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

Q: The key accounting considerations relating to accounts payable are: Determining their existence and…

A: Accounts payable is a current liability.  As per IAS 1, Presentation of financial statements,…

Q: Which of the following should be classified as financial instrument? Inventories C. Patents B.…

A: IAS 32 defines financial instrument as a "  contract that gives rise to a financial asset of one…

Q: How do you identify an asset with reference to AASB? How should an asset be recognized in the…

A: Step 1  An asset is a tangible or intangible attribute having financial or economic value that an…

Q: Discuss the significance of the following assumptions in the preparation of an entity’s financial…

A: Accounting Assumptions:- Assumptions are derived from past experience and when it proves to be…

Q: Identify and fully explain any FOUR qualitative characteristics of useful financial information.

A: Lets understand the basics. Financial information means a information which is denominated in the…

Q: In a classified balance sheet, long-term assets used in the normal course of business are known as…

A: Classified BS (Balance Sheet): It is a Financial Statement that classifies every type of asset and…

Q: Depending on the business model for managing financial assets, an entity shall classify financial…

A: A financial asset is a liquid asset with a contractual right or ownership claim as its source of…

Q: Which of the following is ascertained from the income and expenses of an entity?   A financial…

A: Income means revenue earned from the sale of goods and services in the business. Expenses means…

Q: The primary objective of financial management Can be in the form of   a. Maximise the entity’s asset…

A: Financial management means management of funds or finance in the business. It is about making future…

Q: In accounting for the acquisition of assets, the assets acquired are to be recorded at the…

A: Fixed assets of the business are very important assets which includes Land, Plant & Machinery,…

Q: Which of the following journal entries correctly reflect settlement date accounting? Select one: a.…

A: In case of settlement accounting, transactions have to be recorded in the books of accounts of the…

Q: ACCOUNT TITLE

A: A statement of financial position is a statement that reflects all the assets and liabilities of a…

Q: Which of the following statements about the FASB conceptual framework, as compared to the IASB…

A: Accounting standards are the standards set by the authorized body of each country in various field…

Q: How do you identify an asset with reference to AASB? How should an asset be recognized in the…

A: Assets are those which have future economic benefit which flow into the organisation. These must be…

Q: Explain how economic events result in assets

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: Describe the relationship between the expense recognition(“matching”) principle and accounting for…

A:

Q: Explain what is meant by the term “Impairment” in relation to Non-Current assets and explain its…

A: Asset is impaired if its extended future incomes are not as much as its current conveying esteem. An…

Q: value is established on the bases of accepted accounting procedures. value is the amount that could…

A: Solution Concept Book value is the value that appears on the books of accounts . it is as per the…

Q: a) Distinguish between financial assets and real assets for each of the following characteristics.…

A: Differences between financial assets and real assets on the basis of certain characteristics are…

Q: Explain TWO (2) main differences between real assets and financial assets

A: Real assets are reflective of all such physical assets which are tangible in nature and the price of…

Q: Intangible assets are often combined with_______________assets for measurement and recognition in…

A: Intangible assets means those assets which do not have any physical presence and that can only be…

Q: Classify each of the following either as Asset, Liability, Equity, Revenue, or

A: The classification of items as Assets [ a property of any kind used for…

Q: Under accrual accounting, which of the following is an appropriate accounting policy regarding…

A: Accrual basis: It is one of the methods of basis of accounting that records the transactions basing…

Q: prepare the Statement of Financial Position (SFP)

A: Balance Sheet is a type of financial statements on which the assets, liabilities and the equity are…

Q: Hdoes a company account for the disposal of an asset?how does it report gains and losses on its…

A: Disposal of Assets:   It refers to selling the worn-out assets that is no longer in need for the…

Q: Identify the accounting issues related to asset impairment.

A: Asset impairment emerges when there is an abrupt drop in the fair value of an asset underneath its…

Q: ccording to IASB’s Conceptual framework for financial reporting which of the measurement bases above…

A: According to IASB'S Conceptual framework,  Measurement or reporting of the element in the financial…

Q: what is the accounting equation for assets?

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

Q: Consider the statement: Accounting is a measurement and communication discipline.  Evaluate the…

A: Accounting Principles: Accounting principles are the principles and rules that organizations should…

Q: To carry the value of the asset at its cost or historical value to the statement of financial…

A: The basic assumptions, rules, or conditions specifying the constraints for the working of accounting…

Q: hich one of the following is ascertained from the income and expenses of an entity A. Financial…

A: The revenues and expenses for the company are included in the income statement of the company.

Q: Explained and described the measurement aspects of accounting in relations to assets valuation and…

A: measurement is generally related to the valuation and recording and also the process of collecting…

Q: Financial reporting purposes, long-lived, revenue-producing assets typically are classified in two…

A: Long lived assets:   Long lived assets are assets that can be held for a longer period of time and…

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

A: ‘’Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: how to Determine the total assets

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Depending on the business model for managing financial assets, an entity shall classify financial…

A: A financial  asset can  be measured  at Fair value  through  profit or loss

Q: Demonstration of the relationship between GAAP and accounting practices (e.g., matehing prineiple…

A: The process by which financial transactions of the business are recorded and communicated with the…

Q: utline the accounting tre

A: Although IFRS 9 Financial Instruments was first issued in November 2009, it has been updated on a…

Q: Which of the following is ascertained from the income and expenses of an entity? O A. financial…

A: Income statement means where all expenses and income are shown . Balance sheet means where all…