Is an annual leave provision need to be reversed on a balance day adjustment GJ

Q: Demonstrate revenue recognition for long-term contracts, both at a point intime when the contract is…

A: Long term contracts usually qualify for revenue recognition over time. We recognise revenue over…

Q: When is an estimated loss on a long-term contract recognized, both for contracts that recognize…

A: Revenue recognized point of long term contract: A long-term contract qualifies for revenue…

Q: long-term basis at the end of

A: Short-term obligation are those which mature within a period of one year. Long term obligations are…

Q: In an equity-settled transaction, if the total compensation changes in the subsequent period, the…

A: Under share based payment, if during subsequent period, total compensation changes then that change…

Q: Identify the proper accounting for losses on long-term contracts.

A: Revenue recognition: Revenue recognition principle states that every business organization should…

Q: What is an unadjusted trial balance? An adjusted trial balance?

A: Definition:   A trial balance is a summary of all the ledger accounts. The trial balance is…

Q: Which of the following would not be considered a general long term liability? Select one: a. Long…

A: Short term obligations are the obligations that have to be paid within a  year. whereas, long term…

Q: What is the Depreciation Allowance under Inflation?

A: Inside these laws of unique cost depreciation, the absolute estimation of the duty exclusions in…

Q: 21. What is the form that filled out by insured if a loss is suffered? *

A: Takaful is a sort of Islamic insurance in which members combine their funds to protect one another…

Q: which is NOT a temporary account:

A: Inventory refers to the goods, materials, or products that a business holds for the purpose of sale,…

Q: Outstanding rent is Select one: a. Long term liability O b. A revenue C. A current liability O d. A…

A: Outstanding rent come under the head of Current Liability within the record. Outstanding rent are…

Q: Any anticipated loss should be recognized * A.on a percentage basis during the contract period B.…

A: The amount of anticipated loss is calculated regardless of: (a) whether or not work on the contract…

Q: A liability for compensated absences such as vacations, for which it is expected that employees will…

A: The compensation expense is the expense for which liability is recorded on the basis of future…

Q: In an equity-settled transaction, if the total compensation changes in the subsequent period, the…

A: A grant of equity instruments may be conditional upon satisfying specifiedvesting conditions.

Q: Adjusting entries can be classified as Select one: a. postponements and advances. b. deferrals and…

A: Adjusting entry are recorded at the end of the year after certain events have occured. Adjusting…

Q: Do time lines deal only with years, or can other time periods be used?

A: The term time line refers to list of events which take place in chronological order. Timelines are…

Q: Which of the following is not a period of employment for long service leave purposes?   A.…

A: The Long service leave is a leave at the normal rates given to an employee by the employer when the…

Q: Is it necessary that a trial balance be taken periodically?What purpose does it serve?

A: Trial balance: A trial balance is the list of all the ledger accounts. The trial balance is prepared…

Q: What will be the result for failing to record the year-end adjustment for accrued interest on a note…

A: Notes payable is the amount of loan owed by the entity to its financiers. It is always a liabilities…

Q: What are scheduled, interim, and past due statements? Please explain.

A: Financial statements are documents that detail a company's operations and cash flows results. . The…

Q: If an insured fails to pay the premium when due, the insured's heallh policy will remain in force…

A: Health insurance is a type of insurance that helps to pays for medical costs incurred as a result of…

Q: Describe the Depreciation Allowance under Inflation?

A: Depreciation: Depreciation is an accounting method to calculate the value of a tangible asset during…

Q: What’s mean change in payroll rate

A: Payroll taxes are the taxes that imposed on employers and employees. Payroll taxes have calculated…

Q: differentiate calculations BETWEEN leasing payment at END-OF-THE YEAR and BEGINNING OF THE YEAR?

A: The lease payment calculations are different for the beginning of the period and end of period…

Q: ous period’s financial statements are called?

A: It is common to occur errors in the financial statements, but whenever it is found that errors have…

Q: When the due date for a promissory note is stated in terms of days, to determine the maturity date…

A: When the due date is stated in terms of days, you need to count the exact number of days to…

Q: ccrued interest recomputed periodically individual who does not record interest transactions?

A: Interest expense : associate degree disbursal is that the value incurred by Associate in Nursing…

Q: Explain how to account for revenue on a long-term contract over time as opposed to at a point in…

A: The revenue recognition principle: The revenue recognition principle refers to the revenue that…

Q: is prepaid reant an expense

A: Prepaid expense:Prepaid expense is the advance payment for future expenses is called as prepaid…