Differentiate between the ‘definition of assets’ and ‘recognition criteria of assets’ provided in the conceptual framework of accounting

Q: Distinguish between liquid and illiquid assets, and list some assets that are liquidand some that…

A: Liquid asset: It is a resource or asset that can be effortlessly transferred over into cash in a…

Q: Identify two asset categories on the classified balance sheet, and give examples of each category.

A: Balance Sheet:   It is a financial statement used by a company to report their business position as…

Q: Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the…

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Q: Define Asset turnover.

A: Ratio analysis  It is the financial analysis tool for measuring the profitability, liquidity,…

Q: What is financial assets designated at FVOCI? Why does an entity used it? How?

A: Here discuss about the details of financial assets which was segregated fair value through other…

Q: The depreciation procedures that apply to the main kinds of depreciable assets in general?

A: Depreciation is an accounting method for allocating the cost of a tangible or physical asset over…

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: Describe the accounting for actuarial gains and losses

A: The answer:

Q: Explain how the accounting treatment differs between purchased and internally developed intangible…

A: Intangible assets: Intangible assets are the long-term assets having no physical existence. However,…

Q: WHAT IS CONTRACTUAL LIFE OF ASSETS?

A: An asset is a resource of economic value which is own by an individual and a company and provides…

Q: What is an asset and liability per the IASB framework definition for the preparation and…

A: Financial statement includes: 1) Balance sheet  2) Income statement 3) Cash flow statement  4)…

Q: Define current assets and list the typical asset categories included in this classification.

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Q: Describe the accounting treatment for intangible assets such as patents, copyrights, and trademarks.…

A: Intangible assets are non-physical assets that lack a physical presence but hold value for an…

Q: Explain relaxed policy (current assets)

A: Relaxed Policy is just something contrary to a restricted approach.

Q: distinguish between current and non-current assets, and current and non-current liabilitie

A: Any asset which is convertible in terms of cash within a time duration of one year is a current…

Q: How can the Gains and Losses on Depreciable Assets be determined?

A: For calculation of gains or losses on depreciable assets, written down value of the assets at the…

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: epayment of grant related to an asset?

A: The asset is an economic resource that a corporation or business entity owned for its economic…

Q: what should be reported as total assets

A: In a Merger, The purchasing entity acquires all the assets and liabilities of the dispersing…

Q: Define receivables and explain issues related to their recognition.

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

Q: Discuss the fundamental concepts related to revenue recognition and measurement.

A: Revenue Recognition: Revenue recognition is a Generally accepted accounting principle that tells…

Q: Demonstrate the appropriate accounting treatment for contingencies, includingunasserted claims and…

A: Contingencies refer to a situation that occurs in the accounting period for which the outcome is not…

Q: Define “Financial assets"; list them and explain their evaluation criteria in the balance sheet

A: A balance sheet is a financial statement that shows the assets, liabilities, and the shareholder…

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: Distinguish between measuring assets based on current cost and historical cost.

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Q: What are the various current assets? Name them.

A: Current assets are assets which are expected to be realised or converted to cash within one year…

Q: Explain the accounting issues related to asset impairment.

A: Asset impairment: Asset impairment emerges when there is a sudden drop in the fair value of an asset…