Demonstrate the computation and allocation of consolidated net income in the presence of a noncontrolling interest.

Q: one or more of the following statements are characteristics of assets: a. a probable future benefit…

A: Assets are those resources whether tangible or intangible, current or fixed have an economic value…

Q: Explain the differences between upstream and downstream intra-entity transfers, as well as how each…

A: Intra-entity transfer refers to transfer of goods or products among the entities. More often, such…

Q: explain how accounting profit and taxable profit differ.

A: Accounting profit and taxable profit are two separate methods of calculating a company's profit that…

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

A:

Q: true or false The net defined benefit liability/asset that is presented in the balance sheet is the…

A: True. Net defined benefit liability /asset is the difference between Present Value of Defined…

Q: Discuss the difference between an unrealized holding gain and a realized gain.

A: The gain is the excess of revenue earned over the expenses incurred.

Q: Are perishable and homogeneous properties alike? How the possibilities of usury should be observed…

A: Introduction:- Making unethical or immoral monetary loans that unfairly advantage the lender is…

Q: Gain contingencies are usually recognized in the income statement when: a. realized…

A: Introduction: Contingency relates to the actual situation in which there is a chance of making or…

Q: an IS O a capital or a venue nature forms part of the subjective test. elect one: True False

A: Accounting concepts/ conventions and principles are the guidelines for taking various accounting…

Q: 6. A liability is recognized in the statement of comprehensive income when it is probable that an…

A: As per IASC framework, the liability is recognized in the financial statement when two conditions…

Q: Discuss the appropriate treatment in the income statement for the following items: a.    Loss on…

A: Income statement:   In this statement, the financial records of the company's monetary performance…

Q: s a general rule, revenue is normally recognized when it is: a) Realizable and earned b)…

A: Revenue is very important for the company and revenue may be received now or may be realized later…

Q: Elements of gross income

A: Option B is wrong because realized income is an element of gross income. Option C is wrong because…

Q: give the definition, recognition, measurement and derecognition of "borrowing cost"

A: A uniform group of principles, standards, and procedures that explain the basic financial accounting…

Q: How do unearned revenues arise?

A:

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

A:

Q: Passive activity income and losses are netted against one another on what form or s

A: Passive Activity Income: 1) Passive income is earnings from a rental property, limited partnership,…

Q: Explain the difference between pooling of interest and purchase method of accounting for…

A: Amalgamation occurs when two or more entities combine to form a new entity. It is of two types:…

Q: Analyze why disposition rather than acquisition is a characteristic

A: Gain or Loss on Disposition refers to the gain or loss resulting from the sale, exchange, or other…

Q: Examples of items that are adjusted directly against equit rather than being included as part opf…

A: Stockholders’ equity: The claims of owners on a company’s resources, after the liabilities are paid…