on fixed assets is not recorded in receipts and Payment Account?

A:

Q: Which of the following is the correct calculation of book value? a. Cost - Impairment expense b.…

A: Book value (B.V) is the worth of the asset at a specified date.

Q: When accounting for self-constructed PPE and computing the amount of interest cost to be…

A: Self constructed PPE are those Property, Plant and Equipment which is constructed by the business on…

Q: In accordance with PAS 1, which of the following gains or losses from reclassification of financial…

A: PAS 1 talks about Presentation of Financial Statements which presents the overall requirements for…

Q: How should the assets and liabilities of a disposal group held for sale be reported? A. The assets…

A: A disposal group is a group of assets and liabilities that are proposed to be sold off or discarded…

Q: Some believe that accounting depreciation measures thedecline in the value of fixed assets. Do you…

A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating…

Q: Are the amounts at which fixed assets are reported on the balance sheet, their approximate market…

A: Fixed assets include all those assets which are not purchased for resale purpose. Fixed assets are…

Q: Describe the important properties of fixed assets?

A: Since you have posted a question with multiple questions, we will solve the first question for you.…

Q: Under the impairment of assets, value-in-use is *   a. The undiscounted present value of future…

A: The impairment loss is recorded as an expense in the income statement of the company.

Q: What factors must be known or estimated in order to compute depreciation expense?

A: Definition: Depreciation: Depreciation is a decrease in the value of the fixed assets over a period…

Q: Explain the accounting and amortization for unexpected gains and losses.

A: Amortization expense: A charge created on intangible asset for its use over life of asset. It is…

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: Consider the following graph. According to CAPM, which of the following assets is overpriced?…

A: The securities existing below the slope of security market line represents that portfolio doesn't…

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: utline the accounting tre

A: Although IFRS 9 Financial Instruments was first issued in November 2009, it has been updated on a…

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: Borrowing costs that are acquisition, construction or production of a qualifying asset are a…

A: IAS 23 borrowing cost says that if any interest is paid on a loan, which is taken to construct a…

Q: Please explain Tangible and Intangible Assets. What are types of both? Also Intangible Assets are…

A: Step1: Definition of tangible asset and intangible assets. We have,Tangible assets are those assets…

Q: Which of the following would NOT be classified as a current asset on a classified balance sheet?…

A: Current assets are those assets which are in cash or can be converted into cash into short period of…

Q: Explain how depreciation expense satisfies the definition of an expense

A: Depreciation is the amount with which an asset’s value decreases every year. Example:- Machinery…