Which one of the following category outstanding expenses belong to? a. Intangible asset b. Current liability c. Non-current asset d. Current asset

Q: Repairs and maintenance costs are normally: O a. Expensed in the profit or loss as incurred. O b.…

A: All expenses which are having short term benefit or benefit for only one year, that should be…

Q: Which of the following is a true statement about the nature of Equipment, account? Multiple Choice…

A: Equipment is a long term asset that is used to generate revenue for the business. The use of asset…

Q: hich one of the following category prepaid expenses belong to? a. Current asset b. Intangible asset…

A: Prepaid expenses are those expenses which are paid in advance for future period of time and expenses…

Q: Statement 1: An impairment loss that relates to an asset that has been revalued upwards should be…

A: answer is option a) Only statement 1 is correct

Q: Assets that are NOT expected to provide benefits for a number of accounting periods are called…

A: Solution: Assets that are NOT expected to provide benefits for a number of accounting periods are…

Q: key characteristic for theclassification of an asset as ‘held for sale’ is that the carrying amount…

A: As per IFRS 5 a non-current asset or disposal group is classified as held for sale if its carrying…

Q: Which of the following items may be classified as nonoperating revenues and expenses?   Multiple…

A: Non-operating revenues and outlays are those incomes and expenses that are earned or incurred from…

Q: Which of the following concepts is not related to depreciation? Select one: a. Historical cost…

A:

Q: The process of transferring the cost of an asset to an expense account over time is called O A)…

A: Property, plant, and equipment:   These assets are long lived economic resources which are owned by…

Q: Which of the following accounts would be classified as a current asset? Group of answer choices land…

A: Current assets are those assets that can be liquidated or converted into cash easily. Any asset…

Q: TRUE OR FALSE The principle of historical cost states that acquired assets should be recorded at…

A: Historical Cost:-As per this principle according to the US GAAP, assets should be recorded in the…

Q: ‘carrying value’ of a depreciable asset is the difference between

A: Carrying value of an asset gives value of Company's asset as on given date after provision of wear…

Q: Which statements are correct concerning measurement of cost of property, plant and equipment?

A: Concerning measurement of cost of property, plant and equipment Property, plant, and equipment are…

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: Which of the following is correct when recording the disposal of equipment for a gain? Group of…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: The value of "Property, Plant, & Equipment, net" reported on the balance sheet represents: A) The…

A: Fixed assets are an unavoidable component of every business organization. These assets are useful in…

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: Which item would not be classified as an operating expense?     a)  Interest expense.   b)…

A: Operating Expenses Operating expenses are those expenditures that a business incurs to engage in…

Q: Impairment loss is a situation when Select one: a. Carrying amount of an asset is greater than…

A: The greater of the following two values are the recoverable amount of an asset: Fair value minus…

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: Which of the following is the correct calculation of book value? a. Cost - Impairment expense b.…

A: Book value (B.V) is the worth of the asset at a specified date.

Q: How to determine the percentage by which operating income can increase if the entire R&D expenditure…

A: Operating income is income of business from its normal operations  Percentage Change = (New Value -…

Q: Depreciation is a process of: a. Asset devaluation b. Cost accumulation c. Cost allocation d.…

A: Depreciation is the process of cost allocation of an asset. It is made due to the wear and tear and…

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: The cost incurred to extend an asset's useful life is recorded as Oa. routine expenditures. Ob.…

A: All expenses that are incurred to increase the future economic benefits are known as capital…

Q: Which one of the following disclousures is required by generally accepted accounting principle? a.…

A: The correct option is B. Balances of major classes of depreciable assets, by nature or function.

Q: Accumulated depreciation is record on the balance sheet as ___? A. A reduction in corresponding…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: Match the term on the left to the appropriate description on the right. v Historical cost A. The…

A: 1. In this question we match the write explanation with proper headings.This is match the columns.…

Q: Which one of the following category prepaid expenses belong to?

A: Current assets are the assets of the company that are expected to be consumed through standard…

Q: n accounting for the acquisition of asset the asset acquired are to be recorded at the cost of…

A: Assets means the resources which is owned by business and used in business for earning profits.…

Q: The historical cost principle requires that when assets are acquired, they be recorded at Select…

A: Historical cost principle  Historical cost refers to the cost at the time of acquisition. Since…

Q: The allocation of the cost of a tangible asset to expense in the periods in which the asset is used…

A: Tangible assets are physical assets of a company such as land, building, machine which is used to…

Q: Valuing assets at the amount of cash or equivalents paid or the fair value of the consideration…

A: solution If the cash paid at the time of acquisition is used to measure an asset, then it is called…

Q: What factors must be known or estimated in order to compute depreciation expense?

A: Definition: Depreciation: Depreciation is a decrease in the value of the fixed assets over a period…

Q: Which of these costs are taken as a part of cost of assets?   I. Invoice price II. Transportation…

A: Invoice price is the price at which the asset is purchased from the manufacturer or retailer of the…

Q: In determining the value in use, which of the following cash flow is excluded from the computation?…

A: As per provisions of IFRS, the value in use is used for the purpose of impairment of asset. If the…

Q: Which among the following suits best for Unearned revenue? a. Liability b. Expense c. Revenue d.…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

Q: Which is not an expense? A. costs of goods sold or services rendered B. loss on disposal of a…

A: Expense means the amount which is spent to for business purpose or for running the business. Expense…

Q: to the cost of the asset. (a) Is it perm record additional depreciation on the

A: The value of the fixed assets decreases over the period of time due to wear and tear so as to record…

Q: Explain how depreciation expense satisfies the definition of an expense

A: Depreciation is the amount with which an asset’s value decreases every year. Example:- Machinery…

Q: Which of the following is most accurate in describing the measurement of assets and liabilities? a.…

A: Financial statements will provide accurate information about financial position of an organization.