Valuation is applied to this specific object so that a proper computation of rental charges can be made.  a. Real Property b. Debt Instruments c. Donations and gifts d. Inheritance

Q: What assets are normally included as estate properties?

A: Probate laws: After the death of a decedent, in order to seek the problems of how his property…

Q: one or more of the following statements are characteristics of assets: a. a probable future benefit…

A: Assets are those resources whether tangible or intangible, current or fixed have an economic value…

Q: Land improvements include: Oa. surveying fees. Ob. sales tax. Oc. freight. Od. outdoor lighting.

A: Concept of Land Improvement Examples of land improvements include paved parking areas, driveways,…

Q: What are the criteria of an assets held for sale?

A: Step 1   If any of the assets is held for sale then, it ceases to depreciation and amortization and…

Q: xplain what are contra asset accounts, where they are on shown on the financial statements and give…

A: Contra Asset: A contra asset is, well, a contra asset. All assets, in general, have a debit balance,…

Q: Which of the following does define investment property? a. Property held to earn rentals b. Right…

A: An investment property is first valued at its purchase price. The lower of the fair value of the…

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: A seller recognizes the amount of returns from right to return sales as a/an ________. Group of…

A: The question is asking about how a seller recognizes the amount of returns from right to return…

Q: Differentiate between the ‘definition of assets’ and ‘recognition criteria of assets’ provided in…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: Assets created by payments that expire as they are used are called?

A: The assets are resources that are owned by the individual or organization. The assets are in…

Q: Expenditures may be either capitalized or expensed. When Expenditure is capitalized it means that:…

A: Expenditures are the outflows of the business which help in the creation of assets that lead to the…

Q: Which two models may an entity opt for when accounting for investment property?

A: Investment property is a type of properly held by personnel for the intention of earning returns…

Q: Explain the term Right of Entry: Lender in Possession?

A: The question is based on the concept of giving right of entry in case of mortgage arrangement in…

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: Which of the following does define investment property? Property held to earn rentals Right of use…

A: Investment property is property (land or a building or part of a building or both) held (by the…

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: Executory costs include Select one: a. insurance. b. property taxes. c. maintenance. d. all…

A: In case of leased assets there are certain expenses incurred Upto the economic life of the asset,…

Q: Th e valuation technique under which assets are recorded at the amount that would be received in an…

A: There are many valuation technique like cost method, market value method, base stock method, present…

Q: A loan to purchase real estate in which the real estate itself serves as collateral is a ____ loan.…

A: C. MORTGAGE LOAN In Mortgage Loan real estate or property as Kept as security.  Mortgage is a…

Q: Accounting for property dividends and accounting for property payables explanation and example.

A: Answer: Accounting for Property dividends covers the dividend paid to investors in form of assets.…

Q: Any of the following should be met for borrowing cost to be capitalized, borrowing cost are being…

A: Borrowing cost is the cost incurred by an entity due to the funds borrowed by it like, interest…

Q: A credit to _____ is necessary upon the receipt of property assessments when the special assessment…

A: Journal entry be If special assessment receivables are recorded in the accounts of a custodial fund…

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: An entity starts the capitalization of borrowing costs to the cost of a qualifying asset when *…

A: Borrowing costs are costs that are incurred for borrowing money for the purpose of acquisition,…

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: In the statement of financial position, investment of a specific entity OA Can be classited as…

A: In statement of financial position, it includes Assets, Liabilities and  Equity of the company are…

Q: how the appraiser will adjust the comparable sales for any differencesbetween the subject property…

A: To qualify as a comparable a property must resemble the subject in size, shape, design, utility and…

Q: Elaborate the term: “De-recognizing” financial assets

A: Financial asset is a form of liquid asset for the business. These assets gets its value from the…

Q: 1. How do we decide whether to capitalize (record as an asset) or expense a particular cost? 2.…

A: ANSWER   Cost: The cost of the long-lived assets refers to all the expenditures made in order to…

Q: Depreciation on rental property is an A. expense deductible against income B. out-of-pocket…

A: Depreciation When the fixed asset purchased by a company reduces its value over the period of time,…

Q: rty classifed as held for sale are presented separately as current asset. True or False?

A: Solution: Assets held for sale are those assets which the company intends to sell. These held for…

Q: Explain the investment Adjustments for Other Assets and Liabilities.

A: Fictitious assets are described as the deferred expenses or losses incurred in a particular…

Q: If an entity wants to account for investment property, it may choose between two accounting models.

A: The valuation of investment property is a must have feature in the presentation of the company’s…

Q: The generally accepted accounting principle that supports recording the value of a property at the…

A: Correct answer is option 'D' i.e. cost principle. Explanation:  Under US GAAP As per cost principle…

Q: Distinguish between current assets and non-current assets, giving TWO examples of each type of…

A: Assets are the resources owned by an entity for running the daily operations of the business. These…

Q: Borrowing costs that are directly attributable to the acquisition or construction of a qualifying…

A: Ans. Borrowing costs that are directly attributable to the acquisition or construction of a…

Q: If certain conditions are met, which of the following properties could be classified as section 1231…

A: SECTION 1231 PROPERTY IS REAL OR DEPRECIABLE BUSINESS PROPERTY HELD FOR MORE THAN ONE YEAR . SECTION…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.