2. Identify six items that under different circumstances could be classified as either current or long-term. Indicate the factors that would determine the correct classification.

Q: What are the four types of adjustments?

A: Four types of Adjustments are: a) Accrued Revenue: Revenue which have been earned but we have not…

Q: 8. Describe two major methods to account for byproducts.

A: A by-product is anything that has been created as a result of the production or preparation of some…

Q: List 6 (SIX) qualitative characteristics of having IFRS

A: IFRS are the International Financial Reporting Standards (IFRS) framed for guiding the accountants.…

Q: issued by the GASB

A: GASB -: GASB stands for The Government Accounting Standards Board is simply a private…

Q: Which type of plan is used to manage an event that has reoccurrence? a. Rules b. Single Use Plan c.…

A: There are various types of plans which are prepared by business organization so that decisions can…

Q: What are the four distinct categories of adjustments?

A: Adjusting entries in accounting are made with a view to accurately reflect the expenses and income…

Q: Name three events that might change the balance of the plan assets.

A: Plan assets: Plan assets refers to the assets which are used to satisfy the postretirement…

Q: Determine when and what types of information must be disclosed for geographic areas.

A: Definition:   Segment reporting: Presenting the financial statements along with the necessary…

Q: Describe in detail about the 3 measurement attributes employed in GAAP.

A: There are three measurement attributes employed in GAAP: Historical Cost Net Realisable Value…

Q: Based on the provided information, how is the corridor amount solved for in each of these cases?…

A: This same corridor rule throughout retirement accountancy mandates the presence of any actuarial…

Q: Identify the three components of the upper limit on misstatements. How is each component calculated?

A:

Q: Explain secondary apportionment with relevant examsples

A: Secondary Apportionment: In refers to the process in which the service department overhead is…

Q: Explain the four Types of Adjustment Entries?

A: Adjusting entries are those entries which are passed at the end of the year to accurately record…

Q: TEMS 11 to 13 ARE BASED ON THE FOLLOWING INFORMATION

A: 11) a) 400. explanation: Economic order quantity (EOQ) = ROOT over {(2*A*O)/C}…

Q: Three expense recognition methods (associating cause and effect, systematic and rational allocation,…

A: Matching Principle is kept in accordance while recognizing revenue. As per this principle of…

Q: 1. Identify which type of assets should be classified and measured under these two categories…

A: IFRS: International Financial Reporting Standards (IFRS) are the standards or rules required to be…

Q: 5. What are the six situations that require adjusting entries? Give an example of each.

A: Every transaction has dual effect on the books on account. Journal entry is the primary step to…

Q: Briefly explain the four general types of adjustments provided by our authors and why they are…

A: Answer:-  Adjustment entry meaning:- Adjustment entry is basically adjustment in the books of…

Q: Name five events that might change the balance of the PBO.

A:

Q: 5 steps in ASC 606 may be impacted by Covid-19

A: ASC 606 deals with revenue recognition in accounting. Revenue should be recognized upon the right to…

Q: Part a. The two basic requirements for the accrual of a loss contingency are supported by several…

A: Accrual Basis of Accounting The purpose creating the accrual basis of accounting is get more viable…

Q: Explain the IAS-10 (Events after reporting period).

A: IAS-10 "Events after the reporting period" prescribes :-  (i) when an entity should adjust its…

Q: In accordance with IAS 36 Impairment, provide the definition of an impairment loss and State four…

A: IAS 36 :      International Accounting Standard No.36 is about the impairment of assets, so it can…

Q: Enumerate and explain five (5) powers of the BIR.

A: BIR stands for Bureau of Internal Revenue which is compulsory through law to assess as well as…

Q: Given four feasible alternatives: A, B, C, and D with the information below: IRRA(B-A) A(E = 11%,…

A: Incremental analysis is used to compare projects which are mutually exclusive but have different…

Q: provide the proper IRC citation for the NIIT rate of 3.8% And for the AMT rates of 26% and 28%.

A: Net investment income is the money obtained from financial assets such as bonds, equities, unit…

Q: What is the six-step process involved in valuation?

A: IPBES proposes a six-step protocol to guide valuation studies and assessments of existing and…

Q: 1)      What are the items to provide the reporting? (short answer)

A: Annual Financial Report Annual financial report which was published by the company for the result of…

Q: What are the five types of adjusting entries? Define each type and provide an example of each.

A: Adjusting entries Adjusting entries are the entries recorded at the year-end but before the…

Q: What is the six -step process involved in valuation?

A: Valuation is the analytical process of determining the projected or current value of an asset or a…

Q: scheme of reconstruction must fulfill certain basic conditions before it is undertaken.” Briefly…

A: Step 1 Scheme of reconstruction means a scheme of merger, division, or other reconstructing that…

Q: Explain the three types of Regulations: Proposed, Temporary and Final. At least half page

A: Treasury regulations are created to interpret the IRC (internal revenue code). These regulations are…

Q: Enumerate the Qualifications of Incorporators. Explain each.

A: Incorporators are the person who initiates the incorporation or commencement of the corporation form…

Q: Describe the five events that might change the balance of the PBO.

A:

Q: What's the working for the first section $49,900?

A: A pension plan is usually an agreement between the employer and employee wherein, the employer…

Q: Identify and briefly explain the four types of divestitures.

A: Following are the 4 kinds of divestitures: Strategic Buyers: We are either vertically or on a level…

Q: what are 3 new improvements to the reclassify

A: The reclassify transaction tool is used to reclassify the transaction in the client's book that is…

Q: Describe the four approaches used to implement expense recognition and label them 1 through 4.

A:

Q: current assets and two items of current liabilitie

A: Current asset : It is defined as those assets which are expected to be sold or utilised as a result…

Q: Describe ONE (1) substantive procedure that could be used to verify the existence and rights and…

A: The Substantive procedures can be refers to the methods or the audit tests formed or designed by an…