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

Q: Which of the following are recognized in other comprehensive income?       service cost

A: The other comprehensive income includes the revenues and expenses of the company. The assets and…

Q: An example of an expense classifi cation by function is: B . interest expense

A: An example of an expense classification by function is

Q: Which assets are included in the definition of current assets?

A: Current asset refers to the asset which can be easily converted to cash with a year. Current assets…

Q: Unearned Revenue is classified as​ a(n) ________ account.         A. equity   B. revenue   C.…

A: Unearned revenue is money received by an individual or company for a service or product that has yet…

Q: Explain the conditions under which assets and liabilities are derecognized

A: The answer for the theory question on the conditions under which assets and liabilities are…

Q: What is an accrued expense? Provide an example.

A: Accrued expense: This is the expense incurred but not yet paid. It is treated as liability until the…

Q: escribe what is termed as “contingent liabilities” and discuss their accounting treatment.

A: Liabilities can be define as the group of financial obligations which have to be paid by the…

Q: Defention of Assets, liability, current assets, current liabilities

A: Definition of Assets, liability, current assets, current liabilities are given below,

Q: Discuss the rationale of using total assets as a basic in determining materiality.

A: The concept of materiality is fundamental to the entire audit process and is applied by auditor.  1.…

Q: Describe the relationship between expense recognition and long-term assets

A: Two kinds of expense recognition are related to long-term assets; These are: Capital & Revenue.

Q: Differentiate between Current liabilities, Non-Current Liabilities and Provisions. Provide an…

A: The liabilities are the amount payable by the business to the outsiders or creditors.

Q: 1. Give an example of an asset and a liability.

A: The asset and liabilities are two important concepts for firms, banks, individuals, and other…

Q: Describe the Fundamental Issues Related to Recognizing Revenue.

A: Revenue Recognition: Revenue recognition refers to the principle which tells about the conditions…

Q: Indicate whether each of the following assets and liabilities typically should be classified as…

A: The objective of this question is to classify the given assets and liabilities as either current or…

Q: d.  Record the entry for reclassifying the net assets.

A: As per the requirement  the entry for reclassifying the net assets has been recorded in the next…

Q: What are “liability gains and losses,” and how are theyaccounted for?

A: Liability gains and losses arise from the unexpected increase or decrease in the value of projected…

Q: Which assets are classified as current assets?

A: Definition:     Current assets: The assets which could be converted into cash within one year like…

Q: What is an accrued revenue? Provide an example.

A: Revenue refers to the income that is received by a business from its business operations and…

Q: Briefly explain the relationship between assets, liabilities, and revenue.

A: Assets is the tangible or Intangible factor in the business, which can be valued in terms of money…

Q: Characterize accrued liabilities and liabilities from advance collection and describe when and how…

A: The liabilities are the amount of money which a company has to pay to others. It includes accrued…

Q: describe diff erent types of assets and liabilities and the measurement bases of each

A: Assets are worthy resources that business owns to get future benefits. They are fixed assets which…

Q: If a functional expense classification is used for the statement of comprehensive income, what must…

A: Expenses: Expenses means money spent for getting revenue to the entity. It involves cost of…

Q: Why is an asset similar to an expense?

A: Asset  Any resource that will benefit a company, later on, is referred to as an asset. For instance,…

Q: What is the difference between liabilities and assets?

A: The balance sheet represents the financial position of the business with assets and liabilities at…

Q: A deposit received is reported as a * A.liability B.current asset C.investment D.revenue

A: Deposit received means amount of money received from vendors or suppliers as deposit.

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: he Revaluation Reserve Account should be accounted for as part of a. Assets b. Liability c.…

A: Equity - Equity is a that portion of company's balance sheet that includes amount invested by the…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is