19-1. The most co O a. under h inade

Q: Ch. 16 _______ specifies an action that the company agrees to take or a condition the company must…

A: A negative covenant is a bond covenant preventing certain activities A 'positive covenant' is a…

Q: For each class of provision, an entity shall disclose except * O unused amounts reversed during the…

A: For each class of provision, an entity shall disclose the following :- Unused amounts reversed…

Q: T or F: If an impairment loss is recognized under the US. GAAP later recovery of the loss is…

A: INTRODUCTION:- This question pertains to the accounting treatment of impairment losses under US…

Q: . Defined by IFRS 2 as a vesting condition that requires the counterparty to complete a specified…

A: IFRS 2 talks about the reporting of share based payment transactions. As per this, the entities who…

Q: Selecting the method or procedure that yields less net income is an application of Select one: O a…

A: Accounting principles are the set of rules and instructions which should be followed while preparing…

Q: 18-Which one of the following category unearned revenue belong to? a. Limited liability b. Lon-term…

A: The Unearned revenue is the revenue received in cash but not earned yet.

Q: 5.Which of the following measu res is an eValuation of afirms ability to Pay Current liabilities? a)…

A: Current liability: It refers to anything including a sum of money that is owed by a company and is…

Q: hich of the following cannot be qualified as a commodity certificate? A) Certificate of will B)…

A: Commodity certificate:   It is a payment method used by a commodity credit corporation in lieu of…

Q: S1: Taxation and power of Eminent Domain may be exercised simultaneously. S2: Taxation and Police…

A: Taxes are one of the liability or obligation which needs to be paid out by the business or…

Q: e reflected i hat such fut Provisions fe

A: Provision needs to be recognised in books of accounts when present obligation arises due to past…

Q: When accounting for contingent liabilities IFRS GAAP defines ‘probable’ as a. likely b. more…

A: Under both IFRS and GAAP, a contingent liability is a potential obligation that arises from past…

Q: With relevent examples, explain the folbwoy 2l Primary appointmert Secondary bpperntment ) Direct…

A: Cost allocation refers to the determination of the overhead cost to a particular product. It is of 2…

Q: In the Insuring Agreement, what word is used to ensure all conditions are met to meet a condition?…

A: The word used to ensure all conditions are met to meet a condition is and. Option D is correct.

Q: Determine if this shall result in recognition of liabilities 15.Violation of the terms of agreement…

A: As per IAS 37, of IFRS Provisions, contingent liabilities and contingent assets If likelihood of…

Q: Which of the following would not be considered a general long term liability? Select one: a. Long…

A: Short term obligations are the obligations that have to be paid within a  year. whereas, long term…

Q: V5. As FASB codification 420-10-25-12 stays “A liability for costs to terminate a contract before…

A: The accounting standards codification of FASB is the source of GAAP principles in the USA. These…

Q: A provision shall be recognized when except * it is probable that an outflow of resources embodying…

A: A provision is an account set off for any obligation which can occur in future. In other words, a…

Q: In an equity-settled transaction, if the total compensation changes in the subsequent period, the…

A: A grant of equity instruments may be conditional upon satisfying specifiedvesting conditions.

Q: If any contractual party breaches the obligation then what can be the course of specific action from…

A: Breach of contract: A breach of contract refers to a contract where two or more person comes into a…

Q: IFRS may be overridden in wide circumstances to achieve fair presentation Select one: True False

A: The objective of financial reporting is true and fair reporting of financial statements.

Q: Under PFRS 5, a noncurrent asset that is to be abandoned should not be classified as held for sale.…

A: The  assets are considered to be an important part of business and non current assets create long…

Q: Determine if this shall result in recognition of liabilities 12. violation of the terms of a…

A: As per IAS 37 of IFRS Provisions, contingent liabilities and contingent assets A Provision is a…

Q: The amount by which the balance sheet does not balance at first is called _______. A. total B.…

A: When balance sheet doesn't balance at the first, it means there is some error or mistake which need…

Q: Similar to a like-kind exchange, the receipt of “boot” under Sec. 351 can cause loss to be…

A: A like-kind exchange refers to a transaction in which one asset is disposed of and another asset is…

Q: 11. concepts assume that a business will continue in operation indefinitely. А. В. Materiality…

A: Every businessman starts their business with the assumption that the business will survive for an…

Q: A project requires you to invest $10,000 now, will generate annual revenues of $1500 for 10 years…

A: Capital budgeting techniques are the methods that are used to evaluate various alternatives of…

Q: 21. For share appreciation rights, S1. the liability is remeasured at the end of each reporting…

A: Equity Capital - Share capital and equity finance are other names for equity capital. It is referred…

Q: Unmodified opinion refers to ______

A: In general audit option can be of two major types . They are  a) Unmodified b) Modified Opinion…

Q: Which of the following is a characteristic of a current liability but not a non- 1 pc current…

A: Answer: The following is the characteristic of current liability and not a non-current liability:…

Q: Provide proffesional argument as to why IFRS 16 is preffered for us over IAS 17, and three examples…

A: IFRS 16 and IAS 17 are accounting standards related with leases. On January 2016, IASB issued a…

Q: Overapplied FOH indicates that the applied FOH amount is greater than actual FOH amount. O True O…

A: FOH or factory overhead means the overhead incurred on the making of the goods. It is a product…

Q: Which one of the following category unearned revenue belong to? a. Current liability b. Limited…

A: Unearned revenue is a liability till the performance has been done by the supplier.

Q: Which of the following does not meet the definition O the signing of a cancellable contract for…

A: Solution: "The signing of a cancellable contract for purchase commitment" does not meet the…

Q: _____ are the entity’s present obligations arising from past events, the settlement of which is…

A: Solution: Liabilities are the entity’s present obligations arising from past events, the settlement…

Q: I. A provision is a present obligation which may either be legal or constructive. II. Even if a…

A: As per IAS 37 Provisions, Contingent Liabilities and Contingent Assets, A provision is a present…

Q: 0. For share appreciation rights S1. the measurement date for liability instruments is the…

A: Stock appreciation right (SAR) -   Entitles an employee to receive stock/cash if the entity's stock…

Q: As a rule, when the substitute obligation is lost prior to substitution, the obligation becomes a…

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

Q: The number of parties involved in discounting a bill of exchange is :

A: A Bill of exchange is a written agreement/order given by one party to the other for an agreed amount…

Q: Determine if this shall result in recognition of liabilities 14.Violation of the terms of a…

A: As per IAS 37 of IFRS Provisions, contingent liabilities and continent assets A contingent liability…

Q: What is TDS on commission, what is stated under section 194 H?

A: The income statement of the company will be prepared, and maintained by the management which will…

Q: The commission given by one insurance company to another for receiving business under re insurance…

A: Reinsurance is insurance in which firms agree to sell a portion of their portfolios to other…

Q: Liabilities are present obligation which represent O legal only O expected value O neither legal or…

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: indicators when EEA has been impaired / subject for impairement difference

A: The EEA (European Economic Area) is a single market made up of the EU (European Union) member states…

Q: Which of the following is not a secondary mode of extinguishing obligations? * Changing the object…

A: Primary obligations is prescription Which means time limit to sue in the court of law.  prescription…

Q: 14-The amount for which an asset could be exchanged, a liability settled , or an equity instrument…

A: Accounting Principles are Rule and Guidelines which are to be followed while recording and…