Long term liabilities are usually associated with -purchase of a building -purchase of equipment -purchase of wages owed -both a and b

Q: When faced with uncertainty there is a need to exercise prudence. Which of the following would be…

A: PRUDENCE IS USALLY SEEN AS A VIRTUE . HOWEVER , IT CAN BE EXCESSIVE IF IT HAS AN UNREASONABLE IMPACT…

Q: Fixed assets purchased during the time period

A: Fixed assets purchased is the amount of total assets which was purchased during the period by paying…

Q: Accumulated depreciation is:     The depreciation expense recorded on an asset to date.     The…

A: Accumulated depreciation is the cumulative depreciation of an asset up to a single point in its…

Q: Choose the correct statement below: A. Contingent liability is both probable and measurable. B. An…

A: The answer for the multiple choice question on choosing the correct statement and relevant…

Q: P1-1Preparing an Income Statement, Statement of Stockholders' Equity, and Balance Sheet Assume that…

A: Financial statement means the statement which include the income statement and the balance sheet.…

Q: Q: part ii): a) What is interest and explain the main types? b)Amortization Schedule

A: (a) Interest is the payment made to the lender above the borrowed capital at a particular rate. In…

Q: A lessee records a lease obligation with a credit to the obligation in the amount of . the total…

A: At the commencement date, a lessee initially measures the lease liability (obligation) at the…

Q: Examples of Current liabilities includes accounts payable, accruals and other short-term liabilities…

A: Current Liabilities are the liabilities (payments) that the company has to pay within a year. These…

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: In the amortization tables, the interest is calculated from the outstanding balance at the beginning…

A: True

Q: Initial operating loss related to Property, Plant and Equipment should be A. Capitalized as part of…

A: Answer:-  Operating loss:- If a company's operational expenditures surpass its gross earnings, the…

Q: Identify the types of information that can readily be deter-mined from an amortization table for an…

A: Meaning of amortization table Amortization table is a table which consists of all the details…

Q: Defention of Assets, liability, current assets, current liabilities

A: Definition of Assets, liability, current assets, current liabilities are given below,

Q: Define amortization period.

A: Amortization: Amortization is a process in which the cost of intangible assets is spread equally…

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: A currently maturing obligation of the entity is classified on the SFP as a?

A: Here SFP stands for statement of financial position. In a SFP different assets and liabilities are…

Q: n amount paid by the lessee to the lessor in addition to the periodic rental which is treated by the…

A: Solution: Lease bonus in addition to the lease payment are considered as unearned rent income for…

Q: define if operating, investing or financing expense Increase in Bonds Payable A decrease in the…

A: Statement of cash flows is one of the financial statement which shows all cash inflows and cash…

Q: A contingent liability: O Is always of a specific amount Is a potential obligation that depends on a…

A: Solution: A contingent liability is a liability that may occur depending on the outcome of an…

Q: Accumulated Depreciation appears on the

A: The accumulated depreciation is deducted out of the purchase value of a company in order to arrive…

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: Which of the following is a charteristic of a current liability

A: Liability: Liability is the obligation of the company to pay which comes from a past activity done…

Q: Which of the following accounts would not appear on the income statement of a lessee in connection…

A: A finance lease indicates the agreement between the lessor and lessee where the former provide the…

Q: An operating lease: Is recorded at its net present value on the balance sheet. Is recorded on the…

A: An operating lease refers to a contract in which an asset is provided for use without transferring…

Q: A(n) is a contract for the use of an asset for a period of time without having to buy the asset. Oa.…

A: lease: lease is a contract  to buy the right to use the asset for particular period of time on…

Q: Which of the following cash flows is classified as an investing cash flow? A. interest portion of…

A: Cash flow statement means the statement which shows the cash flow in or out of business enterprises…

Q: Which of the following is most likely to be classified and reported as current liability? a. Bond…

A: The liabilities that are payable within one year are classified as current liabilities. It includes…

Q: It is the fractional part of the capital or sum invested that is paid for the loan or investment.…

A: 1. The rate of interest is some predecided percentage that is charged on the loan amount or provided…

Q: Define asset retirement obligations (AROs).

A:

Q: In the amortization of credits, the interest must be paid at the end of each period calculated on…

A: Amortization can refer to the process of paying off debt over time in regular installments of…

Q: __ is a contract that involves compensation for specific potential future losses in exchange for…

A: Step 1 Currency swap forward contracts are frequently used by companies with international market…

Q: Payments on an operating lease will appear:  A. In the profit and loss account as an expense B. In…

A: Lease agreement is a type of agreement between two parties, in which one party provides its assets…

Q: Interest earned on only the original principal amount invested is:                Select one: a.…

A: Interest is a percentage rate which an investor received for its investment for a particular period…

Q: cash restricted for retirement of long-term debt is classified as: non-current liability included at…

A: Cash restrictions refers to cash reserve for  a specific purpose such as Payment of Debt or minimum…

Q: The current portion of long-term debt should a.be reclassified as a current liability b.be paid…

A: The liabilities which are payable within one year are considered but the liabilities having life…