Defention of Assets, liability, current assets, current liabilities

Q: Describe the accounting for refund liabilities.

A: Liabilities:   The liabilities are the amount of money which a business has to pay to the outside…

Q: Allowance for uncollectible account falls under what classification in a balance sheet?  Current…

A: Allowance for uncollectible Accounts: This is a contra asset account to the Accounts Receivables…

Q: Briefly explain off-balance-sheet assets and off-balance-sheet liabilities with an appropriate…

A: Off-balance-sheet items seem to be those items that do not show up on a company's balance sheet.…

Q: Is long term investment is classified as non-current assets?

A: Generally, the liquidity of the assets plays a significant role in determining whether they are…

Q: with priority only

A: The statement of affairs is similar to the statement of financial position expect for the asset are…

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: What classification does the allowance for uncollectible accounts come under on a balance sheet?…

A: The allowance for uncollectible accounts come under on a balance sheet will be explained:

Q: ollowing situations does not base an accounting measure on a present value? Prepaid insurance ,…

A: It analyzes comprehension of how accounting measures and financial reporting may or may not require…

Q: Define Accrued liabilities.

A: Liability are the obligations owed by an organization to the outsiders. Liabilities are classified…

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: 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: Describe the accounting for actuarial gains and losses

A: The answer:

Q: Define liabilities

A: Accounting:   Accounting is the process of recording the financial transaction of the organization…

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: le

A: Formula:  Current ratio = Current assets / Current liabilities Working capital = Current assets -…

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: Distinguish between financial liabilities and non-financial liabilities.

A: Liabilities are defined as the amount of money which is owed by a firm in exchange for goods and…

Q: What are the Required disclosures about each major class of capital assets?

A: Capital asset refers to the assets with a longer useful life i.e. more than a year and is not…

Q: What is the term for allocation of fixed assets to expense? * O bad debts expense O depreciation…

A: Introduction: Fixed Assets: The benefits from the assets are having more than one year called as…

Q: What are the classifications of financial assets in accordance with IFRS 9?

A: SOLUTION- FINANCIAL INSTRUMENT- 1-A CONTRACT THAT GIVE RISE TO FINANCIAL ASSETS FOR ONE PARTY AND…

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: Expense Recognition Question: Why do previously recognized assets need to be expensed? Explain.

A: Previously recognized assets refer to assets that have been recorded on a company's balance sheet in…

Q: Where Are Depreciation Expenses Reflected in a Financial Statement?

A: Depreciation expense is debited to income statement.

Q: explain the derecognition of debt;

A: Derecognition of debt As bonds are issued, then an entity may leave a bond that is outstanding till…

Q: Define Accrued Interest Payable.

A:

Q: Under what conditions should investments be classified as current assets? As long-term assets?

A: A current asset is a cash and other assets that are reasonably expected to be converted into cash…

Q: Define asset retirement obligations (AROs).

A:

Q: Assets is Outflows or other using up assets or incurrence of liabiliti true

A: An income statement is a business financial statement that displays how revenue (the money collected…

Q: ilities that are not secured by specific assets are called: Multiple Choice O General credit…

A: Liabilities -Liabilities are the future monetary obligations of a business to individuals or…

Q: Question. Where Are Depreciation Expenses Reflected in a Financial Statement?

A: The main financial statements of the business include the income statement and balance sheet.  The…

Q: are classified on the balance sheet as current or Select one: a. long-term. b. accrued. C. unearned.…

A: The balance shows the assets and liabilities of the business.

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: 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…