46. The allocation of owner's private expenses to his/her business violates which of the following? A.O Accrual concept B.Matching concept C.Separate business entity concept D.Consistency concept

Q: naked debenture

A: Debentures which are not secured by specific assets is known as Naked debentures.

Q: Which type of business organization provides the least amount of protection forbankers and other…

A: Corporation: Corporation is the form of organization that has legal existence that is owned and…

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: What are the differences between negative goodwill and positive goodwill, and how are they treated…

A: A company's brand, reputation, customer base, and other intangible elements are all valued as part…

Q: The courts have determined that to qualify as a trade or business, an activity must: A.Be operated…

A: The courts have determined that to qualify as a trade or business, an activity must be operated with…

Q: Only business expenses incurred in the generation of business gross income are deductible. a.…

A:

Q: Which type of business is considered separate from those who own it?

A: A business means an organization that involves commercial activities. the main aim of the businesses…

Q: Briefly, explain the difference between the torts of Wrongful Interference with a Contractual…

A: Answer:-  Tort meaning:- Tort is a kind of civil wrong that causes the claimant to incur loss or…

Q: Which of the following is not a pervasive expense recognition principle? a. immediate recognition…

A: Option C - Cash Payment is not a pervasive expense recognition principle.

Q: What is the impact of deferred annuities in consideration to business matter?

A: The legal contract between any entity and an insurance company is a deferred annuity contract. The…

Q: Why is the distinction between a conditional and unconditional contribution important for accounting…

A: Step 1 The main difference between conditional and non-conditional contributions is that to…

Q: Which of the following is treated as business expense?  a. Installation cost of business equipment…

A: Business expenses are the expenses which are incurred for the business and required for the…

Q: How can the separate entity concept benefit each of the ff: A. creditors B. consumers  C.…

A: This concept of accounting means that the owners of business need to ensure that it records…

Q: Which one of the following recognises the idea that assets and income should not be overstated while…

A: This question deals with the concept of account.  lets understand all the option given in the…

Q: A benefit of a sole proprietorship is that liability is limited to that of the business financial…

A: A sole proprietorship is the simplest form of business that an individual can do or operate. It is…

Q: Which of these is not recognised as income?     Sale of goods.     Capital contributed by the…

A: Explanation: Income: Income refers to the money that a business earns from its day-to-day activity.…

Q: The practice of recording advance payments from customers as a liability is an example of applying…

A: Under the Cash Basis of Accounting, revenue is considered only when the actual amount is received…

Q: Which is incorrect concerning the presentation of Income Statement? A. When items of income and…

A: Presentation of Income statement :             The income statement is prepared for presenting the…

Q: Why is an owner's valuation of a borrowing business excluded from stated net worth to arrive at…

A: When we  say 'net worth' of a business it is  Assets - Liabilities of business.…

Q: The Wonder Bus Company has just purchased a supply of P8,000 liters of diesel fuel for its buses.…

A: Answer: Cost of goods sold

Q: Which of the following concept is also called as Revenue Recognition Concept? O a. Accrual concept…

A:

Q: Assess the truth of this statement: The normal balance of a partner's capital account is a credit…

A: Capital of any kind has a normal credit balance because it is treated as an internal liability of…

Q: Which one of the following will not be recorded in profit and loss appropriation account? a.…

A: Profit and loss appropriation account includes the appropriation of profit and loss to the partners.…

Q: Explain what the separate entity assumption means whenit says a business is treated as separate from…

A: Accounting Assumption The accounting assumptions are the columns on which the accounting system is…

Q: How can the separate entity concept benefit the owner and the business

A: Separate entity concept: It refers to the practice of Recording separately the transactions of the…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.