Explain the conditions under which assets and liabilities are derecognized

Q: normal balance of asset, liability, and equilt

A: The balance sheet shows the financial position of the company that including the assets,…

Q: _________numerators does NOT include assets:

A: The Answer :

Q: Describe the differences in assets that are unrestricted, temporarily restricted, or permanently…

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: Write the definition, recognition, measurement and derecognition of Impairment of assets.

A: IFRS nine money Instruments gave on twenty four July 2014 is that the IASB's substitution of IAS…

Q: revaluation or restatement of assets and liabilitie:

A: Equity is calculated by deducting total liabilities from total assets. It can be more clearly…

Q: Which of the following items should not appear in the Statement of Financial Position (Balance…

A: In balance sheets, Assets, liabilities and Equity should be shown.

Q: Explain how losses on intangible assets that are impaired should be recorded in income.

A: When the carrying amount of the asset is less than the recoverable Amount it should be provided for…

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: In accounting for the acquisition of assets, the assets acquired are to be recorded at the…

A: Fixed assets of the business are very important assets which includes Land, Plant & Machinery,…

Q: Differentiate between permanent current assets and temporary current assets.

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

Q: Define misappropriation of assets and give two examples of misappropriation of assets.

A: Asset: It represents the resources that are owned by the business.

Q: Find the FASB ASC reference that explains how to measure an asset's impairment loss.

A: ASC- 360 provides guidance on accounting for the impairment or disposal of long-lived assets. The…

Q: A general description of the depreciation methods applicable to major classes of depreciable assets?

A: Depreciation is the allocation of cost of the asset over the useful life of the asset. Depreciation…

Q: Describe the relationship between expense recognition and long-term assets

A: Two kinds of expense recognition are related to long-term assets; These are: Capital & Revenue.

Q: What are the two types of claims against assets?

A: Asset is a resource from which the company expected to generate future economic cash flows which can…

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: give the definition, recognition, measurement and derecognition of Impairment of assets.

A: impairment of assets Definition An asset is stated "impaired" when its Market value (MV)less than…

Q: Explain the accounting for loss carrybacks and loss carryforwards.

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

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

A:

Q: Explain what is meant by the term “Impairment” in relation to Non-Current assets and explain its…

A: Asset is impaired if its extended future incomes are not as much as its current conveying esteem. An…

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: Match the following assets with its type. Current Asset, Fixed Asset, Contra Asset Accounts…

A: Current assets are assets that can be converted into cash in short period of time. Fixed assets are…

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: Define asset impairments.

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

Q: Non-performing assets are described as……………… *

A: Non-performing assets can be defined as those assets which do not generate revenue for a banking…

Q: Whish of the following asset is covered under IAS 36-Impairment of assets. O a. Inventory. O b.…

A: Impairment of assets means reducing the cost of assets when carrying amount is more than value in…

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: describe diff erent types of assets and liabilities and the measurement bases of each

A: Assets are worthy resources that business owns to get future benefits. They are fixed assets which…

Q: Identify the accounting issues related to asset impairment.

A: Asset impairment emerges when there is an abrupt drop in the fair value of an asset underneath its…

Q: under what conditions a short-term obligation should be excluded from current assets

A: Please find the answer to the above question below:

Q: Describe the two categories of accounting depreciation?

A: Depreciation:   Depreciation refers to the reduction in the monetary value of a fixed asset due…

Q: What type of assets requires adjusting entries to record depreciation?

A: The assets that require adjusting entries to record depreciation is long-term tangible assets. The…

Q: Describe the steps to record non monetary asset exchange.

A: Definition:   Non- monetary exchange: When fund transfers are not involved in the exchange and the…

Q: A) Differentiate between the ‘definition of assets’ and ‘recognition criteria of assets’ provided in…

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

Q: Explain how losses on impaired intangible assets shouldbe reported in income.

A: Intangible Assets: An intangible asset refers to the good name and reputation of an organization…

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: A provision of % should be made on loss assets

A: A loss asset is an asset that remains as a non-performing asset(NPA) for more than 36 months.

Q: ide a

A: As per the IAS 36 Impairment of asset we need to identify the asset that may be impaired and for…

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: Provide an explanation of the circumstances under which assets and liabilities are de-registered.

A: This question deals with the circumstances under which assets and liabilities are de-registered.

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: Explain the accounting treatment in the event that an impairment review of a non-current asset which…

A: Impairment loss: It is a decrease in carrying amount of the asset since the fair value is declined.…

Q: Can an entity include an asset in its balance sheet that it does not legally own? Explain your…

A: All the transactions of the company that are incurred in the financial year will be first recorded…

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…