Which one of the following category Cash in hand belong to? a. Non-current asset b. Fictitious asset c. Intangible asset d. Current asset

Q: Discuss the basic accounting problem that arises in handling each of the following situations. a.…

A:

Q: Which of the following is not a current asset

A: Current Asset: The assets which can be converted into cash, sold or consumed within one year is…

Q: Cash flows relating to asset held for rental to others are classified as A. Operating B. Financing…

A: The cash flow statement records the cash transactions such as operating activities, investing…

Q: Which of the following method will be adopted to disclose Cash equivalents in the balance sheet? a.…

A: Historical cost method will be adopted to disclose Cash equivalents in the balance sheet....…

Q: Which of the following would be classified as an intangible asset on the balance sheet? Mutiple…

A: These are the long-term assets that are not physical in nature but possess value. The intangible…

Q: The primary measurement basis is a.) The current market price if the asset currently held was sold…

A: there are different measurement devices that are used- historical cost current cost net realizable…

Q: Which of the following is an example of a cash outflow from a financing activity? a. Payment of…

A: Financing Activity is associated with the procurement and payment of funds. Outflow means payment of…

Q: Match the cash expenditures given below with the appropriate accounting treatment. An individual…

A: Given are some transactions for which we have to specify the correct treatment.

Q: 38-Which of the following statement describes financial assets? a. Intangible assets where typically…

A:

Q: Th e sale of a building for cash would be classifi ed as what type of activity on the cash fl ow…

A: Cash flow statements are classified under 3 activities - operating, financing and investing.

Q: 19. The current assets section of the statement of financial position should include *   b.…

A: Current assets means those assets which will be converted in to cash in near future generally one…

Q: Under the indirect method to prepare the statement of cash flows, a decrease in a current asset…

A: Cash Flow from operating activities :— It is the flow of cash & cash equivalents related to…

Q: The amount of cash received from a sale of property, plant and equipment with associated accumulated…

A: Comparative Balance sheet provides the change in the cost and accumulated depreciation of the fixed…

Q: Amortization of the cost of an intangible asset will most like affect which activity of the…

A: Amortization of an intangible asset does not result in any cash flow (receipt or payment).

Q: According to IAS 36, recoverable amount is described as the higher of two items. 1) Future cash…

A: Impairment of an asset:   Impairment is loss that occurs due to, unexpected decrease in the market…

Q: 22. Which of the following assumption provides support for measuring the property, plant, and…

A: The PPE includes the fixed assets as property, plant and equipment.

Q: Which of the following methods of fixed assets valuation provides more relevant information to users…

A: Generally the fixed assets are valued at cost less accumulated depreciation. But…

Q: 29. Which of the following would generally not be classified as a current asset? OA cash equivalent…

A: Current assets are assets that can be used, traded, or consumed within one year. Cash equivalents…

Q: QUESTION 17 Which of the following is the most likely journal erry to record the amortisation of an…

A: Amortization of Intangible Assets:- it means expensing the total cost of Intangible assets such as…

Q: With reference to IAS 36, Impairment of Assets, a.Define a Cash generating units(CGU) and  explain…

A: Impairment of assets reduces the book value of assets to their recoverable amount. If any assets do…

Q: 19-Petty cash is shown in the Balance sheet as a. Fixed asset b. Current liabilities c. Current…

A: Petty Cash: The petty cash come under the category of cash which is a  type of current asset that…

Q: Which one of the following category goodwill lies? a. Intangible asset b. Fictitious asset c.…

A: Assets example Intangible assets Trade mark, copy right, goodwill etc Fictitious assets Prepaid…

Q: Normal repair and maintenance of an asset is an example of what?

A: Normal repair and maintenance cost means the objective of restoring the asset to perform the…

Q: Which of the following statements about cash received prior to the recognition of revenue in the fi…

A: When cash received before revenue recognition then it will be treated as the liability rather than…

Q: Loss on disposal of a non-current asset is a cash outflow. Select one: True False

A: The correct answer is FALSE.

Q: Which one of the following category goodwill lies? a. Fictitious asset b. Intangible asset c.…

A: Option a. Fictitious asset cannot be converted into cash but goodwill can be encashed. Option b.…

Q: Which of the following items should not appear on the Cash Flow Statement

A: Cash Flow Statement: It is a financial statement that shows the summary of the cash entering and…

Q: Question 4 A gain on the sale of a long-term asset is recorded when cash proceeds are: a. less than…

A: SOLUTION- LONG TERM ASSETS ARE INVESTMENT IN COMPANY THAT WILL BENEFIT THE COMPANY FOR MANY YEARS.

Q: Th e sale of a building for cash would be classifi ed as what type of activity on the cash fl ow…

A: Investing activities in the cash flow statement deals with the sale and purchase of assets or…

Q: A gain on the sale of a plant asset in the ordinary course of business should be presented in a…

A: A cash flow statement is a financial document that shows a company's overall cash position at the…

Q: 00 cash. (Appropriate entries for Required: Journalize the following entries 1. Record the…

A: Transaction                  General Journal Debit Credit a Depreciation expense-Office Equipment…

Q: Th e sale of a building for cash would be classifi ed as what type of activity on the cash fl ow…

A: Cash Flow Statement(CFS) is a statement which shows inflows & outflows of cash in an accounting…

Q: On a classified balance sheet, merchandise inventory is classified as O a. a long-term investment. O…

A: Classified balance sheet is one of the important financial statement of the business which is…

Q: Which of the following statement/s are correct? (a) According to fair value measurement, assets are…

A: Fair value refers to the current worth or the amount at which the assets are sold in the market or…

Q: Under what section of the Statement of Cash Flows would you report the purchase of an long-term…

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…

Q: Investing activities are defined as 'the acquisition and disposal of long-term assets (including…

A: Cash flow statement means the statement which shows the cash flow in or out of business enterprises…

Q: The primary measurement basis is   A.The current market price if the asset currently held was sold…

A: Measurement basis provides information in financial reports which meets the qualitative…

Q: If an impairment of PPE is indicated, any impairment losses is recorded at an amount equal to the…

A: PPE that is Plant, Property and Equipment is the long-term asset for any organization. These are the…

Q: 2. Identify, under the appropriate heading, whether the following changes are an inflow of cash or…

A: Cashflow Statement of a company shows the liquidity and solvency position of the company.

Q: In an acquisition of assets, the acquirer must give up which of the following? A. Other Assets B.…

A: In business combination, acquirer is the company who invested in another company or purchase another…

Q: Pre-Lecture Question 01 Which of the following is a characteristic of intangible assets?   1…

A: Intangible assets   Intangible assets are a type of non-physical assets that have a life of greater…