Definition of accounting, any improvement over the earlier definitions?

Q: Why is it necessary to make a distinction between Capital and Revenue Receipts and Capital and…

A: Capital receipts: These receipts are income that is earned from the investment and financing…

Q: Which of the following is an input method for recognizing revenue over time?

A: Cost to Cost Method While recognizing the revenue in the contract work there are different method…

Q: Distinguish between losses from transaction exposure, operating exposure, and translation exposure?…

A: The Answer :

Q: What exactly is a genuine account?

A: Genuine account: Genuine account is generally referred to as a real account. Real accounts are…

Q: What purposes are served by a comparative study of financial statements?

A: Purposes served by comparative financial statements:Comparative financial statements analysis the…

Q: How fair value measurement?

A: Fair Value In Accounting term Fair Value means the recognition of amount which are actually value…

Q: What is the purpose of the valuation allowance?

A: purpose of the valuation allowance are as follows

Q: Which of the following is the least acceptable measurement for a provision?   a. average of a given…

A: Solution: The least acceptable measurement for a provision is "actual settlement amount known after…

Q: What are the quantitative disclosures that must be done by lessor?

A:

Q: g balance method of C

A: The formula of declining balance method as, Depreciation per annum as, = (Net Book Value - Residual…

Q: A bank's required reserve ratio is equal to: Checkable Deposits/Required Reserves   Net Worth/Assets…

A: In the context of the given question, we are required to explain the required reserve ratio which is…

Q: What is Fair Value Accounting? 2. What are the factors contributing toward the trend of fair value…

A: What is Fair Value Accounting? Fair value accounting is a financial reporting method where assets…

Q: Explain the accounting for gain and loss ­contingencies.

A: Contingencies:   Contingency is a situation where the outcome becomes uncertain and is resolved in…

Q: The purpose of adjustments is to?

A: In simple words, adjusting entries are the changes to the journal entries that are already made in…

Q: Identify if the following financial inputs are relevant or irrelevant and motivate why you have…

A: In financial decision making, relevant costs are costs that will be affected by the decision at…

Q: How are research and development expenses treated?

A: Research and development(R&D) expenses: These  are the expenses which an entity incurs in…

Q: A paper published in the Harvard Business Review points out a new way to calculate economic profit…

A: An economic profit/loss refers to the difference between the costs of all inputs used in production…

Q: Explain the Redemption process?

A: The question is based on the concept of redemption, which is mainly used for repayment of fixed…

Q: Define revenue-producing assets.

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

Q: Explain in detail the difference between accounting value and market value.

A: The objective of this question is to understand the difference between accounting value and market…

Q: Fair Value Accounting: Q. How does fair value accounting differ from historical cost accounting?…

A: Fair value accounting involves measuring and reporting the value of assets and liabilities at their…

Q: how many financial assertion?

A: Financial Assertions: Financial statement assertions, also known as management assertions, are an…