An intangible asset: a. cannot be classified on the statement of financial position because it lacks physical substance

Q: The transfer to expense of the cost of intangible assets attributed to the passage of time or…

A: Introduction:- Assets are mainly classified into two types as follows under:- Tangible assets…

Q: practice, would you expect the depreciation expense for a non-current asset to be overestimated or…

A: Depreciation is charged for non current asset being tangible asset, because of its wearing and tear…

Q: Why are the impairment rules for goodwill different than for other assets? Explain

A: Goodwill: Goodwill is the good reputation developed by a company over years. This is recorded as an…

Q: 1. Identifiable intangible assets are those intangible assets that: A. have been purchased by the…

A: Intangible assets are those assets which do not have physical existence.

Q: Fixed assets are ordinarily presented on the balance sheet OO at their current market value under…

A: Fixed assets are ordinarily presented in balance sheet at their cost less accumulated depreciation.…

Q: What if noncurrent asset is not a subtitle I can chose from? Is there another heading I can use or…

A: The non-current assets means those assets which are not current assets, i.e. they would benefit the…

Q: Intangible assets are certain nonphysical assets used in operations that confer on their owners'…

A: Non current asset: It implies to an asset having an expected useful life of more than a year and is…

Q: Which of the following would not be classified as a current asset? Prepaid expenses Plant, property…

A: Current assets are those assets which are already in cash or can be converted into cash into short…

Q: Which of the following is NOT a way to dispose of an asset? a.Sell it. b.Exchange it for another…

A: solution concept Disposing of the asset                 Discarding a asset means retiring the asset…

Q: What are permanently restricted net assets?

A: The permanently restricted net assets are held by the non-profit organizations.

Q: The following terms are mismatched with its definitions. Match the terms to its correct definitions.…

A: The terms are matched with the definitions in below table:

Q: Intangible assets do not include: ○ Copyrights. Patents. O Land held as an investment. Goodwill. O…

A: Intangible assets are non-physical assets that have a monetary value since they represent potential…

Q: Why is property and equipment not reported on the balance sheet at fair value?

A: A financial statement called a balance sheet lists an organization's assets, liabilities, and…

Risk Management Techniques

Risk management is the procedure of recognizing, analyzing, monitoring, and preventing the risks and threatening factors of investments and business. Risks can arise from various factors including internal controls, market changes, natural disasters, and failure in productions. Risk management techniques enable entities to control and minimize the risks as well as the threatening factors of the business and it also helps to improve the business.