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: Fabulous Company provided the following data concerning cash on July 31: Checks drawn Bank statement…

A: The bank reconciliation statement (BRS) is prepared to reconcile the balance of the passbook and the…

Q: Distinguish between financial assets and real assets for each of the following characteristics.

A: Solution- Financial assets consist of cash and other monetary assets and receivables in the form of…

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: 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: Data regarding a company's monthly sales for the last six months of the year and its projected…

A: Budgeted Cash receipts for September = (Budgeted credit Sales for August X 57%) + (Budgeted Sales…

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: c. Distinguish between financial assets and real assets for each of the followingcharacteristics.…

A: Assets can be any resources that possess and administrated by any entity. It includes resources such…

Q: Describe the accounting for actuarial gains and losses

A: The answer:

Q: What is non current assets ?

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

Q: Difference between current and long term liabilities?

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: What distinguishes current liabilities from long-term liabilities?

A: Liabilities Liabilities are referred to as the obligations of the business towards the creditors for…

Q: le

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

Q: Which one of the following is a current asset? 4 Creditors. Accruals. Machinery. Prepayments.

A: Current assets is the one which is easily convertible into cash or its equivalent. It includes cash,…

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: Describe  accounting for depreciation of fixed assets?

A: The depreciation is the reduction in the value of fixed assets with the usage and passage of time.

Q: istinguish between current and long-term liabilities

A: Current Liabilities: Current liabilities also known as short term liabilities. The liabilities which…

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: Define both current liabilities and current assets. In what ways are they related?

A: Maintaining an appropriate balance between current assets and current liabilities is crucial for a…